MS in Accounting in the USA

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MS in Accounting in the USA

Taxes, financial statements, and revenues If you don’t come from a commerce or accounting background, all these terms could make you feel scared. However, there are certain people for whom terminology and concepts like revenues, ledgers, assets and financial statements are child’s play. You’ve come to the right blog if you enjoy such ideas and want to pursue your dream of obtaining an MS in Accounting in the USA. Read on to discover more about it.

Course Name MS in Accounting
Duration 1-2 Years
Eligibility Bachelor in Accounting or related field.
Examination Pattern Semester-wise
Exam required GMAT-750
GRE– Verbal- 162          Quantitative- 167
IELTS-6.5-7.5
TOEFL– Paper Based- 600              Computer Based- 250              iBT- 100
Tuition Fee 54,000 USD – 82,000 USD Annually
(INR 44.43 Lakh – INR 67.47 Lakh)
Career Prospects Chief Financial Officer, Financial Analyst, Managerial Accountant, Auditor.
Average Annual Salary 58,000 USD – 85,000 USD(INR 47.72 Lakh – INR 69.94 Lakh)

About MS in Accounting in the USA

Accounting studies keeping financial records, conducting internal audits, and recording transactions. Creating and reporting financial documentation to managers, stakeholders, firm owners, and external auditors is another aspect of accounting. Dealing with concerns like the department’s or company’s short- and long-term financial stability, profit, break-even point, losses, and present liabilities is the core of accounting. 

Managerial accounting and financial accounting are the two primary areas of accounting. The former exclusively produces reports distributed internally, employs approximations, and forecasts future economic conditions. The latter produces financial statements that are distributed privately and publicly, internally and externally (with stakeholders). It typically analyses historical data and economic activities and only works with actual numbers, not estimates.

In the USA, a Master of Accounting degree typically requires 30 credits and lasts one to two years. The course material emphasizes fundamental financial, business, and accounting topics. Typical concentrations consist of;

  • Accounting Information Systems
  • Financial Reporting and Services
  • Managerial, Forensic, and Government Accounting
  • Control
  • Audit
  • Assurance

Also Read: Study in USA Guide for Indian Students 2023

Why Study in the USA?

  • The USA is one of the top study-abroad destinations for Indian students due to its reputation as one of the most developed countries in the world. The nation boasts a rich multicultural history and a tonne of job prospects. 
  • The United States is renowned for having the best educational system in the world. It gives you the option to select courses that best suit your interests and provides exposure to a wide range of internship programs. Additionally, a variety of student exchange programs are available that help you expand your horizons in academics and career.
  • International students make up about 5.5% of the US higher education population.
  • According to WES data, 82% of overseas graduates get a good job within six months of the program’s conclusion. According to the report, 74% of businesses place a higher value on US degrees. As a result, it significantly advances a career even after students return to their nations.

Here’s the list of Universities offering degrees in MS in Accounting along with their rankings:

Name of the University QS World Ranking 2023 Annual Fee
University of Pennsylvania 13 77399 USD(INR 63.69 Lakh)
New York University 39 55050 USD(INR 45.30 Lakh)
Columbia University 22 60762 USD(INR 50 Lakh)
University of Michigan 25 51210 USD(INR 42.14 Lakh)
Ohio State University 140 53519 USD(INR 44.04 Lakh)
University of Texas 72 40966 USD(INR 33.71 Lakh)
Michigan State University 159 47394 USD(INR 39 Lakh)
Cornell University 20 53470 USD(INR 44 Lakh)

Must Read: Top Universities in the USA

Eligibility

Now that you have a basic understanding of the US universities that offer the MS in Accounting degree, let’s discuss the standard requirements for admission; 

  • At least 65-75% in a bachelor’s degree. The percentage varies from institution to institution, though, and at certain colleges, it even reaches a high of 85% to 90%.
  • In some universities, having work experience is a desirable prerequisite but is not mandatory. However, preference is generally given to students who have had some experience in the relevant area.
  • Students must submit their test results from the GRE, GMAT, IELTS, or TOEFL to be admitted to the MS in Accounting program in the United States. It entirely depends on the college you choose and the program you want to enrol in. Some universities, including Cornell University, Boston College, and a few others, do not require these exam scores or offer GRE waivers.

Score Requirements

Name of the Exam Score Requirements
GMAT 750
GRE Verbal- 162Quantitative- 167
IELTS 6.5-7.5
TOEFL Paper Based- 600Computer Based- 250iBT- 100

Documents Required

Make sure you have the following collection of documentation ready before applying to universities that offer mechatronics. These documents consist of:

  • Academic Transcripts from all attended universities/colleges
  • English Proficiency Test Scores
  • SOP/LORs (Varies from University to university)
  • Passport
  • Work Experience Papers (Depending upon the university/program)
  • Visa
  • Financial Proofs

Application Process

The application process begins months in advance of the program’s opening date and takes a quite good amount of time. The universities generally offer two intakes for overseas students, the fall intake and the winter intake. Call our Leverage Edu professionals at 1800 572 000 to learn more about admission intakes, and processes and to expedite your application. Here is a simple path you can follow to fulfil your goal of studying abroad and being accepted to an MS in Accounting program in the USA.:

  1. Get in touch with our experts on 1800 572 000 to shortlist top colleges and programs. Apply to various colleges by starting your application through our single dashboard.
  2. Gather all your documents like SOPs, essays, certificates, LORs and exam scores like IELTS, TOEFL, GRE, GMAT, etc.
  3. Accept the offer letter and connect digitally with your professors, classmates, and housemates.
  4. Get your visa approved and depart for the college of your dreams.

Scholarships

By including the scholarships at the expense of your college fees, you can manage the remaining percentage of your expenses in the USA. Numerous universities across the country offer grants, awards, scholarships, and other forms of financial aid to students who wish to study MS in Accounting in the USA. You have two options: either apply for these scholarships or be admitted based only on merit. We have compiled a list of scholarships accessible in the USA after extensive study to save you time and effort:

Name of the Scholarship Eligibility Scholarship Award
Penn GSE Merit-Based Scholarship International students in the first year of master’s education Varies
Partial Scholarship Merit-Based Varies
Merit-Based Scholarship Meritorious Masters in Accounting Students  7000 USD(INR 5.76 Lakh)
John School Scholarship Merit-Based 5000-10000 USD(INR 4.11 Lakh – 8.22 Lakh)
Masters of Science in Accounting Scholarship Master of Science in Accounting 10000 USD(8.22 Lakh)

Career and Job Prospects

Since the US has the greatest economy in the world, “The Big Four” accounting firms Ernst & Young, Deloitte, PWC, and KPMG have their headquarters there. Even for entry-level job applicants, these companies provide excellent compensation packages. Employability is another benefit for foreign students studying in the USA.

Job Prospects Chief Financial Officer, Financial Analyst, Managerial Accountant, Auditor.
Top Recruiters E&Y, KPMG, PWC, Deloitte
Average Salary 58,000 USD – 85,000 USD(INR 47.72 Lakh – INR 69.94 Lakh)

FAQs

Does the GMAT or GRE necessary for master’s programmes in accounting in the USA?

No, it varies from university to university and program to program. It is advisable to check the course-specific requirements on the official website of the university.

Which nation has a significant need for accounting professionals?

The United States offers some of the best lucrative opportunities for accounting professionals.

If a bachelor’s degree is not in accounting, are there master’s degrees available in the USA?

Yes, the University of Kansas, the University of North Carolina, Florida State University, and the University of Virginia offer master’s in accounting programmes in the United States. They offer MS programs for candidates who choose not to take accounting in their undergraduate.

For international students, pursuing an MS in Accounting in the USA will be a wise decision. Your future will be best prepared for by the nation’s top-ranked colleges, first-rate infrastructure, top-notch education, and exposure to the world. Therefore, if you want to begin your master’s degree programme in Accounting in the USA, get in touch with the team of Leverage Edu for a seamless process

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