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Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems.

A master's degree typically requires a year and one-half to two years of full-time study. To earn a master's degree you usually need to complete from 36 to 54 semester credits of study (or 60 to 90 quarter-credits). This equals 12 to 18 college courses. Most master's degrees are awarded by public or state universities.

Upon successful completion of all courses and requirements, students will earn an undergraduate or bachelor's degree. The most common bachelor's degrees are the B.A. or Bachelor of Arts, the B.F.A. or bachelor of fine arts and the B.S. or Bachelor of Science. A bachelor's degree is required to pursue a master's degree.

For example, a typical Masters of Business Administration (MBA) program may require sixty credit hours (four full-time academic semesters at 15 credits per semester). A student that pursues this degree on a half-time basis (7-8 credits per semester) will take four years to complete the program.

The average cost of master's degree for students is between$30,000 and $120,000. The cost varies depending on the university and the master's program itself. The cost varies by program as well. The average cost of an MBA, for example, is $40,000.

Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors.