Bachelor’s in accounting

Ever since the invention of double-entry bookkeeping in medieval Venice, accountants have been helping clients keep track of their assets and achieve financial success.

Accountants are fluent in the “language of business,” and they play a vital role in the financial performance of both companies and government entities. Some accountants advise individuals on their taxes and personal finances, while others track down tax dodgers or manage the ledgers of huge multinationals.

Many well-paid accounting careers are available to graduates with only a bachelor’s in accounting. What’s more, an undergraduate-level degree in accounting is a pre-requisite to become a certified public accountant (CPA), which is a highly lucrative career.

While you can land a career in bookkeeping with only an associate degree in accounting, a bachelor’s is a benchmark requirement for most jobs in the field.

What can you expect from an accounting major?

A bachelor’s in accounting teaches students about taxation, bookkeeping, economics, and various types of accountancy, as well as the information systems accountants use in their work.

At the undergraduate level, students may be able to choose between a B.A. (Bachelor of Arts), B.S. (Bachelor of Science), or a B.B.A (Bachelor of Business Administration), although the B.S. in accounting is the most common route.

A B.A. in accounting may be more suitable for those who wish to combine the study of accountancy with a related discipline, while a B.B.A. is a good option for students interested in a more general business education.

» Read: What’s the difference between a B.B.A. and a. B.S.?

Typical coursework

Initially, accounting majors will learn the basics of economics, business law, and taxation. They will usually take mathematics courses too. Students pursuing a degree in accounting will then go on to obtain a more in-depth understanding of specific aspects of accountancy. We have provided a few examples below:

• GAAP – Generally accepted accounting principles: a set of rules and standards that govern the accounting field
• Audit and control – the process of making sure a company’s financial information is correct, either by an internal employee or an external audit firm
• IFRS – international financial reporting standards
• Financial accounting – the process for reporting all a business’s transactions for a certain period
• Cost accounting – recording costs in a way that helps management run a business effectively
• Fund accounting – tracking the amount of money allocated for certain purposes or specific departments
• Forensic accounting – investigating financial misconduct

By graduation, accounting majors will know how to properly record transactions, report financial information, and keep their employer’s finances above board.

Prospective students will need to have a sharp analytical mind and strong math skills. Accountants must also be highly organized and good communicators: they should be able to systematize data in a clear, logical way and present it coherently to management or clients.

What can you do with a bachelor’s in accounting?

There are many accounting careers for recent graduates with only a bachelor’s degree; demand for accountants is high, and accounting jobs tend to be fairly lucrative.

In addition to being able to work for virtually any kind of business, accounting majors can work:

• in accounting or auditing firms
• for the government
• for NGOs

More of a lone wolf? Accountants can also go solo, offering consulting services to individuals or organizations.

Notably, a bachelor’s in accounting is a pre-requisite for those who want to become certified public accountants. Becoming a CPA involves extra requirements beyond a bachelor’s, such as completing a certain number of training hours and passing certification exams.

Some accounting jobs may require additional certification even after you become a CPA: certified general management accountants, for example, need to have 36 months of relevant experience and pass yet another exam.

Is accounting a good major?

From an economic perspective, it is.

The average accounting degree salary (for someone with a B.S.) is $52,101, which is $5,651 higher than the average for all bachelor’s degrees. Furthermore, it generally takes accounting majors less time to pay back their degree than the average college graduate.

An accountant’s salary tends to grow more steadily than that of other graduates, as shown below:

Accounting majors can expect their salary to rise slowly up to the age of 40, after which it will continue to hold its value for some time. This makes sense – after all, accountants have a timeless skill set that will remain relevant in the foreseeable future.

How much does a bachelor’s in accounting cost?

Getting an undergraduate accounting degree can be costly; however, the data shows this is a worthwhile investment, as accounting majors enjoy relatively high salaries, allowing them to pay back their student loans quickly. Learn more about how we calculate payback on our methodology page.

Note that if you opt for an online accounting degree, the for-profit segment is worth consideration – 71% of for-profit programs are entirely online, compared to 10% and 12% for public and private schools respectively.

Paying for your accounting degree

Besides traditional financial aid, there are scholarships available specifically for budding accountants; these can help lighten your debt burden on the road to a high-paying career in accounting.

» Read: What is the CSS Profile and how do I apply?

Getting an accounting degree online

Although most accountants earn their degree on a college campus, options abound for those who prefer to study online. Online accounting programs provide additional flexibility, allowing students to combine learning with work. They also tend to be cheaper.

Because accountancy focuses so much on analysis and number-crunching, the discipline is well suited to online learning, even if most accounting students still prefer to study on campus.

Exploring online accounting degrees could be a good idea if you want to reduce your college debt burden and stay closer to family.

That said, campus students tend to go on to earn more money. The average salary for a graduate who studied on campus is $48,201. This drops to $44,555 for graduates of online programs.

» Read: Online vs on-campus programs

How to pick a bachelor’s in accounting program

Not all bachelor’s in accounting degrees are created equal. Our data shows that some schools offer a far better value proposition for those looking to get an undergraduate-level accounting degree. Explore our rankings of the best accounting programs to learn more.

Prospective accounting students should consider some other factors as well:

• Accreditation – make sure the college you’re considering is accredited by a trustworthy state- or nation-wide institution, such as the AACSB.
• Reputation – remember that prestigious schools may open more doors that lesser-known universities; however, top-tier colleges often come with a hefty price tag. Meanwhile, a diploma from a state school can still lead to a well-paying job in the accounting field.
• Location – think about where the college is situated. While major cities may offer many opportunities in terms of jobs and internships, they also have a higher cost of living.

Questions to ask yourself

• How fast will I be able to pay back my student debt given the average salary that comes with a bachelor’s in accounting?
• What schools offer the most bang for my buck?
• Should I consider an online degree in accounting?
• Do I have the right skill set to be a successful accounting major? Do I feel like a fish in water with spreadsheets, numbers, and rules?
• Would a B.A., B.S., or B.B.A be best suited for my career goals?
• Do I want to become a CPA after I finish my bachelor’s?
• Should I consider a master’s degree in accounting?