How To Pay for an Accounting Degree

If you're planning to become an accountant then you're likely going to need a degree in accounting or auditing. You may be wondering how you're going to pay for that degree.

Accredited accounting programs are available at many colleges and universities. If you can't afford to pay for an accounting degree program, you can seek various financial aid options through government grants, private grants and scholarships, loans, and work-study programs.

Read on for further information on paying for your degree so you can work in accounting.

How Much Does an Accounting Degree Cost? In-Person vs. Online

Before we talk about how to pay for your degree, let's discuss how much the degree may cost you. College degree costs vary depending on the degree level of the accounting program and whether you study at a public or private school. Let's consider the different types of degrees:

Associate Degree

An associate degree takes about two years for full-time students to complete (longer for part-time students). These programs consist of introductory coursework and are often available at colleges and community colleges, leading to entry-level professions in financial accounting.

These are usually the most inexpensive accounting degrees. Though tuition rates vary, students can typically expect to pay between $6,000 and $23,000 in total tuition. Those who study at public, in-state schools can expect the lowest rates.

Bachelor's Degree

Those pursuing an accounting career typically pursue at least a bachelor's degree. This program takes about four years for full-time students to complete and leads to various financial career paths.

Most accounting bachelor's degrees cost at least $30,000 to $36,000 in tuition alone; those at private schools may cost over $100,000. Again, public, in-state schools generally provide the lowest tuition rates, along with some online accounting degree programs.

Master's Degree

Master's degrees are available at many colleges and universities. They typically require about two years of full-time studies. These degrees may be necessary for those hoping to become Certified Public Accountants. When combined with a bachelor's degree, they provide the credit hours required to sit for the CPA exam.

These degrees commonly cost anywhere from $40,000 to $110,000, depending on the type of school. Public schools generally charge the lowest tuition rates.

Is an Accounting Degree Worth the Cost?

A degree in accounting isn't cheap. Considering the amount of money and time you'll have to put into your education, you may wonder if it's worth it.

Accounting degrees may be worth what you put into them depending on your career goals. They may be needed to pursue various job titles such as internal auditor, accounting manager, tax accountant, and chief financial officer (CFO). If you hope to work in one of these high-paying financial careers, investing in your education now will likely pay off down the road.

Tips for Paying for an Accounting Degree

Now that you have an idea of how much your degree might cost, let's look at some ways to help pay for your education. The following tips will help you find sources of financial aid that can help you get your degree without breaking the bank.

1. Complete the FAFSA

The Free Application for Federal Student Aid (FAFSA) can help aspiring accounting majors fund their degrees. By completing the application, you can determine if you're eligible for state and federal aid programs, such as grants, loans, and work-study.

FAFSA funds are distributed on a need basis, meaning those who apply early and demonstrate the greatest financial need will receive the most funding. That said, even those who think they may not qualify for need-based aid can receive some support, so all current and future college students are encouraged to complete the application.

2. Explore Accounting Scholarship Programs

Many businesses and nonprofit organizations offer scholarships. These awards are similar to grants but are usually based on academic merit or factors other than need. Some good scholarships for accounting majors include the following.

AICPA Scholarship Award for Minority Accounting Students

These renewable scholarships offer up to $5,000 per year for minority students who choose accounting as a major and demonstrate academic excellence. Students receive the award based on academic performance, community service, and commitment to entering the accounting profession.

Striving for Greatness Accounting & Finance Scholarship

This scholarship provides $2,500 awards to future accountants who are enrolled full-time at a college or university and have a GPA of at least 3.0. Recipients must also demonstrate community involvement through volunteering or other service projects.

EFWA Women in Need Scholarship

The Educational Foundation for Women in Accounting (EFWA) provides various scholarships for women majoring in accounting. One of these is the Women in Need Scholarship, which provides $10,000 over two years for those in a four-year accounting program. Students must maintain a 3.0 GPA.

3. Look Into Student Loan Forgiveness Programs

Many public and private organizations offer student loan forgiveness programs, and almost every state in the U.S. offers at least one of these programs. They provide funding to pay off any student loans you take out during your educational journey.

Each program has its own eligibility requirements. Look into programs available locally, in your state, and specific to your profession to find out what is available and which programs might benefit you.

4. Discover Eligible Grants

Grants are often awarded on a need basis. They may be available through schools, government agencies, or private organizations. One top grant program to consider when completing accounting courses and degree programs is the Deloitte Foundation Grant.

Deloitte Foundation Grants

The Deloitte Foundation provides grants for students in accounting and various STEM degree programs. Grant amounts range from $2,000 to $10,000 and provide awards for those enrolled in four-year programs. Each student must demonstrate financial need and academic and leadership excellence to be considered for one of these grants.

5. Consider a Work-Study Program

Work-study programs enable qualifying students to work a job on-campus or at a participating business and apply their earnings to their education. Many public and private schools have work-study programs available.

In most cases, students must demonstrate eligibility for work-study programs by completing the FAFSA. If they are eligible, this will be noted when they receive their financial aid package.

Where Can You Find Accounting Jobs After Graduation?

Accountants can work in many different settings. According to the U.S. Bureau of Labor Statistics (BLS), some of the most common work settings include:

• accounting firms
• bookkeeping, tax preparation, and payroll services
• financial services and insurance companies
• management accounting services
• government agencies

Some accounting majors, especially those with years of experience, are self-employed. They provide various tax services to individual clients and businesses.

Those with an accounting degree may also work in positions other than accounting. They may provide services such as financial planning, financial management, and financial advising.