Is Accounting a Good Major?

Accountants play an enormous role in organizations everywhere, helping them maintain their financial health and make informed business decisions. While technology has forever changed the profession, the future of accounting looks stable.

In 2022, more than 1.5 million people worked as accountants or auditors, and the Bureau of Labor Statistics (BLS) projects over 125,000 annual job openings between 2022 and 2032. As a major, accounting continues to attract new recruits — with over 46,000 accounting degrees conferred in 2020-2021, per the National Center for Education Statistics (NCES).

On this page, we examine where a degree in accounting can take your career.

There are a number of pros and cons to choosing any major. Here, we examine the advantages — and disadvantages — of pursuing accounting.

There are four types of accounting degrees — associate, bachelor’s, master’s, and doctorate. Those interested in accounting can also obtain a variety of credentials allowing them to become certified public accountants (CPAs), certified financial analysts (CFAs), certified internal auditors (CIAs), and more.

Certified licenses in accounting may help increase job opportunities and earning potential as most employers looking to bring on an accounting specialist will only hire someone who is licensed.

By obtaining a CPA certification, for example, a professional is telling their prospective employer that they have confirmed skills in taxation, auditing, regulatory compliance, and analysis.

As a degree program and area of study, accounting encompasses finance, economics, statistics, business, and general accounting principles.

Students who obtain accounting degrees develop a wide range of knowledge and skills, giving them a variety of career paths to choose from, including:

Though it may seem like becoming an accounting professional only allows you to work in one type of industry, there are a number of unique opportunities for accounting majors.

Some unexpected professionals who utilize accounting principles include fashion purchasing managers, film production managers, nonprofit development managers, and even private investigators.

Due to accountants’ financial knowledge and analytical skills, other unexpected career options could include real estate agent, fraud investigator, or consultant.

The cost of an accounting degree can vary depending on the type of institution a student chooses and the degree they pursue. According to NCES, during the 2021-2022 academic year, the average total cost of attendance at four-year undergraduate institutions was roughly $36,440.

At public institutions, average total costs were about $26,030, but at private nonprofit institutions, average total costs were $55,840 a year.

Tuition and fees also differ depending on if students choose to attend a four-year or two-year institution. Average total costs were the lowest for students who chose fully online programs.

According to a 2022 Georgetown Center on Education and the Workforce report, which analyzed business programs at more than 1,700 institutions, accounting degree holders at all levels have a higher-than-average annual income net of debt payment just two years after graduating.

For students who obtain an associate degree in accounting, average earnings net of debt two years after graduating totaled $31,200. For students at the highest degree level, annual earnings net of debt two years post-graduation was $52,800.

Graduates of Georgetown University’s bachelor’s program have the highest average annual earnings net of debt payments two years after graduating at $75,600.

For master’s degree-holders, earnings net of debt are highest for graduates of New York University at $73,200. For associate degree-holders, earnings are highest for graduates of Dakota County Technical College in Minnesota at $40,800.

Graduates of the top online master’s and bachelor’s programs in accounting can anticipate that their average earnings net of debt will fall between $45,600 and $64,800 two years after graduating.

When choosing an accounting degree program, you should think about things unique to you, such as how you learn and what you need to succeed in your studies. For example, deciding if you want a traditional classroom experience with regular interaction or a more accelerated and independent environment can help you choose between online and on-campus programs.

The study schedule you need can also help you choose the best delivery mode for you. Your professional goals can guide your decision as well. Ensure your program choice meets your expectations for courses, internships, and postgraduate certifications.

Talk with the admissions departments at your ideal schools to learn more about what they have to offer.

While changes in accounting technologies and processes may eliminate certain tasks, they shouldn’t affect the demand for these professionals. The BLS projects the addition of over 67,000 new accounting positions between 2022 and 2032 — plus more than 125,000 jobs turning over each year.

Changing technologies, markets, and regulations should create a greater demand for specialization and analysis in the field. Future graduates can anticipate these developments by pursuing education in financial analysis and advisory. They can also explore internships, mentorships, and professional associations and networks in these areas.

Note: The insights on this page — excluding school descriptions — were reviewed by an independent third party compensated for their time by BestColleges. Page last reviewed February 26, 2024.