Accounting is an incredibly popular field for those with a talent for and an interest in math and money. An accountant may work for the government, tax organizations, or any type of business that deals with monetary transactions; some accountants are self-employed contractors. Accounting professionals use their math skills to work with budgets, taxes, and financial projections. Because of the proven financial benefits to hiring accountants, more and more businesses are choosing to do so. Therefore, remarkably fast growth is expected in the accounting field. 

Accountants are nearly always required to hold bachelor's degrees and certain certifications. However, because of the increasing interest in accounting, more and more professionals are opting to pursue advanced master's degrees and PhDs to improve their chances of advancing in the industry and earning more money. 

Accounting degrees are a hybrid of business management and finance. Therefore, all accounting students must take multiple economics and finance courses to master market trends and learn to apply economic conditions to business models. Because accountants are often entrusted with forming the financial and business plans for businesses, they also take courses in management, business law, and strategic planning. Such courses are especially emphasized in advanced accounting degree programs. 

Good accountants are good at math. In fact, some schools offer accounting specialization options for math majors, though most schools provide individual accounting degrees. However, math is just the beginning; the best accountants are also masters of communication, analysis, and strategy. They can be essential players in business fields, maximizing profits or minimizing losses. 

Career Specializations

• Public Accountant: By far the most common type of accountant is classified as a public accountant. This term encompasses all accountants who are full-time or part-time salaried workers with nonprofit companies, businesses, or government agencies, and who may help with budgets, bookkeeping, and tax filing.
• Consultants: Consultants are usually self-employed individuals who specialize very particularly in one distinct area, such as worker compensation or safeguarding assets. These can be some of the highest earning accountants in the field.
• Forensic Accountant: Forensic accountants nearly always hold advanced accounting degrees, as they work with some of the most complicated data and material. For example, they work with clients who are in the midst of bankruptcy, or they help analyze cases of financial fraud for court investigations.
• Management Accountants: Management accountants usually also hold advanced degrees, and they usually command higher salaries than public accountants because they work for the largest corporations. Their primary responsibilities usually include asset management and performance evaluation.
• Public Sector Accountant: The term "public sector accountant" is usually synonymous with the IRS. Public sector accountants help process tax documents and are usually those assigned to perform audits of individuals or businesses. 

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Degree Levels

• Associate Degree: 2 years to complete
• Bachelor's Degree: 4 years to complete
• Master's Degree: 2-3 years to complete
• Doctorate Degree: 4-7 years to complete

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Education & Certification Requirements

Accounting degrees at all levels are incredibly popular, offered by nearly every college, community college, and university. However, in most cases, associate degrees in accounting are intended only to lead to bachelor's degrees, as there are generally few employers who will hire accountants with only community college educations. The exception is for bookkeeper and clerk positions, for which an associate degree will typically suffice. PhDs in accounting are usually sought by those who would like to teach accounting to others. The bachelor's degree, being the most common accounting degree, takes approximately four years to complete -- the same as most other undergraduate degrees. This degree will require classes such as macroeconomics, microeconomics, corporate finance, tax law, and both basic and advanced accounting. More and more programs are incorporating technology into their curricula, with special focus on management of information systems. All in all, it will train students how to manage and lead accounting departments. Most accounting jobs require a BS and CPA licensure.

Master's degrees usually involve more in-depth study of the accounting basics covered in undergraduate programs. Master's in accounting programs vary greatly by school. Some place more emphasis on world financial markets, while others place more emphasis on developing business leadership skills. Students should consider their personal interests before choosing a program. Most degrees will take two years to complete, but some -- especially those that are completed at schools abroad -- take only one year. Others take three years. 

Doctoral degrees are for those who wish to become experts in their field -- either professors or analysis consultants who work for major financial corporations or forums. Any individual who chooses to earn a PhD should keep in mind that they will most likely be required to complete an extensive dissertation on a topic of interest to them. 

Almost every employer requires an accountant to be a certified public accountant, or CPA. The American Institute of CPAs provides examinations to graduates of bachelor's degree programs. Most states -- though not all -- require 150 hours of college coursework, which may be beyond the traditional amount of credits required of bachelor's degrees. Therefore, anyone interested in becoming a CPA should keep their credit requirements in mind while still in school. Some people find it easier to simply earn a master's degree to complete the credits. The certification exam takes 14 hours to complete and consists of four parts: auditing and attestation, business environment and concepts, financial accounting and reporting, and regulation.

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Salary Information

The starting salary for an accountant with a bachelor's degree in the subject averages around $48,993, while the average starting salary for an accountant with a master's degree is usually about $49,786, though geographic location will affect this salary significantly. The average salary for all accountants is $59,430, and the difference demonstrates how an accountant's salary can improve drastically depending on their experience. Some accountants -- those who work for the best companies and have the most experience -- can earn upwards of $100,000. (BLS)

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Job Outlook

Favorable job opportunities are expected for accountants in the coming years because of the growing economy and the creation of new businesses that will necessitate accounting services. Those with a specialized interest in international trade and accounting will find particularly lucrative options. Twenty-two percent job growth is expected in the field between 2008-2018. (BLS)

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Related Careers

There are a number of careers in the finance industry, the same umbrella under which accounting falls. For example, economists use the same mathematical and market principles to analyze economic trends and counsel businesses on how best to form their business models with these trends in mind. Economists work for government institutions and private businesses, as well as for news sources. Because accounting is considered a subset of business, many business professionals can utilize accounting degrees in the same way that accountants can. Entrepreneurs, for example, are responsible for running their own businesses, and knowledge of accounting principles is essential for this career, as entrepreneurs must manage books and business strategies. 

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