Accounting Degrees

Become an Accountant

A degree in accounting prepares you to analyze and record financial transactions for a business, a government, a not for profit organization or an individual. Accountants organize and record financial information to provide relevant information for decision makers, managers, investors, creditors, government regulators and others trying to understand the financial status of the entity. Accountants prepare financial statements and interpret financial data for the development of budgets, the determination of tax liability and tax planning, audits of financial activity, and the development of systems to verify financial activity and provide internal controls.

Accounting offers many challenging and lucrative employment opportunities and career paths. Accounting is a good career choice if you have an aptitude for analysis, if you are comfortable working with computers and computer programs, if you enjoy working as a member of a team and if you have good people skills.

The Importance of Accredidation

There are a variety of educational options and educational institutions you can consider to begin your study in the field of accounting. Before you chose a specific program however it is important to check if the accounting programs you are considering are accredited by The Association to Advance Collegiate Schools of Business or a similar professional accounting organization. You can also check with your state accountancy licensing board to determine if the board recognizes the school’s accreditation.

Important Questions

Some questions you will want to ask of the programs you are seriously considering are:

• What is the program’s recent graduates’ pass rate on the CPA exams?
• Which accounting firms and businesses recruit graduates of the program?
• What is the program’s success rate in placing recent graduates in jobs and where were the graduates placed?  
• How well do the current the students rate the programs faculty on the student evaluations?
• How many and what type of internships are offered through the college? Internships are a great way to get on the job experience, professional references and often can lead to full time employment opportunities.

What you are looking for is an accounting program that has demonstrated success with its graduates passing the CPA exam and has a strong record of placing graduates in quality jobs. Taking your accounting classes through a weak program with an undemanding faculty will not serve you well when you sit for the CPA exam or try to find a job.

Studying Part Time or Full Time?

Many academic accounting programs offer full or part time study options. Some programs may be completed entirely or partially through on line classes. The part time and online accounting programs may take longer to complete but they have the advantage of allowing you to work while pursuing your degree. This is not only a financial incentive but may help you obtain the on the job experience many states require you to complete before you are qualified to take the CPA exam.

Degree Options

You can pursue an Associate degree, a Bachelor’s degree, a Master’s degree or a PhD in accounting. An Associate degree can usually be obtained in two years of full time study. An Associate degree will generally provide you with classes in basic accounting, cost accounting, taxation, financial statement analysis, payroll accounting and accounting technology. An Associate degree will not meet most state’s education requirements for the CPA exam however it prepare you to work as an account clerk in many accounting offices or as a bookkeeper for a small business or not for profit organization. Often some or all of the courses you take to complete an Associate degree can be counted toward meeting your Bachelor’s degree requirements. If you are looking at an Associate degree as a first step in your accounting education path check with the institution you are considering for your Bachelor’s degree studies and see which classes from which institutions they will accept as transfer credit hours and consider as meeting their graduation requirements.

A Bachelor of Science degree in accounting generally takes four or more years of full time study to complete. Be aware however that a 120 credit hour Bachelor’s degree in accounting will no longer qualify you in most states to take the CPA exam. Most states have raised the credit hour requirement to 150 hours. Some schools offer both a 120 and a 150 hour track. If you are entering the Bachelor’s of accounting program with additional credit hours from high school AP credits or credit hours from other college courses that will transfer you may be able to meet the 150 hour requirement without taking additional courses. Any Bachelor’s degree will prepare you to compete for higher level accounting positions but if your goal is to sit for the CPA exam check out your state’s accountancy board’s educational requirements and plan accordingly.

A Master of Science in Accounting or a Master’s of Business Administration (MBA) degree with an emphasis on accounting generally requires an additional year of study following the completion of your Bachelor’s degree.  A Master’s degree further refines your accounting skills and exposes you to more sophisticated and complicated accounting techniques and concepts.  A Master’s in Accounting or an MBA with an emphasis on accounting will enhance your competitive advantage when applying for accounting positions, sitting for the CPA exam and expand your career path opportunities immensely.

The highest level academic degree you can receive in accounting is a Doctoral Degree or Ph.D. These degrees involve more in-depth study and research and it often takes several years of additional study to complete. Once you have your Ph.D. however there are few limitations as to the type of accounting position for which you will be prepared to compete. A PhD in Accounting will also qualify you to teach accounting courses in a college or university accounting program.

This article is meant to provide you with an overview of the academic degree and program choices available. Each individual has different educational goals and objectives so do your homework. Look at all the options; carefully evaluate the quality of those options of interest to you and take advantage of the accounting program and degrees that best fit your lifestyle and goals.