5 Things to Consider Before Obtaining an Accounting Degree in 2025

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

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5 Things to Think About Before Pursuing an Accounting Degree

Before committing to an accounting degree, it’s important to reflect on several key factors that influence your education and career satisfaction. Here are five crucial aspects to consider:

1. Your Aptitude for Precision and Detail

Accounting demands an exceptional level of accuracy. You’ll regularly handle sensitive financial documents, from tax returns and payroll records to comprehensive financial statements. A small error, such as a misplaced decimal point or a miscategorized expense, can have significant and costly repercussions for a business or an individual. 

For instance, an incorrect journal entry could lead to an inaccurate balance sheet, which in turn could mislead investors or cause a company to fall out of compliance with regulatory bodies like the United States Securities and Exchange Commission. Studies have shown that a significant number of corporate financial restatements are due to basic accounting errors.

Therefore, a true enjoyment of working with numbers and a strong, almost obsessive, attention to detail are not just beneficial; they are absolutely critical for a successful career in this field.

2. The Importance of Communication and Other Soft Skills

Success in accounting has evolved far beyond basic number-crunching. While technical skills are a baseline requirement, modern accountants act as strategic advisors who must effectively communicate complex financial data.

Accountants need to be able to explain budget variances to a management team, present audit findings to a board of directors, or simplify tax implications for a client. This requires strong verbal and written communication skills, as well as the ability to translate financial jargon into understandable terms. 

Teamwork is also essential, as many projects are collaborative, and problem-solving is key to navigating financial discrepancies and developing new strategies.

A recent survey by the American Institute of Certified Public Accountants (AICPA) found that soft skills like critical thinking, communication, and collaboration were among the most important skills employers are looking for in new hires, often ranking just as highly as technical proficiency.

3. The Day-to-Day Work Environment and Work-Life Balance

The perception of an accountant’s work-life balance can vary dramatically depending on the specific career path. Public accounting, particularly for firms handling tax and audit services, is notorious for its "busy season," which typically runs from January to April. 

During this period, workweeks of 60 to 80 hours are not uncommon as professionals rush to meet deadlines. However, this intense period is often followed by a much lighter schedule. In contrast, corporate or private accounting roles usually offer a more consistent 9-to-5 schedule, though there may still be peak periods during quarterly and annual financial closing cycles.

Roles in government or non-profit sectors also tend to offer more predictable hours. When considering a degree, it’s vital to think about whether you are a person who thrives under intense, deadline-driven pressure or someone who prioritizes a more consistent work schedule.

4. The Diverse Career Paths Within Accounting

An accounting degree opens doors to a vast array of career paths that go far beyond the traditional image of a tax preparer. For example, a student can specialize in forensic accounting, a fast-growing field that involves investigating financial crimes like fraud or embezzlement. 

Students looking to enter this field quickly often research options for the fastest online forensic accounting degree. Another path is management accounting, where professionals work inside a company to help management make strategic business decisions by analyzing costs, budgets, and performance. 

You could also pursue a career in internal audit, where you assess a company’s internal controls to ensure efficiency and compliance. Even within public accounting, you can specialize in industries like technology, healthcare, or real estate.

This wide variety of options allows you to align your career with your personal interests and find a niche that is not just professionally rewarding but also personally engaging.

5. Staying Current in a Constantly Evolving Field

From regulatory changes to advances in technology, accountants must continually update their skills to remain competitive and effective in their roles. One of the most important aspects of staying current is keeping up with changes in tax laws, financial reporting standards, and compliance requirements.

For example, updates from organizations like the Financial Accounting Standards Board (FASB) or the Internal Revenue Service (IRS) can significantly affect how accountants prepare financial statements and advise clients.

Technology is another driving force reshaping the field. Cloud-based software, artificial intelligence, and data analytics are becoming standard tools in accounting firms and corporate finance departments. Accountants who learn to leverage these tools can work more efficiently, reduce errors, and provide deeper financial insights.

Professional development is key to adapting in this fast-changing environment. Many accountants pursue continuing education through workshops, certifications such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA), and online training platforms. Networking through professional organizations also helps practitioners share best practices and learn about emerging trends.

Ultimately, staying current not only ensures compliance and accuracy but also positions accountants as trusted advisors who can guide businesses and individuals in an increasingly complex financial world.

Is accounting a good career?

Accounting is widely regarded as a strong and stable career choice, offering professionals consistent demand across nearly every industry. Businesses, nonprofits, and government agencies all rely on accountants to manage financial records, ensure compliance with regulations, and provide accurate reporting.

This broad demand translates into reliable job prospects, competitive salaries, and clear opportunities for advancement. With multiple career tracks, individuals can specialize in areas such as public accounting, auditing, corporate finance, or tax services, making it a versatile profession.

Another strength of accounting is the set of transferable skills it provides. Accountants develop expertise in financial analysis, budgeting, auditing, and compliance, which can open doors to leadership positions or roles outside of traditional accounting. Some even expand into areas like business law degree courses and concentrations, which complement accounting expertise in corporate and legal settings.

What are the highest-paying jobs I can get with an accounting degree?

With an accounting degree, some of the highest-paying jobs you can pursue in 2025 include:

• Chief Financial Officer (CFO): Among the top-paying roles for those with an accounting background. CFOs oversee all financial aspects of a company, including planning, decision-making, and compliance. The average salary for a CFO is $261,533 per year.
• Audit Partner: A senior position at an accounting firm, responsible for overseeing audits and ensuring the accuracy of financial statements. Salaries range from $215,000 to $360,000 per year.
• Vice President of Finance: This executive role manages and directs all financial activities in an organization, with average salaries from $138,600 up to $238,150 per year.
• Corporate Controller: Responsible for all accounting functions within a company, including budgeting and compliance. The salary is typically between $111,000 and $210,750 per year.
• Risk Management Director: Focuses on assessing and managing risks related to investments, spending, and business growth. Average salaries range from $162,923 to $214,947, often requiring additional certifications beyond a bachelor’s degree.
• Tax Manager: Leads tax operations, ensures compliance, and helps clients maximize tax savings. This job pays between $118,000 and over $207,500 per year.
• Finance Manager: In charge of budgeting, forecasting, and the overall financial health of an organization. The average salary is $104,000 per year.
• Certified Management Accountant (CMA): Working in strategic business development and management accounting, the average annual salary is about $105,943 per year.
• Financial Reporting Manager: Prepares and ensures accurate financial reporting documents, making between $102,000 and $138,500 per year.
• Audit Manager: Supervises audit teams and is responsible for compliance, with a salary range of $104,000 to $136,500 annually.

These roles show how an accounting degree can lead to lucrative executive paths, often aligning with skills emphasized in double major options for accounting students, where combining accounting with finance, economics, or information systems can further boost earning potential.

What is the job outlook for accountants?

Based on the U.S. Bureau of Labor Statistics data, the job outlook for accountants and auditors is projected to grow 6% from 2023 to 2033, which is considered faster than the average for all occupations.

This growth is expected to result in approximately 130,800 job openings each year, on average, over the decade. Many of these openings will come from the need to replace workers who are retiring or changing careers. The continued expansion of the economy and the increasing complexity of financial regulations will also contribute to the demand for skilled professionals in this field. 

While new technologies like artificial intelligence and blockchain are automating some routine tasks, they are also creating a need for accountants who can analyze complex data and provide strategic advice to businesses. Career adaptability, similar to the paths considered by those seeking alternative careers for biology majors, is becoming increasingly important as industries evolve.

Can you become an accountant if your bachelor's degree is not in accounting?

You can become an accountant even if your bachelor's degree is not in accounting. Many states allow candidates without an accounting degree to pursue accounting careers, including becoming a CPA, provided they meet certain requirements.

The CPA vs accountant distinction is crucial here, as becoming a CPA requires a higher level of education and more rigorous examination than just being an accountant.

Typically, you need:

• A bachelor's degree (not necessarily in accounting)
• Additional accounting and business course credits beyond your bachelor's degree to meet education requirements, often totaling 150 credit hours
• Passing the Uniform CPA Examination is required if you want to become a CPA
• Relevant professional experience, often under the supervision of a licensed CPA

Does a master's degree in accounting significantly increase salary potential?

A master's degree in accounting can significantly increase salary potential. According to recent data, professionals with a master's degree in accounting generally earn about 19.2% more than those with only a bachelor's degree in the field. This advanced degree often opens doors to higher-level positions that are unavailable to candidates with just an undergraduate degree.

The average annual salary for accounting and auditing positions requiring a master's degree is $42,262, with top earners receiving $54,000 yearly. Additionally, salary varies by location, experience, and job role, but generally improves with a master's education compared to only a bachelor's.

This salary bump reflects the growing demand for specialized skills—similar to how earning credentials through best certifications in healthcare management raises salaries and career mobility in healthcare.

Do I need to become a Certified Public Accountant (CPA) to have a successful career in accounting?

You do not strictly need to become a CPA to have a successful career in accounting, but obtaining the CPA certification significantly enhances your career prospects, earning potential, and professional credibility.

Benefits of becoming a CPA include:

• Higher Salary: CPAs earn significantly more than non-certified accountants — on average, about $42,000 more per year.
• Broader Job Opportunities: CPA licensure opens doors to senior-level roles, specialty fields like forensic accounting and financial management, and leadership positions in various industries.
• Increased Job Security: CPAs are in high demand, particularly as many current CPAs are approaching retirement.
• Professional Credibility: The CPA designation signals expert knowledge and adherence to high ethical standards, gaining trust from employers and clients.
• Career Flexibility: CPAs can work in diverse specialties and often have more flexibility, including opportunities for remote work.

What specific accounting courses should a student take to prepare for the CPA exam?

To prepare for the CPA exam, students should take specific accounting and business courses that fulfill the educational requirements typically mandated by state boards of accountancy. Although requirements can vary slightly by state, the core courses and credit hours are fairly consistent:

Required Accounting Courses (approximately 24 semester units):

• Financial Accounting (Intermediate and Advanced)
• Auditing and Attestation
• Taxation (Federal and Multistate)
• Financial Reporting
• Accounting Information Systems
• Cost Accounting / Managerial Accounting
• Accounting Research and Analysis
• Ethics in Accounting (including Accounting Ethics or Professional Responsibilities)
• Financial Statement Analysis
• Governmental and Not-for-Profit Accounting (in some programs)

Required Business-Related Courses (approximately 24 semester units):

• Business Law
• Finance
• Business Communications
• Statistics and Mathematics
• Business Management and Administration
• Marketing
• Computer Science / Information Systems
• Corporate Governance and Ethics (in some cases)
• Economics

For students needing to fulfill the economics requirement, many programs offer fast-track online economics degree programs that allow them to complete the necessary coursework efficiently.

How are artificial intelligence (AI) and automation impacting the accounting profession?

AI and automation are profoundly transforming the accounting profession in several key ways:

• Increased Efficiency and Accuracy: AI automates repetitive, manual tasks such as data entry, invoice processing, reconciliation, and payroll. This drastically reduces time spent on routine activities and minimizes human error, allowing accountants to focus on higher-value work.
• Advanced Data Analytics and Insights: Machine learning algorithms analyze vast amounts of financial data, detect anomalies, predict trends, and generate real-time financial reports. This enhances decision-making and helps accountants provide strategic advisory services beyond traditional bookkeeping.
• Shift in Accountants' Roles: With AI handling routine functions, accountants are evolving from transactional roles toward strategic partners and advisors. They need new skills like AI literacy, data analytics, and digital fluency to interpret AI-generated insights and guide clients effectively. Many are pursuing accelerated artificial intelligence certification courses online to quickly gain these skills and remain competitive in the evolving job market.
• Workforce and Career Impacts: While AI automates some tasks, it is not expected to eliminate jobs outright but redefine them. Accountants who adapt by gaining skills in AI and data analysis will find greater opportunities for career advancement and more meaningful, high-impact work.
• Ethical and Governance Considerations: The rise of AI brings new ethical challenges around transparency, fairness, and responsible use in financial processes. Accounting firms must establish frameworks to govern AI use responsibly.
• Market Growth and Adoption: The AI market in accounting is rapidly expanding, expected to grow from $6.68 billion in 2025 to nearly $37.60 billion by 2030, driven by technologies like generative AI and large language models, which are reshaping finance teams worldwide.

What is the average cost of an accounting degree at a public vs. a private university?

The average cost of an accounting degree varies significantly between public and private universities:

• Public Universities: The average tuition and fees for a bachelor's degree in accounting at a public university typically range around $9,750 per year for in-state students. Out-of-state students often pay more, with costs averaging around $19,000 to $23,000 annually.
• Private Universities: While specific private university costs for accounting degrees vary, private institutions generally have significantly higher tuition rates compared to public ones. The average tuition at private universities often ranges from $25,000 to $40,000 or more per year.

For students specializing in a field like tax, there are often alternative, more efficient ways to get a specialized education. They can look into options such as the fastest online taxation management degree programs, which may offer a quicker path to a career in a specialized field.

Are there any financial aid resources available for accounting students pursuing their 150 credits?

Yes, there are multiple financial aid resources available specifically for accounting students pursuing their 150 credit hours, including scholarships and grants. Here are some notable options:

• NSA Scholarship Foundation Program: Scholarships ranging from $1,000 to $2,500 for undergraduate accounting students with a minimum 3.0 GPA, awarded based on academic achievement, leadership, and financial need.
• AICPA Foundation Scholarships: Various scholarships to support accounting students and CPA candidates, including exam-related scholarships that can reimburse costs up to $1,000 and larger fellowships for doctoral studies.
• AICPA Foundation Scholarship for Minority Accounting Students: Provides $2,500 to $10,000 to outstanding minority accounting students, supporting their pursuit of accounting degrees and professional careers.
• School-Specific Scholarships: Many universities offer scholarships for accounting students, often including those covering tuition for additional credits beyond the bachelor's degree (such as for the 150-credit requirement).
• General Accounting Scholarships: Numerous scholarships are available through directories and organizations, ranging from $500 to full tuition, often based on merit, financial need, demographic criteria, or CPA-related goals.

While these resources can significantly lighten the financial load, it's also helpful to see the larger context of student borrowing. The chart below shows the total student loan debt in the U.S. from 2021 to 2024.

Here's what graduates have to say about their accounting degree

Other Things You Should Know About Obtaining an Accounting Degree

Is accounting a BA or BS degree?

An accounting degree can be either a Bachelor of Arts (BA) or a Bachelor of Science (BS), depending on the university and program curriculum. The Bachelor of Science in Accounting is more common, as it focuses heavily on the technical, mathematical, and analytical skills essential for the profession.

A BA in accounting may offer a broader education with more liberal arts coursework, but both degrees provide the foundational knowledge required for a career in the field.

How hard is a BS in accounting? 

A Bachelor of Science (BS) in accounting is generally considered challenging, but it's a manageable degree for students who are dedicated and have a strong aptitude for math and logical reasoning. The curriculum is rigorous and technical, with a heavy emphasis on courses in financial accounting, managerial accounting, auditing, and taxation.

The difficulty often lies in the volume of information and the need for precision and attention to detail. However, the structured nature of the coursework and the clear career path make it a rewarding and worthwhile pursuit for many.

Which degree is best for accounting? 

The most direct and widely recommended degree for an accounting career is a Bachelor of Science (BS) in Accounting or a Bachelor of Business Administration (BBA) with an accounting concentration. These programs provide a focused curriculum in financial accounting, auditing, and taxation.

While other degrees, like a BA, can be a pathway, the BS and BBA with a concentration are generally preferred because they offer the in-depth, technical knowledge required for the profession and for earning certifications like a CPA.

What is the lowest degree in accounting?

The lowest degree in accounting is an Associate's degree, which typically takes two years to complete. This degree prepares you for entry-level roles such as an accounting clerk, bookkeeper, or tax preparer. While it can get you started in the field, most professional accountant or auditor positions require a Bachelor's degree as a minimum.

To become a CPA, most states require a total of 150 credit hours, which often means earning a master's degree in addition to a Bachelor's.