What Can You Do with an Accounting Degree?

From basic to advanced accounting, this field of study plays a major role in our world. It also happens to come with a lot of career opportunities and earning potential. If you want to get a degree in accounting, this article is for you. 

In this article, you are going to learn about the best jobs for accounting majors. You will also find the salary potential, ideal education routes to take, and tips for getting a job after graduation. 

What Is an Accounting Major?

An accounting major is a degree in which students learn to record and evaluate financial records on the behalf of organizations. They study how to create and interpret complex financial statements, identify anomalies, and share results that may be difficult for an untrained person to understand.

Corporate accounting, forensic accounting, government accounting, and public accounting are the four major types of accounting. While all of them deal with financial reports, there is a wide range of job opportunities in each area. These include careers like internal auditors and budget analysts at financial institutions or government agencies. 

How to Become an Accountant: Accounting Education Options 

Traditionally, accountants need a bachelor’s degree and professional certification to work in financial reporting. While undergraduate accounting programs are sometimes enough, some corporate employers prefer accountants with graduate degrees. 

There are traditional in-person education courses and there are also online accounting degrees you can consider. Below are some of the common degree options you should consider if you want to become a certified public accountant or work in any other professional accounting career. 

Accounting Associate Degree 

This is an undergraduate degree that runs for about two years. You can get an associate degree from a community college online or in person. With this degree, you can get an entry-level accounting position. After you complete your associate degree—even if you want to work for a few years first—you can opt for a bachelor’s degree. 

Best Associate Degree Programs in Accounting 

• Online Associate of Arts in Accounting at Liberty University
• Associate of Applied Science in Accounting at Fox Valley Technical College
• Associate of Applied Science in Accounting at Minnesota State Community and Technical College
• Associate of Science in Accounting at Indiana Wesleyan University
• Associate of Applied Science in Accounting at Northeast Community College, Nebraska 

Accounting Bachelor’s Degree

If you have a high school diploma or GED, you might want to consider a bachelor’s degree. It takes longer than an associate degree, but after four years you’ll have a more in-depth understanding of accounting. You will most likely spend more on a bachelor’s degree than an associate degree, but it will make you a more desirable candidate for most jobs.  

Best Bachelor’s Degree Programs in Accounting 

• Bachelor of Science in Accounting at The Ohio State University
• Bachelor of Science in Accounting at the University of Florida 
• Bachelor of Business Administration, Accounting Major at the University of Texas at Austin
• Bachelor of Science in Accounting at the University of Illinois, Chicago
• Bachelor of Science in Accounting at the University of Delaware

Accounting Master’s Degree 

A master’s degree is a graduate degree that allows you to focus on a specific aspect of accounting. It runs for about two to three years, depending on the university, and it comes with more professional recognition than an undergraduate degree. It is a good option for people who want to specialize in corporate accounting or who will eventually apply for management roles. 

You can choose between a Master of Science in Accounting (MSA) and a Master of Accounting or Accountancy (MAcc). Below are some universities that offer these degrees. 

Best Master’s Degree Programs in Accounting  

• Master of Accountancy at Brigham Young University, Provo
• Master of Science in Accounting at Northeastern University
• Master of Science in Accountancy at DePaul University 
• Master of Professional Accounting at the University of Washington 
• Master of Accountancy at Ohio University

Accounting Career Overview: Is an Accounting Career Worth It?

Yes, a career in accounting is worth it for anyone who wants to work in finance or business. Whether you’re a small business owner or an employee at a large corporation, accounting is an important part of any business. As an accountant, you can get a job at any company or government agency that spends or makes money. It doesn’t have to be in the finance sector. 

The demand for people with an accounting degree is above average compared to people in other occupations. It also comes with good pay and the opportunity to adapt to any marketplace. 

Accounting Job Outlook

According to the Bureau of Labor Statistics (BLS), there is a job growth projection of seven percent for accountants between 2020 and 2030. This means there will be 96,000 jobs created in the accounting field within the next 10 years. 

Specific job outlook predictions will vary depending on which job you get. Personal financial advisors, for example, have a job growth prediction of five percent. However, insurance underwriters are on a two percent decline for the next several years. 

Accounting Salaries

The Bureau of Labor Statistics states that accountants and auditors earned a median annual salary of $73,560 in 2020. Salaries will also vary depending on which career path you take. Financial analysts have a median salary of $83,660, while a financial manager has a median salary of $134,180. 

Some other factors that could affect your salary are location, the accounting program you attend, and your level of experience. Different positions have varying educational requirements and people with graduate degrees may earn more than those with undergraduate degrees. 

Best Jobs for Accounting Majors: What Can You Do with an Accounting Degree?

With a well-rounded knowledge of accounting practices, you can work in environmental accounting, cost accounting, and tax accounting. The role and job description you get will depend on your qualifications. In the tables below, there are examples of job opportunities for accounting graduates. 

Best Jobs for Accounting Associate Degree Majors

Auditing Clerk 

• Average Salary: $42,410
• Job Outlook: -3%

Auditing clerks are responsible for ensuring that the figures in accounting records and financial statements are accurate. They spot discrepancies and report their findings to their supervisors. Auditing clerks may also check employee taxes to ensure that there are no problems.

Bookkeepers 

• Average Salary: $42,410*
• Job Outlook: -3%*

Also called bookkeeping clerks, these accounting professionals take note of all the financial transactions that occur in an organization. This includes keeping financial records of sales, purchases, overhead costs, and revenue. 

Accounting Assistant 

• Average Salary: $42,410*
• Job Outlook: -3%*

Accounting assistants work with accountants in the finance department of a company. They may be assigned basic tasks like bookkeeping, invoice reconciliation, and payment collection. This gives them experience in many different areas. 

Accounts Receivable Clerk  

• Average Salary: $42,410*
• Job Outlook:  -3%* 

People with this accounting job make sure that all outstanding debts are paid. They perform tasks like collecting upfront payments, sending out bills, reminding customers to make payments, and maintaining financial records for their supervisors. 

Payroll Clerk 

• Average Salary: $41,520
• Job Outlook: -2% 

These clerks primarily work on processing employee payroll within an organization. They enter data in the payment database to ensure that the payments process correctly. Payroll clerks may also be required to distribute paychecks to employees who don’t have direct deposit.

*Information from the BLS listing for bookkeeping, accounting, and auditing clerks.

Best Jobs for Accounting Bachelor’s Degree Majors

Personal Financial Advisor 

• Average Salary: $89,330
• Job Outlook: 5% 

These financial experts help people manage their finances. They offer investment strategies and recommend savings plans. Depending on the agreement with the client, the financial advisor may discourage a client from engaging in risky financial activities. They can’t stop the client from making poor financial decisions, but they can advise against it. 

Forensic Accountant 

• Average Salary: $73,560
• Job Outlook: 7% 

A forensic accountant primarily focuses on investigating financial corruption. They investigate and report fraud, money laundering, bribery, and embezzlement. Forensic accountants may work with a corporate organization or the government. 

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Certified Public Accountant (CPA) 

• Average Salary: $73,560**
• Job Outlook: 7%**

This is the job most people think of when they picture a professional accountant. CPAs help individuals, businesses, non-profit organizations, or public accounting firms reach both short- and long-term financial goals. They audit their client’s financial records and help them make better financial decisions.

Note that you will need to pass the certification exam after getting your degree before you can work as a CPA.

Cost Estimator 

• Average Salary: $66,610
• Job Outlook: 1% 

Cost estimators analyze data to calculate how much a product would cost to make and distribute. They can also work with engineers and architects to figure out how much it would cost to remodel or build a new office structure. 

Tax Collector 

• Average Salary: $55,640
• Job Outlook: -4% 

Tax accountants focus specifically on helping individuals and companies with tax preparation. They know all the tax laws and use this knowledge to help their clients. Tax accountants may recommend strategies that may ease a client’s tax burden without breaking any laws. 

**Information from the BLS listing for accountants and auditors. 

Best Jobs for Accounting Master’s Degree Majors

Accountant Manager 

• Average Salary: $134,180
• Job Outlook: 17% 

Accountant managers are in charge of supervising, training, and recruiting new employees for the accounting department in an organization. They also oversee a team of employees and ensure that tasks are carried out as recommended. An accountant manager may also discuss a company’s finances with members of the board. 

Financial Controller

• Average Salary: $116,814
• Job Outlook: 17% 

Financial controllers oversee the accounting and financial functions of an organization. Their duties may include but are not limited to budget report analysis, billing, and asset management. Financial controllers provide financial guidance to businesses. 

Financial Analyst

• Average Salary: $83,660
• Job Outlook: 6% 

Financial analysts help companies maximize profits by analyzing existing financial plans and recommending more efficient ways to use their money. As a financial analyst, you could also work as a financial risk specialist and help individuals invest wisely. 

Auditor 

• Average Salary: $73,560
• Job Outlook: 7% 

Auditors ensure that financial auditing tasks are completed successfully and on time. Even if they are high-level staff, they report directly to the company’s audit manager. 

Information and Technology Accountant 

• Average Salary: $73,560
• Job Outlook: 7% 

IT accountants deal with computerized accounting systems. They optimize the organization and security of a company’s data. Some knowledge of software technology is required to get the position. 

***Information from the BLS listing for the accountants and auditors.

Three Final Tips to Get a Job in Accounting 

1. Get a professional certification. With an accounting degree, you can take several certification exams to boost your professional presence. Some of these certifications include Chartered Alternative Investment Analyst (CAIA®), Certified Management Accountant (CMA®) certification, and Chartered Certified Accountant (ACCA). 
2. Consider an internship. An internship is always a good idea for anyone with a degree in accounting who does not have any professional experience yet. It is a stepping stone to getting a full-time, high-paying job.
3. Be flexible with your expectations. You should not be too rigid about the job type, description, or average salary you are willing to accept. Even if you don’t stay there forever, it might be the stepping stone you need to get where you want to go. 

Accounting is one of the most versatile fields in the workforce. Having an associate, bachelor’s, master’s, or even a PhD in accounting will provide plenty of job opportunities. It also helps to get professionally certified and consider continuing education in the field of accounting. Improving your soft skills, like communication and interpersonal skills, will also help you find a job.