What is accounting? Is Accounting a good major? Looking to choose one of the top accounting schools in the US?
Take a look at this comprehensive and frank examination of the profession of accountancy, the complexities of professional development in the accounting occupation, and what you ought to look for when selecting from the best accounting schools.
Divided into five major sections, this College Choice Guide to Accounting you will provide you with:
What is Accounting?
Accounting is the measurement, processing, and communication of financial information concerning a business or organization.
Sometimes referred to as the “language of business,” accounting measures and assesses the economic activities and information of a given organization for several different parties and users, such as creditors, auditors, managers, regulators, the public, and investors.
Divided into several fields, including financial accounting, management accounting, auditing, and tax accounting, accountancy is both diverse and challenging, providing an array of interesting specializations to help individuals and companies manage their financial resources and capital assets.
Whether you are interested in pursuing an online accounting degree, a Bachelors in Accounting, or a Masters in Accounting from one of the best accounting schools in the country or locally at a regionally-accredited college or university, the accounting field is a necessity for every kind of business and will remain so for as long as people have money to count.
According to the Bureau of Labor Statistic, Accountants and Auditors with the minimum requirement of a Bachelor’s degree in Accounting make a median income of $67,000 in an industry experiencing a faster than average growth rate.
But is accounting a good major? Statistics like these make it clear that obtaining an accounting degree will deliver both professional and financial satisfaction; a worker with an accounting degree is an asset for a corporation, large or small.
Career Path Overview
Unsurprisingly, accountants are indispensable for any business venture, making the field of accountancy a solid choice for any student interested in choosing a discipline of study that will provide stability, job security, and upward mobility.
While the accounting industry is not known for risky innovation, that doesn’t mean that the industry is not without change.
In recent decades, the areas of forensic accounting and global finance have set new trends and offer exciting opportunities to would-be accountants interested in the cutting-edge of their field.
Mainstays, like traditional public accounting or management accounting, are necessary and maintain their relevance as the industry adapts to changes in money management.
If you are interested in becoming an accountant, there is a tried and true career path to follow that should result in landing a well-paying job with options for career advancement, like certifications in field-specific areas that will focus your professional endeavors.
It is extremely unlikely that you will be able to land an accounting job without the necessary schooling for understanding the nuances of the industry and practices in accounting. Whether you are looking to get an accounting degree online or looking to attend one of the top accounting schools, an accounting degree is considered to be an entry-level requirement for employment and will help you gain access to an exciting disciplines of auditing, financial reporting, and taxation.
Below, you will find information about the most popular type of accounting: The CPA. Other kinds of accountancy have a similar professional progression, but we are going to use the CPA as an example.
Get a Degree
Typically, people interested in accountancy earn a Bachelor’s degree in accounting, which provides them the 150 cumulative credit hours needed to graduate; this amount of school typically takes four years of business school, where accounting programs are housed in a university’s class structure.
Advanced degrees in accounting, like a Master’s in Accounting or a PhD, also exist but are reserved for individuals who wish to work in academia, researching and teaching accounting.
Most importantly, you should decide if you want to be a public accountant or a corporate/business accountant.
Within these two distinct specializations are myriad of concentrations that will allow you to focus your accounting degree toward an industry need, like internal auditing, taxation, managerial accounting and many others which are covered in the next section of this guide.
It should also be noted that online accounting degrees have become rather popular in recent years. If you’re interested in flexibility, affordability, and independence, then an online degree might be right for you. If you decide to get an online degree, be sure that your school is accredited and provides parity resources you might receive at an onsite institution.
Industry Access
If you are simply wanting to be an accountant, a Bachelor’s in Accounting will grant you access to the industry, but it will be severely limiting for your future in the trade, as you will only be able to perform limited tasks like financial record maintenance and preparation.
As an accountant at this level (without any specialization, certification, or licensure) you can also prepare tax returns after passing an examination and being issued a Preparer Identification number from the IRS.
Again, it is important to note that completing an accounting degree is the minimal requirement for work as an entry-level accounting employee; without obtaining CPA certification you will be strictly limited concerning professional growth as an accountant.
Beginning to Work
After becoming an Accounting major but before completing an accounting degree, it is recommended that students work as interns to bolster their résumés and professionally prepare for life in the accounting workforce.
Such opportunities are not rare: many corporations, large and small, offer competitive internships, often with pay. After graduation, you may consider returning to school for a Master’s in Accounting or pursuing certification as a CPA, as both will open professional doors for you.
In accounting, continuing education in the form of one of many kinds of certification is paramount to maintaining professional relevance and job security. See the next section of this guide for information about the various fields of study and the numerous certification options.
Becoming a Certified Public Accountant (CPA)
To become a CPA is an investment of time, money, and energy. Many people who get a Bachelor’s in Accounting go on to pass the Certified Public Account (CPA) exam which enables them to be upwardly mobile in the industry as a CPA.
Along with at least 40 hours of continuing education in a specific area of accounting and working under the supervision of an actively licensed CPA for a set number of hours, a new CPA can then begin to move beyond accountancy’s menial tasks and into more meaningful activity, like auditing and client representation.
Taking the Exams
The CPA exam is a major hurdle for anyone entering the accounting industry and is a requirement for advancement within professional accounting. The exam, which is a requirement in every state, has four distinct parts which can be taken in any order offered during the first two months of every quarter.
The four exams are: Regulation; Auditing and Attestation; Business Environment and Concepts; and Financial Accounting and Reporting. All four exams must be completed in 18 months. It is recommended that students prepare for these tests in advance by taking test-prep classes and studying independently, as the tests are complex, intricate, and challenging.
Types of Accounting & Certification
After completing a Bachelor’s degree in Accounting, it is important to discern what type of accountant you would like to become and the best accounting specialization for you. All average salaries linked below are generalized starting points to give you an idea of a base salary, as the field specializations vary widely. The top accounting schools will offer you—the student—guidance about which specializations are right for your skills and interests.
A Career in Corporate, Banking, and Financial Accounting
In this field of accounting, professionals deal with the capital assets of businesses, corporations, and banking institutions.
Whether an appraisal of the state of assets concern investments or cash on hand, a financial, corporate, or banking accountant performs tasks related to the internal and public uses of an institution’s money including appraisal, compensation, bookkeeping, auditing, analysis, and financial management.
This information is then translated into a public financial record to be reviewed by banks, stockholders, government agencies, or anyone interested in evaluating the company’s financial practices for reasons of investment or partnership. There are several related certifications in this field, each dealing with a particular focus of asset management.
Further Certifications
1
Accredited Senior Appraiser
Abbreviation: ASA
Accrediting Organization
Candidates for this designation must have five full years of appraisal experience, a college degree (or equivalent), and complete course exam requirements for all four of 27-hour discipline-specific valuation courses as well as two appraisals for peer review and approval. Evidence of professional growth via continuing education and professional activity is mandatory for remaining accredited.
2
Certificate in Loan Review
Abbreviation: CLR
Accrediting Organization
Designed for commercial loan review and lending personnel, this certificate is for accountants interested in loan review and its procedures. With this certification, professionals learn about the state and national standards of the lending financial services industry.
3
Certified Bank Auditor
Abbreviation: CBA
Accrediting Organization
Designed to give accountants expertise in the four bank-specific areas of accounting (accounting, auditing and bank law, regulation, and auditing practices for business), this certification requires a CBA exam (three-year completion period), a Bachelor’s degree, and two years of bank auditing experience.
4
Certified Financial Services Auditor
Abbreviation: CFA
Accrediting Organization
For accountants interested in investment management and portfolio analysis, this certification includes three examinations to test the candidate’s ability in investment decision-making. Each candidate must pass all three exams to earn this certificate.
5
Certified Accounts Payable Associate
Abbreviation: CAPA
Accrediting Organization
For accountants interested in careers in business financial management, this certification offers comprehensive training in the accounts payable profession. To be approved for the exam, candidates must demonstrate employment and affirm the IAPP ethical code. Certification requirements vary depending on education experience. There are certification completion plans and requirements for accountants with bachelor’s degrees, associates degrees, and for non-degree holding personnel. Recertification is necessary and is obtained by continuing education or retaking the exam.
6
Certified Accounts Payable Professional
Abbreviation: CAPP
Accrediting Organization
For International Accounts Payable Professionals (IAPP) members, this is a comprehensive certification for individuals interested in the accounts payable profession. With similar educational requirements as above regarding exams, education, and continuing education, this professional credential is required for personnel working in the field. Employees of federal agencies may be exempt from membership requirements
7
Certified Bookkeeper
Abbreviation: CB
Accrediting Organization
For accountants with two years of bookkeeping experience, the exam for this certification covers details of organizational financial management including payroll, depreciation, internal controls, entry adjustment, error correction, and merchandise inventory. Candidates must follow the AIPB code of ethics and pass the national examination.
8
Certified Management Accountant
Abbreviation: CMA
Accrediting Organization
Focused on the connection between financial performance and strategy, this certification offers comprehensive curriculum in accounting and finance-related fields. To achieve this certification, accountants must pass a skills-based, critical thinking and decision making examination.
9
Certified Treasury Professional
Abbreviation: CTP
Accrediting Organization
For treasury and finance professionals, this certification is awarded to people who demonstrate comprehensive mastery in mergers and acquisitions, risk management, corporate governance, capital structure, and cash management. Candidates must have at least two years of work experience in finance-related fields, or in equivalent fields as defined by the AFP to take the computer examination.
A Career in Credit Accounting
In this field of accounting, professionals work to manage credit in ways that will improve revenue and reduce financial burden and risk.
Credit accountants manage access to credit by controlling and collecting payments from customers as well as internally limiting a company’s access to credit so as to keep the financially solvent.
Credit accountants assess risk, maintain cash flow by efficiently collecting money, balancing good and bad debt, set credit criteria, and initiate legal actions to recover money lost from organizations and individuals delinquent on debt payments to the organization.
Further Certifications
1
Certified Credit Executive
Abbreviation: CCE
Accrediting Organization
This executive-level designation credentials accountants capable of managing credit function at the executive level. Education, experience, and industry participation are standard requirements, as is a comprehensive examination over the areas of accounting, finance, management, domestic and international credit models, and law. Recertification is required every three years.
2
Credit Business Associate
Abbreviation: CBA
Accrediting Organization
This introductory academic designation demonstrates mastery over three credit-related disciplines of study: financial accounting, financial statement analysis and business credit principles. With two plans for completing coursework, this designation has no minimum work experience requirements, but does have a comprehensive examination.
3
Credit Business Fellow
Abbreviation: CBF
Accrediting Organization
This participation-based designation is for CBA accredited accountants who demonstrate knowledge in business law, financial statements, credit law, and risk assessment within the aforementioned categories. Passing a comprehensive examination is a requirement.
A Career in Government Accounting
In this field of accounting, professionals ensure that private companies maintain fiscal accountability to the public (the taxpayer) and comply with federal regulations and standards; for example, accountants in this field might review the records of governmental agencies or audit private companies concerning the provision of goods and services or the validity of publicly traded capital. Government accountants audit, set public standards for state and local governments, and create financial reports that are clear, reliable, and relevant to the public so as to keep private companies accountable to their constituents.
Government accountants audit, set public standards for state and local governments, and create financial reports that are clear, reliable, and relevant to the public so as to keep private companies accountable to their constituents.
Further Certifications
1
Certified Defense Financial Manager
Abbreviation: CDFM
Accrediting Organization
This specialization ensures that an accountant has extensive knowledge concerning competencies related to the Department of Defense and financial management. Requiring three comprehensive exams and ethics requirements, persons earning this certification must have 80 hours of continuing professional education every 24 months.
2
Certified Government Auditing Professional
Abbreviation: CGAP
Accrediting Organization
Designed to equip auditors working in the public sector with knowledge of fund accounting, legislative oversight, confidentiality rights, and grants, this certification requires a character reference and at least two years of auditing practice in a government setting.
3
Certified Government Financial Manager
Abbreviation: CGFM
Accrediting Organization
This certification assesses the knowledge and skills for individuals working in government positions—federal, state, and local. Candidates applying for this certification must meet the educational, ethical, and experiential requirements.
4
Certified Public Finance Officer
Abbreviation: CPFO
Accrediting Organization
Designed to assess the knowledge of individuals working in government finance, this certification requires five exams which cover government finance.
A Career in Information Technology Accounting
In this field of accounting, specialists help to integrate new technologies into an organization’s accounting process to help to streamline, update, and systematize accounting practices for digital consumption and use. Often working collaboratively with IT departments, these accountants ensure that equipment and software related to a company’s accounting practices run smoothly and perform accounting tasks efficiently with maximum attention to user-friendly performance and security.
Further Certifications
1
Certified Information Security Manager
Abbreviation: CISM
Accrediting Organization
For accountants with information security management experience and responsibility, this designation provides executive managers with practice and knowledge to be an effective security management consultant or adviser.
2
Certified Information Systems Auditor
Abbreviation: CISA
Accrediting Organization
With international acclaim, this credential signifies expertise in controls, security, and information systems auditing. This is the preferred designation for systems auditors from around the world and is considered a serious career advancement in the field of systems auditing.
3
Certified Information Technology Professional
Abbreviation: CITP
Accrediting Organization
This certification, held by an array of individuals in technology, academia, and business, is for candidates who demonstrate a broad range of technology skills to applied business solutions. To achieve this certification, individuals must complete 200 hours of technology education in a designated period of time.
A Career in Operations Management Accounting
This field of accountancy concerns the delivery of essential financial and non-financial administrative information to managers within a company. Accountants working in this field are in charge of preparing concise and accessible information concerning finances for employees who make strategic performance decisions for companies as well as assess risk by identifying and measuring the organization’s financial state against its objectives.
Further Certifications
1
Certified in Integrated Resource Management
Abbreviation: CIRM
Accrediting Organization
Designed to enhance collaboration among business functions including marketing and sales, human resources, product development, and finance, this certification includes five modules that must be completed. Modules cover enterprise concepts and fundamentals, identifying and creating demand, designing products and processes, delivering products and services, and integrated enterprise management.
2
Certified in Production and Inventory Management
Abbreviation: CPIM
Accrediting Organization
This certification is for accountants interested in production and inventory management, operations, supply chain management, procurement, materials management, and purchasing. This designation is primarily focused on manufacturing, providing a detailed understanding of scheduling, production planning, quality improvement, and forecasting. This certification is a precursor for more advanced certifications concerning management, production, and inventory.
3
Certified Supply Chain Professional
Abbreviation: CSCP
Accrediting Organization
For accountants interested in supply chain management, this designation offers a comprehensive and integrated examination of supply chain business theory and all those working with enterprise resource planning systems, from supplier to customer.
A Career in Payroll and Compensation Accounting
In this specialization of accountancy, employees engage in recording, organizing, and maintaining an organization’s employee compensation. Accountants working in this area keep track of gross wages, salaries, commissions, bonuses as well as attend to and help employees understand the federal income taxes, state/local taxes, Medicare taxes, and Social Security taxes removed from their paychecks.
Further Certifications
1
Certified Payroll Professional
Abbreviation: CPP
Accrediting Organization
With the successful completion of an examination covering payroll processes and systems, accounting, and compensation management and administration, this designation lasts for five years, which can be renewed by retaking the exam or through continuing education. This certification indicates mastery of all payroll-related practices and concepts.
2
Fundamental Payroll Certification
Abbreviation: FPC
Accrediting Organization
For accountants interested in receiving entry-level payroll positions, this designation demonstrates beginner competency in payroll practice. With the completion of an exam, this certification offers its recipient a basic understanding of the payroll industry, systems analysis, and payroll service. Recertification compliance comes from retaking the examination or completing approved continuing education hours.
A Career in Personal Financial Accounting
Personal finance accountants work with individual clients and families to help them manage wealth. A personal finance accountant helps people understand the ways money works, teaching them how to budget and save, generate wealth over time, and plan for future life circumstances that require substantial amounts of money, such as retirement or saving for college.
Further Certifications
1
Certified Financial Planner
Abbreviation: CFP
Accrediting Organization
Accountants earning this certification must meet rigorous professional standards and adhere to ethical and professional standards of responsibility in client interactions. After passing an exam, this certification must be renewed every two years.
2
Elder Care Specialist
Abbreviation: ECS
Accrediting Organization
This credential is for accountants who prepare clients for the financial challenges of retirement, estate and trust planning, and financial planning for seniors. Ideal candidates must demonstrate customer sensitivity and communication skills in dealing with the elderly, pass an examination with a 70% score, and complete relevant training.
3
Personal Finance Specialist
Abbreviation: PFS
Accrediting Organization
This accounting credential is awarded to individuals who blend together business insight with personal integrity through experience with one of the six financial planning disciplines (cash flow, risk management, investment, tax, retirement, and estate).
A Career in Public Accounting
In this specialization of accounting, employees serve clients like businesses, governments, non-profits, and individuals to provide audits of financial records, tax preparation, and consultation concerning the financial implications of large-scale monetary risks, like acquisitions and mergers. Typically, when people think of the accounting profession, this is the kind of employee they have in mind.
Further Certifications
1
Accredited Business Accountant
Abbreviation: ABA
Accrediting Organization
For accountants specializing business law and ethic, finance, reporting, and tax prep for midsize businesses and financial advisement for individuals and families, candidates for this certification must have at least three years of work experience and achieve at least a 70% on the ABA exam.
2
Accredited in Business Valuation
Abbreviation: ABV
Accrediting Organization
For accountants with comprehensive skills in business valuation services, this credential allows competent accountants with certifications in bank auditing, valuation analysis, or chartered financial analysis to advance after completing 75 hours of lifelong learning activity, an exam, and ten business valuation engagements.
3
Certified Public Accountant
Abbreviation: CPA
Accrediting Organization
This popular certification covers a broad spectrum of accounting practices including attestation and auditing, financial accounting and reporting, regulation, and business environment and concepts. Accountants can earn this certification by passing the Uniform CPA Examination and meeting the requirements of the state board where the accountant intends to practice.
4
Certified Valuation Analyst
Abbreviation: CVA
Accrediting Organization
Accountants with this certification perform business and intangible asset valuations. To achieve this certification, the candidate must have a valid CPA license, complete a two-part exam, submit six references (three business, three personal), and be a NACVA member in good standing as well as complete an extensive multi-day training.
A Career in Risk Management, Fraud, and Audit Accounting
In this field, accountants help clients examine business practices and assess the risk of such practices, investigate fraudulent financial practices, and independently audit the finances of institutions. People who work in this field help corporations and individuals minimize or eliminate risk in its myriad forms, including fraud, money laundering, and poor investing.
Further Certifications
1
Accredited Valuation Analyst
Abbreviation: AVA
Accrediting Organization
For accountants interested in performing intangible asset valuations for corporations, community consultation, and user service, this designation requires a Bachelor’s or Master’s degree in business administration from a nationally accredited college or university. Applicants must submit proof of substantive business valuation experience, letters of reference (both character and professional) and pass an examination.
2
Anti-Money Laundering Professional
Abbreviation: AMLP
Accrediting Organization
With a minimum of 10 years of experience required for grandfathering rights, or the completion of a proficiency exam for candidates with less than 10 years of experience, this designation is for those with interests in bank securities and anti-money laundering efforts. Three years of work experience and a bachelor’s degree from a nationally accredited college or university are requirements.
3
Certification in Control Self-Assessment
Abbreviation: CCSA
Accrediting Organization
Earned by successfully completing the CCSA exam, this specialty certification is for control self-assessment personnel who meet the eligibility requirements of training, facilitation experience, work experience, education, and character.
4
Certified Forensic Financial Analyst
Abbreviation: CFFA
Accrediting Organization
Specialists with this certification provide competent, professional forensic financial support service to legal communities. Candidates must have business valuation credentials, a master’s degree, and be serving as a practitioner member NACVA in good standing with extensive experience in litigation consultation. Candidates must complete a five-day training program and submit two legal references as well as pass a comprehensive exam.
5
Certified Fraud Examiner
Abbreviation: CFE
Accrediting Organization
This globally recognized certification offers a credential in fraud prevention, detection, and deterrence in the areas of financial transactions, legal elements of fraud, fraud investigation, criminology, and ethics.
6
Certified Internal Auditor
Abbreviation: CIA
Accrediting Organization
A truly international certification (offered in 17 languages in 95 countries), this designation for internal auditors has a four-part exam covering governance, risk and control, conducting an internal audit engagement, and business analysis, information technology, and business management. Candidate must meet requirements of character, education, and work experience.
7
Certified Risk Professional
Abbreviation: CRP
Accrediting Organization
For individuals who have a strong knowledge of risk identification, assessment, and management in the financial services industry, this credential offers a specialization in audit, treasury and AML, finance and accounting, and regulatory compliance. Candidates must meet criteria of education, experience, ethics, and examination.
A Career in Tax Accounting
Governed by the Internal Revenue Service (IRS), this branch of accounting focuses on tax management, preparation, and the rules that individuals or corporations must abide when filing taxes. These accountants manage financial records, prepare tax and return documents, as well as help people understand the implications of returns and allowances and other issue concerning tax law.
Further Certifications
1
Accredited Tax Advisor
Abbreviation: ATA
Accrediting Organization
For accountants who handle sophisticated tax planning issues such as business ownership, qualified retirement plans, and complex estates, this certification requires candidates to have five years of work experience in tax prep, compliance, planning, and consulting. Work experience ratios are available on the accrediting organization’s website.
2
Accredited Tax Preparer
Abbreviation: ATP
Accrediting Organization
This credential is given to individuals demonstrating extensive knowledge of the tax code and the preparation of individual, corporate, and partnership tax returns. Three years of tax prep experience are required. This designation can be obtained by receiving a passing exam score and the completion of 60 hours of qualifying educational experience. CPAs, state licensed accountants, enrolled agents, ATA credential holders, and attorneys with graduate degrees are pre-qualified to complete this credential.
3
Enrolled Agent
Abbreviation: EA
Accrediting Organization
Empowered by the U.S. Department of the Treasury, this advanced credential is for federally authorized tax practitioners with technical expertise in the field of taxation. Representing taxpayers at administrative levels of the IRS for audits, appeals, and collections, these agents receive this designation from the IRS by passing an exam and maintain the certification by continuing education courses.
Important Accounting Organizations
With so many specializations and career options, accountants have exciting opportunities for career engagement and growth, as well as access to many professional organizations that can aid them in their development in a variety of fields. Below are several organizations, both national and international, about which you should be familiar as you discern you way forward after you get your accounting degree.
Accountants Institute (AI)
Devoted to specialist accountants around the world, this awarding and qualification organization exists to provide support in a variety of accounting skill areas including corporate and project governance, management, and accountancy. With four grades of membership, AI serves accounting professionals at any career stage with a focus on developing commitments to quality certification delivery and ethical industry conduct.
AICPA Accounting Principles Board
As the world’s largest public interest member association in the field of accounting (with more than 412,000 members across 144 countries), the AICPA sets ethical standards for federal, state, and local governments, nonprofit organizations, and private companies as well as issue specialty credentials for personal financial planners, forensic accountants, business valuators, and information management and technology assurance industry. As the home of the APB, the AICPA provides accountants with training, professional skills, and industry information to guide accountancy careers. Members of this professional organization enjoy community, advocacy, professional development and guidance, news, and discounts from a variety of financial, technology, travel, and business services. With the payment of annual dues, working accountants can gain access to a comprehensive network of colleagues, research, publications and career services in a variety of interest areas including accounting education, valuation, taxation, management, global accountancy, and forensic accounting.
Association of Accounting Technicians (AAT)
This organization exists to provide educational support for those in the financial services industry, or those wishing to pursue a career in finance. Based in London, AAT provides distance learning opportunities, CV help, and career guidance support.
Federal Accounting Standards Advisory Board (FASAB)
The FASAB works to serve the public interest by setting federal reporting standards and providing transparent federal financial information, both internal and external. With a direct mission to support public accountability of the federal government through financial reporting, the AAT works to provide efficient assistance in accessing and interpreting financial statements as well as provide information concerning the economic, social, and political consequences of the allocation and use of federal resources that come from taxpayers.
Financial Accounting Standards Board (FASB)
Based in Connecticut, this organization is an independent, not-for-profit organization works in the private sector to establish financial accounting and reporting standards for several different kinds of organizations, including both public and private companies, as well as non-profit businesses. Recognized by the Securities and Exchange Commission (SEC) as an authority for standard setting over private companies, the FASB develops and implements accounting standards that encourage transparency and inclusivity. This organization also works with the Governmental Accounting Standards Board (GASB) to maintain continuity across the financial accountancy industry.
The Institute of Internal Auditors (IIA)
Working to equip auditors with professional resources, the IIA develops training, research, and standards guidance for the internal auditing industry. The IIA also offers a variety of certifications including, Certified Internal Auditor, Certified Government Auditing Professional, Certified Financial Services Auditor, Certification in Control Self-Assessment, Certification in Risk Management Assurance, Qualification in Internal Audit Leadership, and Certification for Environment, Health, and Safety Auditors.
The Institute of Management Accountants (IMA)
With over 70,000 professionals, the IMA provides certification for internal financial management careers including planning, budgeting, business reporting, decision analysis, and risk management. IMA exists to connect professionals for the purpose of strengthening professional ties, continuing education, and providing comprehensive resources for management accountants.
International Federation of Accountants
With a focus in developing professional networks and creating strong international economies, the IFAC is made up of over 175 member organizations from over 130 countries and jurisdictions. This international presence represents nearly 3 million accountants from a variety of fields including government service, industry, commerce, education, academia, and public practice. IFAC exists to support international standards of quality, promote and implement ethical standards and practices, build accountancy organizations, and speak out concerning public interest issues essential to building strong and sustainable organizations, financial markets, and economies.
International Financial Reporting Standards (IFRS)
The IFRS exists to create standards that bring transparency, accountability, and efficiency to global financial markets. As a not-for-profit, public interest group, the IFRS provides oversight to the accountancy industry.
Accounting Scholarships
Keeping up with college searching can feel a bit like herding cats, but we’d like to offer some tips and tricks to help streamline the process, keep you organized, and orient you to achieving your goal to get in! Follow these clichés when going through the process…
The early bird gets the worm.
Your great-granddad said it and so did your principal, first boss, and every other reputable authority you’ve ever known, and if it’s true for avian gatherers, it’s true for humans, too. Many of the scholarship deadlines tend to be several months before an approaching semester begins, so you will have to start your research and applications as early as possible. Prepping your applications can be time consuming and a bit tedious, so be sure to give time to complete the work with accuracy and excellence. Make a spreadsheet or use other organization tools to get a plan in place. Here is an example template to help you plan.
Take a good, hard look at yourself.
In the age of constant connectivity, social media, and instant information, one must be aware of image. Take some time to do a quick internet search of your name to see what profiles pop up, what images can be found, and what a person might come across if they go looking for you around the web. You want to present yourself to the world with a professional and reputable appearance, so be sure that you’re aware of your digital personae. Think of an internet search like a handshake or first encounter. Do your profiles and websites project the person who deserves money from an institution? Adjust your social media accounts’ privacy settings and be sure to keep a close eye on your media.
Be you.
The committees and teams who read the applications wade through thousands of them, so you can imagine how tedious such a thing must be, especially when applicants tend to write about typical successes, like building houses in a third world countries on service trips or winning the championship football game. Be sure to demonstrate that you’ve read through the university or scholarship fine points by personalizing cover letters and writing engaged essays that illustrate your creative ways of thinking, your unique personality, and your approaches to problem-solving. The upshot: Herald your grit and resourcefulness. Here’s a success story to inspire you.
Go the extra mile.
Many applications offer the opportunity for the applicant to do optional or “extra” material. If given the option, do it. Some optional materials, like letters of recommendation or supplementary creative essays, are helpful for the app readers making the decisions. This is also an opportunity for you to get a leg up on other applicants. Doing a little extra work will demonstrate that you’re hard-working—a worthy investment of the organization’s reward.
The devil is in the details.
Applying for colleges and scholarships is a bit like making a piece of prefab furniture: If you don’t follow the instructions exactly, you’ll just have a pile junk in the end. Similarly, if you don’t follow the application instructions closely, even if they seem silly (like signing documents in red ink only and other seemingly strange requests), you will be negated from the pool of submissions. The application process is a chance for you to demonstrate discipline and focus, as well as your ability to follow directions carefully. The readers of these applications see thousands of them and have to narrow down the pile to just a handful, so they’re often looking for easy disqualifications, like the appearance of non-compliance. Be sure to pay attention to the details. Take a look at all the bolds, underlines, and red text in an application like this one.
The Scholarships
If you’re interested in accounting, then you already understand the value of a dollar. Getting an accounting degree, whether in pursuit of an online accounting degree or a traditional degree from one of the top accounting schools, is a costly pursuit that will demand time, money, and focus. We can’t help with the time or focus part, but we can offer you some scholarship leads. Below is a list of scholarships for people pursuing accounting degrees, each including a brief description, requirements, and deadlines.
The A.A. and Hattie Mae Bush Accounting Scholarship
This scholarship provides financial support for graduating seniors in the Texas Panhandle who are majoring in accounting and have maintained a 2.5 cumulative GPA. Students must have attended one of the following universities in order to be eligible: Amarillo College, Texas Tech University, or West Texas A&M University. Applicants must complete full application which will be chosen by a screening committee.
¡Adelante! Fund MillerCoors Scholarships
With the mission of inspiring the brightest and the best Hispanic/Latino students, The ¡Adelante! U.S. Education Leadership Fund seeks to develop leaders through scholarships, internships, and training. This scholarship is for students of Latino heritage pursuing accounting and finance degrees, as well as several other business-related and engineering degrees. Junior/senior high school students must be headed to a Chicagoland-area or Colorado partnering school and maintain a 3.0 GPA.
Accounting and Financial Women's Alliance Scholarship from the American Society of Women Accountants (ASWA)
Organized in 1938, ASWA was founded by the American Women’s Society of Certified Public Accountants—a professional organization dedicated to career advancement for women in all accounting fields. With over 3,000 members, The Society has associates throughout the United States. Bellevue Chapter No. 159, located in Bellevue, Washington, was chartered in 1991 as an affiliate of the national organization of the ASWA. Eligible female applicants must be full or part-time students in the Puget Sound Region attending accredited colleges, universities, vocational or technical schools with a focus in accounting or finance or actively pursuing their CPA or CMA designations. All applicants must demonstrate a depth of knowledge in the accounting field, and academic success through an adequate GPA. A personal statement and commitment to the profession are also required.
African American Network / Carolinas Scholarship Fund
Duke Energy’s employee resource group, The African American Network (A3), has created this series of scholarships for graduating high school African American students in the Carolinas. Graduating seniors planning to major in engineering, computer science, the sciences, accounting, or business administration at a four-year college or university in North Carolina or South Carolina need apply.
AICPA Fellowships for Minority Doctoral Students
This scholarship works to help full-time accounting scholars of underrepresented minority groups become educators in the fields of accounting or finance, as well as increase the number of minority CPAs who serve as role models and mentors for young people. Minority students with an earned Master’s degree or no less than three years of relevant work experience who are beginning the process of Doctoral program should apply. Students should be prepared to submit relevant paper work, such as a résumé, an essay, letters of recommendation, and transcripts.
AICPA John L. Carey Scholarship
The John L. Carey Scholarship provides financial assistance to liberal arts and non-business degree holders who are pursuing both graduate studies in accounting and the CPA licensure. This award is funded by the AICPA Foundation and is intended to encourage students with little or no previous accounting education to consider professional accounting careers.
American Society of Women Accountants
The American Society of Women Accountants Scholarships are awarded to applicants majoring in accounting at an accredited two-year or four-year college, university, or professional school of accountancy in Southwest Missouri. The applicants should have completed the equivalent of at least Intermediate Financial Accounting I at the time of application and be in pursuit of a finance or accounting degree and have 3.0 GPA on a 4.0 scale. Each applicant must demonstrate leadership, character, communication skill, scholastic pursuit, and financial need. Scholarships for Associate Degrees and Bachelor’s Degrees are available.
Arizona CPA Foundation Scholarships
The Arizona CPA Foundation for Education and Innovation, working with the Arizona Society of CPAs, supports education programs that enhance distinction and innovation in the accounting profession. For these scholarships, students must provide a completed application, proof of legal residency in both the State of Arizona and the U.S., and proof of scholarship as a full-time student in the field of accountancy at an accredited college or university.
CalCPA Peninsula Silicon Valley Scholarship
The California Society of CPAs awards scholarships to undergraduate and graduate students based on geographic areas in California. Each chapter of CalCPAs has different scholarship requirements and deadlines, so students should monitor accordingly. However, all students must provide proof of scholarship and residency, as well as demonstrate academic excellence, communication skills, community involvement, and leadership abilities through the application. Regions include: Bakersfield, Central Coast, Channel Counties, East Bay, Fresno, Inland Empire, Los Angeles, Orange County/Long Beach, Peninsula Silicon Valley, Sacramento, San Diego, San Francisco, San Joaquin, and Silicon Valley San Jose.
Claude B. Hart Memorial Scholarship
The North Carolina-based Claude B. Hart Memorial Scholarship, established in 1994, provides “…scholarships to worthy graduating high school seniors from Elkin High School who intend to major in mathematics (accounting, computer science, business administration) and/or engineering (mechanical, civil, chemical, etc.) in college.” As a renewable scholarship, students at an accredited four-year college or university can apply these monies to tuition, fees, and room and board. Students must demonstrate academic and leadership promise, community engagement and service, financial need, and must be a citizen of the U.S.