What Is an Accounting Degree?
What is a Bachelor’s in Accounting?
A bachelor’s degree in accounting is an undergraduate degree that a student earns after completing all the required coursework in a bachelor’s degree program at an accredited educational institution. The bachelor’s degree is the most common accounting degree that post-secondary school students earn. It typically requires 120 hours of coursework spread over about 40 courses. It covers all aspects of auditing, financial accounting, management accounting and taxes. Students typically gain knowledge in business mathematics and the theory of management as well. Most jobs in the field of business require that applicant to hold a bachelor’s degree in accounting.
What Is a Master’s in Accounting?
Prior to earning a Master’s in accounting, a student must first earn a bachelor’s degree. The Master’s is an advanced degree that prepares students for taking the Certified Public Accountant or CPA exam, which is often a prerequisite for advanced accounting jobs. Subjects covered in preparation for earning the Master’s degree include business taxation, federal taxation and applied statistics for business decisions. You will also learn how to analyze financial statements and generate corporate financial reports, as well as provide auditing and assurance services. You can earn a Master of Accountancy (MAcc), a Master of Science (MS) in Accounting, or a Master of Business Administration (MBA) in Accounting.
How Long Does it Take to Complete a Degree?
Completing a Bachelor’s in Accounting
A student working toward a Bachelor’s in accounting can typically expect to spend four years in college. However, if the university in which you are enrolled has more students than room in the classroom, it may take you longer to earn your degree, as you jockey for position in the most-coveted classes. Other factors that may change the amount of time it takes to earn the degree include whether you are working at a job while attending college. If you work full time, for example, you might take up to eight years, or twice as long as typical, to earn your bachelor’s degree. On the other hand, if you spend all your available time in school and make an effort to take classes during summer school, you may be able to finish in as quickly as three years.
Completing a Master’s in Accounting
Students who seek to complete a Master’s in accounting usually will be able to finish the program in two years. By the time you are in the Master’s program, however, you may already have a job in the field of accounting, which can limit the amount of time you can devote to your studies. Even if you attend classes at night after work, you may find that it takes three to four years to complete all the required courses to earn the Master’s degree.
How Much Does an Accounting Degree Cost?
Cost of a Bachelor’s Degree in Accounting
The amount of money that you will have to spend to earn your Bachelor’s degree in accounting can vary widely, depending on where you go to school and whether the school is public or private. The average published cost for yearly tuition and other fees is $8,240 per year at a public four year college for students who live in the state, according to the non-profit College Board organization, while out-of state students pay an average of $20,770 per year. The cost to attend a private four-year college average $28,500. Multiply annual fees by four to determine the likely amount you will pay if you spend four years working toward your degree.
Cost of a Master’s Degree in Accounting
Make sure that you prepare a financial plan to help you pay for your coursework while you pursue a Master’s degree in accounting. The costs can be fairly expensive, often ranging from $20,000 to $50,000 per year. You will also need to factor in additional costs, such as books and other required course materials, housing and other living expenses on top of tuition and university fees. Furthermore, you will have to budget for the certification exams that you will be required to take after graduation. The costs of these exams can vary depending on what state you live in or where you want to get a job.
Campus vs. Online Accounting Degrees: What Are the Differences?
If you are interested in pursuing your degree in accounting, you may be wondering what the differences are in doing your work in a brick and mortar campus compared to earning the degree online.
Online Bachelor’s Degree in Accounting
Earning your Bachelor’s degree in a physical university will enable you to regularly meet in person with classmates and instructors. Being forced to go to an actual classroom may help students who have a difficult time disciplining themselves. However, if you are a self-starter and can motivate yourself, you can benefit by earning an online degree, which you can pursue at your own pace. For example, you may find it beneficial to take your laptop with you and study during your lunch break at a coffee shop, and later participate in online discussions with fellow classmates when you go back home later in the evening.
Online Master’s Degree in Accounting
As long as you pursue your Master’s degree in accounting at an online university that has proper accreditation, your degree will be just as useful as if you earned it in a traditional university. However, you may find that it is more efficient for you to earn your degree online, as you will save time on commuting to class, and you will be able to schedule your studies around other priorities in your life, such as a job or family duties.
