U.S. accounting master’s programs hit five-year peak in application growth

Nearly three-quarters of U.S. master’s of accounting programs reported application growth in 2024, according to a new report by the Graduate Management Admission Council.

With 72% of programs reporting growth, this year marks a five-year peak in applications; 51% reported growth in 2020, 30% in 2021, 34% in 2022, and 43% in 2023. The median number of total applications for master’s programs increased to 97 this year, up from 75 the prior year. Median class size also grew to 34, up from 30.

“In the United States — where Certified Public Accountants must complete 150 credit hours before they can sit for the CPA Exam — graduation rates for bachelor’s and master’s accounting programs had been fading,” said the report. “However, enrollment predictions remained optimistic, and appear to be borne out based on this year’s application trends.”

Fifty-three percent of U.S. accounting programs saw an increase in domestic applications, 55% international, 67% women and 50% underrepresented population enrollment.

Globally, 71% of master’s of accounting programs saw increased applications, while 1% saw no change and 27% saw a decline. Global master’s in management programs were the second most likely to report application growth (69%).

The report attributes the global growth in accounting master’s programs in part to “Gen Z’s outsized interest in finance and accounting careers compared to their millennial counterparts.”

“GMAC’s qualitative study on Gen Z prospective graduate management education students affirmed that they are more likely to seek stability in their careers, and an accounting degree for recent graduates or those looking for a 4+1 option (a bachelor’s degree directly followed by a one-year master’s) could be a first step toward realizing that more stable future,” said the report.