The 2021 median pay for accountants and auditors was $77,250 per year according to the U.S. Bureau of Labor Statistics. A master’s degree in accounting (MAcc) typically helps candidates snag a higher salary, with an average expected income of $78,000, and senior roles that surpass $100,000, according to Payscale.

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Roles for accountants and auditors are projected to grow 6% in the next decade, as fast as the average growth rate of all occupations, according to the U.S. Bureau of Labor Statistics. The field is expected to produce about 136,400 jobs every year until 2031, and those people looking to capitalize on the steady market may be interested in a master’s of accounting degree.

“Accounting programs, just like finance, management, marketing, and other business programs are all adapting and morphing as the job market changes,” Jonathan Stanley, the director of the school of accountancy at Auburn University, tells Fortune. “I strongly believe that accounting is going to stand up well over the course of time as a desirable major and desirable profession to enter.”

Fortune’s ranking of the best online master’s in accounting programsoffers some schools and programs to consider, but what about if you’re not sure if continued education in accounting is right for you? Here are some things to consider before deciding if a master’s in accounting is worth it for you. 

A master’s degree program helps prepare you for the CPA exam 

The certified public accountant (CPA) exam is the professional licensing test taken by those people looking to become certified public accountants. In most states, 150 credit hours are required to be eligible to sit for the CPA exam, 30 hours more than a traditional bachelor’s degree program typically requires. 

The extra 30 hours needed for the CPA exam don’t have to be obtained via a master’s program, and the specific hour requirements can differ from state to state. However, a MAcc program can serve as a natural bridge to obtaining the necessary hours to complete the CPA exam, and it’s a popular option amongst accounting students, says Mark Dawkins, a professor of accounting at the University of North Florida. Dawkins is also the president of the American Accounting Association.

“The reality is that if a student wants to be a CPA, then the current rules in all states are that you have to get 150 hours,” Dawkins says. “Most students choose to pursue the master’s degree because they have to get the hours anyway. I hate to say it’s kind-of mandated, but if you want to be a CPA, you’re going to have to get those 30 hours, and most students say, ‘If I have to get the hours anyway, I might as well get the degree.’”

This was exactly what Dawkins did when he enrolled in master’s of accounting program after completing his undergraduate degree in 1985. Similarly, many of Auburn’s MAcc students enroll immediately after completing their bachelor’s degrees in accounting, Stanley adds. 

Though a master’s program has become a popular next step to complete CPA hour requirements, Stanley says the advanced degree still holds merit and teaches important skills. And, in fact, people who only want to pass the CPA exam can do so without a master’s degree, he adds.

“Graduate courses are providing value in just the knowledge and skill set that you’re gaining, and oftentimes that knowledge and skills are not directly tested on the CPA exam. A master’s in accounting is not just a CPA prep course,” Stanley notes. “The master’s program is helping you develop higher level thinking and develop expertise and emerging technologies and such—critical thinking, ethical awareness, global mindset, all of those types of outcomes from the graduate coursework are valuable and can help position you for long-term success above and beyond just aiming to pass the CPA exam.” 

That said, one advantage of pursuing a master’s degree in accounting is pass rates for the exam can be much higher among graduates of these programs. The national pass rate for the CPA exam historically averages between 45% to 55%, though rates vary by the quarter of exam administration and section, according to Surgent, an accounting and financial education organization.

Auburn University’s pass rate is about 85%, according to Stanley. Meanwhile, the pass rate is about 90% among Purdue University’s MAcc students, says Troy James, a clinical professor of accounting and the master’s of accounting director at the university.

A MAcc degree can help boost your salary

A MAcc can provide some more obvious benefits for graduates, like increased salary, Stanley says. “There are bigger payouts,” he notes. “In life, things that are hard and challenging oftentimes lead to the biggest rewards.” 

While starting salaries are often on the lower end, accounting professionals can see a larger payoff down the line, Stanley says. The average top accounting executive salary in the U.S. is more than $234,00 according to Salary.com. 

“The starting salaries are not always at the top, but then say five, ten, 15 years out, those individuals are in leadership positions making a lot, earning very nice compensation packages,” Stanley adds.  

“There is a salary differential between getting a bachelor’s and getting a master’s,” Dawkins adds. “Firms know that you spent an extra year of your life and you spent money getting that master’s degree, so they do reward you with some increase in pay for having a master’s degree. There is a financial benefit.” 

Of course, the payoff of higher potential salary does depend on personal financial situations, as well. “Obviously, if you’ve given up an extra year of your life, and if you had to take out student loans to pay for those extra 30 hours, getting that small annuity may or may not be worth it in the long run, but it’s what you had to do to become a CPA,” Dawkins tells Fortune. 

Course, program options may bring additional value to a master’s degree

Dawkins says MAcc programs can have a large variety of content since there is “no common body of knowledge,” making the perceived “worth” of a program largely dependenton the courses offered and the opportunities available.

“In an undergraduate accounting degree, you’ve got to do certain courses. It’s a common body of knowledge that all students need to do,” Dawkins says. “That’s not the case at the master’s level. So it really would be program-specific in terms of what a student is potentially able to do better [with an MAcc].”

Stanley advises prospective master’s students to consider programs and courses in the same way they may have evaluated undergraduate options. “I would choose those that are likely to be most beneficial to you and provide you the greatest knowledge and skills that you can recall.”

Careful consideration of programs’ course offerings is “highly advisable” to maximize the value of a MAcc, Dawkins notes.

“[Students] should really investigate the courses in programs that they’re looking at to see which courses and which schools do they really think are going to broaden their toolkit or skill set so they bring value not only to themselves, but to the company that hires them, and then the clients that they serve,” Dawkins says. “Just going to get 30 hours because you have to get 30 hours without paying attention to the actual courses you’re going to be taking and the skill sets that you hope to gain is really not a smart move.”

What’s more, a master’s in accounting program can provide a leg up for people seeking a new position—and help you to expand your skillset. 

“The firms do want more. They want students who are more competent in data analytics, cybersecurity, business intelligence, business analysis, logistics, all of that,” Dawkins tells Fortune. “A master’s in accounting expands the options you have in terms of the clients you serve, and how you serve those clients.”

Increasingly, companies want accountants who have blended skillsets, Dawkins notes. “There is a convergence between accounting and business intelligence or data analytics or artificial intelligence (A.I.) in terms of some of this content knowledge that graduates need to be successful on the job,” he says.

That said, Dawkins says people considering a master’s degree program in accounting may have the potential to earn more money by instead pursuing a different degree program—until, at least, more graduate school programs integrate more of A.I., machine learning, data analytics, and logistics into the curriculum.

If you do pursue a MAcc deegree, it’s vital to gain skills, and not just hours, from the program, Dawkins says. “If you really weren’t doing much with artificial intelligence, data analytics, data science, or cybersecurity—you didn’t really add value to your toolkit,” he says. “The firm probably is not going to see a performance difference from that person, versus someone who does go get these extra skills or goes to a program where they can gain these extra skills.” 

That said, there’s a balance to be struck—and James advises applicants to seek out a “balanced” accounting program rather than one that’s focused too heavily on data analytics, for example. Some MAcc programs, like at Purdue University, try to keep pace with changes in the industry and teach students the most-current skills but in the context of the value to accounting, he adds. “We have tried to revise the curriculum in the past few years to incorporate more in the way of data analytics to meet the demand of what the employers want and to stay current with the way the world of accounting is changing.”

A master’s degree program can also equip students with skills that may not be extensively taught in a bachelor’s degree program, Kevin Koharki, an associate professor of accounting and the accounting area head at Purdue University, tells Fortune. “The CPA exam is changing in 2024, and we think it’s getting more complicated,” he says. “The topics that are going to be covered and the skills that are going to be required, I don’t think any university has the credit capacity to offer all of it at the undergrad level.”

Job security and flexibility

A final benefit to pursuing a master’s degree in accounting is that the stability in the industry can provide job security can provide job security. “One of the benefits of accounting is it is very recession-proof,” Stanley says. “There is always a need for accountants. I don’t know of an unemployed accountant.” 

And the industry is malleable with the market. “It stands the test of time, and therefore interest in it does sort of ebb and flow with market conditions,” Stanley notes. “Accounting is oftentimes not the most popular major during economic booms like we’ve had over the past half-decade.” 

Accounting provides a flexible and “broad array” of job options, Stanley says, as many students go on to pursue roles in financial accounting, internal or external auditing, forensics, consulting, taxes, or risk management. And many Auburn graduates begin their careers at “Big Four” firms.

“Accounting graduates are always in high demand because they bring a level of detail and expertise and skills to an organization that oftentimes you just don’t get with other majors. There are so many different things that you can do with accounting,” Stanley adds. 

Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.