Is Accounting a Good Major?
Accounting majors will be prepared to join an industry that is projected to see 4% job growth by 2032. Many accounting jobs have high earning potential and high demand.
For years, accounting has been seen as a steady career choice. However, as the use of technology in business continues to expand, some people are wondering if pursuing an accounting major is still a good major to pursue.
Accounting is still a good career for students to pursue since the U.S. Bureau of Labor Statistics (BLS) projects a 4% growth by 2032 for accounting job opportunities, which exceeds the rate for all expected job growth. If you're looking to pursue a career in accounting, you will need a degree.
Accounting majors graduate college with the skills needed to work in public and private sector jobs as well as in accounting firms and other private practices.
What Is an Accounting Degree?
An accounting degree is a business degree program that teaches students the skills needed to perform a variety of finance-related activities for businesses. An average accounting program's coursework will cover topics like:
- payroll calculations
- interpreting balance sheets
- filing expense reports
- understanding financial records
- understanding information systems and how they are used
- auditing
Most accounting students pursue bachelor's degrees, but accountants who want to pursue management or executive-level careers will benefit from a master's degree.
After graduating, most accountants will also need licensure to work, such as taking the CPA exam. Additional licensure and certifications will vary based on your desired accounting job.
There are several specializations that accounting graduates can pursue that will make them more high demand.
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Career Paths for Accounting Majors
Accounting jobs vary from personal accountants who help people with taxes or other personal financial information to analysts who help Fortune 500 companies with budgets and financial forecasting.
Each career will have differing earning potential due to the day-to-day work required of the accounting professionals who work in the different roles.
Some of the most common types of accounting are outlined below.
Bookkeeping
Bookkeepers handle day-to-day accounting tasks, usually for companies. This can come in the form of handling payroll calculations, setting up balance sheets, and more. To become a bookkeeper, you'll need at least a bachelor's degree in accounting or a related field.
CPA
A certified public accountant (CPA) is an accountant who works with businesses or individuals to evaluate their financial health and make recommendations for the future. Sometimes CPAs work for a single company, but many work in accounting firms or private practice where they consult and work with multiple entities.
Forensic Accounting
White-collar crime often includes manipulation of financial data and financial statements. Forensic accountants specialize in reviewing financial documents on behalf of corporations investigating internally as well as law enforcement agencies who might be pursuing charges against an individual or company.
Business Administration
A business administrator is involved in the running of a business, including decision-making around budgets, vendor contracts, and other factors that need a basic understanding of accounting principles. Although many of the decisions and recommendations of a business administrator will be carried out by the accounting team, an accounting major can put you in a good position to understand the financial side of this role.
Business Management
A business manager supervises various clerical workers and maintains the stability of an office by ordering supplies and working with vendors. Because this role often involves purchasing supplies and dealing with contracts, having an accounting degree is often a good idea.
Financial Analysis
Companies often use past financial data to make projections about the future of their company. Financial analysts are accountants who specialize in reviewing past financial information and finding trends that can help with decision-making around a company's future. Once a financial analyst earns a degree, has years of experience, and passes multiple levels of certification they can become a chartered financial analyst (CFA). This designation is highly sought after and has high earning potential.
Financial Management
Financial managers work to make a company profitable, especially when stockholders are involved. They work with both short- and long-term financial information and resources to maximize profit. Financial management accountants work primarily with assets and liabilities, and sometimes they will handle how a company will be impacted by foreign currency if there is any international work being done.
Budget Analysis
Although people might think the role of a financial and budget analyst is the same, they are too distinct careers. A budget analyst takes the information generated by trends and past performance to make a detailed budget for the upcoming fiscal year. Budget analysts also perform reviews throughout the year to make sure that the budget is being adhered to.
Financial Accounting
Many businesses are required to disclose financial statements to the public, usually due to having stockholders. Financial accountants take the financial information of a company and prepare it for public release, primarily balance sheets, income statements, and cash flow statements. Financial accountants are used by profit and nonprofit entities alike, as both will have differing requirements for financial reporting.
Is Accounting a Good Major for You?
Accounting can be a good major for many students. The BLS projects continued growth for accounting jobs, which means that students pursuing this major will have plenty of opportunities for getting hired. Additionally, many accounting career paths are both high demand and have high earning potential. If you like math and business, accounting is a great major.
FAQs About Starting an Accounting Career
Choosing any major can raise some questions, and there are many common ones raised by students considering accounting.
Is an Accounting Degree Worth It?
For students looking to work in accounting, then a degree is worth it. No matter which specialization of accounting you want to work in, you'll need a degree to secure employment, in most cases a bachelor's degree. Having a degree will open you up to job opportunities in a growing field that has many stable, high-paying jobs.
Is Accounting a Hard Major?
The difficulty of any major will come down to multiple factors, some of them personal. Accounting relies heavily on mathematics. For students who struggle with math, accounting will be a hard major. If you are detail-oriented, like math, and enjoy the challenge of analyzing financial statements, then accounting might not be a difficult major.
Is Accounting a Respected Major?
Accounting is a highly respected major since companies, nonprofit organizations, and individuals all need and use accountants. Students who graduate with accounting degrees will be able to work in a variety of settings from accounting firms and corporations to government agencies. The skills and abilities that accountants learn are in high demand.
