However, a student only needs to know simple mathematics (addition, subtraction, multiplication, and division) and have an interest in business to pursue a successful career in the accounting field.
One of the most important features of pursuing a career in accounting is the vast knowledge gained in regards to how business works. Because accountants spend most of their time “behind the scenes” of businesses per se, they know what a company needs to be built on and how to efficiently operate to result in financial success and longevity. As can be expected, individuals with a background in accounting have gone on to become Chief Financial Officers of large corporations because they are knowledgeable about what drives a company and how a company becomes financially profitable.
Managing a company’s financial situation will always need to be done therefore, positions available for individuals with an accounting are plentiful. Related jobs for accountants are loan officers, financial managers, accounting clerks, actuaries, bookkeeping clerks, budget analysts, accountants, cost estimators, financial analysts, insurance underwriters, personal financial advisors, and certified public accountants just to name a few.
Accounting Degree Levels Available
• Two-Year Associate Degree in Accounting
There are many colleges and technical schools which offer an associate degree in accounting. With an associate degree, positions available include accounting clerks or bookkeeper. However, this two-year degree is somewhat limited as far as opportunities and salary; a student with an associate’s degree would typically earn about 50% less than a student with a four-year bachelor’s degree in accounting.
• Four-Year Bachelor’s Degree with a Major in Accounting
Numerous colleges and universities offer a four-year bachelor’s degree with a major in accounting. This typically entails acquiring 120 credit hours of courses in subject fields such as financial accounting, organizational behaviour, economics, and marketing. Upon obtaining a bachelor’s degree in accounting, students usually enter into one of the following four areas of focus: public accounting, management accounting, government accounting, or internal auditing.
• 150-Credit Degree for the CPA Exam
Various colleges and universities offer a150-credit degree which meets the state's requirements for sitting for the CPA Exam. Because it does entail completing 150 credit hours of courses, a bachelor’s degree in accounting will most likely be attained as well.
Admission Requirements
Although various colleges and universities may vary slightly, one can expect fairly standard admission requirements when applying to obtain a degree in accounting. Successful completion of high school or an academic equivalent (such as a GED) is required along with high school transcripts displaying grades obtained in various courses. SAT or ACT test scores are almost always required as well. If student fulfills these requirements then an application form from the college or university must be completed and submitted along with an application fee, which of course vary depending on the institution.
Tuition and Accreditation
An associate’s degree in accounting can cost between $15 000 and $40 000 and a bachelor’s degree with a major in accounting as well as the 150-credit degree for the CPA Exam can cost between $50 000 and $120 000. The initial application fee to write the CPA Exam can be between $30 and $200 (the fee varies from state to state).
Colleges and universities which offer an associate’s degree, a bachelor’s degree, or the 150-credit degree for the CPA exam must hold AACSB (Association to Advance Collegiate Schools of Business) Business and Accounting Accreditation. It is essential to be certain that the college or university a student decides to attend to pursue a degree in accounting is AACSB-accredited. Most employers only hire students who graduated from an AACSB-accredited institution.
Annual Salary for Different Occupations in Accounting
Bookkeeping, accounting, and auditing clerks’ annual salary is $34 030 in their first year.
A junior staff accountant’s annual salary can be between $40 000 to $80 000. A certified public accountant’s annual salary will start from $50 000 to $60 000.
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