Accounting Degrees
Accounting continues to be a well-paid, in-demand job with many diverse career options. Those who want to pursue a career as an accountant, whether its within a company, as a public accountant or working with private citizens, will want to choose Business Accounting as their college major. They will learn in-depth accounting skills including cost accounting, auditing and federal tax accounting as well as more general business skills.
Degrees and Other Accounting Credentials
- Associate Degree – This degree can serve as a starting point for some entry-level accounting positions and/or as a basis for earning a bachelor’s degree later on.
- Bachelors Degree – The most common accounting degree, a bachelor’s degree is required for most accounting positions.
- Masters Degree – This can be an MBA with a concentration in Accounting or a Master of Science in Accounting. This degree is appropriate for those who want to move into a managerial accounting role or serve as a consultant.
- Certified Public Accountant – Those who choose to work as a Public Accountant may also become a licensed Certified Public Accountant (CPA) after passing the Uniform CPA Exam and gaining a defined amount of work experience that varies by state. Many states now also require additional coursework be completed.
- Chartered Financial Analyst - Another option for accountants is to become a Chartered Financial Analyst. This designation is for those who want to work as a securities analyst, portfolio manager or investment advisor. Candidates must pass three, six-hour exams and have four years of experience in an investment decision-making position.
Schools
Those interested in pursuing an accounting degree have many types of schools to choose from. Accounting programs are offered at most community colleges, universities, stand-alone business colleges and many online schools.
Coursework
Courses required for an Accounting degree include general business courses as well as the following types of accounting-specific courses:
- General Accounting – This introductory course may cover a broad array of topics including operating, financing and investing events, financial reporting and external reporting.
- Cost Accounting – This course covers cost accounting concepts and procedures including topics such as cost behavior and control, job and process costing, cost-volume-profit relationships, activity-based accounting and other topics.
- Financial Accounting and Reporting - This course (or courses) cover the recording and reporting of events in the revenue and expenditure cycles including special issues and full disclosure topics.
- Taxation - Examines a wide range of tax topics applicable to corporations, partnerships and individuals. Included are discussions of tax research, tax planning and legal and ethical considerations.
- Auditing - Various auditing roles are examined including those of public accountants, internal auditors, fraud auditors and compliance auditors.
- Accounting Information Systems - This course explores the control aspects of accounting systems including the setting of standards, security, cost-effectiveness, operational controls and administrative controls. Various software packages are introduced.
Other courses that are often taken by Accounting majors include Business Law, Fraud and Forensic Accounting, International Accounting, Internal Auditing and Accounting for Non-Profits and Government.
Aptitudes and Interests
Good accountants are detail-oriented, analytical and have strong math skills. They also need to be good communicators as they are often responsible for presenting financial information to others. Accounting degrees have a more intense school work-load than other business majors so candidates must be prepared to put in many long hours of studying.
Career Options
Accountants have a wide variety of career options working with private corporations, the government or private citizens. Some career possibilities include:
- Management Accountant
- Public Accountant
- Government Accountant
- Internal Auditor
- Financial Analyst
- Investment Advisor
- Tax Accountant
- Forensic Accountant
Related Majors
- Finance - These programs include accounting courses but focus more on financial markets, investing, and financial services topics.
- Economics - Coursework includes microeconomics, macroeconomics, forecasting and policy topics.
- Accounting Information Systems – This degree combines accounting and information systems coursework and is often an advanced or dual-major degree.
How to Evaluate Accounting Programs
- Accreditation – Accounting programs and schools should be accredited by the Association to Advance Collegiate Schools of Business or one of the six regional accreditation agencies.
- Degree Options – Some schools offer a combined Bachelor and Masters five-year program which can be a faster path to becoming a licensed CPA.
- Technology – Computer software has become an integral part of accounting as it minimizes errors, reduces manual effort and provides reporting and analytical tools. Accounting programs should educate students about the uses and benefits of current accounting software.
Learn More About Accounting Coursework
- View actual MIT course material for their “Introduction to Financial and Managerial Accounting” course to gain real insight into what accounting courses are really like.
- Many business school websites now include course descriptions. For example, see the University of Washington’s course descriptions for their Business programs and Bentley College’s course descriptions for Accounting majors. Or, look at a prospective school to see what their course offerings are for Accounting.
Resources
American Accounting Association
American Institute of Certified Public Accountants
Chartered Financial Analyst Institute
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