Accounting as a career doesn’t have to mean sitting behind a desk and filing taxes. In fact, accounting is a pretty flexible field with vibrant opportunities for those who are craving a more social atmosphere. Consulting small businesses about their financial decisions, traveling the globe as an international accountant, or helping the authorities capture criminals as a forensic accountant are all potential career paths for someone with a degree in accounting. Pursuing an online bachelor degree in accounting could help you get closer to these exciting career opportunities. More traditional careers as accountants will also be a possibility if that’s what you prefer.
Why Choose a Degree in Accounting
Accounting is a stable career with multiple opportunities for interesting and intriguing work. If you decide that you don’t want to become an accountant after earning either an online bachelor degree in accounting or an on campus bachelor degree in accounting, holding that degree can open up other opportunities. An accounting degree qualifies you to start a Masters of Business Administration (MBA) program or pursue other careers like financial advisement. In other words, you won’t be locked to accounting as a career path if you choose a degree in accounting.
Why Choose an Online Degree
An online bachelor degree in accounting will enable you to complete your degree with the utmost convenience and flexibility. Online programs, if accredited and reputable, offer the same quality education as you’d find in a more traditional on campus program. If you currently have a job that you can’t leave or live far from a college or university or if tuition at one of these schools is simply too high, consider pursuing your degree online.
Students can save time and money by pursuing their degrees online. In a recent report, US News warned potential online students that while online education can be affordable, some institutions are charging the same and sometimes more than on campus programs. Because of this, it’s important to research each program to understand the full cost of your degree. This report didn’t take into consideration the cost of transportation and having to give up work to attend a rigid class schedule, however. Plus, your time is valuable and impossible to put a price on. In the end, an online education can indeed be affordable and fit your financial budget.
Bachelor of Arts vs. Bachelor of Science in Accounting
The distinction between a Bachelor of Arts (BA) and a Bachelor of Science (BS) is getting slimmer and slimmer these days. Most of the time, the distinction has to do with how the institution wishes to name the degree it is offering students. In other words, an institution probably won’t offer both a BA and a BS in Accounting, but rather one over the other.
You may see other degree offerings as well such as a Bachelor of Accounting or a Bachelor of Business Studies in Accounting as well as other similar degrees. An accounting degree offered through an accredited business school might have a different label than a BA or a BS, but you’ll still be learning the same core skills and knowledge in the field of accounting. Programs and their requirements (hours, courses, etc.) will vary because of the institution and not usually because of the degree name.
Curriculum
Every online bachelor degree in accounting program will have a slightly different curriculum. Even so, there are a number of core or essential topics and courses that every accounting student and future professional accountant needs to cover in a comprehensive and reputable program. These may include:
Principles of Accounting
Advanced Accounting
Statistics
Finance
Economics
Auditing
Income Taxes
Calculus
Marketing
Management
Business Law
Public Administration
Ethics
Many programs also allow or require you to specialize in a specific area of accounting. You will receive additional training in this specific area to prepare you for the field. Some specializations within accounting include:
Finance
International Accounting
Project Management
Public Administration
Auditing
Forensic Accounting
Business/Corporate Accounting
Non-Profit Accounting
Environmental Accounting
Like most all bachelor degree programs, a program that offers an online bachelor degree in accounting will require you to complete a set of core requirements (in subjects like the Humanities and Social Sciences, for example) as well as a certain number of elective courses either within or outside your department.
Most programs require 120-130 hours to complete, though some offer 150 hours total as part of a dual degree master’s degree program. More about this is explained below in the graduate school opportunities section.
CPA Licensure
It’s not required to have licensure to start your career in accounting after earning your degree, though it may open up more opportunities and an increased salary if you do become licensed. Licensed CPA’s are trusted accountants and companies feel safe divulging important financial information to them. To become a CPA, or a certified public accountant, it is required that you obtain licensure by sitting for and passing an intense and comprehensive exam.
CPA licensure is obtained at the state level, so you’ll have to choose in which state you plan to practice before you apply to take the exam. Each state has its own requirements for application. Some require a certain number of overall hours (usually 150 hours) and some require a certain number of hours in specific fields like Accounting and Business. To sit for the CPA exam isn’t cheap. In fact, you can expect to pay upwards of $1,000 to sit for all sections of the exam. Budget this cost into your overall education plan.
The exam consists of 4 sections: audit and attestation, financial accounting and reporting, regulation, and business environment and concepts. Each section takes three to four hours to complete. Bisk CPA Review reports that the pass rate for first time takers in 2012 was less than 50%. You may need to budget additional funds to take a CPA prep or review courses before sitting for the exam and applying for licensure.
Careers and Salaries
An accounting career is a stable path, because accountants will always be needed in a variety of capacities. Accountants work in small business, for large firms and corporations, for local, state, and federal governments, for non-profit organizations and entities, and even for themselves as personal accountants who own their own firms or provide freelance work.
Specialized accountants can have dynamic, fast-paced careers. Forensic accountants, for example, are integral in the investigation of financial crimes and fraud. If you end up working for the IRS as an investigator, you will also research similar crimes and criminals who commit them. International accountants are integral in making global financial transactions and agreements go smoothly.
The Bureau of Labor Statistics (BLS) indicates that the average annual salary for an accountant in 2012 was close to $64,000. The top 10 percent of the work force in accounting earned over $111,000 per year. This salary range is true to most specializations in the field as well.
Again, a degree in accounting doesn’t have to mean an accounting career. Many people with this background go on to become business owners, CFO’s, CEO’s, or presidents of corporations. An online bachelor degree in accounting can prepare you for a variety of fields and duties in the corporate, governmental, and non-profit worlds.
Graduate School Opportunities
Many graduates of accounting bachelor degree programs choose to go on and pursue graduate work. A Master of Accountancy (MAcc) is a popular graduate degree for those seeking the 150 hours required to sit for the CPA exam. Most of these programs prepare students to pass their CPA exam on the first try and can be integral to a student’s chances of doing so. Most of these MAcc programs require 30 hours to complete the degree.
Some programs offer a dual bachelor and graduate degree, which means you can earn your bachelor’s degree and master’s degree in approximately five years. This will guarantee the 150 hours it takes to sit for the CPA exam. This option eliminates the need to apply to a separate graduate program and shortens the overall time it takes to complete a master’s degree.
If more advanced knowledge is desired, a Ph.D. in Accounting is available to ambitious and dedicated students. This degree prepares students to enter academia as teaching faculty where they can go on to train future accountants. Many students choose this graduate school path long after completing their undergraduate degree and having experience in the field as accountants, though it’s not required.
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