Education

What Degree Do You Need For Accounting

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 3 minute read

Consider yourself intrigued about the courses required to pursue a career in financial accounting, if that is your goal.

A degree in financial accounting is frequently a specialization or emphasis within an accounting degree program, rather than a full degree route of its own. 

As a result, in addition to the standard business and accounting studies necessary for your degree, you’ll take specialist courses in financial accounting as well.

Requirements of the Business

As with any degree program, there are many more courses to take as part of the overall education.

In order to be a successful accountant, one must have a solid foundation in a variety of business areas, including financial reporting and management. 

Business basics, enterprise, economics, law, and ethics, as well as marketing and finance, business organization, and management, operations management, and business writing, are all common courses in an accounting bachelor’s degree program.

Bachelor of Business Administration students will dedicate more time to basic business courses than those seeking Bachelor of Accountancy or Bachelor of Science in Accounting degrees. 

For individuals who already have some business experience, master’s degree programs in accounting tend to be more focused and don’t require as much general education.

Students pursuing a bachelor’s degree in accounting should also be prepared to take general education courses in the physical and life sciences, social sciences, mathematics, and liberal arts.

Courses in Accountancy

Accounting is, of course, the most popular field of study for accounting majors. Even if it isn’t a special concentration, most accounting degree programs provide classes in financial accounting, which is the study of documenting financial transactions. 

There is a wide range of undergraduate accounting programs, and they all begin with foundational courses in accounting concepts.

Expect to learn about cost and management accounting, auditing, information systems for accounting, and federal income taxation. 

Once you’ve mastered the fundamentals of accounting, you’ll be ready to move on to more advanced topics.

When pursuing a graduate degree in financial accounting, students are exposed to increasingly complex material, such as advanced auditing and information systems.

What, therefore, distinguishes a financial accounting degree from those in other accounting specializations? Studying financial accounting has several advantages, one of which is the variety of topics covered. 

Financial transaction recording abilities are applicable to a variety of accounting professions, from public to private and even governmental.

You will, however, be required to study advanced financial accounting and tax courses as a student of financial accounting.

According to the US Bureau of Labor Statistics (BLS), undergraduate students can earn college credit and get significant job experience through an internship in an accounting or business firm.

Preparation of CPA

Financial accounting degree programs, whether at the undergraduate or graduate level, are frequently meticulously structured to assist students in achieving their Certified Public Accountant (CPA) credential. 

In most states, the formal prerequisites for taking the CPA test can be met by completing an undergraduate degree in financial accounting.

To fulfill the Uniform CPA Examination’s 150-semester credit requirement, several master’s degree programs structure their curriculum such that students can complete their whole program in one year.

Accountants may expect to earn 10 to 15 percent more than non-CPAs, according to the Association of International Certified Public Accountants (AICPA) (AICPA).

Financial accounting-related Professions

Having studied financial accounting, what can you do with your newfound knowledge? You may find work in almost any area of accounting using the skills you gain in this program. 

Graduates of financial accounting programs go on to work in public accounting, tax accounting, management accounting, and auditing.

Either they join an established business as a partner and take on more responsibility, or they start their own firm from the ground up. 

CPAs and CMAs will only benefit you as you acquire experience and develop your profession, so it’s a good idea to get one of these qualifications.

A whopping 7% of accountants and auditors work for themselves, according to the Bureau of Labor Statistics (BLS).

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