How Do You Specialize a Master’s Degree in Accounting?

Master's in Accounting The majority of colleges allow students to specialize a master’s degree in accounting. Below introduces four of the most common accounting specializations for graduate accountancy students.

Taxes

One of the most popular choices for students to specialize a master’s degree in accounting is taxation. This degree will explore fundamental state and federal tax concepts and controversies. Students are taught how to perform tax planning, litigation and case analysis and research duties. They learn how to interpret and apply tax laws for individuals, non-profits and corporations. Popular tax topics include deductions, taxpayer identifications and capital gains and losses. Then again, students will also be exposed to international tax issues and planning. This is especially beneficial for students who will work for multinational businesses because they must understand international transactions, dividends and tax laws and treaties. Finally, they will learn important ethical guidelines and how to prepare transparent reports and accurate results.

Government

A government specialization will prepare students to either work in the government or officially represent a corporation for legal and compliance purposes. This degree concentrates on designing, assessing and implementing internal control programs and processes. Students will master the principles of risk assessment and management techniques. They will know how to maintain compliance with the standards of the Sarbanes-Oxley Act and the regulations issued by the SEC, NYSE and AICPA. Graduates will be prepared to create a diverse array of control types designed to monitor financial reporting and responsibilities. There will also be an entire class devoted to understanding the IRS’s regulations, processes and sub-culture. Students will gain a strong knowledge of tax codes, treasury regulations and the Internal Revenue Code.

Audits

Students who wish to specialize a master’s degree in accounting should consider the field of financial auditing. Financial fraud and economic instability have continued to make news headlines with an emphasis on improper commercial and government decisions. There is a growing demand for analytical auditors who can increase accountability and transparency while decreasing financial mismanagement. An audit specialization will focus on different aspects and processes of fraud audits. Students will learn investigatory skills related to witness interviews, process inspections and forensic document examination. Graduates will know how to apply prevention and detection strategies to determine how financial fraud is committed.

Finance

Students who want a broad introduction to advanced accountancy concepts should consider a finance specialization. This comprehensive degree will cover cost, financial and managerial accounting. For instance, a financial accounting class will survey both practical and theoretical perspectives. Common topics include reporting issues, valuation allowances and financial derivatives. Students will be trained how to maximize the benefits of accounting information systems through evaluating system weaknesses, modifying existing controls and developing new reporting functions. Finally, this degree will also examine business laws related to legal liabilities, contractual responsibilities and the Uniform Commercial Code.

Related Resource: Top 20 Master of Accounting Online Degree Programs 2015

Students who desire to specialize a master’s degree in accounting may also choose from additional concentrations, such as accounting policy, analysis and information system