collageWhat Will I Learn in an Accounting Degree Program?
By earning a bachelor’s in accounting degree online, you’ll build a strong foundation of business knowledge that can be applied to many different career paths.
You’ll learn how to analyze and apply financial rules and regulations, how to generate financial records and how to communicate these reports with internal and external stakeholders. You’ll also gain valuable experience in business strategy, risk management, information systems, quantitative analysis and business ethics.
You’ll explore the current business landscape and develop analytical, critical thinking and strong communication skills to prepare you for a variety of jobs for accounting majors, from financial planning and consulting to budget management and data analysis.
What To Do with an Accounting Degree
By earning an accounting degree, you’ll prepare to enter the fast-growing financial world. Explore the jobs below to learn more about these alternative careers for accountants:
- Financial Examiner – With a career as a financial examiner, you’ll help ensure compliance with laws governing financial institutions and lending practices, evaluating the health of financial institutions and protecting consumers from risky loans. On average, financial examiners earn $81,690 annually, according to the U.S. Bureau of Labor Statistics. More than 5,000 new financial compliance jobs are projected to be created by 2026, as financial institutions work to comply with changing regulations, BLS data predicts.
- Financial Analyst – As a financial analyst, you’ll assess the performance of stocks, bonds and other investments, and work with organizations and individuals to make strong financial decisions. Financial analysts earned an average of $84,300 in 2017, according to BLS data. Working as a financial analyst can also offer strong job growth. BLS data predicts analyst jobs will grow by 11% by 2026, as big data and technological advances make higher quality analysis possible.
- Finance Manager – With a finance manager job, you’ll be responsible for the overall financial health of an organization, directing investment activities, reviewing financial performance and overseeing long-term financial planning. Finance managers earn $125,080 on average, according to BLS data, and are in high demand, with a more than 19% job growth (or 108,600 jobs) expected by 2026.
- Chief Financial Officer – As a Chief Financial Officer (CFO) you’ll have the opportunity to lead the financial future of an organization, overseeing budget management, cost benefit analysis and securing new funding. According to BLS data, top executives earned an average of $183,270 in 2017. BLS data predicts executive jobs will grow by about 8% by 2026.
- Budget Analyst – With a career in budget analysis, you can help organizations and businesses organize their finances, prepare budgets and monitor spending. In 2017, budget analysts earned an average of $75,240, according to BLS data. Budget analyst jobs are projected by BLS data to grow about 7%, or 3,800 jobs, by 2026.
- Business and Financial Consultant – A degree in accounting can give you the skills you need to work as a business and financial consultant, helping entrepreneurs and small business owners find financial success. As a business consultant you can help other business owners manage start-up costs and investments, create a financial plan for their business and monitor day-to-day bookkeeping. According to Payscale, business consultants earn an average of $71,259 each year.
Is an Accounting Degree Worth It?
Whether your goal is to become a financial accountant, managerial accountant or you’re interested in alternative careers for accountants, you’ll need a bachelor’s degree to start your career in the financial world. Interested in a particular facet of accounting and finance? Earning a master’s degree in accounting will let you dive deeper into an area of specialization – such as forensic accounting, auditing or taxation – and boost your expertise.
It is important to make the most of your education through considering your career goals and interests, said Griffith. Getting an internship, taking relevant electives – such as finance, financial planning and economics – and focusing on developing soft skills like communication, data analysis and problem-solving can help set an applicant apart when entering these high-demand financial careers.
“Accountants can no longer just number crunch and perform calculations,” Griffith said. “They must understand and effectively communicate the data story. Employers want to see that you have the technical skills, strategic mindset and the ability to communicate proficiently to various stakeholders.”
What Does an Accountant Do?
Accountants can work in the public and private sectors providing consulting, auditing, and analyzing services. Job duties include the review and maintenance of financial records for businesses, the preparation and submission of tax documents for individuals and companies, the assessment of financial operations, and the recommendations for fiscal efficiency to responsible parties, as well as day-to-day management of funds. Longer hours are usually required during tax season.
The education needed to be an accountant is normally a bachelor’s degree. Many accountants pursue voluntary certification as a way of demonstrating expertise to future employers or clients. Becoming a Certified Public Accountant (CPA) is necessary for those who file with the Securities and Exchange Commission (SEC). Read on to learn more about how to become an accountant.
Accountant Job Description
Accountants typically work in office settings or, in some cases, from home. They spend much of their time working on computers, as paper accounting systems are not widely used anymore. Accountants must meet with clients and coworkers to receive assignments, discuss possible service options, and more. Much of an accountant’s work is self-directed and requires attention to detail in order to ensure that no mathematical mistakes have been made; the consequences for such mistakes might be severe and might make a significant impact on the outcome of an accountant’s calculations.
Accountant Requirements
| Degree Level | Bachelor’s degree; master’s degree may be beneficial |
| Degree Field | Accounting |
| Licensure and Certification | CPA credential required for some positions; professional certification options available |
| Experience | May be required |
| Computer Skills | Knowledge of relevant computer programs like QuickBooks and Microsoft Excel preferred, math and organization skills, attention to detail |
| Salary (2019) | $71,550 per year (Median salary for all accountants and auditors) |
| Job Outlook | 4% growth projected between 2019 and 2029 |
Sources: U.S. Bureau of Labor Statistics, Careerbuilder.com Job Postings (June 2019)
How to Become an Accountant
- Obtain a bachelor’s level accounting degree
- Gain work experience
- Consider a master’s accounting degree
- Become licensed
- Pursue certification
Step 1: Meet Accounting Degree Requirements
What degree do you need to be an accountant? A bachelor’s degree is generally the minimum degree you need to be an accountant, especially an entry-level position in the field. Bachelor’s degree programs in accounting are available by that title specifically, or accounting specialization options may be present in broader programs like business administration. Accounting degree requirements include courses in accounting, tax accounting, and auditing, but some also involve additional coursework in management, marketing, and finance. Like most bachelor’s degrees, accountant schooling at the undergraduate level typically takes four years to complete.
Success Tips:
- Find an internship. An internship with an accounting firm or an organization’s accounting department provides experience that may prove useful for securing a job after graduation. Accounting interns might assist in preparing financial statements, conducting audits, and communicating with clients. Additionally, an individual will often learn about accounting software programs.
- Join a professional association. Joining an accounting organization can give you access to networking and career development opportunities. There may be a student chapter on campus, or you can get an individual membership. The associations may have special membership rates for students.
Step 2: Gain Work Experience
Work experience can help you advance in the field of accounting, and some states require it to take the Certified Public Accountant (CPA) exam. By taking an entry-level accounting position, or possibly an internship, aspiring accountants have an opportunity to observe the duties and responsibilities they’ll perform on a daily basis.
Step 3: Consider a Master’s Degree
A master’s degree is not included in the list of accounting education requirements, but it can be beneficial depending on the type of position desired. Master’s degree programs in accounting include managerial courses that cover advanced topics in accountant education, like auditing, taxation, and finance. A master’s degree is a common way for bachelor’s degree holders to meet the 150 credit hour requirements for CPA licensing. While 150 credit hours are commonly mandatory, a master’s degree is not necessary for CPA licensing.
Step 4: Become Licensed
Licensing and certification are not requirements to work as an accountant, but many employers prefer to hire accountants with credentials. The CPA license, administered by the jurisdiction’s Board of Accountancy, is intended for individuals who file with the SEC or want to increase employment opportunities by strengthening their accountant qualifications. Depending on the state, 120 to 150 credit hours are needed to be eligible for the Uniform CPA exam. In addition, some states might require a minimum number of accounting or business college credits, and years of work experience before allowing an individual to sit for the exam.
Step 5: Pursue Certification
Optional certifications help accountants stand out in the job market. They include the Certified Management Accountant, the Certified Internal Auditor, and the Certified Information Systems Auditor credentials. They’re all offered through different organizations and require professional experience and an exam. Licensed CPAs can take advantage of the American Institutes of CPAs, which allows them to obtain Personal Finance Specialist, Accredited in Business Valuation, and Certified Information Technology Professional certifications. Some of them involve an exam, among other requirements.
Accountant Salary & Job Outlook
An accountant career is typically fairly highly paid. According to the U.S. Bureau of Labor Statistics, the median annual salary for accountants and auditors was $71,550 as of May, 2019. The job outlook for this career is around average, projected at 4% growth between 2019 and 2029 according to the BLS. This is a stable and well-paid career for those willing to pursue the requirements for it.
Skills Required for an Accountant Career
In order to be a successful accountant, you will need to cultivate the following skills:
- Excellent mathematics skills
- Attention to detail
- Understanding of economic patterns
- Strong understanding of federal tax systems and their impact on businesses
- Proficiency in using digital systems and IT
- Ability to complete self-directed work
Types of Accountants
| Career | Required Education |
|---|---|
| Staff Accountant | Bachelor’s degree |
| Certified Public Accountant | Bachelor’s degree, certification, master’s degree recommended |
| Management Accountant | Bachelor’s degree, certification, optional master’s degree |
| Investment Accountant | Bachelor’s degree |
| Auditor | Bachelor’s degree, certification recommended |
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