Accounting Degree

Businesses, government entities and individuals often rely on qualified accountants to maintain a well-run business or personal budget. Aspiring accountants can earn associate’s, bachelor’s, and master’s degrees in various specialties. These days, many schools offer online college degrees in accounting.

Accounting combines mathematics and business administration, while an accounting degree imparts skills such as reading and analyzing a balance sheet or business plan. Some accountants conduct audits of outside organizations, either for business or regulatory compliance. They can also work in law enforcement as a fraud prevention specialist or a forensic accountant.

Although accounting has been around for thousands of years, modern accounting degree programs are geared toward today’s employment environment. The accounting scandals of recent years have heightened the scrutiny of business practices and led to new legislation and increased government oversight. For this reason, accounting career opportunities for certified accountants are greater than ever.

The best opportunities are reserved for accounts who have earned the title of Certified Public Accountant (CPA). CPAs work for large and small businesses, consulting groups and government agencies. Some of our country’s most prominent business leaders are CPAs who rose to the top of their industry. Program applicants need to keep in mind that because accounting is a specialized course of study, it is important to choose the right college.

The most-respected accounting programs in the United States are the Haas School of Business at UC Berkeley, the Marriott School at Brigham Young University, the Wharton School of Business at the University of Pennsylvania and the Mendoza School of Business at Notre Dame University.

Accounting Degree Types

An accounting degree can open the doors to many career opportunities. Accountants are valuable to organizations because they help evaluate profit drivers, develop financial strategies to increase effectiveness, and measure and report on the performance of an organization.

An accounting degree can be obtained at a variety of levels:

Associate’s degree in accounting. An associate’s degree that is offered by a junior college, or a community or online college, prepares students for entry-level positions, such as bookkeeper and accounting clerk. Individuals in these types of roles typically perform routine and transactional accounting tasks. They do not typically perform complex analysis, nor do they make projections based on findings. Many students first obtain their associate’s degree so that they can get a foot in the door with an employer and gain practical experience while continuing with their education.

Bachelor’s degree in accounting. A bachelor’s degree in accounting typically prepares students for entry-level accounting positions in public, private, government, and non-profit organizations. The curricula will vary between the different colleges and universities; however, most accounting degree programs include the following types of courses: economics (both macro and micro), business management, accounting management, information systems, operations management, communications, accounting, business financial, auditing, tax accounting, and cost accounting. Most accounting students enter the workforce after obtaining a bachelor’s degree. Only 18 percent go on to attain more advanced degree programs.

Master’s degree in accounting. Many accounting schools offer a five-year combined bachelor’s and master’s degree accounting program. The extra year is designed to fulfill the course hour requirements for the Certified Public Accountant (CPA) designation for most states. These programs also prepare students that are on a corporate career path by preparing them to become Certified Management Accountants or Certified Internal Auditors.

Doctoral degree in accounting (Ph.D. – Doctor of Philosophy). Colleges and universities seek professors with Ph.D. credentials to teach accounting courses.

Accounting Careers

There is a wide array of careers available to people interested in the field of accounting. Accounting professionals are typically responsible for maintaining the financial records and recording the transactions of private, public, and non-profit organizations. Accountants are comfortable working with data and using numbers to solve problems. They collect data, categorize and evaluate it, and report back to management with observations, prioritizations, and recommendations.

Accounting careers have evolved in many exciting ways over the last century. Technological innovations have recreated the way business is conducted; and this transformation is providing new and exciting opportunities for highly analytical, organized, and computer savvy accountants.

There are a few different career paths one could take with an accounting degree. The first is in public accounting; this entails auditing and tax consulting for individuals, companies, government or government agencies, or non-profit organizations.

A different career path is managerial accounting. Managerial accounting is the use of financial and other data to help businesses make better decisions. It involves strategic planning, spotting trends, measuring organizational efficiencies, and performance evaluations.

One area of accounting that is growing in popularity is forensic accounting. This involves helping to investigate, and finding meaning and intent, in financial transactions. Forensic accounting helps authorities solve and prosecute white-collar crimes, and is used to mediate domestic and corporate ownership disputes.

Some of the more traditional accounting careers include such titles as: accountant, auditor, analyst (budget, credit, or financial), and tax examiner. Individuals who are well-suited for these types of jobs are good with numbers, have excellent analytical and problem-solving skills, and can exercise sound judgment.

Communication is another key skill required of those in accounting careers. Data is only good when management knows what it means and how to interpret it. The accountant must be able to communicate those thoughts clearly. In addition, accounting careers today rely on computers to help compile, categorize, interpret, and report on data. Accounting professionals must also be computer savvy.

According to the Bureau of Labor and Statistics, the job outlook for people with accounting degrees is positive. Job opportunities will continue to grow over the next eight to ten years. This is due in large part to changes in tax codes, corporate governance rules and regulations, and accounting procedures.

The median annual salary for professionals who work in accounting, tax preparation, bookkeeping or payroll is $61,480 a year.