Is accounting a good major? A guide for aspiring accountants

If you’re considering a career in accounting, you might be asking yourself, “Is accounting a good major?” The answer is yes if you have a knack for numbers, enjoy problem-solving and want a stable job that pays well. Accounting is one of the most versatile degrees out there. It provides opportunities in many industries. Let's look at what studying accounting is all about, including classes and job options.

Why choose accounting as a major?

Accounting is often referred to as the “language of business.” Every organization, from small startups to Fortune 500 companies, relies on accountants to manage their finances, prepare taxes, and ensure compliance with regulations. Here are some reasons why accounting is a great major to consider:

• Steady job: There is always a need for skilled accountants even when the economy is struggling. Organizations always need accountants to manage their books, making accounting a stable career choice.
• Lots of job choices: Whether you want to work in public accounting, corporate finance, government or even start your own business, an accounting degree opens doors to a wide range of roles.
• Good money: Curious about how much accounting majors make? According to the U.S. Bureau of Labor Statistics, the median annual wage for accountants and auditors was $79,880 as of 2023, with higher earnings for those in specialized or leadership positions.

What can I do with an accounting major?

An accounting degree offers far more than just one career path. Here are ten popular careers for accounting majors and their potential salaries:

1. Certified Public Accountant (CPA): CPAs are highly sought after, handling everything from tax preparation to financial consulting. CPAs often earn between $70,000 and $120,000 annually, depending on experience.
2. Financial Analyst: These professionals assess financial data to help companies make investment decisions. Financial analysts typically earn $85,000 to $100,000 per year.
3. Auditor: Auditors ensure that financial statements are accurate and don’t break any regulations. Salaries range from $60,000 to $90,000.
4. Forensic Accountant: Specializing in investigating fraud and financial disputes, forensic accountants can earn $80,000 or more annually.
5. Management Accountant: These accountants focus on budgeting and internal financial reporting, with salaries ranging from $75,000 to $110,000.
6. Tax Specialist: Experts in tax laws and regulations, tax specialists often earn between $65,000 and $100,000.
7. Consultant for Major Accounting Firms in the US: Firms like Deloitte, PwC, Ernst & Young (EY), and KPMG are always looking for skilled accountants to join their teams. Entry-level salaries in these firms often start at $60,000–$70,000, with big-time potential to earn more.
8. Government Accountant: Working for public agencies, these professionals earn stable salaries ranging from $60,000 to $90,000.
9. Entrepreneurial Accountant: Start your own accounting practice, where your earnings depend on your clients and expertise.
10. Controller or Chief Financial Officer (CFO): With experience, accounting majors can climb the corporate ladder to top leadership roles, earning six-figure salaries or more.

These options illustrate the range of career opportunities for accounting majors, ensuring you’ll find a path that suits your interests and goals.

Accounting major classes: What to expect

As an accounting major, your coursework will cover a mix of technical and practical skills. Common classes include:

• Principles of Accounting: Introduction to financial and managerial accounting concepts.
• Taxation: Understanding tax laws and their application in personal and corporate scenarios.
• Auditing: Learning how to examine financial records for accuracy and compliance.
• Financial Accounting: Delving into the preparation of financial statements.
• Managerial Accounting: Focusing on internal business processes and decision-making.
• Business Law: Exploring legal concepts relevant to accounting and finance.
• Economics: A foundation in microeconomics and macroeconomics.
• Advanced Accounting: Tackling complex accounting topics like consolidations and mergers.

Most programs also emphasize essential skills such as communication and critical thinking, which are important in the workplace. At Central Michigan University’s Philip L. Kintzele School of Accounting there also is an emphasis on real-world experience. Through an internship or co-op, you will you see what the day-to-day life of an accountant looks like and meet people who can help you find your dream job.

Accounting vs. finance: Which major is right for you?

A common question is whether to major in accounting or finance. While both fields deal with money, they focus on different things:

• Accounting: Best for those who enjoy structure and detail. Accounting involves tracking and reporting financial information. Career paths often include CPA, auditor or tax specialist.
• Finance: Ideal for those interested in big-picture analysis. Finance focuses on managing assets and investments. Careers include financial analyst, investment banker or wealth manager.

If you’re unsure, consider your strengths and interests. Accounting is often seen as more specialized, while finance is more about investment and strategy.

How much do accounting majors make?

One of the biggest draws to an accounting degree is how much money you can make. Entry-level salaries for accounting graduates usually range from $50,000 to $65,000, depending on location and industry. With certifications like CPA or CMA (Certified Management Accountant), salaries grow even bigger. Senior accountants, managers and executives in accounting can earn six figures or more.

Should you pursue accounting as a major?

If you’re organized, analytical, and enjoy working with numbers, accounting could be a fantastic fit for you. Here are a few final considerations:

• Job market: Accounting has a strong job outlook, with the demand for accountants projected to grow in the coming years.
• Flexibility: You can work in virtually any industry, from healthcare to tech, as every business needs accounting expertise.
• Career growth: Certifications like CPA, CMA, or CFA can accelerate your career and earning potential.
• Work-life balance: While accounting roles can be demanding during tax season or year-end, many positions offer a healthy work-life balance.

Tips for Success in an accounting career

There are many things you can do to make the most out of an accounting career, including earning Certified Public Accountant (CPA) certification. A CPA is a highly trained professional who helps people and businesses manage their finances. CPAs are experts in areas like taxes, auditing and financial planning.

To become a CPA, you have to meet education and work experience requirements and pass a tough exam. Many people hire CPAs to help with filing taxes, preparing financial statements or plan for the future. If you're curious about how CPAs can help, you can learn more from the American Institute of Certified Public Accountants (AICPA) or by visiting your state board of accountancy.

Other things you can do to make the most out of a career in accounting include:

• Network: Attend career fairs, join accounting organizations, and connect with professionals in the field.
• Intern: Gain real-world experience by interning with major accounting firms in the US like Deloitte or KPMG.
• Stay Updated: Accounting regulations and technologies evolve, so continuous learning is essential.
• Consider Graduate School: A master’s degree or MBA can open doors to higher-level roles.

Deciding on an accounting school

The School of Accounting at Central Michigan University offers programs designed to prepare students for a wide range of accounting careers. Students can earn a degree accredited by the prestigious Association to Advance Collegiate Schools of Business (AACSB), a credential held by only a select few accounting programs. That's a big deal because it's something employers look for. 

CMU’s accounting program emphasizes hands-on learning, offering opportunities for internships with big companies and government agencies.

You will learn that accounting is more than just crunching numbers. It’s about problem-solving, strategic thinking and helping organizations succeed. With lots of job opportunities, good salary potential and the ability to work in any industry, accounting is a smart major to consider.