Among U.S. students, the most popular undergraduate concentration by far is business; more than 20% of all bachelor’s degrees are awarded in this area. Business majors can be loosely divided into areas such as marketing, finance, and accounting, although some business majors, such as entrepreneurship and business management, incorporate all of these areas. Accounting, which deals with the language of business, may be offered as part of a university’s School of Business, or may be one of the majors available through the liberal arts program.
According to the National Association of Colleges and Employers, accounting is now the number one major on college campuses. So what is it about accounting that attracts so much interest? Accountants work with finance-related documents. By preparing, analyzing, and verifying data, accountants provide their clients with the information they need to make sound business decisions. It is through the work of accountants that public records are accurately kept, businesses and corporations are more efficiently run, and appropriate taxes are paid on time. Accountants fill a vital role by providing the information needed by business managers and investors, and by serving as advisors to these individuals. Upper level management positions such as chief executive officer (CEO), chief financial officer (CFO) or controller are often filled by people with a background in accounting.
Coursework in Accounting
Introductory courses in accounting provide a background in economics and finance, marketing, business law, computer information sciences, and business organization and management. More advanced classes look at more specialized topics such as the analysis and preparation of financial statements, tax preparation and planning, internal auditing and fraud investigation, risk assessment, e-commerce, and ethics.
Critical thinking and communication skills are essential for success in accounting, therefore, accounting majors must also take a range of courses in the liberal arts and sciences. With the rise of multinational corporations, a solid grounding in both history and foreign languages has become important. You’ll want to include classes that enhance your writing, speaking, and problem-solving skills in your undergraduate program.
Some accounting programs focus on theory, while others take an applications approach that focuses on the skills needed by the practicing accountant. As licensing requirements for becoming a certified public accountant (CPA) have become more stringent, colleges have been moving to offering unified five-year programs in accounting. At the conclusion of this type of program, students are awarded both a bachelor’s and master’s degree in accounting, and are then eligible to take the CPA licensing exam.
When considering colleges, ask about the focus of the program, find out if a five-year program leading to a dual degree is offered, and check on the availability of internships in this area.
Careers for the Accounting Major
In addition to working as an accountant or CPA, accounting majors often find jobs as credit managers, computer system analysts, economists, controllers, IRS agents, FBI agents, purchasing managers, insurance agents, real estate professionals, marketing managers, statisticians, auditors, or may work in public administration. Some go on to law school to become tax attorneys or may specialize as tax accountants.
Learn more about the field by visiting the website of the American Institute of Certified Public Accountants at www.aicpa.org, or by clicking on the American Accounting Association website at www.aaahq.org.
