Is an Accounting Degree Worth It? | BestColleges (2024)

Choosing a major can be daunting. Find out if accounting is a good major by learning which jobs you can pursue with a degree in the subject.

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By

Doug WintemuteRead Full Bio

Contributing Writer

Doug Wintemute is a writer who focuses on higher learning and entertainment. Since 2014, he has contributed to content and editorial work for award-winning publications. He completed his BA and MA in English at York University, graduating summa cum l...

and

Jessica BryantRead Full Bio

Senior Data Reporter

Jessica Bryant is a higher education analyst and senior data reporter for BestColleges. She covers higher education trends and data, focusing on issues impacting underserved students. She has a BA in journalism and previously worked with the South Fl...

Edited by

Lyss WeldingRead Full Bio

Higher Education Research Analyst

Lyss Welding is a higher education analyst and senior editor for BestColleges who specializes in translating massive data sets and finding statistics that matter to students. Lyss has worked in academic research, curriculum design, and program evalua...

and

Valerie BlackRead Full Bio

Editor, Business Education

Valerie Black has over 12 years of experience as a professor and 10 years in journalism. She empowers students to leverage the resources that are available but not easily accessible. Her focus is in online education, rich content, and digital storyte...

Reviewed by

Colin Smith, CPARead Full Bio

Contributing Reviewer

Colin Smith is a certified public accountant and financial reporting consultant with over 14 years of experience advising public and private companies with a range of complex accounting projects. Colin also runs an accounting blog where he helps stud...

Updated on March 12, 2024

Learn more about our editorial process

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Accountants play an enormous role in organizations everywhere, helping them maintain their financial health and make informed business decisions. While technology has forever changed the profession, the future of accounting looks stable.

In 2022, more than 1.5 million people worked as accountants or auditors, and the Bureau of Labor Statistics (BLS) projects over 125,000 annual job openings between 2022 and 2032. As a major, accounting continues to attract new recruits — with over 46,000 accounting degrees conferred in 2020-2021, per the National Center for Education Statistics (NCES).

On this page, we examine where a degree in accounting can take your career.

Is an Accounting Degree Worth It?

There are a number of pros and cons to choosing any major. Here, we examine the advantages — and disadvantages — of pursuing accounting.

You Can Earn Licenses to Advance Your Career — And Earning Potential

There are four types of accounting degrees — associate, bachelor's, master's, and doctorate. Those interested in accounting can also obtain a variety of credentials allowing them to become certified public accountants (CPAs), certified financial analysts (CFAs), certified internal auditors (CIAs), and more.

Certified licenses in accounting may help increase job opportunities and earning potential as most employers looking to bring on an accounting specialist will only hire someone who is licensed.

Average Salaries for Certified Accountants
Certified Accounting LicenseAverage Salary
Enrolled Agent (EA)$77,000
Certified Internal Auditor (CIA)$97,000
Certified Management Accountant (CMA)$67,940
Certified Financial Planner (CFP)$73,650
Certified Public Accountant (CPA)$76,440
Certified Information Systems Auditor (CISA)$115,000
Chartered Financial Analyst (CFA)$91,720

By obtaining a CPA certification, for example, a professional is telling their prospective employer that they have confirmed skills in taxation, auditing, regulatory compliance, and analysis.

Featured Online Accounting Programs

Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.

What Else Can You Do With an Accounting Degree?

As a degree program and area of study, accounting encompasses finance, economics, statistics, business, and general accounting principles.

Students who obtain accounting degrees develop a wide range of knowledge and skills, giving them a variety of career paths to choose from, including:

  • Loan Officer

    Loan officers oversee the loan process with various clients, including homebuyers, consumers, and businesses. They help organize, review, and evaluate loan applications and agreements. As of May 2022, their median annual salary was $65,740, according to the BLS.
  • Accounting Clerk

    Accounting clerks typically handle specific components of an organization's accounting requirements. They may oversee the accounts payable or receivable, manage the bank statements, or write reports. As of May 2022, their median annual salary was $45,460, per the BLS.
  • Accountant

    Accountants manage an organization's financial records, ensuring all revenues and expenses are accounted for and reported. They also assist organizations in financial planning and decision-making. As of January 2024, their average annual salary was $57,150, according to Payscale.
  • Auditor

    Auditors review an organization's financial management and processes to identify errors and inefficiencies. They offer possible improvements and solutions to meet internal goals, along with various laws and regulations. As of January 2024, their median annual salary was $63,530, per Payscale.
  • Financial Advisor

    Financial advisors help clients meet their financial goals by reviewing their financial health and offering financial services. They may monitor their spending, provide budgets, and plan investments. According to the BLS, as of May 2022, their median annual salary was $95,390.
  • Financial Analyst

    Financial analysts study financial data to spot insights and patterns for various purposes. They might analyze financial risks, investments, and economic conditions to help their clients make sound decisions. Per the BLS, as of May 2022, their median annual salary was $96,220.
  • Budget Analyst

    Budget analysts review budgets and spending for organizations to find alternatives and improvements. They can also monitor spending, evaluate budget proposals, and create reports based on their analyses. As of May 2022, their median annual salary was $82,260, per the BLS.
  • Real Estate Appraiser

    Real estate appraisers evaluate the details of listed properties and come up with a fair market value. They review property histories, inspect the properties, and look at comparables. According to the BLS, as of May 2022, their median annual salary was $61,560.
  • Tax Manager

    Tax managers oversee an organization's tax responsibilities, helping them prepare taxes, reviewing and auditing documents, and providing tax advice and opportunities. As of January 2024, their average annual salary was $105,150, per Payscale.
  • Actuary

    Actuaries evaluate and analyze financial risk for organizations. Their findings and reports help organizations plan policies, pricing, and investments. Per the BLS, as of May 2022, their median annual salary was $113,990.

Accounting Majors Often Show Up in Surprising Sectors

Though it may seem like becoming an accounting professional only allows you to work in one type of industry, there are a number of unique opportunities for accounting majors.

Some unexpected professionals who utilize accounting principles include fashion purchasing managers, film production managers, nonprofit development managers, and even private investigators.

Due to accountants' financial knowledge and analytical skills, other unexpected career options could include real estate agent, fraud investigator, or consultant.

Featured Online Accounting Programs

Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.

What Is the Cost of an Accounting Degree?

The cost of an accounting degree can vary depending on the type of institution a student chooses and the degree they pursue. According to NCES, during the 2021-2022 academic year, the average total cost of attendance at four-year undergraduate institutions was roughly $36,440.

At public institutions, average total costs were about $26,030, but at private nonprofit institutions, average total costs were $55,840 a year.

Tuition and fees also differ depending on if students choose to attend a four-year or two-year institution. Average total costs were the lowest for students who chose fully online programs.

Total Cost of Attendance, 2021-2022
School TypeFour-YearTwo-YearOnline Learning
Public Institutions$26,027$16,090$10,000
Private Nonprofit Institutions$55,840$33,007$15,000
Private For-Profit Institutions$32,895$27,214$17,000

ROI of an Accounting Degree

According to a 2022 Georgetown Center on Education and the Workforce report, which analyzed business programs at more than 1,700 institutions, accounting degree holders at all levels have a higher-than-average annual income net of debt payment just two years after graduating.

For students who obtain an associate degree in accounting, average earnings net of debt two years after graduating totaled $31,200. For students at the highest degree level, annual earnings net of debt two years post-graduation was $52,800.

Graduates of Georgetown University's bachelor's program have the highest average annual earnings net of debt payments two years after graduating at $75,600.

For master's degree-holders, earnings net of debt are highest for graduates of New York University at $73,200. For associate degree-holders, earnings are highest for graduates of Dakota County Technical College in Minnesota at $40,800.

Schools Reporting Top Salaries for Accounting Majors, Net of Student Debt, 2022
SchoolDegreeAverage Salary Net of Debt
Georgetown UniversityBachelor's$75,600
New York UniversityMaster's$73,200
Mercy CollegeMaster's$72,000
University of Massachusetts, BostonMaster's$69,600
University of HartfordMaster's$68,400
Boston CollegeBachelor's$68,400
Seton Hall UniversityMaster's$68,400
Fordham UniversityBachelor's$68,400
Santa Clara UniversityBachelor's$67,200
Central Connecticut State UniversityMaster's$67,200

Graduates of the top online master's and bachelor's programs in accounting can anticipate that their average earnings net of debt will fall between $45,600 and $64,800 two years after graduating.

Average Salaries for Graduates of Online Accounting Degree Programs, 2022
SchoolDegreeAverage Salary Net of Debt Program
University of Illinois Urbana-ChampaignMaster's$64,800
Golden Gate University, San FranciscoMaster's$64,800
Regis UniversityMaster's$60,000
SUNY College at Old WestburyMaster's$55,200
National UniversityMaster's$54,000
North Carolina State University at RaleighMaster's$54,000
University of MiamiMaster's$54,000
University of North Carolina at Chapel HillMaster's$51,600
Florida Atlantic UniversityBachelor's$45,600
University of Arkansas at Little RockBachelor's$45,600

How to Choose an Accounting Degree

When choosing an accounting degree program, you should think about things unique to you, such as how you learn and what you need to succeed in your studies. For example, deciding if you want a traditional classroom experience with regular interaction or a more accelerated and independent environment can help you choose between online and on-campus programs.

The study schedule you need can also help you choose the best delivery mode for you. Your professional goals can guide your decision as well. Ensure your program choice meets your expectations for courses, internships, and postgraduate certifications.

Talk with the admissions departments at your ideal schools to learn more about what they have to offer.

The Future for Accounting Majors

While changes in accounting technologies and processes may eliminate certain tasks, they shouldn't affect the demand for these professionals. The BLS projects the addition of over 67,000 new accounting positions between 2022 and 2032 — plus more than 125,000 jobs turning over each year.

Changing technologies, markets, and regulations should create a greater demand for specialization and analysis in the field. Future graduates can anticipate these developments by pursuing education in financial analysis and advisory. They can also explore internships, mentorships, and professional associations and networks in these areas.

Frequently Asked Questions About Accounting

How do I know if accounting is for me?

You need to ask yourself if you enjoy working with financial data and have an interest in business and analysis. You can also try out some accounting courses or see accountants in action with an internship or volunteer position.

How hard is an accounting degree?

Compared to other business majors, accounting can be difficult because of its rigor and repetition. Accounting programs provide you with an understanding of business and finance, along with math and analysis, which some students may struggle with.

What do I need to know before majoring in accounting?

Your prerequisites depend on your specific program, but most accounting programs only require applicants to have general math classes, such as algebra or calculus, for admission. Knowledge of statistics and general accounting principles may also prove beneficial.

What kind of degree should I get for accounting?

According to the BLS, accountants usually need a bachelor's degree in accounting or a business-related field. Depending on your licensure goals and state requirements, you may also want a postgraduate education, such as a master's degree in accounting.

What kind of math do accountants use?

The type of math accountants use varies by their position, but most work primarily with algebra and statistics. For example, they use algebraic formulas when calculating data for and from financial records.

Note: The insights on this page — excluding school descriptions — were reviewed by an independent third party compensated for their time by BestColleges. Page last reviewed February 26, 2024.

Is an Accounting Degree Worth It? | BestColleges (2024)

FAQs

How useful is an accounting degree? ›

An accounting degree lays the foundation for many careers in business, including entrepreneurial ones. Once you gain experience and establish business contacts, you may consider starting your own business. Whether in tax accounting or consulting, you can pursue several avenues with an accounting background.

Is it still worth becoming an accountant? ›

Whether in government, public, or management accounting, your expertise is crucial in driving efficient business practices and smart decision-making, making an accounting degree a worthwhile investment for a stable and rewarding career.

Is an accounting degree useless without a CPA? ›

These are some of the top jobs you can get with different levels of accounting education: For accounting majors who don't have a CPA: Bookkeeping, accounting and auditing clerks are entry-level positions that focus on the administrative aspects of accounting.

Is accounting a tough degree? ›

Earning a degree in accounting can be challenging due to the complex nature of the subject matter, however it is not necessarily categorized as math-heavy. Students who are dedicated, diligent, and hard-working can successfully earn an accounting degree.

Why is no one going into accounting? ›

Higher starting salaries with other majors was the top reason why non-accounting majors who had considered the field decided against it, according to a survey of nearly 500 students this spring by the Center for Audit Quality, an industry group.

Is CPA still worth it in 2024? ›

In conclusion, among the ever-evolving landscape of finance and accounting, the value of becoming a Certified Public Accountant (CPA) remains undiminished in 2024.

Is accounting a lot of math? ›

A solid mathematical foundation is vital for succeeding in the field of accounting. From basic arithmetic to advanced mathematical concepts like algebra and statistics, accountants must be comfortable working with numbers and analysing financial data.

Will accounting be replaced by AI? ›

The quick answer is, no — not any time even remotely soon. But accountants and bookkeepers need to understand both AI and automation in order to do their jobs as effectively as possible. Keep reading to find out more.

Is a bachelor's in accounting enough? ›

To answer shortly, for the right person, yes, it is. Getting a Bachelor's Degree in Accounting might be the best decision you ever make if you're eager to learn and passionate about the field. There are many benefits that come with being an accountant. However, there are downsides too.

Is accounting harder than finance? ›

Accounting relies on precise arithmetic principles, making it more complex, whereas finance requires a grasp of economics and accounting without as much mathematical detail.

What's the easiest degree to get? ›

10 Easiest Bachelor's Degrees of 2024
  1. Business. Interested in an easy major with many career options? ...
  2. Communications. As a communications major, you'll study mass media, public relations, and journalism. ...
  3. Criminal Justice. ...
  4. Education. ...
  5. English. ...
  6. General Studies. ...
  7. Health Science. ...
  8. Liberal Arts.

Which degree is harder, accounting or nursing? ›

The classes and techniques you learn during a nursing program are less likely to be familiar. This may present a challenge for some students, but others can take to the new field naturally and may find it to be easier than the advanced mathematics of an accounting degree.

Is it worth training as an accountant? ›

The opportunity to work as an entrepreneur

As an accounting professional, you can gain industry knowledge that makes it easier to set up and effectively run your own business. The industry also contributes to entrepreneurship, as you could easily set up a small firm without much investment.

Does accounting have a good future? ›

Is Accounting a Good Major for the Future? Accounting jobs are projected to grow by 6% from 2021 to 2031, according to the U.S. Bureau of Labor Statistics (BLS). Accountants are always in high demand because of a constantly growing global economy.

Are accountants going to be in demand? ›

Accounting jobs are in high demand—many pay over $100,000 and can be done from home. With only a few days to go before the April 15 filing deadline, tax season is almost over — but for many accountants in the U.S., work is hardly slowing down.

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