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Is an accounting degree worth it? The answer is Yes it’s really worth studying for an accounting degree. The demand for accounting graduates is on the increase and this growth necessitates a steady pipeline of accounting graduates. Nonetheless, everyone cannot become an accountant. It requires particular and rigorous coursework to enroll in this growing field.
However, how can one know whether or not an accounting degree is really worth it? To answer this question, the article will delve into information relating to job growth, career prospects as well as benefits of an accounting degree, and from there, you will be able to judge for yourself whether an accounting degree is really worth it for you.
Is An Accounting Degree Worth It? (Quick Answer and Reasons to Study Accounting)
Demand for Accountants and Auditors Is Growing
There are currently over 1.3 million accounting and auditor job openings in the United States, with an average of 125,085 job openings posted each month. In addition, the accounting sector is expected to continue to grow at a rate higher than the average for all professions.
The Flexibility of An Accounting Degree
An accounting degree can be more flexible than you think. An accounting degree is an excellent foundation for any business career. Whether you want to work at a senior level in an organization or start your own business, a degree in accounting provides general core business and extensive experience in financial regulation, accountability, and reporting.
Jobs an Individual Can Get with an Accounting Degree
For non-CPA accounting professionals: Accounting, bookkeeping, and auditing secretaries are entry-level positions that focus on the managerial aspects of accounting. This is a great way to gain experience and know if is an accounting degree worth it before moving on with a CPA. If you are interested in fraud prevention, you can work as a financial professional. This can serve as a long-term career or educational foundation to become a forensic accountant.
If you have a master’s degree in accounting and a CPA, you can have numerous options to choose from such as corporate controller, cashier, and risk manager which require an individual with a master’s degree in accounting and a CPA. A CPA or other finance certification can help you achieve the company’s objectives excellently.
If you are an accountant who wants to work in another financial field, obtaining an accountancy degree does not necessarily mean that you are subjected to becoming an accountant only. It can also prepare you for careers in a wider range of areas of business and finance, including financial analysts, budget analysts, and operations research analysts.
Having discussed the career prospects for individuals with accounting degrees, a question might arise, “what is the best accounting degree?” Deciding which accounting program is best for your career is not always the easiest of tasks. Accounting starts with the right education. Many accounting positions require special training or professional certifications in order to climb the corporate ladder.
There are different types of accounting degrees and career paths to choose from, but which one is the best? This article will now turn attention to discussing what the best accounting degree is. But, in order to do that, it’s important knowing an answer to is an accounting degree worth it as a number of accounting degrees will be discussed.
Associate Accounting Degree
Accounting is a two-year program typically offered at most public universities. Students learn the basics of accounting, the basics of trading, and communication skills. Because the Associate Program has been online for two years now, they generally do not offer advanced or high-tech courses. You can consider this program as an introduction to accounting education. They give you the basic concepts but don’t go any further.
Salary between $25,000 – $40,000
Bachelor’s Degree in Accounting
A Bachelor of Accounting is a traditional four-year program that most universities and business schools offer. This undergraduate program focuses on teaching elementary, intermediate, and
advanced accounting subjects, including finance and cost accounting, auditing, and information systems. Students pursuing a bachelor’s degree in accounting prepare for careers in public accounting, management, consulting, and public or non-profit accounting. Most bachelor’s degrees in accounting also meet the educational requirements for professional certification.
Salary $40,000 – $80,000
Master’s Degree in Accounting
A Master’s degree is typically a one or two-year course. It provides students with a sophisticated and deep understanding of economics, finance, and accounting. These programs often have specializations that focus on key areas such as taxes and accounting. A master’s degree in ‘Tax Law’ teaches students to analyze and interpret complex tax rules and develop new topics not documented in detail. A master’s degree in ‘Auditing’ focuses on teaching students how to perform complex security tasks such as pension financial accounting and auditing financial services.
Salary $75,000 – 150,000
Masters of Business Administration (MBA) in Accounting
Students looking to expand their careers beyond the narrow lens of public accounting usually choose the MBA because it has great applications in the industry. Many Chief Financial Officers, Chief Executive Officers, and the like have been appointed to these leadership positions as a result of their MBA qualifications. An MBA is a great way for accountants to stand out, meet the minimum requirements for a CPA degree, and move from an accountant role to a leadership role in an organization.
Salary: $80,000 – $100,000
PHD in Accounting
Very few individuals get a Ph.D. in accounting. The application of this knowledge is very limited. Most accounting firms and industries are reluctant to pursue a Ph.D. holder as an accountant or consultant because they lack practical experience. It can take five to ten years after earning a Ph.D. in accounting, and these students typically don’t have any experience
outside of the classroom.
Salary: Over $100,000
Is an accounting degree worth it 2022 / 2023
The answer is YES because it is evident from the article that MBA in Accounting is the best accounting degree as it gives recipients of the degree a wide range of career options. The salary is equally amazing. The Bureau of Labor Statistics is projecting 18% job increased growth in financial occupations. If you’re asking the question of whether an accounting degree is worth it, the answer is an absolute “Yes”.