Accounting is a robust industry with a reputation for dependability and stability. It has been a cornerstone of the global economy for centuries, providing businesses and individuals with accurate financial information and analysis. According to the Bureau of Labor Statistics, employment of accountants and auditors is projected to grow 10 percent from 2020 to 2030, which is faster than the average for all occupations. The global accounting services market size was valued at $574.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028, according to a report by Grand View Research.
What are the Accounting Degrees?
Accounting degrees come in a wide range of varieties. The diferent types of accounting degrees include the following:
- Bachelor of Accounting: The most typical accounting degree is the Bachelor of Accounting. Financial accounting, managerial accounting, auditing, and taxes are just a few of the many accounting topics covered in this standard four-year program.
- Bachelor of Business Administration with a concentration in Accounting: Accounting focus for
bachelor of business administration students: Another well-liked accounting degree is this one. It usually lasts four years to complete and covers a variety of business-related subjects, such as accounting, finance, marketing, and management. - Master of Accounting: Students who already hold a bachelor’s degree in accounting or a closely related subject are eligible for the master of accounting degree. It is usually completed in one or two years and includes more complex accounting topics including auditing, taxation, and financial planning.
- Master of Business Administration (MBA) with a concentration in Accounting: Students who desire to combine their business education with an accounting specialization might pursue this degree. It usually lasts two years to complete and includes a variety of business-related subjects, such as accounting, finance, marketing, and management.
- Doctor of Philosophy (PhD) in Accounting: Students who desire to work in accounting research or academia should get this degree. It requires doing original accounting research and often takes five or six years to accomplish.
How to choose between different accounting degrees?
Here are some factors to consider when choosing between accounting degrees:
- Your professional objectives: What do you want to accomplish with a degree in accounting? You must obtain a bachelor’s degree in accounting or a closely related discipline and pass the CPA test in order to become a certified public accountant (CPA). A PhD in accounting is a must if you want to work in academia.
- Your interests: What topics are you hoping to learn more about? Some accounting degrees concentrate on certain branches of the subject, including taxation or auditing. You could wish to get a degree that specializes in an area of accounting in which you have a particular interest.
- The institution you hope to attend: Accounting degrees are not all made equal. Better programs are offered by certain schools than others. Find out which universities provide the top accounting degrees by doing some research.
- The price: Graduate accounting programs may be pricey. When choosing your choice, be sure to take the cost of tuition, fees, and living expenses into account.
Once you have considered all of these factors, you will be able to make an informed decision about which accounting degree is right for you.
What are the types of Accounting Degrees?
- Financial accounting: Financial accounting is the process of documenting and gathering a company’s financial transactions. The balance sheet, income statement, and cash flow statement are all financial statements made by financial accountants.
- Managerial accounting: Managerial accounting is the process of using financial data to supportmanagers in decisions regarding the ongoing management of the company. Budgets are made by managerial accountants, who also keep track of costs and analyze financial data.
- Auditing: To determine if financial records are accurate and compliant with accounting rules, an audit is performed. The management and board of directors of the company that the auditors are auditing are given a presentation of their findings. They are unbiased toward the business they are analyzing.
- Tax Accounting: Tax accounting is the process of creating tax returns and offering tax advice to both individuals and businesses. Knowing the tax laws of the countries in which they do business allows tax accountants to help their clients reduce their tax obligations.
- Government Accounting: Government accounting is the process of observing and regulating public spending. For administrative offices, government accountants provide financial reports and ensure that they follow accounting rules.
- Forensic accounting: Forensic accounting is the use of accounting expertise to investigate financial crimes like fraud and theft. Using their accounting knowledge, forensic accountants gather evidence and build cases against offenders.
Frequently Asked Question
What degree is best for Accounting?
A Bachelor’s degree in Accounting or a related field, such as a Bachelor of Science in Accounting or a Bachelor of Business Administration (BBA) with a concentration in Accounting or Finance, is typically considered best for pursuing a career in accounting. Many professionals in this field also opt for certifications like the Certified Public Accountant (CPA) designation to enhance their qualifications.