Accounting Education Requirements

What is an Accountant?

Accountants compile and provide financial information about businesses to help company managers and shareholders make sound business decisions. The reports accountants make also are used by the federal government to decide how much tax businesses and individuals should pay on an annual basis. These reports also are used by the investment community to decide if companies are financially stable and worth investing in, as well as by banks to determine if businesses qualify for loans and to determine loan amounts.

Accountants fall into one of four main fields: Public accountants; management accountants; internal auditors; and government accountants. There are many different types of accounting jobs within each field.

Accounting Education Requirements: Coursework

Coursework in accounting has an extremely heavy focus on mathematics, business, economics and finance. A typical college accounting program could contain many of the following classes:

• Business and law ethics
• Computerized accounting
• Finance
• Human resources management
• Managerial accounting
• Payroll processing
• Tax preparation
• Applied business math

Accounting requirements and coursework vary from school to school and also by the level of education desired. The majority of accounting jobs require advanced education and licensure, so students interested in accounting jobs can find entry into the field by working as bookkeepers or accounting clerks while they complete the proper educational requirements.

Some accountants have risen from junior accounting positions to accounting jobs by demonstrating their aptitude and experience, but most accountants have completed a bachelor's degree program or have even earned a master's degree. Education in the field is critical: of the 279,400 accountants projected to enter the field from 2008 through 2018, the Bureau of Labor Statistics (BLS) reports that job prospects will be more favorable for those who hold advanced degrees.

Accounting Education Requirements: Degrees

A bachelor's degree in accounting, or a related field, is widely considered the minimum education level required to land a job as an accountant, the BLS reports. However, many employers seek applicants that have earned master's degrees in accounting or business administration.

Students pursuing accounting degrees often choose to attend online schools--especially those who are already employed and wish to further their education. As with the majority of college programs, bachelor's degrees typically take about four years to complete and master's degrees require one or two additional years of study.

Most graduates of accounting programs earn the Certified Public Accountant (CPA) designation--a must for any accountant filing a report with the Securities and Exchange Commission. In 2009, 46 states as well as the District of Columbia required CPAs to have a minimum of 150 semester hours of college.

The CPA exam is no cakewalk, so be prepared to study. According to the BLS, less than 50 percent of people taking the rigorous four-part CPA exam pass the test on their first attempt.

Careers in Accounting

There are many different jobs available to students who earn accounting degrees. Some examples of career opportunities include:

• Cost estimators
• Financial analysts
• Loan officers
• Budget analysts
• Personal financial advisers
• Tax examiners

Most public accountants work for firms or start their own businesses. Forensic accountants focus on white-collar crime such as securities fraud or embezzlement. Many other accountants find work as auditors with the federal government or Internal Revenue Service (IRS).

Continuing education is crucial for accountants--and it is also required for CPA licensure renewal in many states. Professional accounting organizations such as the American Institute of CPAs, Institute of Management Accountants and the Financial Accounting Standards Board can help accountants find avenues of continuing education and other career support. The Professional Accounting Society of America is also an excellent resource for accounting-related matters such as inside tips on the grueling CPA exam, job opportunities and accounting industry news and trends.

Resources for Accountants:

• Bureau of Labor Statistics, Accountants and Auditors
• American Institute of Certified Public Accountants (AICPA)
• Institute of Management Accountants (IMA)
• Financial Accounting Standards Board (FASB)
• Professional Accounting Society of America (PASA)

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