With college tuition prices rising every year, students should consider the cost of a master's in accounting before choosing a program. The cheapest programs offer below-average tuition rates while still providing students with an accredited education that prepares them for an upper-level career in the accounting field.
Attending one of the cheapest online master's in accounting programs can allow students to maximize the return on investment (ROI) of their education. People with a master's degree in accounting earn $75,000 per year as of November 2022, according to Payscale.
That is almost $17,000 per year more than the average annual wage across all U.S. occupations based on data from the Bureau of Labor and Statistics (BLS). Lower tuition costs limit the expense of earning a master's degree while still qualifying graduates for high-paying jobs.
Affordable, accredited online master's programs in accounting can prepare students for their future careers while helping students stay within budget. In order for the cheapest online master's in accounting degrees to maintain their value, they should come from accredited programs.
Accreditation ensures a school meets the standards of academic excellence determined by third-party accrediting bodies. You can check your program's accreditation status on the Council for Higher Education Accreditation website.
Learn more about the cheapest online master's in accounting programs below.
Top Affordable Accounting Programs
Explore the top five cheapest online master's in accounting programs for 2023. Find out how we rank schools at the link below.
#1 Cheapest Online Master’s in Accounting Programs 2023
University of North Carolina at Chapel Hill
- Chapel Hill, NC
- 4 years
- Online + Campus
As the first public university in the U.S., the University of North Carolina at Chapel Hill (UNC-Chapel Hill) welcomed its first students in 1795. The school's Carolina Covenant expands access to education, helping low-income learners earn a degree debt-free.
Online Master of Accounting
The online accounting program from University of North Carolina at Chapel Hill's Kenan-Flagler Business School is one of the cheapest master's in accounting degrees with programmatic accreditation. The program welcomes applicants with bachelor's degrees in any area, including accounting.
New students can start the program four times annually and must attend an in-person leadership immersion in Chapel Hill. The curriculum requires core courses like advanced spreadsheet modeling, federal income tax, and auditing and assurance services. Enrollees can choose from tax, financial analysis and reporting, or audit concentrations.
The program reports that 98% of UNC Kenan-Flagler master of accounting students found a job within three months of graduation.
UNC-Chapel Hill's Affordability
Online master of accounting students pay $1,446 per credit for tuition. Fellowship awards of more than $10,000 may be available to some online learners. Learners may also receive course waivers, external scholarships, and military funding to help reduce degree costs.
Program at a Glance
- School Type: Public
- Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACSCOC); Association to Advance Collegiate Schools of Business (AACSB)
- Tuition: $1,446/credit
- Required Credits: 36-48
- Program Length: 12-36 months
- Delivery Format: 100% online
- Admissions
- Process: Submit unofficial transcripts, two letters of recommendation, a resume, and an essay; complete interview
- Standardized Tests: Not required
- Cost: $95
Percent Online Enrollment
91%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#2 Cheapest Online Master’s in Accounting Programs 2023
The University of Texas Rio Grande Valley
- Edinburg, TX
- 4 years
- Online + Campus
Located in southern Texas, University of Texas Rio Grande Valley (UTRGV) is one of the largest Hispanic-serving schools in the U.S.
Master of Accountancy Accelerated Online Program
University of Texas Rio Grande Valley's Robert C. Vackar College of Business & Entrepreneurship offers an accelerated online master of accountancy that meets the Texas State Board of Public Accountancy requirements to sit for the CPA exam.
The program prepares learners for professional accounting roles in government, business, and public accounting firms. The 30-credit degree holds programmatic accreditation and applies seven-week classes exploring professional ethics, business law for accountants, and accounting research and communication. Students can graduate from the fully online program in as little as 12 months without ever visiting campus.
UTRGV's Affordability
UTRGV offers one of the cheapest online master's in accounting programs. Online students pay $472 per credit for a total program cost of $14,170. Students in the accelerated program can apply for financial aid and some UTRGV scholarships.
Program at a Glance
- School Type: Public
- Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACSCOC); Association to Advance Collegiate Schools of Business (AACSB)
- Tuition: $472/credit
- Required Credits: 30
- Program Length: 12 months
- Delivery Format: 100% online
- Admissions
- Process: Submit online application and official college transcripts demonstrating completion of a bachelor's degree
- GPA: 3.0
- Standardized Tests: GMAT (waiver available)
- Cost: None
Percent Online Enrollment
97%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
#3 Cheapest Online Master’s in Accounting Programs 2023
Western Governors University
- Salt Lake City, UT
- 4 years
- Online
The Salt Lake City, Utah-based Western Governors University (WGU) offers competency-based, career-focused online education that helps students graduate more quickly than campus-based schools.
Online Master of Accounting Degree
Western Governors University's accredited online master of accounting degree explores finance laws, tax structure, and government regulations. The program meets the 150-semester hour requirement to sit for the CPA exam in most states. Students receive access to free Wiley test prep materials.
The 10 required classes cover topics like advanced managerial accounting, advanced auditing, and accounting research and critical thinking. Learners can study at their own pace and advance through the fully online, competency-based curriculum as they master the material.
WGU's accounting graduates report an average salary increase of $18,700 after finishing their master of accounting degrees.
WGU's Affordability
As one of the cheapest master's in accounting programs, WGU's competency-based online degree lets students take as many classes as they want each term without paying more tuition. Online learners pay $4,530 per term and may qualify for financial aid, including scholarships.
Program at a Glance
- School Type: Private
- Accreditation: Northwest Commission on Colleges and Universities (NWCCU); Accreditation Council for Business Schools and Programs (ACBSP)
- Tuition: $4,530/term
- Required Credits: WGU awards degrees based on demonstration of competency rather than credit count
- Program Length: 24 months or less
- Delivery Format: 100% online (asynchronous)
- Admissions
- Process: Submit online application, official college transcripts documenting a bachelor's degree or CPA license, and a resume documenting three years of professional experience; complete intake interview
- Standardized Tests: Not required
- Cost: $65
Admission Rate
Not provided
Students Enrolled
147,866
Percent Online Enrollment
Not provided
Accreditation
Yes
Northwest Commission on Colleges and Universities
#4 Cheapest Online Master’s in Accounting Programs 2023
University of Illinois Urbana-Champaign
- Champaign, IL
- 4 years
- Online + Campus
A public land-grant institution, the University of Illinois Urbana-Champaign (U of I) is the state's flagship university.
Online MS in Accountancy
The Gies College of Business at University of Illinois Urbana-Champaign offers a fully online MS in accountancy with no residency requirement. Students can complete the accredited, 32-credit degree in as little as 18 months or four semesters. The curriculum can prepare enrollees for the CPA exam through core classes in accounting analysis I and II, federal taxation, and managerial accounting.
Students can also take U of I master's-level accountancy courses without applying to the full program to get the necessary credits to sit for the CPA exam or to develop specific skills and expertise.
U of I's Affordability
U of I's master's in accounting costs $850 per credit for online students. Full-time, online accounting majors at U of I may qualify for various types of financial aid. Coursera offers financial aid for the self-directed parts of the program.
Program at a Glance
- School Type: Public
- Accreditation: Higher Learning Commission (HLC); Association to Advance Collegiate Schools of Business (AACSB)
- Tuition: $850/credit
- Required Credits: 32
- Program Length: As little as 18 months
- Delivery Format: 100% online (synchronous and asynchronous)
- Admissions
- Process: Complete online application and provide proof of completion of a bachelor's degree and prerequisite coursework; submit a resume, personal statement, and two letters of reference
- GPA: 3.0 (recommended)
- Standardized Tests: GMAT or GRE (optional)
- Cost: $70
Percent Online Enrollment
96%
Percentage of all students who are enrolled online.
Accreditation
Yes
Higher Learning Commission
#5 Cheapest Online Master’s in Accounting Programs 2023
The University of Texas at Dallas
- Richardson, TX
- 4 years
- Online + Campus
University of Texas at Dallas (UT Dallas) enrolls more than 31,000 students and offers over 140 academic programs.
Master of Science in Accounting Flex
University of Texas at Dallas's Naveen Jindal School of Management offers a customizable online MS in accounting degree with six career-focused tracks, including taxation, advanced professional accounting, and internal audit and risk assessment. Required core courses include cost accounting and intermediate financial accounting I and II, and students can choose from 30 accounting electives.
The program takes 12-24 months to complete, with options for online, in-person, or hybrid delivery. The school encourages students to participate in internships, with 60% of recent accounting graduates interning while earning their degrees. The Naveen Jindal School of Management offers accounting majors the option to earn two master's degrees simultaneously, potentially providing tuition and time benefits.
UT Dallas' Affordability
Students looking for the cheapest online master's in accounting will find competitive tuition rates, with residents of Texas paying $1,966 per credit and a per-credit rate of $2,865 for non-residents. New incoming learners through summer 2023 receive a guaranteed tuition rate that will not go up for 12 consecutive semesters.
Program at a Glance
- School Type: Public
- Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACSCOC); Association to Advance Collegiate Schools of Business (AACSB)
- Tuition: $1,966/credit (in state); $2,865/credit (out of state)
- Required Credits: 36
- Program Length: 12-24 months
- Delivery Format: 100% online or hybrid
- Admissions
- Process: Submit transcripts, a resume, letters of recommendation, and a personal objectives statement
- GPA: No minimum, but the average applicant has a minimum 3.3 GPA
- Standardized Tests: GMAT or GRE (waiver available)
- Cost: $50
Percent Online Enrollment
95%
Percentage of all students who are enrolled online.
Accreditation
Yes
Southern Association of Colleges and Schools Commission on Colleges
What Factors Into the Cost of a Master's in Accounting?
In general, the cost of tuition determines the affordability of a degree. However, additional factors can increase the overall master's in accounting cost.
These factors include whether students enroll full or part time, qualify for financial aid, or live in areas with a high cost of living.
Tuition
In general, students pay about $27,000 in tuition costs for an online master's degree in accounting.
Online master's degrees in accounting tend to be more affordable than the average in-person program, where tuition costs an average of $30,930 for in-state students and $40,820 for out-of-state students.
Colleges calculate tuition in three major ways: per credit hour, per semester, or per year. As you research, check to see which tuition structure each school uses in order to correctly evaluate the cost of tuition.
Enrollment Status
Most of the cheapest online master's in accounting programs allow students to choose between part-time and full-time enrollment.
Enrolling part time gives students the option of working while simultaneously earning their degree, which can help them avoid taking out loans and cover cost of living expenses. However, part-time students take longer to complete their degrees.
If a student enrolls in a program that charges per semester or per year, taking more time to graduate can increase the degree's cost.
Full-time students have the benefit of completing their program more quickly, often in one year. However, full-time learners will likely have higher tuition payments per semester, and perhaps fewer opportunities to earn additional income while enrolled.
Location
Some online master's degrees in accounting programs have different tuition rates for in-state and out-of-state students. For example, an in-state student enrolled in North Carolina State University's online master's in accounting program pays $1,260 per credit hour compared to out-of-state students, who pay $2,320 per credit hour.
Students attending an in-person or hybrid program have additional expenses to consider. You must live within commuting distance of campus to attend in-person classes, which can create additional transportation and parking costs.
Consider how cost of living impacts the overall expense of your degree. For example, living in an area with a high cost of living means that expenses like rent, food, and utilities may be higher compared to other parts of the state or country.
Earning a master's in accounting degree online can lower expenses by allowing you to live in a cheaper area while earning their degree.
Delivery Format
Accounting at the graduate level translates well to an online learning environment. Enrollees in a master's in accounting are often mid-to-late-career professionals looking to switch or advance their careers. Online degrees allow them to continue maintaining employment.
An online master's in accounting also enables students to gain technology experience and network globally while completing their degrees.
Online degrees in accounting can save students time and money over campus-based programs. Many schools allow students to enroll full or part time and choose to attend classes on campus, online, or through hybrid study.
Finding an affordable accounting degree is a primary concern among graduate students. Many online programs offer in-state or discounted tuition rates for distance learners, regardless of their resident state of residence. Online students can also avoid paying additional costs for commuting, housing, and campus amenities.
Financial Aid
Financial aid can assist you in paying for your degree. While most schools have financial aid programs, consider the types and amount of aid offered by each school before committing to a program.
Be aware that schools with higher tuition rates may also provide better financial aid packages for qualifying students. For instance, the University of North Carolina at Chapel Hill offers fellowships for qualified students that range from $3,000 - $10,000.
Some schools may offer graduate assistantships, which can also reduce the cost of attendance.
You may also qualify for financial aid through other programs. Work-study programs allow you to work on campus to earn money toward their tuition.
Awards like scholarships and grants can be put toward degree costs and do not need to be repaid. You may also qualify for loans to cover educational expenses, though you have to repay them after graduation.
How Can You Pay for a Degree in Accounting?
Students do not need to repay scholarships after graduation. In other words, scholarships are free money for school.
Explore the list below to learn more about a few scholarship awards available for master's in accounting students.
A variety of additional sources, including professional accounting organizations and individual universities, offer scholarships.
Scholarships for Accounting Students
AICPA Foundation Scholarship for Future CPAs
- Requirements: Students must be undergraduate or graduate students pursuing an accounting or accounting-related major who plan to earn certified public accountant (CPA) licensure. Additionally, students must be enrolled full time, have a GPA of at least 3.0, demonstrate some financial need, and have completed at least 30 hours of coursework with six hours in accounting at the time of application.
AICPA Scholarship Award for Minority Accounting Students
- Requirements: Students must be an ethnic minority pursuing an undergraduate or graduate degree in accounting or an accounting-related field who demonstrate some financial need. Additionally, students must be enrolled full time, have a minimum 3.0 GPA average, and have completed at least 30 credit hours of coursework with 6 credit hours in accounting. Finally, students must intend to pursue CPA licensure.
Ritchie-Jennings Memorial Scholarship Program
- Requirements: To qualify, students must be sophomore, junior, or senior undergraduates or graduate students enrolled full time at an accredited four-year university. Additionally, students must be majoring or minoring in accounting, business administration, finance, criminal justice, or any other fraud-related discipline and intend to pursue a career in fraud after graduation.
Making the Cheapest Master's in Accounting Even Cheaper
Most students require financial aid to complete even the most affordable master's in accounting degrees. Degree-seekers can start with the FAFSA to determine their eligibility for financial aid, which tends to be more limited for graduate students.
The following list includes some common considerations for cost-conscious students.
Book Rentals: Even with quick, easy access to virtual information, many courses still use hard-copy books and learning materials. Many schools offer book rentals and buy-back programs that enable students to reuse discounted course materials.
Maximizing Credit Loads: Students may consider overloading credits in programs that do not assign per-credit tuition rates. By maximizing their credit load, learners may meet their degree requirements in less time and at a lower cost than if they pay per credit. Students should consider the scheduling requirements of overloading credits if they have other life or work commitments.
Transfer Credits: Learners with previous academic, life, or work experience can transfer credits toward master's in accounting degrees. Online programs encourage students to apply the maximum number of transfer credits, granting them faster completion times and lower costs than traditional programs.
Will Getting Your Accounting Degree Pay Off?
Even the cheapest master's in accounting degrees cost money. Before enrolling, think about if an accounting master's degree makes financial sense.
You can start by calculating the net cost of their degree, factoring in tuition, fees, living expenses, course materials, and any financial aid awards. From there, compare that number to their projected salary earnings to determine a program's ROI.
Consider the overall benefits of earning a master's degree in accounting. For example, many graduates from master's in accounting programs become CPAs.
According to the BLS, the average CPA in the United States earns an annual mean wage of $77,250, which is about $20,000 more than the average annual wage across all U.S. occupations.
Here is how a student considering Seton Hall University's online master's degree in accounting might calculate their ROI: Seton Hall's online master's in accounting costs about $40,500. According to the BLS, accountants in New Jersey — where Seton Hall is located— earn an average annual wage of $97,950.
Even with New Jersey's higher-than-average cost of living, students can recuperate their educational costs within one year of employment as a CPA.
Common Questions About Accounting Master's Programs
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How much does a master's in accounting cost?
While costs vary among schools, a typical master's in accounting ranges from $10,000-$35,000 at public and private colleges.
-
How much does it cost to get an accounting degree online?
A school may charge variable tuition for online programs based on its public or private status and state reciprocity agreements. Distance learners often enjoy perks like in-state tuition rates and book rental options.
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What is the best master's degree for accountants?
Schools commonly offer master's degrees in accounting or MBAs with an accounting concentration. Students with either degree meet the minimum education requirement for many entry-level roles in accounting and finance.
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Should I get an MBA or master's in accounting?
MBA and master's degrees in accounting share some similarities, including core coursework in soft accounting and business skills. MBAs may best suit students looking for broad accounting programs with flexible career options, while master's degrees in accounting best serve aspiring CPAs and accountants.
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What can I do with a master's degree in accounting?
Many master's in accounting degree-holders pursue CPA licensure to become accountants. A master's degree can also lead to careers in financial management or senior-level tax or financial examiner positions.
Watson is a paid member of the Red Ventures Education Integrity Network.
Page last reviewed November 20, 2022
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