It depends on what you want to do with accounting.

If you want to become a CPA (like me) then you should do 4 years of accounting because I continue to hear the CPA exam is tough. Accountants make good money but you need the 4 years to make the big bucks.

You will need to check with the board in your state to see the requirements for the CPA exam. You won’t go wrong with a 4 year degree. You will have more opportunities.

Any job you can get with a high school diploma, you can get with a GED. It’s “high school equivalency” for a reason, because that’s exactly what it is. A couple of years ago, the argument over it in the educational system was basically put to rest by having a cross section of graduating high school seniors from all over the country actually take the GED test. The jobs that require a college degree don’t care if you have a diploma or a GED, as long as you have the college degree. Yes, you can got to college with a GED. Some will require you take the SAT or ACT if you haven’t already, and some have their own entrance exam for those who are entering the college system later in life. Each school has different requirements, but trust me, there are students in ivy league schools right now with GED’s. Having said all that, you should still stay in school, Why not work part-time at night and go to school during the day? Lots of people did that when I was in school.

Accountants

Training, Other Qualifications, and Advancement

Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field. Beginning accounting and auditing positions in the Federal Government, for example, usually require 4 years of college (including 24 semester hours in accounting or auditing) or an equivalent combination of education and experience. Some employers prefer applicants with a master’s degree in accounting, or with a master’s degree in business administration with a concentration in accounting.

Previous experience in accounting or auditing can help an applicant get a job. Many colleges offer students an opportunity to gain experience through summer or part-time internship programs conducted by public accounting or business firms. In addition, practical knowledge of computers and their applications in accounting and internal auditing is a great asset for jobseekers in the accounting field.

Professional recognition through certification or licensure provides a distinct advantage in the job market. CPAs are licensed by a State Board of Accountancy. The vast majority of States require CPA candidates to be college graduates, but a few States substitute a number of years of public accounting experience for a college degree.

As of early 2005, on the basis of recommendations made by the American Institute of Certified Public Accountants (AICPA), 42 States and the District of Columbia required CPA candidates to complete 150 semester hours of college coursework—an additional 30 hours beyond the usual 4-year bachelor’s degree. Another five States have adopted similar legislation that will become effective between 2006 and 2009. Colorado, Delaware, New Hampshire, and Vermont are the only States that do not require 150 semester hours. In response to this trend, many schools have altered their curricula accordingly, with most programs offering master’s degrees as part of the 150 hours, so prospective accounting majors should carefully research accounting curricula and the requirements of any States in which they hope to become licensed.

All States use the four-part Uniform CPA Examination prepared by the AICPA. The 2-day CPA examination is rigorous, and only about one-quarter of those who take it each year pass every part they attempt. Candidates are not required to pass all four parts at once, but most States require candidates to pass at least two parts for partial credit and to complete all four sections within a certain period. The CPA exam is now computerized and is offered quarterly at various testing centers throughout the United States. Most States also require applicants for a CPA certificate to have some accounting experience.

The AICPA also offers members with valid CPA certificates the option to receive any or all of the Accredited in Business Valuation (ABV), Certified Information Technology Professional (CITP), or Personal Financial Specialist (PFS) designations. CPA’s with these designations may claim a certain level of expertise in the nontraditional areas in which accountants are practicing ever more frequently. The ABV designation requires a written exam, as well as the completion of a minimum of 10 business valuation projects that demonstrate a candidate’s experience and competence. The CITP requires payment of a fee, a written statement of intent, and the achievement of a set number of points awarded for business experience and education. Those who do not meet the required number of points may substitute a written exam. Candidates for the PFS designation also must achieve a certain level of points, based on experience and education, and must pass a written exam and submit references.

Nearly all States require CPAs and other public accountants to complete a certain number of hours of continuing professional education before their licenses can be renewed. The professional associations representing accountants sponsor numerous courses, seminars, group study programs, and other forms of continuing education.

Accountants and auditors also can seek to obtain other forms of credentials from professional societies on a voluntary basis. Voluntary certification can attest to professional competence in a specialized field of accounting and auditing. It also can certify that a recognized level of professional competence has been achieved by accountants and auditors who have acquired some skills on the job, without the formal education or public accounting work experience needed to meet the rigorous standards required to take the CPA examination.

The Institute of Management Accountants (IMA) confers the Certified Management Accountant (CMA) designation upon applicants who complete a bachelor’s degree or who attain a minimum score or higher on specified graduate school entrance exams. Applicants, who must have worked at least 2 years in management accounting, also must pass a four-part examination, agree to meet continuing education requirements, and comply with standards of professional conduct. The CMA exam provides an in-depth measure of competence in areas such as financial statement analysis, working-capital policy, capital structure, valuation issues, and risk management. The CMA program is administered by the Institute of Certified Management Accountants, an affiliate of the IMA.

Graduates from accredited colleges and universities who have worked for 2 years as internal auditors and have passed a four-part examination may earn the Certified Internal Auditor (CIA) designation from the Institute of Internal Auditors (IIA). The IIA recently implemented three new specialty designations: Certification in Control Self-Assessment (CCSA), Certified Government Auditing Professional (CGAP), and Certified Financial Services Auditor (CFSA). Requirements are similar to those of the CIA. The Information Systems Audit and Control Association confers the Certified Information Systems Auditor (CISA) designation upon candidates who pass an examination and have 5 years of experience auditing information systems. Auditing or data-processing experience and a college education may be substituted for up to 2 years of work experience in this program. Accountants and auditors may hold multiple designations. For instance, an internal auditor might be a CPA, CIA, and CISA.

The Accreditation Council for Accountancy and Taxation, a satellite organization of the National Society of Public Accountants, confers four designations—Accredited Business Accountant (ABA), Accredited Tax Advisor (ATA), Accredited Tax Preparer (ATP) and Elder Care Specialist (ECS)—on accountants specializing in tax preparation for small and medium-sized businesses. Candidates for the ABA must pass an exam; candidates for the ATA, ATP, and ECS must complete the required coursework and pass an exam. Often, a practitioner will hold multiple licenses and designations.

The Association of Government Accountants grants the Certified Government Financial Manager (CGFM) designation for accountants, auditors, and other government financial personnel at the Federal, State, and local levels. Candidates must have a minimum of a bachelor’s degree, 24 hours of study in financial management, and 2 years’ experience in government and must pass a series of three exams. The exams cover topics in governmental environment; governmental accounting, financial reporting, and budgeting; and financial management and control.

Persons planning a career in accounting should have an aptitude for mathematics and be able to analyze, compare, and interpret facts and figures quickly. They must be able to clearly communicate the results of their work to clients and managers both verbally and in writing. Accountants and auditors must be good at working with people, as well as with business systems and computers. At a minimum, accountants should be familiar with basic accounting software packages. Because financial decisions are made on the basis of their statements and services, accountants and auditors should have high standards of integrity.

Capable accountants and auditors may advance rapidly; those having inadequate academic preparation may be assigned routine jobs and find promotion difficult. Many graduates of junior colleges or business or correspondence schools, as well as bookkeepers and accounting clerks who meet the education and experience requirements set by their employers, can obtain junior accounting positions and advance to positions with more responsibilities by demonstrating their accounting skills on the job.

Beginning public accountants usually start by assisting with work for several clients. They may advance to positions with more responsibility in 1 or 2 years and to senior positions within another few years. Those who excel may become supervisors, managers, or partners; open their own public accounting firm; or transfer to executive positions in management accounting or internal auditing in private firms.

Management accountants often start as cost accountants, junior internal auditors, or trainees for other accounting positions. As they rise through the organization, they may advance to accounting manager, chief cost accountant, budget director, or manager of internal auditing. Some become controllers, treasurers, financial vice presidents, chief financial officers, or corporation presidents. Many senior corporation executives have a background in accounting, internal auditing, or finance.

In general, public accountants, management accountants, and internal auditors have much occupational mobility. Practitioners often shift into management accounting or internal auditing from public accounting, or between internal auditing and management accounting. It is less common for accountants and auditors to move from either management accounting or internal auditing into public accounting.

Employment [About this section] Back to Top

Accountants and auditors held about 1.2 million jobs in 2004. They worked throughout private industry and government, but 1 out of 4 wage and salary accountants worked for accounting, tax preparation, bookkeeping, and payroll services firms. Approximately 1 out of 10 accountants or auditors was self-employed.

Many accountants and auditors are unlicensed management accountants, internal auditors, or government accountants and auditors; however, a large number are licensed CPAs. Most accountants and auditors work in urban areas, where public accounting firms and central or regional offices of businesses are concentrated.

Some individuals with backgrounds in accounting and auditing are full-time college and university faculty; others teach part time while working as self-employed accountants or as accountants for private industry or government.

Job Outlook

Employment of accountants and auditors is expected to grow faster than average for all occupations through the year 2014. An increase in the number of businesses, changing financial laws and regulations, and increased scrutiny of company finances will drive growth. In addition to openings resulting from growth, the need to replace accountants and auditors who retire or transfer to other occupations will produce numerous job openings in this large occupation.

As the economy grows, the number of business establishments will increase, requiring more accountants and auditors to set up books, prepare taxes, and provide management advice. As these businesses grow, the volume and complexity of information developed by accountants and auditors regarding costs, expenditures, and taxes will increase as well. An increased need for accountants and auditors will arise from changes in legislation related to taxes, financial reporting standards, business investments, mergers, and other financial events. The growth of international business also has led to more demand for accounting expertise and services related to international trade and accounting rules, as well as to international mergers and acquisitions. These trends should create more jobs for accountants and auditors.

As a result of accounting scandals at several large corporate companies, Congress passed legislation in an effort to curb corporate accounting fraud. This legislation requires public companies to maintain well-functioning internal controls to ensure the accuracy and reliability of their financial reporting. It also holds the company’s chief executive personally responsible for falsely reporting financial information.

These changes should lead to increased scrutiny of company finances and accounting procedures and should create opportunities for accountants and auditors, particularly CPAs, to audit financial records more thoroughly. In order to ensure that finances comply with the law before public accountants conduct audits, management accountants and internal auditors increasingly will be needed to discover and eliminate fraud. Also, in an effort to make government agencies more efficient and accountable, demand for government accountants should increase.

Increased awareness of financial crimes such as embezzlement, bribery, and securities fraud will increase the demand for forensic accountants, to detect illegal financial activity by individuals, companies, and organized crime rings. Computer technology has made these crimes easier to commit, and they are on the rise. At the same time, the development of new computer software and electronic surveillance technology has made tracking down financial criminals easier, thus increasing the ease with which, and likelihood that, forensic accountants will discover their crimes. As success rates of investigations grow, demand also will grow for forensic accountants.

The changing role of accountants and auditors also will spur job growth, although this growth will be limited as a result of financial scandals. In response to demand, some accountants were offering more financial management and consulting services as they assumed a greater advisory role and developed more sophisticated accounting systems. Because Federal legislation now prohibits accountants from providing nontraditional services to clients whose books they audit, opportunities for accountants to offer such services could be limited. However, accountants will still be able to advise on other financial matters for clients that are not publicly traded companies and for nonaudit clients, but growth in these areas will be slower than in the past. Also, due to the increasing popularity of tax preparation firms and computer software, accountants will shift away from tax preparation. As computer programs continue to simplify some accounting-related tasks, clerical staff will increasingly handle many routine calculations.

Overall, job opportunities for accountants and auditors should be favorable. After most States instituted the 150-hour rule for CPAs, enrollment in accounting programs declined; however, enrollment is slowly beginning to grow again as more students become attracted to the profession because of the attention from the accounting scandals. Those who earn a CPA should have excellent job prospects. However, many accounting graduates are instead pursuing other certifications, such as the CMA and CIA, so job prospects may not be as favorable in management accounting and internal auditing as in public accounting. Regardless of specialty, accountants and auditors who have earned professional recognition through certification or licensure should have the best job prospects. Applicants with a master’s degree in accounting, or a master’s degree in business administration with a concentration in accounting, also will have an advantage. In the aftermath of the accounting scandals, professional certification is even more important in order to ensure that accountants’ credentials and ethics are sound.

Proficiency in accounting and auditing computer software, or expertise in specialized areas such as international business, specific industries, or current legislation, may be helpful in landing certain accounting and auditing jobs. In addition, employers increasingly are seeking applicants with strong interpersonal and communication skills. Because many accountants work on teams with others from different backgrounds, they must be able to communicate accounting and financial information clearly and concisely. Regardless of one’s qualifications, however, competition will remain keen for the most prestigious jobs in major accounting and business firms.