Key takeaways
- Aspiring accounting professionals can pursue an accounting degree at the associate, bachelor’s, master’s, and doctoral levels.
- The duration of an associate degree is 2 years, a bachelor’s degree is 4 years, a master’s degree is 2-3 years, and a PhD is 3-5 years.
- Specializations within accounting include Financial Accounting, Forensic Accounting, and Management Accounting.
- With a BS in Accounting, graduates can explore job opportunities such as Finance Analyst, Budget Analyst, Financial Advisor, Accounting Manager, and so on.
- Additional certifications such as CPA, CMA, and ACCA can enhance career prospects.
- The average salary of an accountant in the United States as of May 2023, is $79, 880.
- The job outlook for accounting professionals is bright with a job growth rate of 6%, higher than the national average of all occupations.
- California, New York, and Pennsylvania are among the top 5 states employing accounting professionals.
If your goal is to pursue a career in finance, an accounting degree is one of the ways you can enter the field. Upon graduation, students can pursue a CPA certification to become Certified Public Accountants for enhanced career prospects. Some of the jobs accounting graduates are eligible for include bookkeeper, accountant, auditor, financial manager, tax advisor, and more.
With a higher-than-average occupation growth rate as per BLS, accounting is an attractive field for many. In this guide, we discuss the undergraduate accounting program in detail and provide in-depth insight into a career in accounting and finance.
All you need to know about an accounting degree!
An accounting degree features an academic curriculum designed to build competencies needed for a career in accounting, finance, and tax. Accounting is the backbone of finance, banking, and business management. It enables professionals to interpret financial data by recording, classifying, and analyzing financial transactions.
Accounting provides valuable insights into any organization’s financial health by tracking income, expenses, assets, and liabilities. It subsequently empowers informed decision-making, ensures regulatory compliance, and supports strategic planning.
Through the program, students learn accounting rules, regulations, principles, financial data analysis, tax regulations, tax systems, and more. Additionally, they have mastered computational skills and the use of different accounting software.
What are the types of an accounting degree?
Students can pursue a degree in accounting at various levels starting from associate going all the way to a PhD. Additionally, they can also pursue certifications to further enhance their career prospects.
Associate degree in accounting
An associate degree in accounting is a two-year college-level program where students learn the basics of accounting. Here, students learn the fundamentals of accounting and obtain skills such as monitoring, and tracking financial information, as well as preparing financial documents.
With an associate degree, graduates can obtain technical entry-level accounting jobs such as payroll clerk, accounting assistant, bookkeeper, and so on.
Bachelor accounting degree
At the bachelor level, students can either get a Bachelor in Commerce (BComm) in Accounting, a Bachelor of Business Administration in Accounting, a Bachelor of Accounting (BAcc), or a Bachelor of Science or Arts in Accounting. Here, students learn the foundations of accounting systems, auditing, financial and management accounting, taxation, and quantitative methods, and gain IT skills.
In a bachelor’s degree, students can pursue specialization in areas such as business strategy, financial planning, forensic accounting, sustainability accounting, and more. We will dive further into available specializations later in the guide.
With a bachelor’s degree in accounting you become eligible for positions such as Financial Analyst, Financial Manager, Forensic Accountant, Actuary, Accounting Manager, and so on.
Master’s degree in accounting
A master’s degree teaches advanced accounting principles over the course of two to three years. Besides accounting principles, students learn tax concepts, data analysis, data-backed decision-making, long-term financial planning, financial regulations, and more. Some colleges also offer master’s programs in specialized areas within the field of accounting.
With a master’s degree in accounting you can apply for higher-level positions in finance, banking, accounting, taxation, and insurance.
PhD in accounting
If you are interested in a career in teaching and research in the field of accounting, a PhD is the way forward for you. It features a blend of academic coursework, completed in two years, and research, which can take two to three years.
Ideally, aspiring accounting professionals will start with a bachelor’s accounting degree, go up to a master’s degree, and then earn certifications such as a CPA, CMA, or even a PhD depending on their career aspirations.
Typical program curriculum of a bachelor accounting degree
During four years, students will undertake a variety of general, core, and elective courses such as English, mathematics, finance, statistics, business, law, and so on. A typical undergraduate degree requires the completion of 120 credit hours. However, the subjects and courses vary by institute.
Here are some common core accounting courses you can expect to take in an undergraduate accounting degree:
- Financial Accounting
- Business Finance
- Federal Income Taxes
- Auditing
- Government Accounting
- Accounting Information Systems
- Cost Accounting
- Non-profit Accounting
- Managerial Accounting
- International Accounting
Additionally, students can choose electives such as business law, forensic accounting, enterprise IT management, and more. Students can also tailor their learning experience by choosing focused areas of study such as financial accounting, managerial accounting, forensic accounting, and so on.
What specializations are available in an accounting degree?
An accounting specialization offers numerous benefits, including enhanced career prospects. These focus on industry-specific practices and techniques in combination with general accounting principles to prepare students for fulfilling career opportunities.
Here are some common accounting specializations students can pursue.
Financial Accounting
Financial accounting is the specialization within accounting that focuses on determining an organization’s financial health. Financial accountants are in charge of carefully preparing financial statements such as balance sheets, income statements, and cash flow statements usually for external regulatory bodies. These include investors, auditors, and other external stakeholders.
Within the specialization, students learn:
- Financial statement preparation
- Financial statement analysis
- Accounting standards
- Financial reporting
- Auditing
The specialization paves the path for the following career opportunities such as:
- Financial Accountant
- Financial Analysts
- Auditor
- Financial Consultant
- Controller
- Chief Financial Officer (CFO)
Forensic Accounting
The field of forensic accounting features a combination of auditing, accounting, and investigative skills. Forensic accountants solve financial crimes and irregularities in financial statements. Financial crimes and irregularities include fraud, embezzlement, money laundering, tax evasion, and so on.
Within the specialization, students learn:
- Fraud investigation
- Litigation support
- Due diligence
- Asset tracing
- Expert witness testimony
The specialization opens career opportunities such as:
- Forensic Accountant
- Litigation Support Specialist
- Fraud Examiner
- Corporate Investigator
- Anti-Money Laundering Specialist
Tax Accounting
Tax accounting is an accounting specialization where students build a comprehensive understanding and applications of tax laws. The goal of tax accounting is to minimize tax liabilities for individuals and organizations. Thus, accountants specializing in tax accounting are able to interpret complex tax codes, regulations, and guidelines.
Within the specialization, students learn:
- Tax planning
- Tax preparation
- Tax compliance
- Tax research
- Dealing with tax controversy
The specialization opens career opportunities such as:
- Tax Accountant
- Tax Manager
- Tax Consultant
- IRS Agent
- Tax Attorney
Management Accounting
Management accounting is a branch of accounting that focuses on providing managers, and internal users with adequate financial information, aiding them in strategic planning, and data-backed decision-making. It differs from financial accounting in the way that management accountants prepare financial statements for internal use, whereas financial accountants prepare documents for external stakeholders.
Within the specialization, students learn:
- Cost accounting
- Budget and financing
- Performance measurement
- Data backed decision making
- Strategic planning
The specialization opens career opportunities such as:
- Management Accountant
- Cost Accountant
- Budget Analyst
- Financial Analyst
- Controller
Internal Financial Reporting
Internal financial reporting specialists prepare financial documents focused on reviewing company performance and improving operational efficiency. They too prepare documents for internal use, but unlike management accounting, these documents are for lower-level management to track performance, make informed decisions, and improve efficiency.
Within the specialization, students learn:
- Financial Analysis
- Cost Accounting
- Budgeting and Forecasting
- Performance Measurement
- Management Accounting
The specialization opens career opportunities such as:
- Financial Analyst
- Financial Controller
- Credit Analyst
- Budget Analyst
Auditing
Auditing is a specialized field within accounting that involves examining financial records to ensure accuracy and compliance with accounting standards. Auditors assess the reliability of financial information and provide assurance to stakeholders such as investors, creditors, and regulators.
Within the specialization, students learn:
- Financial statement audits
- Internal control audits
- Compliance audits
- Operational audits
- IT audits
The specialization opens career opportunities such as:
- Internal Auditor
- External Auditor
- Audit Manager
- Audit Partner
External Financial Reporting
In the specialization of external financial reporting, accounting students learn how to communicate a company’s financial performance to external stakeholders ensuring accountability and financial transparency. These include existing and potential investors, creditors, and regulatory authorities. Accountants in charge of external financial reporting prepare and distribute financial statements prepared keeping in mind specific accounting standards.
Within the specialization, students learn:
- Accounting standards
- Financial reporting framework
- Disclosure requirements
- Timeliness
- Auditing
The specialization opens career opportunities such as:
- Financial Reporting Manager
- Senior Accountant
- Financial Analyst
- Technical Accounting Specialist
- Consolidation Accountant
Complete list of colleges in the US offering excellent accounting degree
Here is a highlighted list of colleges offering undergraduate accounting programs such as a BS in Accounting in states with great employment opportunities for accounting professionals.
| Name | Acceptance % | Graduation % | Tuition |
| University of Texas at Austin | 31% | 87% | $11,698 in-state
$41,070 out-of-state |
| Ohio State University | 53% | 87% | $12,485 in-state
$36,722 out-of-state |
| UC Berkeley | 11% | 92% | $14,395 in-state
$44,467 out-of-state |
| University of Pennsylvania | 7% | 96% | $63,452 |
| New York University | 12% | 88% | $58,168 |
| University of Chicago | 5% | 96% | $64,260 |
| University of Southern California | 12% | 91% | $64,726 |
How do you select the ideal college for an accounting degree?
Given the different accounting specializations and diverse career paths that an accounting program leads to, there are multiple factors to consider when choosing an accounting degree. These include but are not limited to the following.
Career aspirations
First and foremost, you must list down the career path you aspire to follow. If you want to become a forensic accountant, you must enroll in an accounting degree offering Forensic Accounting as a specialized track.
Accreditations
Secondly, look into program accreditation. Accreditation is essentially a guarantee of the highest quality of educational standards. Two of the popular accreditation boards for accounting programs are:
- The Association to Advance Collegiate Schools of Business (AACSB)
- The Accreditation Council for Business Schools and Programs (ACBSP)
You can also browse additional information on recognized accreditation bodies available on the Council for Higher Education Accreditation website.
Faculty
Faculty makes a world of difference in one’s learning experience. Teachers with industry experience and achievements bring real-world experiences to the classroom which enhances the students’ learning experience. Moreover, their industry connections can open many career opportunities for students.
Location
The location of the college or university plays a crucial role in determining the type and number of job opportunities available to you. We suggest you explore colleges by state, giving preference to states with the highest number of job opportunities for accounting professionals. These include California, Pennsylvania, and New York.
Tuition and cost of attendance
Cost is another significant consideration. Private colleges generally feature significantly higher tuition fees than public colleges. Combined with accommodations, travel, and other utility costs, the overall cost of attendance becomes quite costly.
In comparison, public colleges feature lower tuition rates, especially for in-state students. However, if you aspire to pursue an undergraduate degree in accounting at your dream private college, look into online degrees in accounting. An online accounting degree generally costs less than traditional accounting programs.
Can I get an online accounting degree?
While a traditional path is often the first choice for many, it is not always a feasible option. For those with financial, geographical, or time, accounting degree programs online are an excellent choice. Online programs provide numerous advantages and may be better suited to some than to others.
Pros of getting an accounting degree online
According to Forbes, nearly 10 million students opted for online courses in 2022. Post-pandemic, an increasing number of students are opting for online classes, and here are just some of the reasons why.
Flexibility
There are two types of online programs, synchronous and asynchronous. Asynchronous programs offer the most flexibility as you can take your classes anytime, from anywhere. Synchronous classes on the other hand require you to stick to a schedule and take classes in real-time, but you can take them from anywhere.
Regardless of which option you choose, you are guaranteed higher flexibility and convenience than attending a traditional college program where you have to factor in the cost and time of traveling to and from college.
Affordability
Attending an online accounting degree can prove quite cost-effective. Some colleges offer online programs at lower tuition than a traditional program. Additionally, students enrolled in a distance learning program do not have to factor in accommodation, travel, utilities, and other costs in the total cost of attendance.
No need to relocate
Regardless of whether you are relocating to another city, state, or country, relocating is quite challenging and stressful. Additionally, relocation requires significant resources that not everyone has. By opting for an online accounting degree, you can attend your dream college from anywhere in the world, eliminating geographical limitations.
Career opportunities
When you aren’t bound by geographical limitations or college timetables, you can explore career opportunities alongside your education. Be it internships, part-time positions, or even full-time job opportunities, students enrolled in accounting degree programs online can pursue them all, enabling them to strengthen their professional profile even before graduation.
Cons of choosing accounting degree programs online
However, an online degree might not be ideal for everyone. Here are some reasons some students might hesitate before opting for distance learning programs.
Distractions
To excel in distance education programs, a student must have excellent time management skills, be self-motivated, and be disciplined. Otherwise, they are bound to get distracted in the absence of a classroom learning environment. A dedicated workstation or an isolated study room can help reduce distractions.
Limited engagement opportunities
If you are an extrovert who enjoys and thrives on engagement opportunities, you might shy away from online programs. If enrolled in an asynchronous format, communicating with instructors, or classmates will not happen in real-time and that may be offputting for some. Moreover, the lack of social engagement might limit the networking and employment opportunities distance education learners might have access to.
Technical challenges
When enrolling in an online accounting degree, a student must be prepared to tackle all technical issues themselves. Be it a WiFi connectivity problem, system issues, or power outages, it is the student’s responsibility to solve the problems. They cannot rely on their college’s support system.
What colleges are offering online accounting degree programs?
If you are looking for online accounting degree programs in states with high employment opportunities for accounting professionals, can explore SUNY accounting classes online. Forbes lists SUNY accounting classes as one of the best online accounting degree programs. Some other options include:
- University of South Florida
- Daytona State College
- Kean University
- University of North Carolina Greensboro
- Texas Women’s University
Why get an accounting degree?
According to the United Bureau of Labor Statistics, the job outlook for accounting professions will grow by 6% between 2022-2033. The growth rate of accounting professions is higher than the national average for all occupations indicating a bright career outlook. There are currently over 130,000 job openings for accountants and auditors per year.
With globalization and increasing entrepreneurial activity across the world, the demand for accounting professionals is expected to grow even more. The high demand creates favorable employment opportunities for accounting professionals and guarantees competitive salaries.
Moreover, the US is currently facing an unprecedented shortage of qualified accounting professionals. Fortune reports that the United States is short of 340,000 accountants. The business magazine released its report in March 2024, after a wave of reported accounting errors across several organizations became public.
If you are a high school student, or a community college graduate hoping to pursue higher education in a discipline leading to a financially rewarding career path, look into accounting programs. BLS reports the average median pay for accountants and auditors to be $79,880 per annum as of May 2023.
What jobs can you get with an accounting degree?
An accounting degree provides students with a versatile career path which is why accounting programs are so highly sought-after. Here are just some of the job opportunities you can explore with an accounting degree.
Governmental Accounting
As the name suggests, governmental accounting refers to the process of recording, categorizing, and analyzing the government’s financial records. Government accountants work for government agencies at the federal, state, or local level.
They are responsible for managing public funds, auditing, budgeting, and forecasting, ensuring compliance with rules and regulations, conducting financial analysis, and aiding the investigation of financial crimes.
The average pay of a United States Government Accountant is $86,000 per year as of October 2024 according to Glassdoor.
Actuary
An actuary is a financial professional who uses mathematical and statistical models to assess risk. They analyze data to predict future events and their financial impact. Actuaries work in various industries, including insurance, finance, and consulting, to help organizations make informed decisions about risk management and pricing.
Glassdoor reports the average salary of an Actuary in the United States to be $135,164 as of October 2024.
Accounting Manager
An Accounting Manager is responsible for overseeing the financial operations of an organization. They ensure accurate financial reporting, manage accounting staff, and analyze financial data to make informed business decisions. They also play a crucial role in budgeting, tax planning, and compliance with financial regulations.
Glassdoor reports the average salary of an Accounting Manager to be $97,398 per year as of October 2024.
Compliance Officer
A Compliance Officer ensures an organization adheres to internal policies and external regulations. They identify potential compliance risks, develop and implement compliance programs, and keep an eye out for violations. Compliance Officers also train employees on compliance policies, conduct audits, and investigate potential misconduct.
As per Glassdoor, the average salary of a Compliance Office is $110,419 per year as of October 2024.
Forensic Accountant
A Forensic Accountant investigates financial crimes such as fraud, embezzlement, and money laundering. They analyze financial records, identify discrepancies, and gather evidence to support legal proceedings. Forensic Accountants often work with law enforcement agencies, law firms, and corporations to uncover financial wrongdoing.
The average salary of a Forensic Accountant is $85,838 per year as of October 2024, according to Glassdoor.
Budget Analyst
A Budget Analyst develops, monitors, and analyzes budgets to ensure efficient allocation of funds. They forecast future expenses, track actual spending, and identify potential cost-saving measures. Budget Analysts work closely with various departments to ensure budgetary goals are met.
The average salary of a Budget Analyst is $88,659 per year as of October 2024, as sourced through Glassdoor.
Public Accountant
A Public Accountant provides a wide range of accounting services to individuals and businesses. They prepare tax returns, audit financial statements, provide financial advice, and assist with business planning and strategy. Public Accountants often work for accounting firms and are licensed to practice in their respective jurisdictions. To become a Certified Public Accountant, professionals must obtain the CPA certification.
A Certified Public Accountant earns on average $132,062 per year according to an October 2024 report by Glassdoor.
Financial Advisor
A Financial Advisor helps clients make informed financial decisions. They analyze clients’ financial situations, set financial goals, and develop personalized strategies to achieve them. This may involve advising on investments, retirement planning, insurance, tax strategies, and estate planning.
According to Glassdoor, a Financial Advisor earns on average $76,665 per year as of October 2024.
Job market and industry trends in accounting
According to a report by Statista, the top 5 states by employment level in accounting and auditing as of May 2023 are as follows:
- California – 166,020
- New York – 119,150
- Texas – 111,160
- Florida – 89,350
- Pennsylvania – 54,450
Once you graduate with a degree in accounting, you can pursue employment opportunities in various organizations. Here are the top 10 accounting firms in the United States:
- Ernst&Young
- Grant Thornton
- KPMG
- PwC
- BDO
- RSM
- Deloitte
- CBIZ/ Mayer Hoffman McCann
- Crowe Horwath
- Baker Tilly
Latest accounting trends that will shape the job market.
The accounting industry, like all others, is susceptible to change owing to the ever-evolving globalized landscape we live in. Here are some of the latest and most prominent trends in the accounting market. Some of these already have and some will revolutionize the way accounting professionals operate.
Use of AI
Generative AI tools such as chat GPT have disrupted many business models and the accounting job market is no exception. Many accounting firms are either already using AI, and many more are planning to according to a Reuters report. The most common uses so far are for research, document review, and tax return preparation.
Even though AI is still riddled with issues such as inaccuracies, privacy concerns, data confidentiality, and more. Many accounting professionals and accounting firm owners are of the thought that AI can make a great impact in the professional field. Thus, aspiring professionals can expect an increasing use of AI technologies in years to come and should be prepared to utilize AI to enhance performance.
Data analytics
Accounting and data analytics go hand in hand as accounting is one of the most data-centric fields. Accountants use data analytics tools to analyze consumer spending habits, conduct risk analyses, predict trends, and enable data-backed strategic planning. Data analytics is an important skill to have for accountants in today’s market as it can help them develop a competitive edge.
Cloud Accounting
Cloud accounting has revolutionized the accounting industry by providing solutions that break down geographical barriers, allowing employees across departments and locations to access the same financial data and software tools. This fosters seamless collaboration and efficient information sharing. Aspiring accounting professionals can be sure they will have to work with cloud accounting software as nearly all accounting firms worldwide adopt a cloud-based accounting system.
Cybersecurity
Even though cloud-based accounting brings significant challenges, it also brings certain safety risks. The major one is data theft. As accounting professionals deal with incredibly sensitive financial data, the emphasis on introducing cybersecurity measures in software and cloud systems is understandable and much needed.
Those passionate about ensuring data protection, and preventing piracy and identity theft can explore cybersecurity programs.
Automation
Accounting firms are increasingly turning to automation to streamline their manual processes. This surge in adoption underscores the industry’s growing recognition of automation’s potential. The impact of automation has been substantial as it reduces the amount of time spent assigning work, reviewing and updating work status, and collaboration and coordination among team members.
Frequently asked questions about an accounting degree
Here are the answers to some frequently asked questions about accounting programs.
What can you do with an accounting degree?
An accounting degree opens various career paths for graduates. They can pursue employment in virtually any public and private organization. Graduates can explore job opportunities such as forensic accountant, financial accountant, actuary, and more.
What degree do you need to pursue a career in accounting?
A bachelor’s degree in accounting and finance is the ideal entry point for a career in accounting. To enhance their career prospects, graduates can either pursue a master’s degree in accounting or obtain additional certifications such as CPA, CMA, or ACCA.
How long does it take to get an accounting degree?
The duration of the accounting degree depends on the level of degree you are pursuing. An associate degree takes up to 2 years, a bachelor’s degree in accounting takes four years to complete, a master’s can take between two to three years, and a PhD can take three to five years to complete.
Can I become an accountant without a finance degree?
While you don’t necessarily need a degree to be an accountant, a degree opens many job opportunities and prepares an aspiring professional for a successful career. However, some states allow you to take a Certified Professional Accountant exam without a degree, these include Hawaii, Alaska, Georgia, and Massachusetts.
Accounting jobs you can take without a degree are limited to entry-level technical positions such as accounting clerk, accounting assistant, bookkeeper, and so on.
Do I need a degree in payroll accounting?
Yes, aspiring payroll accountants typically need a bachelor’s degree in accounting.
Is an accounting degree good for law school?
Yes, an accounting degree can be a good entry point into law school, especially if you want to study corporate, securities, or tax law.
Do you need a degree to be an accountant?
Yes, if you want to obtain entry-level positions in the field of accounting, and not be limited to technical assistant-level roles, you should get a bachelor’s degree in accounting.
How much does an accountant make with a bachelor’s degree?
A bachelor’s degree makes you eligible for the role of Accountant, which earns on average $79,880 per annum as of May 2023 according to BLS.
Is an accounting degree worth it?
Yes, an accounting degree is definitely worth investing in. Not only is there a shortage of accountants, but it is also a sought-after skill as nearly every organization, public and private requires accounting professionals. It is also one of the fastest-growing professions in the United States.
Is accounting a good major?
Yes, accounting is an excellent major for those interested in problem-solving, and financial analysis.
Is accounting a hard major?
Accounting is not a hard major per se. However, it is an extensive field and is ideal for those with a vested interest in financial management, reporting, record maintenance, and analysis.
Is accounting a stem major?
Yes, accounting is a non-traditional Science, Engineering, Technology, and Mathematics (STEM) major.
Start your accounting degree college application using AI tools!
An accounting degree is an attractive choice for aspiring finance professionals. The demand for accounting professionals is higher than ever making now the right time to pursue a degree in accounting. Get started on your college application today using AI Tools, and educational resources guiding you along the process.