2023 Best Online Accounting Degrees

Overview of Online Accounting Bachelor's Degrees

What Is a Bachelor's in Accounting Degree?

Accounting is a profession that's been around for centuries. Accounting practices have evolved over time; today, accounting degree programs in the U.S. teach students the generally accepted accounting principles (GAAP) used by organizations, banks, and regulatory agencies. 

Accounting majors typically learn standard bookkeeping practices and other accounting functions through practice. Coursework often presents students with simulated financial records and bookkeeping situations they must work through and resolve. In the process, students master the use of industry-standard accounting information systems. Undergraduate students often have the chance to specialize in areas such as taxation, forensic accounting, or management accounting.

While many courses provide a close-up view of accounting methods, other courses in an accounting curriculum ask students to step back and assess the big picture of an organization's finances. Students learn how to interpret the meaning of financial data and how the information can be used to make strategic decisions regarding revenue, expenses, assets, and liabilities.

In addition to bachelor's degree programs, students can pursue other types of accounting degrees, such as associate degrees, master's degrees, and doctorates in accounting. Undergraduates who intend to become Certified Public Accountants (CPAs) should probably plan to pursue a master's degree in accounting. Although you're not required to have a master's degree to become a CPA, you are required to have 150 credit hours of higher education (30 credits more than a bachelor's degree), which most CPA candidates achieve by earning a master's degree. 

Students pursuing graduate-level degrees explore accounting concepts at a much more advanced level while also taking classes in research methods. For instance, they may study international tax regulations, professional auditing procedures, fraud, and advanced cost accounting. Additionally, graduate students complete a thesis, which often involves presenting original research on accounting theories and principles.

Degree Requirements

Bachelor's in accounting programs require the completion of approximately 120 credit hours. About half of the required courses cover general education subjects, such as literature and chemistry, while the other half are core courses and electives in accounting. Most full-time students take four to five years to complete a program, while part-time learners may need more time. However, some schools offer accelerated online accounting programs that may take students two to three years to complete. 

Some programs may require students to complete accounting internships to gain real-world experience before graduating. Externships are also recommended because they help students explore career options and potentially choose an area of specialization.

Courses

While the curriculum varies based on the type of accountancy degree an individual is enrolled in, undergraduate students generally spend their first two years meeting major requirements by completing coursework in microeconomics, macroeconomics, business, and statistics. In the subsequent two years, they take professional accounting classes such as financial accounting, accounting information systems, tax law, and government accounting. During this latter period, students may also have the chance to specialize in areas such as taxation, forensic accounting, or management accounting. Most programs expect students to complete a capstone project in their final year — often in the form of a research paper or presentation — in which they apply their accountancy knowledge to a real-world scenario.

Course titles may differ from school to school, but all accountancy programs are designed to meet standard learning objectives and outcomes. Core courses help you hone critical and analytical thinking skills, standard accounting procedures, and general business and communication competencies. 

The following are some of the common courses you may find in a typical accounting degree program:

Admissions

Not all colleges set the same deadlines, but in general, prospective students should submit their applications as early as the November of the year preceding the fall semester when they plan to start attending classes. While each school may require a slightly different set of documents, most require applicants to provide the following items in addition to an online application:

• Official high school or GED transcripts, usually with a minimum GPA of 2.5-3.0

• SAT or ACT scores

• A personal essay

• One to three letters of recommendation from teachers, coaches, or other mentors

• A resume or list of extracurricular activities, jobs, and volunteer activities

What Can You Do With an Accounting Degree?

Types of Accounting Degrees

Students can study accounting at the associate, bachelor's, master's, and doctoral levels. Those pursuing a four-year undergraduate credential have additional options and can choose among several different types of accounting degrees. These degrees vary in terms of the emphasis they place on accounting theories and principles, with accounting majors typically completing different educational requirements to graduate. Students at the bachelor's level also have the option to pursue a professional accounting degree that focuses exclusively on preparing graduates for employment in the field. Depending on their area of interest — and future career options — students may consider enrolling in one of the following accounting programs at the bachelor's level.

Accounting Careers

Graduates with a bachelor's degree in accounting have several career options. They can move directly into the workforce as accountants or take on one of the more specialized roles in accounting, such as auditor or tax preparer. They can also move into finance roles. Those who want to become CPAs will need to continue with their education in order to meet the certification and licensure requirements. Graduates can also choose to pursue further education, whether in accounting or another field. 

Many graduates go to work in one of the four primary areas of accounting: public, private, government, and accounting education. The job functions are often similar but are performed for organizations with different purposes, stakeholders, and reporting obligations.

Graduates may also consider one of several occupations within the field of finance. They may find employment in consulting firms, large corporations, banks, and financial institutions, working in roles such as personal financial planner, financial analyst, or chief financial officer. 

Accounting and finance professionals may also want to pursue certification. Some certifications are required, while others are voluntary or preferred by employers. Earning certification demonstrates your commitment to professional development as well as your high level of skill in a particular area. 

Accounting Specializations

Some schools allow you to specialize by focusing your accounting program studies in an area of interest, which may give you a competitive edge later when you're building your accounting career.

Further Education

Graduates who hope to move into higher-level management roles within the accounting or finance fields may find that earning an advanced degree makes them more attractive job candidates. Advanced degrees help students obtain the depth of knowledge and mastery of skills employers expect when hiring for managerial positions, such as controller and chief financial officer.

Financing Your Bachelor's Degree in Accounting

Before enrolling in a bachelor's in accounting program, you may want to calculate how much you can afford to pay for your degree. This information may be very useful in helping you select a college. You may also want to estimate an accounting degree's return on investment, meaning the total cost of earning the degree as compared to your potential lifetime earnings.

Cost

Our list of the best online bachelor's degrees in accounting reveals that tuition rates vary, but the College Board's 2022 report provides some useful figures. The report states that the average annual tuition fee for four-year public schools is $10,940 and for four-year private schools is $39,400. Some schools, however, charge lower fees for online accounting degree programs than they do for on-campus programs. The College Board also estimates that students spend an average of $1,240 on books and other supplies each year. 

Financial Aid

Both online and traditional students are eligible for financial aid. Even if you don't think you're qualified, experts recommend that all students submit a Free Application for Student Aid (FAFSA) to see if they can obtain some financial assistance.

Financial aid is available in many forms and comes from a variety of sources. Once you've submitted the FAFSA form, you'll be notified by mail if you qualify for aid provided by the federal or state government or from the school itself. Grants and scholarships are preferred because these types of aid generally don't need to be repaid, unlike student loans that must be repaid with interest. There are also many privately sponsored scholarships — some specifically intended for accounting students — but you'll need to submit separate applications for them.

If you're offered a student loan, it's important to know the difference between the two major types. Each has its own benefits and drawbacks, but federal student loans offered through the government are usually preferred over private student loans offered by banks and lending institutions. Federally funded loans tend to have lower interest rates and more accommodating repayment terms.

Is a Bachelor's Degree in Accounting Worth It?

A bachelor's in accounting is worth it for individuals who aspire to have a steady career with plenty of opportunities for professional growth. Ultimately, however, the worth of this education will vary depending on an individual's personal circumstances, financial situation, and other obligations, so prospective students should carefully evaluate these factors before deciding to enroll. They may also consider the following pros and cons of an accounting bachelor's.

Potential Benefits

• A career in accounting is considered a high-status occupation. According to the World Economic Forum, accountants were ranked seventh in the top 10 most respected professions in the world.

• Accountants typically have a well-defined career path. This is because students graduate with a set of hard financial skills and gain on-the-job experience which makes it easier to identify jobs and future promotions. Furthermore, the accounting field remains largely unchanged, despite new financial tools and technologies, allowing graduates to chart a predictable career.

Potential Drawbacks

• An accounting degree at the undergraduate level may not be enough to advance a career in finance. Graduates will often need a CPA license to conduct audits and some states expect accountants to have a master's degree and certification for higher-level positions.

• Accountants have among the lowest job satisfaction rates in the country. Many don't see their work as meaningful, while others feel their skills are underutilized.

FAQs About Bachelor's in Accounting Programs