Is an Accounting Degree Worth it Or Worthless?

By Will Erstad on 11/16/2015

It takes dedication and hard work to become an accountant. Youll invest a significant amount of
time and money taking classes, earning certification and searching for a job. So, before you
commit to all of it, you need to know: Is an accounting degree worth it in the end?
Unfortunately, theres no one-size-fits-all answer to that question as everyone has different needs
and wants in their life. However, we can provide you with as much relevant information as
possible for you to make the determination for yourself.
We combined real-time job analysis data, government information and first-hand knowledge
from seasoned accountants to give you a better idea of whether or not enrolling in an accounting
program makes sense for you. Keep reading to get some answers to your burning questions and
determine if an accounting degree is worth it or worthless.
Is there any demand for accountants?
As Benjamin Franklin famously said, In this world nothing can be said to be certain, except
death and taxes. No matter your stance on taxation, this is a positive truism for accountants.
Barring some disaster scenario where all bets are off, people and businesses will have to taxes to
pay every year. With that comes stability.
Need proof? Jobs for accountants are expected to grow at the steady rate of 13 percent through
2022, according to the U.S. Bureau of Labor Statistics (BLS). This slightly outpaces the national
average for all occupations, suggested an optimistic future for aspiring accountants.
Do accounting jobs pay well?
Keeping a business or an individuals financial house in order is incredibly important, and that
importance is reflected in the compensation of accountants. The median annual salary for

accountants in 2012 was $63,550, the BLS reports.* This is significantly higher than the median
annual wage for all workers in 2012, which was $34,750.
If you choose to pursue credentials like the Certified Management Accountant (CMA)
certification or decide to become a Certified Public Accountant (CPA), your earning potential
can be even higher. A salary survey conducted by the Institute of Management Accountants
(IMA) suggests that accountants who earn the CMA make about $10,000 more than an
accountant without this certification. Keep in mind this salary information is self-reported, and
the majority of the respondents have several years of experience in the field. Even with a survey
population that skews toward experienced accountants, this still illustrates the long-term value
and compensation potential of an accounting degree holder.
What do I have to do to get started?
Like most in-demand jobs with high earning potential, the majority of accounting positions will
require a bachelors degree. In fact, an analysis of nearly 285,000 accounting jobs posted in the
past year revealed that 98 percent of employers are seeking candidates with a bachelors
degree or higher.**
However, you may be able to find entry-level jobs in accounts payable/receivable or as a tax
preparer to build experience as you work your way through school. Accountant Michael
Gelsinger did exactly that.
"I would highly recommend a degree in accounting to anyone who wishes to have a solid career
in a field that offers a wide range of possibility."
He began working as an accounts payable clerk while attending junior college, transitioned to a
finance manager position for a non-profit and then returned to school while interning at a county
controllers office. Now hes worked his way up to a position as an accountant for the state of
California.
I would highly recommend a degree in accounting to anyone who wishes to have a solid career
in a field that offers a wide range of possibility, Gelsinger says.
Another factor to consider in getting started in accounting is the certification processCPAs and
CMAs must undergo rigorous certification exams that will require both practical work
experience and a deep understanding of accounting practices. Its not uncommon for CPAs to
spend months studying and preparing as they make their way through the four certification
exams.
What if I want to change careers?
The time and money invested into becoming an accountant is significant, so its understandable
if youre concerned that you might box yourself into a career you find you dont really enjoy.
Though accounting may seem like a very specific skill, youre not going to be completely stuck
if you find life as an accountant isnt what you may have hoped for.
Aalap Shah, co-founder of digital marketing agency SoMeConnect, began his career as a CPA
working for one of the Big 4 accounting firms. The mix of long hours and his entrepreneurial
spirit eventually led him away from accounting, but Shah says his background has helped, not
hindered, his current career.

I think any field that relies on the ability to work with data provides opportunities for former
accountants to have a base level expertise in how to approach that business, Shah says. Hes
found the same skill set needed to analyze data, numbers and information can be leveraged in
organizing and executing marketing campaigns.
Of course, not everyone has the means to start their own business, but there are plenty of
examples of accountants who have successfully transitioned into other careers.
So is it worth it?
As you can see, an accounting degree can put you on track to a steady, well-paying career. But
dont expect it to be a walk in the park. Youll need to first earn your degree, and in the case of
most accountants, complete a rigorous certification process to be in contention for some of the
more prestigious accounting or auditing jobs.
So, is an accounting degree worth it for you? We cant answer that question for you. But the
information above should give you a much better idea. If youre up for the challenge and love
working with numbers, earning an accounting degree is undoubtedly a good option.
Success as an accountant requires more than just the degree. I have been successful beyond my
wildest dreams - and those of my father who suggested accounting over any other business
degree because I "would always have a job". Quite frankly accounting comes easily to some
people and we don't stop and wonder if we made the right decision. It is just how we think. With
an accounting degree, you get to learn all about all kinds of businesses if you make the right
career moves. Get your CPA! I worked in public accounting for a major firm for over 10 years.
That made for an great base of experience. I then worked in different companies, achieved
expertise in specialized areas, got a Masters in tax. There is a lot to learn, experience, and be
gained by getting an accounting degree. You'll learn more than any regular business major and
have more and more lucrative doors open to you throughout your career. It is definitely worth it!!
Two or three times a year one sees articles like "Best recession proof careers", or "Professions in
highest demand". Accounting is ALWAYS at the top. These fools never bother to check with any
employers who will tell you they get 50 to 200 applicants for every job post. Accountants fall
from trees. The constant surge of Business Administration students going into accounting yearafter-year, keeps wages down. It also encourages age discrimination. As far as needing a degree
goes, there are still many old school employers who in their prejudice, think they HAVE to have
a degreed person. Thankfully, they are no longer the majority, as hiring this way has taught many
companies that there is no substitute for hands on experience (hence, you see the "or equivalent"
tags) I am not degreed, yet I was paid more, and accredited for doing a better job than my
predecessors (who rested on their academic credentials.
If one goes into accounting, they should first get their CPA certificate and work in public
accounting as an auditor. This will give you experience in several industries and numerous
companies and perhaps travel to see opportunities in other cities and see other parts of the
country. Then move on to the Corporate Office of a major corporation in a major city where you
can see what other opportunities there are within the Company in the Corporate Office or in
other facilities around the country.

Being in a major city you can prospect opportunities at other companies with very little time off
from your work and so it is easy to do. If you are working in a small city in a more rural area
there are limited opportunities and you will have to take a day off work to travel to a prospective
employer for an interview in another city; not so easy to do without being obvious. If you start
off in a job in just accounts payable, receivables or in a very small company you will have
limited opportunities and exposure to all facets of accounting. I used to hire vocational
accounting 2 year graduates and had the same person do accounts payable, journal entries,
accruals, depreciation and explain variances on the financial statements. This gave them a more
challenging environment and a more varied work routine which was more satisfying than only
working with one small phase of accounting. It also made everyone cross trained.
An accounting degree will get you in the door but you can very well end up going almost
nowhere. You will be in demand but you must continue your education as the accounting/finance
rules change often. So, you will be taking classes anyway, might as well get a Master degree out
of it. Well known certifications are also a big plus, CPA, CMA, CFA, and others. The main point,
is the job is usually long hours and continuous learning - if you are OK with that. Then jump on
board.
If you want to quickly advance your accounting career, and accounting degree and/or Masters or
MBA is only the first step. Passing the CPA exam is almost a must if you plan to make upper
management in private industry and is a requirement to make senior at most public accounting
firms.
In my 7 years of experience, Employers look for three traits
1) GPA
2) Experience
3) Do you have a CPA license
If you have experience and GPA but no CPA it will be difficult to jump career paths or gain
promotions.
If you have your CPA it can and likely will make up for any lack of experience or lower GPA.
The amount of responsibility and risk on CPAs in public practice has never been greater.
The cpa is responsible for EVERYTHING!