5 Jobs You Can Get with a Master’s in Accounting (that aren’t filing taxes)

Published: March 15, 2024

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Academics

Accounting offers surprising opportunities - and not just in April

Holding a Master of Science (MS) degree in accounting opens the door to various exciting career paths that go beyond auditing and tax planning and filing, especially for those interested in specialized areas of finance, technology, information systems and consulting. These roles often require a blend of critical thinking, technical accounting skills, analytical abilities and, in some cases, professional certifications. They’re also among the highest-paying opportunities in the workforce. Here are five options open to someone with a graduate accounting degree.

Forensic Accountant

This role combines detective skills with accounting expertise to uncover financial fraud, embezzlement, money laundering and other irregularities. Forensic and investigative accountants often work with law enforcement or legal teams and may testify in court as expert witnesses. The job is particularly enticing for those who enjoy solving puzzles and working on different cases.

Starting Salary Range

Entry-level forensic accountants with an MS could expect starting salaries in the range of $70,000-$90,000 annually. This range reflects the specialized skill set that forensic accountants bring to their roles, including understanding complex financial transactions, identifying and investigating accounting fraud, and the ability to communicate findings clearly and effectively.

Key Responsibilities

Fraud investigation
Litigation support
Dispute resolution

Data Analytics Specialist in Accounting

The integration of big data analytics into accounting opens up opportunities for professionals who can analyze vast amounts of financial data to identify trends, forecast financial performance and advise on strategic decisions and risks mitigation. This role is suited for those who have an analytical mind and strong interest in both accounting and technology and are excited by the prospect of leveraging data to drive business insights.

Starting Salary Range

In the United States, entry-level data analytics specialists in accounting with an MS degree can expect starting salaries in the range of approximately $60,000 to $90,000 annually. This range reflects the growing demand for professionals who can blend accounting expertise with technology and data analytics skills.

In major metropolitan areas or within high-demand industries, such as technology, finance, information systems and consulting, salaries at the higher end of this range or even above are common.

Key Responsibilities

Data management and analysis
Financial reporting and visualization
Budgeting and forecasting

Related Story: Sacred Heart Graduate Follows Dream from Haiti to Wall Street

Chief Financial Officer (CFO) for Startups

Being a CFO for a dynamic startup offers the opportunity to be at the forefront of financial strategy and decision-making in a fast-paced environment. This role involves everything from fundraising and budgeting to financial forecasting. It is particularly exciting for those who are entrepreneurial and decision-makers, enjoy working in innovative settings and are adept at managing financial risks and opportunities.

Starting Salary Range

The starting salary for a CFO at a startup with an MS degree can vary significantly based on several factors, including the startup’s size, financing stage, industry and location. The average CFO salary at a startup is approximately $150,000 annually. Here are some general salary considerations:

Early-stage startups: CFOs in early-stage startups, particularly those in pre-revenue or seed funding stages, might see lower salaries. Compensation might heavily rely on equity to balance the lower cash compensation.
Growth-stage or VC-backed startups: As startups secure more substantial venture capital funding or progress through growth stages, CFO salaries can increase significantly with equity still forming a significant part of the compensation package.
Established or late-stage startups: In more established startups, especially those nearing an IPO or significant revenue milestones, a CFO’s salary can be comparable to those in established companies plus a more substantial equity stake.

Key Responsibilities

Financial planning and analysis
Cash management and liquidity planning
Fundraising and investor relations

Valuation Analyst

Valuation analysts play a critical role in finance and accounting, focusing on estimating the value of businesses, estates, securities, personal assets, and intangible assets. Their work is essential for various purposes, including mergers and acquisitions, financial reporting, investment analysis, business liquidation and litigation support. These roles are typically found in accounting firms, investment banks, valuation specialty firms and consulting firms. This job is good for people interested in a career in consultation or strategic advisory services.

Starting Salary Range

In the United States, entry-level valuation analysts with an MS in accounting can expect starting salaries in the range of approximately $70,000 to $90,000 annually. However, in larger metropolitan areas, starting salaries could be higher at top accounting firms, investment banks or consulting firms. Additional compensation components, such as bonuses, profit-sharing and other benefits, can also significantly affect total earnings.

Key Responsibilities

Valuation of business and securities
Asset valuation
Intangible asset and intellectual property valuation

Environmental, Social & Governance (ESG) Reporting Specialist

The U.S. Securities and Exchange Commission has approved a rule requiring public companies to report greenhouse gas emissions and climate risks. As companies face growing pressure to operate sustainably and ethically, the need for professionals who can measure and report on ESG factors and climate risks has surged. ESG reporting specialists help organizations assess their environmental impact, social responsibilities and governance practices. This role is a good fit for those passionate about sustainability and corporate responsibility.

Starting Salary Range

ESG reporting is a rapidly growing field, and starting salaries are becoming more and more competitive. As of April 2023, entry-level ESG Reporting Specialists with an MS could expect starting salaries in the range of approximately $50,000 to $80,000 annually. This range accounts for the broad spectrum of organizations engaging in ESG reporting, from nonprofits and small businesses to large corporations and consulting firms.

Key Responsibilities

Sustainability reporting
Carbon data collection and analysis
Industry compliance and benchmarking

All these roles demand a blend of advanced-level accounting knowledge, technical expertise, strategic thinking, analytical mindset and ethical judgment, and they offer the potential to make a significant difference within organizations and society at large. The programs at Sacred Heart University will support you every step of the way. With flexible scheduling, hybrid options and experienced and trained faculty, our graduate programs are specifically designed with career-focused professionals in mind.

Begin your journey with the Welch College of Business & Technology at Sacred Heart University to obtain your graduate accounting degree with specialized concentrations and a newly revised curriculum reflecting employers' demands.

Apply now or to request information to learn more about the master of science in accounting program or our hybrid options, reach out to Ed Nassr at 203-396-6877, nassre@sacredheart.edu or schedule a virtual appointment today!

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