The Graduate Management Admission Council (GMAC) reports 72% of Master of Accounting programmes in the US experienced higher application levels last year, compared to 43% in 2023. This is against a background of staff shortages across accountancy firms in the US, very much the same as in the UK.

Interest in these specialised degrees seems to be growing at a faster pace than some programmes which offer a broader focus. For instance, only 55% of Master of Finance programmes reported a similar increase in applications in 2024.

And this trend is far from a purely American phenomenon. Data gathered by the AACSB International, the world’s largest accrediting body for business schools, reveals the fluctuations in Master’s applications across the global business education sector over the last six years.

AACSB found that applications to accounting specialised master’s programmes at over 500 surveyed business schools have risen from around 69,000 in the 2022-23 academic year to around 81,000 just 12 months later, an annual increase of 18%.

‘After the dip in enrolment due to the pandemic, the programmes have surged in popularity, surpassing enrolment from prior to the pandemic,’ says Lily Bi, president and CEO of AACSB.

In comparison, there was a roughly 13% increase in MBA (Master of Business Administration) applications over the same period. While the numbers are much higher (roughly 292,000 applications in 2022-23 and 329,000 in 2023-24), the steeper rise in interest in studying specialised accounting programmes is significant.

The MBA has historically been seen as a flagship programme in business and management education, but a comparative acceleration in applications to more specialised programmes suggests a potential shift in the student market.

Why the particular interest in accounting?

1. Accountancy skills are in demand

The allure is being fuelled by multiple factors, including the increased desirability of accounting skills amid a business climate shaped by uncertainty and new international regulations, as well as higher starting salaries and career advancement opportunities for accounting graduates.

This demand is being reflected across the world too. Professor Vikash Sinha, programme director for the Master’s Programme in Accounting at Aalto University School of Business in Finland points to a steady demand for accountants giving g graduates a career path with relatively high job security.

‘This constant demand is fuelled by external factors such as changing standards and regulations on ESG (environmental, social, governance) issues, as well as emerging challenges related to taxation, sanctions, and tariffs affecting cross-border transactions. These aspects have also opened up more advisory and consulting roles,’ he says.

Another benefit is that accounting graduates are increasingly sought after not just in traditional roles, but also in consulting and advisory positions.

‘Accountants are the meteorologists of the corporate and economic climate, who will continue to gauge both financial and non-financial situations,’ professor Sinha explains. ‘They will be required as business partners to help firms navigate uncertainty, manage risk, ensure regulatory compliance, and make informed strategic decisions in an increasingly complex and dynamic environment.’

These expanding career opportunities in financial hubs are driving an uptick in applications, including from less-represented groups such as women and international students.

2. A pathway to leadership in many fields

London-based Imperial Business School also reports increasing diversity among applications to its Master in Finance and Accounting programme, reflecting students’ different aims and backgrounds.

‘Some are looking to build on their practical experience, while others see the degree as a great way to pivot from a different academic background and open new career opportunities,’ says Aram Karakashian, executive director of enrolment at Imperial.

Applications to the programme are up by 10% this year alone, with students drawn to Imperial Business School’s blend of theory and practice, according to Karakashian. The degree incorporates live business challenges delivered in collaboration with corporate partners, allowing students to test their knowledge in an engaging format.

‘Understanding a company’s financial performance sits at the heart of good decision-making. That’s why accountancy is such a strong foundation for so many career paths, right up to the C-suite.

‘In fact, we’re seeing more and more CEOs with an accounting background, because being able to read and interpret the numbers is essential for leading a business effectively,’ says Karakashian.

3. A dynamic, forward-looking profession

Indeed, accounting students’ analytical abilities are valued highly in a business environment characterised by post-pandemic economic shifts, regulatory requirements, and technological advancements.

In Bi’s view, the opportunities afforded by new tools like artificial intelligence have expanded the scope of accounting, transforming it into a dynamic, forward-looking field.

‘Many Master’s programmes incorporate these technologies into their curricula, attracting students who want to develop cutting-edge expertise,’ she says. ‘They also emphasise soft skills such as communication, negotiation, and leadership.

‘Accountants frequently collaborate with stakeholders across departments, which builds a foundation for managing cross-functional teams.’

Learning about governance, ethics and regulatory compliance also forms an important aspect of accounting training, offering students a top-to-bottom understanding of how organisations operate.

This not only prepares them for roles in senior management; it also equips them with the skills to drive change and solve the complex challenges that will shape the global business landscape over the next decade.

About the author

Peter Remon is account director at BlueSky Education