Introduction
Is An Accounting Degree Worth It? With a projected 11.2% job growth for accountants and auditors countrywide by 2029, according to the Bureau of Labor Statistics, there is a clear need for accounting degrees. This expansion demands a large pool of recent accounting graduates. But not everyone can become an accountant; very particular schooling is needed to enter this expanding industry.
Numerous advantages come with majoring in accounting. There is also ample possibility for progression thanks to the good pay predictions, which range from $66k to $134k (Bureau of Labor Statistics).
But how do you determine whether an accounting degree is worth it? To assist you in deciding whether earning an accounting degree is the correct choice for you, we’ve gathered information about job growth, career prospects, and the advantages of an accounting degree.
What Is An Accounting Degree?
A degree in accountancy, commonly known as an accounting degree or a degree in accounting science, gives a solid basis on which to create a fulfilling career in finance. Accounting majors frequently pursue certification as certified public accountants (CPAs) and offer business finance skills across a broad spectrum of sectors.
As shown in the Bureau of Labor Statistics, there will be a need for accountants and auditors in firms across the country, with 135,000 new jobs expected to be added annually until 2030. The nonprofit sector, state and federal governments, colleges, accounting companies, entrepreneurs, and corporate organizations across all industries all require these financial specialists.
You can start your certified public accounting (CPA) firm or work as a freelance consultant for organizations with a concentration on banking, real estate, taxation, or a variety of other areas. Tight deadlines, effective coordination, and the ability for balanced ledgers and budgets are frequently required in this fast-paced employment.
Although many accountants work normal hours in offices, contemporary technology has also made it possible for them to work remotely, making it possible to develop a rewarding, adaptable, and lucrative career. You can achieve a lot with an accounting degree if you have the correct motivation and experience.
Types Of Accounting Degrees
The field of accounting is huge and offers a lot of options to anyone who wants to get involved. Additionally, there are numerous educational paths one can pursue to advance in the field. There are many different sorts of accountants and eight different types of accounting degrees.
Let’s now discuss the various accounting degrees and the employment options they provide.
Certificate or Diploma in Accounting
Many accountants study for a certificate or diploma degree to begin their professions. Programs leading to certificates and diplomas typically last one to two years and cover the fundamentals of accounting.
Certificate and diploma programs might be a fantastic place to start in accounting because they are typically less expensive and simpler to complete.
What Can You Accomplish With An Accounting Certificate Or Diploma?
You would be able to obtain an entry-level position in accounting because these programs just cover the fundamentals. For occupations apart from being an accounting clerk and bookkeeper, a four-year curriculum is typically required because these schools don’t typically teach in-depth general education about the field.
Although you can enter the field using these credentials, you will almost always need a bachelor’s degree in accounting to advance.
Associate Degree in Accounting
The average length of an associate degree program is two years. Despite being shorter than a bachelor’s program, it covers the key accounting topics and does so in greater detail than a diploma or certificate program.
In addition to providing students with the education needed to enter the workforce, associate programs also cover all the prerequisites for transferring to a four-year university. The main distinction between an associate degree and a certificate or diploma is that an associate degree frequently has credits that can be transferred to a bachelor’s program.
What Can You Accomplish With An Associate Degree In Accounting?
An associate’s degree in accounting, like a certificate or diploma, has few job options. With an accounting associate degree, you could work in the following positions:
- Accounting Technician
- Auditing Clerk
- Accounting Assistant
- Payroll Clerk
- Bookkeeper
Accounting Bachelor’s Degree
Most accountants must first obtain a bachelor’s degree in accounting before they can begin working as Certified Public Accountants (CPAs). A bachelor’s degree program typically consists of 120 courses and is completed in four years.
You can comprehend the fundamentals of accounting and all that it entails thanks to this program. You must still pass the CPA exam and have a solid understanding of accounting to function as a CPA, though.
What Can You Do With An Accounting Bachelor’s Degree?
You will have various opportunities available to you with a bachelor’s degree in accounting. After earning a bachelor’s degree, you can choose from a variety of intriguing careers. Among the employment possibilities, you’ll have are these:
- Accounting Manager
- Accountant
- Certified Public Accountant
- Chief Financial Officer
- Financial Controller
- Senior Accountant
- Tax Examiner
Master’s Degree in Accounting
A master’s degree in accounting serves as the pinnacle of education for many accountants. A master’s degree requires a bachelor’s degree to begin and can be completed in one or two years. Be ready to learn a lot of new abilities and absorb new information that will be essential to your future during this type of program.
Since there is a strong need for accountants with advanced degrees, there is also a high level of competition for available positions. However, after completing such a program, there are numerous intriguing opportunities available.
What Can You Accomplish With An Accounting Master’s Degree?
You may easily stand out from the crowd in the employment market by including a master’s degree on your resume. These credentials are valued by businesses, thus there are lots of open employment. Several positions that require a master’s in accounting include:
- Corporate Controller
- Chief Financial Officer
- Auditor
- Information and Technology Accountant
- Financial Analyst
- Forensic Accountant
- Managerial Accountant
MBA in Accounting Degree
In many aspects, an MBA in accounting is comparable to a master’s in accounting (MAcc). An MBA, however, is more likely to put more of an emphasis on helping students improve their managerial and advanced accounting skills.
Most persons who want to work in leadership roles enroll in this degree program.
What Can You Do With An MBA In Accounting?
A professional with an MBA in accounting can fill a variety of positions. These roles include, among others:
- Business Consultant
- Business Development Manager
- Chief Operating Officer
- Chief Financial Officer
- Management Analyst
- Financial Manager
- Revenue Manager
Ph.D. or DBA in Accounting Degree
The highest degrees in accounting are the Ph.D. and the Doctor of Business Administration (DBA) in accounting, both doctoral degrees. These two degrees represent a significant achievement for accountants because they require a lot of work and typically take four to five years to finish.
A DBA is a professional degree while a Ph.D. is an academic one, although they are both doctoral degrees. In contrast to a Ph.D., which is meant for professionals who seek to continue with teaching or research, a DBA is for experts who want to remain in the industry and advance in positions.
What can someone who has a Ph.D. in accounting do?
Ph.D. accountants frequently concentrate more on jobs in academia, government, or research agencies. Several potential jobs include:
- Public Policy Researcher
- Researcher
- Financial Analyst
- College or University Professor
- Consultant
With a DBA in accounting, what are your options?
Any career in the accounting industry, including many management ones, is conceivable with a DBA degree. Possible job titles include some of the following:
- Economist
- Logistician
- Director of Human Resources
- Government Employee
- Chief Executive Officer
- Consultant
- Professor
- Entrepreneur
Is Accounting a Promising Major for the Future?
Yes, many undergraduate students choose to major in accounting. Over the following ten years, the Bureau of Labor Statistics forecasts an 8% increase in employment in business and financial occupations. Financial managers, analysts, and accountants are common professions in this area.
It’s crucial to think about these elements and how your major stacks up.
- Salary
- Career prospects
- Job satisfaction
- Industry growth
- Opportunities
You can see that accounting satisfies all the criteria for a strong major and could provide graduates with a promising future.
Even an expedited Bachelor’s in Accounting is available online from some respectable institutions. A Ph.D. in Accounting or Finance can be earned online, as well as an MBA, providing numerous alternatives for continuing education in accounting.
Accountants’ Professional Organizations
You might gain advantages from joining some of these organizations both while you’re a student and after.
- The American Institute of Certified Public Accountants (AICPA) Is created for certified public accountants (CPAs).
- American Payroll Association (APA): for managers of corporate payroll
- Accountant-Lawyer Alliance (ALA): The Accountant-Lawyer Alliance (ALA) is focused on the legal facets of the field of accounting.
- American Accounting Association (AAA): The American Accounting Association (AAA) is a sizable organization of working accountants that serves the industry’s interests generally.
- National Association of Professional Accountants (NAPA): Students, employees, and professionals in bookkeeping are trained, certified and licensed by the National Association of Professional Accountants (NAPA).
- Professional Association of Small Business Accountants (PASBA): Any accountant who works with small businesses, whether in bookkeeping, managing finances, or tax preparation, should join the Professional Association of Small Business Accountants (PASBA).
- National Association of Estate Planners & Councils (NAEPC): Information relating to property planning and distribution is available from the National Association of Estate Planners & Councils (NAEPC).
- National Association of Enrolled Agents (NAEA): The National Association of Enrolled Agents (NAEA) is an organization for accountants with a focus on tax law.
- Association of Accountants and Financial Professionals in Business (IMA): Information and assistance for accountants working for businesses are available from the Association of Accountants and Financial Professionals in Business (IMA).
Accounting Job Satisfaction
Among the most contented professionals in the country are accountants.
This is how the accounting industry measures up:
| Job Satisfaction Criteria | Score |
| Stress level | Average |
| Flexibility | Above average |
| Salary and career opportunities | High |
Is An Accounting Degree Worth It?
The article makes it clear that an MBA in Accounting is the greatest accounting degree because it offers graduates a variety of professional opportunities, hence the answer is YES. The pay is also incredible. Financial occupations are expected to see an 18% increase in employment, according to the Bureau of Labor Statistics. If you’re wondering whether earning an accounting degree is worthwhile, the answer is without a doubt “Yes.”
What A Degree in Accounting Can Do For You?
A specialization can help you stand out as an authority in a certain sector, but an accounting degree can help you find a high-paying job in the field.
It may be wise to think about a double major or supplementing your accounting degree with a subject that will stand out on a resume.
Below are a few examples taken from the U.S. Bureau of Labor Statistics:
- Personal Financial Advisor job outlook is 5%; $89,330 median annual income
- The financial Analyst Job outlook is 6%, and the median pay is $83,660.
- The job outlook for auditors is 7%; the median pay is $73,560.
Along with pairing well with an accounting major, courses like business management, business administration, and finance will help you stand out from the competition when applying for jobs. Many different business degrees are worthwhile looking into.
Pros And Cons Of Being An Accountant
Pros Of Being An Accountant
Being an accountant has many advantages because it is a rising profession with lots of room for progress. Here are a few benefits that immediately stick out.
- Possibility Of Growth
Even though your initial position could be entry-level, accounting has a lot of room for advancement. With dedication, exposure, and industry experience, you can advance in your profession. Additionally, obtaining credentials like Certified Public Accountant (CPA) will greatly benefit your profession.
- Distinct Career Route
You will primarily gain practical skills when earning an accounting degree. You will have a more defined job path because it is a more specialized major than art and philosophy. That doesn’t mean, though, that you won’t be able to change course if you so choose.
There are numerous career paths you can pursue with an accounting degree and advance in.
- Favorable Possibility For Income
The income is still significant, even if you adore your job. The possibility for career advancement in accounting goes hand in hand with the income opportunity.
The average yearly wage for accountants, as reported by the Bureau of Labor Statistics (BLS), is about $69,000. The top 10%, however, earn up to $108,000.
Cons Of Being An Accountant
Everything has flaws, including accounting. The field gives a lot, but it also asks for a lot in return. You must be prepared to pursue higher education after earning a bachelor’s degree and stay current on industry news.
Here are several cons of accounting.
- Working Can Be Demanding.
Like other professions, accounting has its stressful moments. There will inevitably be pressure when one of your responsibilities is to monitor a company’s finances. For a seasoned professional accountant, it’s all just part of the job, but it can harm someone’s mental health and should be taken into mind.
- Education Never Ends.
For some people, having access to fresh educational opportunities and the ability to constantly learn new abilities might be advantageous. However, many people don’t want to spend years on end continuing their education to further their jobs.
Let’s say you want to advance in your accounting career. In such a situation, to obtain certain credentials, you will need to stay current with industry trends and pursue extra educational opportunities.
Conclusion
Is An Accounting Degree Worth It?
Your future objectives and goals will have a significant impact on the response to this question. It’s important to remember that accounting requires more education than a bachelor’s degree. You should be prepared because it’s a tough field with a lot of knowledge to learn.
The ability to work virtually anywhere, the abundance of prospects for professional advancement, the potential for entrepreneurship, and the excitement of the business are some of the best aspects of this sector. But as we pointed out, it takes a lot of time and effort, which may not matter to everyone.
A strong and comprehensive career can be built with an accounting degree. It does, however, have its downs and ups just like every profession. If the advantages outweigh the drawbacks, you can begin your adventure by earning an accounting degree.
Frequently Asked Questions (FAQs)
How Much Do Accounting Majors Make?
- Your location and area of specialization will have the biggest impact on your pay. A financial analyst in a big metropolis will probably earn more money than a tax preparer in a small town. The average compensation for accountants is $73,560, which is more than the average for all jobs of $41,950. Nevertheless, any type of accountant can earn a respectable living wage (U.S. Bureau of Labor Statistics).
Is an Accounting Degree Worth It?
- Yes, many students find an accounting degree to be worthwhile. Over the next ten years, the Bureau of Labor Statistics predicts an 8% increase in employment in business and financial occupations. Tax preparers, accountants, budget analysts, financial managers, and chief financial officers are common professions in the industry.
Is Accounting a Good Career?
- The majority of accountants appear to agree. The field is expanding, job stability is solid, and job satisfaction is very high. It could be a very gratifying career for you if you have the desire and ability to work in the sector.
You can also read, “Is A Masters In Marketing Worth It In 2023?”
