The Master of Science in Accounting program will prepare individuals with (or without) a background in accounting the ability to:
- advance their career into decision-making roles with greater responsibility within the organization.
- pursue professional licensure in public accounting by meeting the 150-credit hour requirement to sit for the CPA exam. Students completing the MSA program meet the educational requirements to sit for the Certified Public Accounting (CPA) exam in Illinois.
What do Accountants and Auditors Do?
Accountant Responsibilities:
- Preparing Financial Statements: Compile balance sheets, income statements, and cash flow statements to reflect the company's financial status. (Source: topresume.com)
- Managing Accounts Payable and Receivable: Oversee incoming and outgoing payments to ensure accuracy and timeliness. (Source: Resources For Employers)
- Conducting Budgeting and Forecasting: Develop and monitor budgets, and forecast future financial performance. (Source: indeed.com)
- Ensuring Compliance with Financial Regulations: Stay updated with financial laws and regulations to ensure the company's adherence. (Source: Thomson Reuters)
- Performing Financial Analysis: Analyze financial data to identify trends, variances, and opportunities for improvement. (Source: Northeastern University)
- Managing Tax Filings: Prepare and file tax returns, ensuring compliance with tax laws and regulations. (Source: The Interview Guys)
- Maintaining Accurate Financial Records: Ensure all financial transactions are recorded accurately and systematically. (Source: careerexplorer.com)
- Advising on Financial Decisions: Provide insights and recommendations to management based on financial analysis. (Source: careers360.com)
Auditor Responsibilities:
- Preparing Financial Statements: Compile balance sheets, income statements, and cash flow statements to reflect the company's financial status. (Source: topresume.com)
- Assessing Internal Controls: Evaluate the effectiveness of internal controls to prevent fraud and errors. (Source: Kernutt Stokes)
- Conducting Risk Assessments: Identify areas of financial risk within the organization and suggest mitigation strategies. (Source: careerexplorer.com)
- Testing Financial Transactions: Perform tests on financial transactions to verify their validity and accuracy. (Source: CPAs & Auditors)
- Ensuring Regulatory Compliance: Verify that the organization complies with relevant laws and regulations. (Source: Investopedia)
- Reporting Audit Findings: Prepare detailed reports on audit findings and present them to management or stakeholders. (Source: https://accountend.com)
- Recommending Improvements: Ensure all financial transactions are recorded accurately and systematically. (Source: careerexplorer.com)
- Advising on Financial Decisions: Provide insights and recommendations to management based on financial analysis. (Source: careers360.com)
These responsibilities highlight the distinct yet complementary roles that accountants and auditors play in maintaining an organization's financial integrity.
What Careers Can I Pursue With a Master of Science in Accounting?
Earning a Master of Science in Accounting (MSA) opens up a variety of advanced career opportunities in the accounting and finance sectors. Here are some prominent roles you might consider:
- Certified Public Accountant (CPA): An MSA often fulfills the educational requirements for CPA licensure, enabling you to perform audits, tax services, and consulting for individuals and organizations. Salary Range: $70,235-$461,014(Source: Salary.com)
- Financial Analyst:Analyze financial data to guide investment decisions, assess financial performance, and develop forecasts for businesses. Salary Range: $70,000-$116,500(Source: ZipRecruiter.com)
- Forensic Accountant: Investigate financial discrepancies and fraud, providing litigation support and expert testimony in legal cases. Salary Range: $53,117-$76,089(Source: Salary.com)
- Internal Auditor: Evaluate and improve an organization's internal controls, risk management, and governance processes to ensure compliance and operational efficiency. Salary Range: $55,280-$78,002(Source: Salary.com)
- Management Accountant: Assist in strategic planning by preparing financial reports, budgeting, and cost analysis to inform managerial decisions. Salary Range: $59,219-$87,082(Source: Salary.com)
- Tax Advisor: Provide expertise on tax planning and compliance, helping clients minimize tax liabilities and adhere to regulations. Salary Range: $74,021-$162,500(Source: Talent.com)
- Financial Controller: Oversee accounting operations, including financial reporting, budgeting, and internal controls, ensuring the organization's financial health. Salary Range: $183,737-$302,700(Source: Salary.com)
- Chief Financial Officer (CFO): As a senior executive, manage the company's financial actions, including tracking cash flow, financial planning, and analyzing strengths and weaknesses to propose corrective actions. Salary Range: $238,394-$697,099(Source: Salary.com))
These roles leverage the advanced knowledge and skills acquired through our MSA program, positioning you for leadership positions in various industries.
Certifications
The primary certification in accounting is the Certified Public Accounting (CPA) credential. Individuals with a CPA may gain additional designations in Financial Forensics, Management Accounting (CGMA), Internal Auditing (CIA), and Fraud Examination (CFE).
Testimonials
"Many of the faculty were adjuncts and had real-world experience. They were able to bring what they were doing in the field into the classroom. I already had my MBA and experiences at firms like Jackson National Life and Northern Trust when I got to Governors State, but my time there really helped me to move forward. After graduation, AAM promoted me from Assistant Vice President to Vice President. I further advanced to Director of Investment Accounting in 2017."
- Stacy Crook
"I have always told my students, ‘You’ll never know until you take the first step.’ During my tenure at GovState, I have seen many first-generation students who have taken their first step towards getting a BSA and/or MSA and made a better life for themselves. ‘Anything is possible,’ I often say."
- Dr. TJ Wang, Associate Professor of Accounting