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We investigate the value of graduate business education in learning tacit knowledge and achieving professional accounting success. Archival (n = 5,932) and survey (n = 2,941) data from managerial accountants employed at 2,525 North American companies in three industries (publishing, paper, and chemical) indicate that job performance evaluations (JPEs) of those who hold either a Master's of Accountancy (M.Acc.) or M.B.A. degree are generally higher than non-master's (NM) degree accountants. We find some evidence that professionals with master's degrees, as compared to NM professionals, have higher levels of two forms of tacit managerial knowledge (TMK): self and others. The results also suggest that M.Acc. and M.B.A. degrees contribute to success differentially throughout the professionals' careers. Specifically, a M.Acc. degree provides greater benefit than a M.B.A. degree in the early and middle career years, while an M.B.A. degree provides greater benefit than a M.Acc. degree in later career years. The results indicate that M.Acc. and M.B.A. degrees contribute to success by increasing specific types of knowledge and enhancing ones' ability to learn. ©2005 American Accounting Association