"Mini-Guide" to Online Accounting Degrees

• "Accounting is known as the language of business. The major prepares you to gather, record, analyze, interpret, and communicate financial information about an individual’s or an organization’s performance and risks. You study such topics as financial statement preparation and analysis, risk assessment and control, management decision-making, tax preparation and planning, management of accounting information systems, auditing, and fraud."

- College Board Book of Majors, 2nd edition

• "To be successful in accounting, you’ll of course need a firm understanding of accounting procedures and solid analytical skills. Because the industry is becoming increasingly technological in nature, computer skills are a must. In addition, because you’ll most likely start your career in accounting as a junior member of a team, you should understand how to work effectively with others. Finally, be aware of recent trends that show accountants broadening their skill sets to include legal knowledge, sales abilities, and foreign-language skills."

- What Can You Do with a Major in Business? By Kate Shoup Welsh, Wiley Publishing, Inc., 2005

• "Accountants and auditors help to ensure that the Nation’s firms are run efficiently, its public records kept accurately, and its taxes paid properly and on time. They analyze and communicate financial information for various entities such as companies, individual clients, and government. Beyond carrying out the fundamental tasks of the occupation—preparing, analyzing, and verifying financial documents in order to provide information to clients—many accountants also offer budget analysis, financial and investment planning, information technology consulting, and limited legal services."

- Bureau of Labor Statistics

• "Accounting is the art of recording, summarizing, reporting, and analyzing financial transactions. An accounting system can be a simple, utilitarian check register, or, as with Microsoft Office Accounting, it can be a complete record of all the activities of a business, providing details of every aspect of the business, allowing the analysis of business trends, and providing insight into future prospects."

- Stan Snyder, CPA and expert bean counter, Microsoft Corporation

Think about an online accounting degree if:

• You enjoy working with numbers and solving computations.
• You are still deeply pained by the 2002 collapse of Houston-based energy giant Enron.
• You are naturally detail-oriented and meticulous about your work.
• You like problem-solving and analyzing information.
• You can work independently and also enjoy working within a team environment.
• You enjoy the process of learning.
• You are able to "see the big picture."
• You are skilled at working on projects that require focus and concentration.
• You know EBITDA is pronounced «ee-bit-dah» and stands for "earnings before interest, taxes, depreciation and amortization."
• You secretly wish your kids would use an abacus to do their math homework.
• You have good listening skills and are genuinely interested in acquiring general business knowledge.

If an online accounting degree isn't the right choice for you, here are related online degrees to consider:

• Business Administration:
  Strategically organize and lead effectively; learn how attitude, capital and resources connect and contribute to success and failure in the business environment.
  Online Business Administration Degrees | Online Business Administration Programs
• eBusiness and eCommerce:
  Learn how key information technology and business concepts intersect to facilitate commerce; learn how to grow a business by using electronic means for promoting, selling, distributing, and servicing.
  Online eBusiness and eCommerce Degrees | Online eBusiness and eCommerce Certificate Programs
• Economics:
  Explore the theories and principles dedicated to the understanding of what drives a market and how policies, laws, and other factors affect it.
  Online Economics Degrees | Online Economics Courses
• Finance:
  Understand the complexities of the domestic and global markets; learn how financial decisions are made and the ways that financial risk is managed.
  Online Finance Degrees |
  Online Finance Certificate Programs
• Marketing:
  Delve into a discipline that analyzes the anticipated the needs of consumers, how new business opportunities are discovered and product development.
  Online Marketing Degrees | Online Marketing Certificate Programs
• Project Management:
  Focus on the process of project management and how to optimize time, budget and resources while minimizing risk and other potential variables.
  Online Project Management Degrees | Online Project Management Certificate Programs

Many schools allow you to choose a specialization - a focused area of study within the online accounting degree.

• Accounting & Information Systems
  Learn to integrate information technology and accounting to expand and maintain financial accounting systems an organization or business.
• Banking
  Focusing on developing skills to build a career in personal banking, covering topics such as customer service, loans, and banking law.
• Financial Investigation
  Concentrate on accounting and financial analysis in order to detect fraud and to conduct financial investigations to follow financial crimes.
• Government & Nonprofit Accounting
  Focus on the specific issues of accounting for those working within nonprofit and governmental organizations, as opposed to individuals and for-profit businesses.
• Private Sector Accounting
  Learn about general accounting practices, laws, and regulations and specialize in the are of for-profit and private sector businesses.
• Taxation
  Specialize your studies to focus upon personal and corporate taxation and tax regulations dictating by state and federal governments.

While the exact curriculum will vary from school to school, here are some of the online courses you might take as an accounting major:

• Auditing
• Business Law
• Communication for Accountants
• Cost Accounting
• Federal Taxation
• Financial Analysis in Portfolio Management
• Financial Reporting in Corporate Environments
• Financial Statement Analysis
• Government and Nonprofit Accounting
• Information Systems Auditing
• Intermediate Financial Accounting
• Introduction to Basic Accounting Skills
• Leadership and Business
• Managerial Accounting
• Management and Supervisory Fundamentals
• Payroll Accounting and Payroll Tax Filing Requirements
• Personal Finance
• Principles of Economics
• Statistics for Business
• Taxation and Managerial Decision Making

When you have completed your online accounting degree, you will likely have gained many of the following skills and competencies:

• Ability to eventually sit for the Certified Public Accountants (CPA) examination
• Be equipped with the ability to use associated tools and apply industry relevant technology
• Develop strong written and oral communication skills
• Expand knowledge of domestic and international accounting issues
• Gain a working knowledge of business with a strong understanding of accounting
• Have the skills to excel in various environments, including businesses, nonprofit and governmental organizations
• Know and apply the appropriate accounting and business ethics and principles
• Learn to work successfully within a group environment
• Maintain the ability to continually develop skills and knowledge of the professional accounting field as laws and regulations change
• Prepare for entering the accounting profession or enter an advanced degree program in accounting
• Strengthen analytical, quantitative, and critical thinking skills

As a career-oriented major focusing on the collection, documentation, interpretation and communication of an organization’s financial performance, accounting degree holders are needed in all organizations and all industries, such as:

• Appraisal and brokerage firms
• Commercial, investment, mortgage, and savings banks
• Corporations
• Credit unions
• Federal agencies and departments including the Federal Bureau of Investigation (FBI), Internal Revenue Service (IRS), Department of the Treasury, Securities and Exchange Commission (SEC), etc.
• Foundations
• Hospitals
• Labor unions
• Not-for-profit organizations
• Private businesses and firms
• Public accounting firms
• Regulatory agencies including: Federal Reserve, FDIC, OCC, OTS, SEC
• Retail businesses
• Religious organizations
• Savings and loan associations
• Schools, colleges, and universities
• Social service agencies and organizations

According to the Bureau of Labor Statistics, "Accountants and auditors held about 1.3 million jobs in 2006. They worked throughout private industry and government, but 21 percent of wage and salary accountants worked for accounting, tax preparation, bookkeeping, and payroll services firms. Approximately 10 percent of accountants or auditors was self-employed."

"Employment of accountants and auditors is expected to grow by 18 percent between 2006 and 2016, which is faster than the average for all occupations. This occupation will have a very large number of new jobs arise, almost 226,000 over the projections decade. An increase in the number of businesses, changing financial laws, and corporate governance regulations, and increased accountability for protecting an organization’s stakeholders will drive growth."

- Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2008-09 Edition

Possible Job Titles for Associate's or Bachelor's Accounting Degree Holders/Entry Level Job Titles

Here is a sampling of jobs you for which you may be qualified with an accounting degree. Use this for inspiration, remembering that this many represents some, but certainly not all, of the careers can consider.

• Accounts Payable Specialist
• Accounting Clerk
• Billing Assistant
• Bookkeeper
• Cost Accountant
• Financial Analyst
• Internal Auditor
• Internal Control Analyst
• Junior Accountant
• Operations Analyst
• Staff Accountant
• Technical Accountant

Possible Job Titles for Advanced Accounting Degree Holders

• Assistant Controller
• Chief Financial Officer
• Comptroller
• Director of Benefits & Compensation Accounting
• Director of Budget & Reporting
• Finance Director
• Lead Auditor
• Senior Accountant
• Tax Manager
• Vice President of Finance