If you’ve got a penchant for challenging calculations and analysis, as well as an eye for detail, a career in accounting will be a very great choice for you. But for that, one needs to have some basic accounting degree.
Hiring trends for this field have also been quite promising. The American Institute of CPAs estimates a 6 percent increase in the hiring of Master’s of Accountancy graduates. The demand for accounting graduates has also improved significantly since the economic downturn faced recently.
So what are accounting degrees all about? Let’s have a peek into this degree.
Accounting Degree Levels Available
For those considering the option of an accounting degree, the following options, and the estimated time for their completion, are mentioned as follows:
Certifications – These are offered as undergraduate certificates or postgraduate certificates, and take anywhere between a few months to a year for completion.
Associate’s Degree – The associate’s degree is a 2-year program teaching basic skills and knowledge required to work in the accounting field.
Bachelor’s Degree – This 4-year degree is a combination of general courses, advanced core courses in accounting, as well as specialty accounting courses as electives.
Master’s Degree – Usually taking 1-2 years, students learn advanced accounting concepts, as well as management and leadership courses through this degree.
Doctorate Degree – This is a research-intensive degree, requiring students to come up with new insights that add value to the field of accounting. It may tale 3-6 years for completion.
Specialties in the Accounting Field
There are many specialties within the field of accounting. Often, because accounting is believed to be a specialty discipline on its own, people are not aware of these. Some specialties of accounting include:
- Public Accounting
- Management Accounting
- Internal Auditing
- Forensic Accounting
- International Accounting
- Public Sector Accounting
Career Options for Accounting Degree Holders
With a degree in accounting, the doors to many different careers are open for you. Some are directly in the field of accounting, while one may also opt to go into a career in another field. For example, Accountants and Auditors, Bookkeeping Clerks, etc are core careers in accounting. Besides these, one can also go into the financial industry, choosing career paths such as a Financial Examiner or Financial Analyst. Other careers for accounting graduates include Budget Analysts, Cost Estimators, Tax Preparers, etc.
Accounting is a very well-paying field. The Bureau of Labor Statistics estimates a 2010 median annual pay of $61,690 for Accountants and Auditors. Payscale.com, on the other hand, gives the following annual salary estimates for various accounting occupations:
Certified Public Accountant (CPA) $48,393 $70,767 Chartered Accountant $34,252 $73,517 Financial Accountant $39,824 $58,056 Management Accountant $42,761 $66,007 Tax Accountant $44,728 $58,250 Cost Accountant $42,404 $57,577
These were some basic facts about accounting degrees and the industry in general. The information will be, indeed, helpful for you in making decisions through your accounting career.