2024’s Most Affordable Online Master’s in Accounting

5 Ways to Save on Your Online Master’s Degree in Accounting

Cost is a major determining factor for most students when deciding where to earn their online master’s degree in accounting. While online learning reduces room and board as well as travel costs, the degree’s price tag is still significant. Below are five additional funding sources for your master’s degree.

Scholarships, grants, and fellowships created for accounting master’s students.

Many programs offer scholarships, grants, and fellowships specifically for graduate or accounting master’s students. Scholarships are usually based on academic or professional accomplishments, and grants as well as some scholarships are determined by financial need. Fellowships can be awarded by a university, a professional organization, or a nonprofit. Many university websites, like Ohio Wesleyan University’s, provide information on fellowships. You can also explore scholarships, like the Robert Kaufman Memorial Scholarship offered by the Independent Accountants International Education Foundation, specifically for accounting students. More opportunities for scholarships can be found in OMD’s scholarships and resources guide.

Work-Study or Assistantships

Assistantships or work-study programs allow students to save money on tuition and gain practical experience in the field. Universities offering assistantships often provide both a tuition waiver and a living stipend to offset the cost of coursework. Graduate assistants often work with professors in a variety of capacities such as grading or research. Work-study programs, such as the one offered by the federal government, provide employment in a related field and allow you to use your wages for tuition.

Employer Tuition Reimbursement Programs

Your employer may offer full or partial reimbursement for continuing education. Even if your employer does not offer an official reimbursement program, you should ask. If you plan to continue working during your degree, you can leverage how your knowledge and skills will immediately benefit your employer. Also emphasize how you will be better prepared to take on leadership roles on projects as a result of your education. Deloitte is one company that offers 100% graduate school tuition reimbursement.

Payment Plans

Universities often offer payment plans to help students pay tuition costs in small increments. You can spread out your tuition costs throughout the year, and the exact breakdown (e.g., monthly, by semester, by percent) depends on the specific payment plan. Payment plans are not a loan and do not typically charge interest, but they do often have an enrollment fee. Many plans allow automatic withdrawal from your bank account, and some allow payment by credit card. Investigate any associated fees to these payment methods ahead of time.

Paid Internships

For students not already employed full-time, paid internships are an opportunity to gain experience, network, and earn money to help pay for graduate school. These part-time jobs often are associated with lower pay, but they also give more space and time to focus on schoolwork. Look for paid internships with networking potential as well as a chance to gain valuable experience in the accounting field.