What does an Accounting Degree Cover?
Like finance majors, accounting students will start in the same boat as everyone else, taking required general education courses and then the foundational business classes before things get more focused.
Emily Bratcher of U.S. News and World Report says, “As they progress in their studies, accounting majors can expect to take introduction to accounting and taxation courses as well as principles of microeconomics and macroeconomics. Math classes like calculus and statistics are part of the curriculum, too. More advanced courses accounting majors take include computer-based systems, operations management, business law, and theory classes for both accounting and auditing. Business communication and public speaking are often part of accounting program curriculums as well.”
Pros
An accounting major has a lot of the same kind of upside as finance as a degree. The editors of Indeed.com provide a list of specific advantages:
1. Clear career path
Accounting is a highly practical field. You either know things like how to record sales, issue invoices, and manage payrolls, or you don’t, and no good accounting program will let you graduate until you’ve learned these skills precisely. That makes applying for jobs and moving up the ladder a lot more straightforward than in other fields. The chances to grow are also clear to see as most companies have a well-established structure in accounting. Entry-level jobs like junior auditors, controllers' assistants, or staff accountants generally last six months to a year before accomplished accountants move up, and that is generally clear when you begin at a company.
2. Job stability
Like finance, any accounting job is a field in high demand because every employer that deals with money needs someone to count it for them and help advise them on where to spread it around. Indeed found that, according to the U.S. Bureau of Labor Statistics, accountants and auditors have a projected job growth of 7% by the year 2030. This figure is higher than the projected 5% growth for other financial specialist positions, and across the whole country, that 2% is a big advantage.
3. Competitive wages
Salaries for an accounting career can range from just above the national average for all jobs to higher percentiles. The average national salary for auditors is $61,119 per year, according to Indeed. Financial controllers and financial managers are on the high end for accounting positions, with annual national average salaries of $88,252 and $95,613, respectively.
4. Employment opportunities in the accounting field as well as entrepreneurial opportunities
Jobs for graduates with degrees in accounting number among some of the most highly sought-after positions available. They cross a number of fields and levels of promotion. Careers in accountancy include:
- Forensic accountant
- Public accountant
- Cost accountant
- Staff accountant
- Government accountant
- Chartered accountant
- Managerial accountant
- Finance manager
- Chief financial officer
- Certified internal auditor
- Investment banker
If none of those careers suit you, an accounting degree can also be a good first step to entrepreneurship, as one of the foundations of owning your own business is knowing how to handle your books.
Cons
Just like finance, accounting has aspects you should think about carefully before entering the field. According to Indeed.com, some of the significant possible disadvantages of going from accounting student to accountant are:
1. You may need to pursue advanced education
As with finance, while a bachelor’s degree will qualify you for plenty of job opportunities, the highest positions in the accounting field will require at least a master's degree. You may also go for continuing education courses or take classes to get certified for certain positions.
2. You may experience a heavier workload at specific points during the year
Accounting is generally a five days and 40 hours per week sort of field, but just like a sport, it has a busy season. From January through mid-April, as people are working on their tax returns, accountants need to be prepared to work long hours to accommodate the demand. The benefits are important, as accountants can do a great deal of their yearly business during this first third of each year, but you need to be prepared for the extra workload during this time.
3. The work is math-intensive
Orderly thinking, patience, and attention to detail are key to succeeding in accountancy. No matter what, though, you can’t escape that it’s a field dominated by math. Even if you have a talent for mathematics, be sure you really take satisfaction from working with numbers before you commit to a career as an accountant.
What are the similarities?
There is a great deal of carryover between finance and accounting as important pillars of business. How do the two resemble one another?
Khanom compares the two this way: “There is a nice harmony between the two majors. To put it in an imperfect analogy, finance is like driving a car, and accounting is the mechanics of the car. As a driver, you have to make decisions—when to stop, when to accelerate. You also need to make sure your brakes are working, you have sufficient fuel, and that your engine is not overheating. Finance involves a lot more decision-making than accounting: which firm to invest in, when to expand the business, and whom to lend money to. These decisions will be a lot more successful if you have a strong understanding of accounting.”
The harmony between the two majors means that you can take courses from each and tailor your education to fit the career you are most interested in. “If you want to pursue a career in banking, corporate finance, or investment analysis, you should take more accounting classes in addition to your finance classes,” Khanom said. “If you want to get into personal wealth management or derivatives trading, there is less focus on accounting.”
Take the first step to a career in finance or accounting
Whichever major you decide is best for you, be sure you find a great school to get your degree. Look for a place like North Central College: with faculty who have both the theoretical expertise and industry experience to help you learn what you need; with internship opportunities and extracurricular activities to help you apply what you’ve learned; and strong support to help you connect and network with employers so you can get started early on your future.
Find out more about North Central College and their programs in finance and accounting today.
Jacob Imm is the associate director of communication in the North Central College Office of Marketing and Communications. He has 12 years of collegiate communications experience and has worked with hundreds of college students. He has a bachelor’s degree from the University of Notre Dame and a master’s degree from Northern Illinois University.
Sources:
Emily Bratcher, U.S. News and World Report. https://www.usnews.com/education/best-colleges/accounting-major-overview
Casey Mcclain, Quotf. https://quotf.com/in-the-know-pros-and-cons-of-finance-degrees/
Indeed.com editorial team. https://www.indeed.com/career-advice/finding-a-job/accounting-field-pros-and-cons
