What Can You Do With an Accounting Degree?
| 4 Min Read
A bachelor’s degree in accounting opens doors to a variety of career paths in finance, business and related fields. Students gain career-relevant skills in key areas including financial analysis, budgeting and regulatory compliance, preparing them for in-demand roles in public accounting, corporate finance and even forensic investigation.
The online program from Southwest Minnesota State University (SMSU) is ideal for students who want to pursue a Bachelor of Science (B.S.) in accounting on a flexible schedule while continuing to work. In addition to teaching students about public, private and government finance, the program also serves as a steppingstone to advanced degrees and certifications, while preparing students to sit for the Certified Public Accountant (CPA) exam.
What Is the Job Growth Outlook for Accountants, Auditors and Financial Analysts?
The U.S. Bureau of Labor Statistics projects faster-than-average job growth for accountants, auditors and financial analysts at a rate of 5% to 6% between 2024 and 2034. The median annual salary for accountants and auditors is $81,680, while financial analysts average $101,910 per year, making these highly desirable careers to pursue.
A wave of retirements and a drop in the number of people pursuing accounting degrees have industries struggling to staff up. The Wall Street Journal reported that more than 300,000 accountants and auditors in the U.S. left their jobs between 2019 and 2021, resulting in a 17% decline. The good news is this shift has created more demand, leading many companies to increase entry-level salaries for finance and accounting roles. An added benefit for candidates is that many of these jobs are hybrid or remote.
Accountants claimed the top spot in FlexJobs’ 2024 ranking of the top remote jobs in the U.S. thanks to increasing demand for these skilled professionals across several sectors including finance, healthcare and government. These jobs require a bachelor’s degree in accounting or a related field, as well as certification in a specific area of accounting.
Specialized Roles Lead to Career Advancement
With digital transformation projects ramping up, companies are looking for tech-savvy accounting professionals with strong skills in artificial intelligence (AI), cybersecurity, automation and enterprise resource planning (ERP) systems, according to a report from global staffing firm Robert Half. High-paying, AI-driven accounting roles include AI financial analyst, AI auditor and AI compliance analyst. The report also states that accounting professionals who are willing to work on-site full-time or part-time can earn up to 20% more.
Job candidates with experience in data analytics and advanced technology are in exceptionally high demand and companies are reporting difficulty in finding these skilled professionals. According to Robert Half, certified public accountants and accountants with an MBA are the most sought-after, along with accounting professionals who excel in areas such as compliance reporting, ERP software, advanced Excel and financial reporting.
The hottest jobs in finance and accounting include data analyst, business analyst, financial analyst and specialists in accounts receivable, accounts payable and payroll. Sectors with the most demand include construction, financial services, healthcare, manufacturing, nonprofit and real estate.
Do Certifications Lead to Better Pay and Opportunities?
The median annual salary for accountants with a CPA is $93,000 versus $79,880 for non-certified accountants. To become a licensed CPA, professionals must pass the Uniform CPA Exam, a four-section, 16-hour assessment.
The Certified Management Accountant (CMA) exam focuses on enhancing skills in financial planning and analysis. This certification can lead to a 20% to 30% salary increase in corporate roles. Certified Internal Auditors (CIA) can qualify for specialized roles with pay premiums similar to those of the CPA and CMA. According to ZipRecruiter, some experienced accountants with industry certifications can find accounting jobs that pay up to $400,000 per year.
Specialize in Accounting and Future-proof Your Career
With demand at an all-time high and salaries on the rise, there has never been a better time to pursue a career in the accounting field. The foundational skills students gain in SMSU’s online BS in Accounting program prepare them for roles that offer long-term job security and opportunities for advancement.
Graduates can work in any industry while taking advantage of abundant remote and hybrid opportunities. SMSU is committed to helping students advance their careers in this high-growth profession.
Learn more about SMSU’s online BS in Accounting program.