Although highly respected for their knowledge in such areas as financial reporting, taxes and auditing, today's accountants are also expected to have a solid foundation in marketing, economics, finance, management and information systems. They continue to have a greater involvement in all aspects of a business, and are viewed by their companies and/or clients as 'business advisors' who will provide value-added services. Consequently, individuals considering accounting as a career path will find increasing and diversified job opportunities, greater expectations and financial rewards, and a premium placed on technological training and skills.
In order to meet the challenges of today's changing accounting landscape, continuing education and on-going skill development is imperative. Whether you've just graduating with a bachelor's degree, or have been out in the workforce for several years, pursuing a Masters Degree in Accounting is an excellent way to update and advance your knowledge and skills, enhancing your chances for future success in the accounting profession.
Professional Certifications
Certified Public Accountant (CPA)
Still the marquee designation for accounting professionals, individuals earning their CPA license will find numerous opportunities in public accounting, industry (corporate accounting) and the not-for-profit sector. For those who are already CPAs, pursuing a masters degree is a great way to meet state licensing continuing professional education (CPE) requirements, while also improving your skills on the job and increasing your opportunities for advancement.
Certified Management Accountant (CMA)
Certified in Financial Management (CFM)
Although not as widely known as the CPA, the CMA and CFM are gaining in recognition and stature. The CMA was established in 1972 by the Institute of Management Accountants (IMA) http://www.imanet.org/ to afford accounting professionals an opportunity to demonstrate their knowledge and expertise in internal and corporate reporting issues. It is particularly appealing to those not wishing to obtain the public accounting experience usually necessary to earn the CPA designation. The IMA established the CFM program in an effort to attract other business professionals who may not have an undergraduate degree in accounting. Both the CMA and CFM reflect the expanded scope of today's accounting and financial professionals by requiring that candidates have knowledge in the following areas:
- Economics, Finance and Management (CMA/CFM)
- Financial Accounting & Reporting (CMA)
- Corporate Financial Management (CFM)
- Management Reporting, Analysis and Behavioral Issues (CMA/CFM)
- Decision Analysis and Information Systems (CMA/CFM)
Candidates for the CMA/CFM designation are not required to hold a masters degree. However, the 'core' courses in most graduate accounting and MBA programs are directly in line with the common body of knowledge required of CMAs/CFMs.
Certified Financial Planner (CFP)
For today's accountants, personal financial planning is one of the fastest growing segments of the accounting profession. This is particularly true in the small business sector where, in their role as business advisors, accountants are also expected to assist in all aspects of financial planning, from insurance and risk management to estate and retirement planning.
Since much of the work of a CFP involves the taxation of financial planning, pursuing a Masters in Taxation or an MBA with a concentration in finance and taxation provides an excellent foundation for the accounting professional to gain expertise in this area and offer value-added services to their clients.
Because of the dynamics and complexities of today's global business environment, the accountant is expected to 'wear many hats'. In order to better assist their companies and clients, accounting professionals need continuing professional education and skill development. One way to achieve this is through graduate education. An added benefit to master's level coursework is that it also helps candidates prepare for several highly-respected professional certification(s). Accounting professionals with both a master's degree and professional certification next to their name have a clear way of differentiating themselves from the 'pack'.






Google
Facebook
Twitter
Myspace
Yahoo
Digg
Del.icoi.us
Windows Live
Reddit
Blogger