Affordable Accounting & Finance Degrees

An associate’s degree is a two-year degree focused on preparing you for entry-level work in finance or accounting (e.g. billing and posting clerk, loan officer, bank teller, bookkeeper, etc.). Since job opportunities are limited with this degree, many students use it as a stepping stone to a bachelor’s degree.

For finance or accounting, you could consider an:

• Associate of Arts (AA)
• Associate of Science (AS)
• Associate of Applied Science (AAS)

The AA and AS are the usual choices for students who are planning to complete a bachelor’s degree. The AAS provides practical training for students who wish to go straight into the workforce on graduation.

A bachelor’s degree is a four-year degree and the minimum qualification for many finance/accounting jobs. If you wish to major in accounting or finance, you could consider a:

• Bachelor of Science (BS): May include science/technical classes (e.g. mathematics).
• Bachelor of Arts (BA): May include humanities classes (e.g. foreign language).
• Bachelor of Business Administration (BBA): May include courses on business and management.
• Bachelor of Science in Business Administration (BSBA): May include math and analytic courses.
• Dual BS/MS Degree: See below.

Regardless of the name, all of these degrees will include a large number of accounting or finance courses. Look for programs that ground you in fundamental concepts (e.g. principles of finance, accounting, business law, ethics, etc.), train you for the CPA (if required) and provide you with internships and real-world job opportunities.

To build a network of contacts, you could also consider joining:

• A chapter of Beta Alpha Psi
• Independent organizations like the American Institute of Certified Public Accountants and the Institute of Management Accountants

The Dual BS/MS Degree, a.k.a. the CPA Track, is intended to prepare you for CPA licensure. It fulfills the 150 credit hours required by most State Accountancy Boards and includes training for the CPA Exam.

The majority of BS/MS degrees take five years to complete (4 years for the Bachelor of Science in Accounting; 1 year for the Master of Science in Accounting). When you’re looking at a dual degree, don’t be afraid to ask schools for their most recent CPA pass rates.

A master’s degree is a 1-2 year degree concerned with advanced level skills. Finance and accounting professionals use it to gain CPA credits, improve their job prospects/salary range, transition from another field or simply learn more. You must have a bachelor’s degree to apply for a master’s.

Common master’s degrees include:

• Master of Accountancy (MAcc): Focuses on advanced accounting skills and theory. A common choice for professionals earning CPA credits.
• Master of Science (MS) in Accounting: Similar to the MAcc.
• Master of Finance (MFin): Leans towards preparing graduates for technical roles. May include courses on the theory and practice of finance (e.g. financial economics, financial engineering, computational methods, etc.).
• Master of Science in Finance (MSF): Leans towards preparing graduates for financial management or investment banking and management positions. May include courses on managerial finance, corporate finance and investment analysis.
• Master of Business Administration (MBA): Focuses on practical business matters. A common choice for professionals interested in executive or management positions.

Most of these degrees will have specific finance or accounting prerequisites, so check the school’s website or talk to the program coordinator if you have a bachelor’s degree from a non-financial field.

A doctorate is a 4-6 year degree that qualifies graduates to teach at universities and/or conduct high-level research work.

There are two major types of finance and accounting doctoral degrees:

• Doctor of Business Administration (DBA): Often targeted towards working professionals with an MBA who wish to explore a business problem/idea on a part-time basis.
• Doctor of Philosophy (PhD): Often targeted towards younger graduates who can afford to study a new theory/idea full-time and ultimately want to teach at the university level.

To make it easier on students who are working, DBAs are frequently offered in hybrid or online formats.

Accounting and finance certificate programs come in two flavors:

• Undergraduate Certificate: 18 to 24 credit hours (1 year)
• Graduate Certificate: 15 to 30 credit hours (6 months – 1 year)

Undergraduate certificates are targeted towards students or professionals who would like to:

• Get their “feet wet” in finance or accounting
• Build on their existing skill base
• Enhance an existing degree

Graduate certificates are intended for those who hold a bachelor’s degree in the relevant field. These professionals may wish to:

• Earn extra credit hours in order to be eligible for the CPA Exam
• Gain advanced training in a particular field (e.g. certified tax preparation, financial markets, etc.)
• Add to their master’s qualification

A good accounting or finance program will have regional accreditation from one of six accrediting organizations. State schools, Ivy League and public/private universities hold regional accreditation. National accreditation usually applies to for-profit schools with vocational, career and technical programs.

You may find an online program without regional accreditation that you really like, but it could be hard for you to transfer credits or apply for certain jobs. You can learn more about regional accreditation and the danger of “diploma mills” in our article on Accreditation: Understanding the Difference Between Real Schools and Diploma Mills.

The American Association to Advance Collegiate Schools of Business (AACSB) is the gold standard accreditation for business schools/programs. It’s not mandatory for universities to have this accreditation, but it does signal that they’re serious about education. You’ll see it listed beside all the top business schools.

AACSB has two major accreditations that relate to finance and accounting degrees:

• AACSB Business Accreditation
• AACSB Accounting Accreditation

Schools are generally required to have the AACSB Business Accreditation before they apply for AACSB Accounting (alternatively, they can apply for both at the same time). If you’re interested in an accounting program, be sure that the accreditation is for AACSB Accounting.

Here’s what else you should know about AACSB:

• In some states, you must earn your credit hours from an AACSB-accredited program to be eligible to take the CPA exam.
• AACSB accreditation may make it easier for you to transfer credits to another university.
• If you’re hoping to teach at the university level sometime in the future, opt for an AACSB-accredited program.
• Some online programs are not yet AACSB-accredited.

Other recognized accreditations for business programs include:

• The Association of Collegiate Business Schools and Programs (ACBSP): Search for ACBSP-accredited programs.
• The International Assembly for Collegiate Business Education (IACBE): View a directory of IACBE-accredited programs.
• Global Academy of Finance and Management (GAFM): View all accredited GAFM certifications.

In lieu of AACSB, some online programs have earned accreditation from ACBSP or IACBE.

U.S. Certified Public Accountant (CPA) licenses are issued by your State Accountancy Board. (View a list of State Accountancy Boards.)

In most states, you must:

• Sit and pass the CPA exam
• Complete 1-2 years of relevant work experience supervised and verified by a U.S. CPA (some State Accountancy Boards will also accept Chartered Accountants)
• Pass a special exam on ethics

To maintain your licensure, you will be required to take a variety of continuing education courses (CPE). For CPE, states often require an average of 40 credit hours per year.

The Uniform CPA Exam qualifies you to work as a U.S. Certified Public Accountant. It is developed by the American Institute of CPAs (AICPA) and administered by the National Association of State Boards of Accountancy (NASBA).

The CPA Exam is approximately 14 hours long and consists of 4 sections:

1. Auditing & Attestation
2. Financial Accounting and Reporting
3. Regulation
4. Business Environment and Concepts

Each section is composed of a variety of multiple choice questions, task-based simulations and written communication tasks.

The CPA is notoriously challenging. The AICPA publishes its passing rates on an annual basis; typically, fewer than 1/2 of entrants pass the full exam. Passing rates are generally higher for recent graduates. You can also apply for re-examination if you fail the first time round.

To apply to take the exam for certification, you must have completed 150 credit hours at an accredited institution that has been approved by your State Accountancy Board. (View a list of State Accountancy Boards.)

In real terms, this means many CPA candidates hold one of the following:

• Bachelor’s and master’s degree in accounting
• Bachelor’s degree and a graduate certificate in accounting
• Dual BS/MS degree (CPA Track)

You can take the exam if you have fewer than 150 credit hours, but you will not be eligible for certification/licensure.

As the NASBA points out, there are few reasons to go through the pain of the CPA Exam:

• Money: A CPA license can mean you’re paid 5-10% more than your peers
• Job Opportunities: Even as a young CPA, you’ll have plenty of options in the public and private sector
• Career Advancement: CPAs are often first choice for leadership and management positions
• Job Security: As more and more CPA Baby Boomers retire, the demand for qualified accountants increases

Before you decide on a program, ask to see your school’s pass rate on the CPA Exams for the past three years. You can also find this information in the NASBA’s annual edition of The Uniform CPA Examination Candidate Performance Book.

A strong program will have:

• High % of students who pass all sections
• High % of students who pass individual sections
• Low % of students who don’t pass any section

Don’t be fooled by universities that quote statistics from a decade ago. You want to see high pass rates from the last few years.

CMA is offered by the Institute of Management Accountants (IMA). It’s a credential for management accountants & financial professionals.

Common job titles for CMA holders include: Staff Accountant, Cost Accountant, Internal Auditor, Budget Analyst, Financial Analyst, Senior Accountant, Finance Manager, Controller, Vice President, Finance Treasurer, CFO, and CEO.

To earn the CMA, you must:

• Meet the Education Requirements: You must have a bachelor’s degree or professional accounting certification, but you do not need to have the 150 credits & accounting undergraduate coursework required for the CPA (see above). You can take the CMA exam while you’re an undergraduate, but you will need to submit verification of your degree within seven years of passing the exam.
• Have 2 Years of Relevant Work Experience: You must submit evidence of work in management accounting & financial management (e.g. preparation of financial statements, financial planning & analysis, auditing, budget preparation, forecasting, company investment decision-making, etc.).
• Pass a Rigorous CMA Exam (50% Pass Rate Globally): The exam is in 2 parts and covers 11 competencies. Part One deals with Financial Reporting, Planning, Performance, and Control; Part Two will test you on Financial Decision Making. IMA recommends that you spend 150-170 hours of study per part. On average, it takes 12-18 months to complete both parts.
• Earn Continuing Professional Education (CPE) Credits: You must earn 30 CPEs per year, including 2 hours of ethics.
• Maintain IMA Membership

Confused about the difference between the CPA and CMA?

• CMAs are expected to use their financial training to make key business & investment decisions. If you look at Part Two of the exam, you’ll see that IMA is testing candidates on their skills in corporate finance, decision analysis, risk management, etc. You’ll find many CMAs in private companies.
• CPAs typically spend lots of time in public accounting roles—conducting audits, preparing income taxes, and working on financial reports. CPA certification may also be required to teach accounting at the university-level.

Talk to your mentors before you make a decision. The CPA is the most recognized industry certification, but it requires more education credentials and takes more time to complete the exam. As you might expect, professionals who hold a CMA or CPA earn more than their non-credentialed peers; those who have both certifications have the highest earnings of all.

CFP is offered by the Certified Financial Planner Board of Standards, Inc. (CFP Board). CFP professionals help clients in areas such as retirement planning, investment planning, tax planning, estate planning, financial risk management, and the like.

Common job titles for CFP holders include: Financial Planner, Financial Advisor, Wealth Planner, Financial Analyst, Financial Consultant, Estate Planning Specialist, etc.

To earn the CFP, you must:

• Meet the Education Requirements: As a baseline, you must have an accredited bachelor’s degree (or the equivalent). The CFP Board also requires that all candidates complete undergraduate coursework in major financial planning topics—the equivalent of 18 semester credit hours (e.g. 6 courses). CFP Board accepts equivalent experience through its Challenge Status or Transcript Review. Most candidates must also complete a financial plan development (capstone) course registered with CFP Board.
• Fulfill Work Experience Requirements: The CFP Board wants to see 6,000 hours of experience (~3 years) through the Standard Pathway, or 4,000 hours of experience (~2 years) through the Apprenticeship Pathway. Apprentices work under the supervision of licensed CFP.
• Pass the CFP Certification Exam: This is a challenging, multiple choice exam consisting of 170 questions. In 2017, the overall pass rate was 64%; the pass rate for first-time exam takers was ~69%.
• Agree to Adhere to High Standards of Ethics & Practice: The CFP Board has detailed Standards of Professional Conduct. It conducts a detailed background check on all candidates, including a review of any disclosures made on the CFP Certification Application.
• Complete Continuing Education (CE) Credits: The CE requirement is 30 CE credits every two years, including 28 hours in accepted financial planning content areas and 2 hours in ethics.
• Pay an Annual Certification Fee

If you’re looking for a pay bump or better job opportunities, the CFP is probably worth considering—financial planners usually report an increase in annual gross earnings after certification. The CFP Board posts facts & figures about its professional community on its website.

CFA is offered by the Chartered Financial Analyst (CFA) Institute. Chartered financial analysts tend to be heavily involved in corporate financial analysis and the management of large sums of money.

Common job titles for CFA holders include: Financial Advisor, Portfolio Manager, Risk Analyst/Manager, Corporate Financial Analyst, Investment Banking Analyst, Trader, etc.

To become a CFA Charterholder, you must:

• Meet the Education Requirements: You must have a bachelor’s degree (or the equivalent) or be in the final year of your undergraduate program. You will have to complete your bachelor’s degree before you can take the Level II exam.
• Fulfill 
Work Experience Requirements: The CFA Institute wants to see 4 years of professional work experience (it does not have to be investment-related), or
 a combination of work experience and education totaling 4 years. Part-time positions do not qualify.
• Pass 3 Exams (Level I, II & III): Level I covers Ethics & Professional Standards. Level II covers Investment Tools (e.g. quantitative methods, financial reporting & analysis, etc.) and Asset Classes (e.g. equity investments, fixed income, derivatives, etc.). Level III covers Portfolio Management & Wealth Planning. The CFA Institute recommends 300+ hours of study per level.
• Meet Professional Conduct Criteria: All CFA candidates are required to follow the CFA Institute’s Code of Ethics and Standards of Professional Conduct. You’ll be expected to disclose any matters relating to your professional conduct (e.g. complaints, litigation, arbitration, etc.) in your application.
• Maintain Regular Memberships with the CFA Institute

Wondering whether to opt for the CFP or the CFA? The CFP is primarily focused on financial planning—it’s useful for financial advisor positions, but it doesn’t really extend into the corporate realms of trading, investment banking, and private equity. For those fields, consider the CFA instead.

CIA is offered by the Institute of Internal Auditors (IIA). Internal auditors monitor an organization’s risk management, governance, and internal control processes. They often evaluate business operations, verify & protect physical assets, investigate internal fraud, check procedures for compliance, and recommend improvements.

Common job titles include: Audit Manager, Risk Manager, Chief Audit Executive, etc.

To become a CIA, you must:

• Meet the Education Requirements: You must have an associate’s degree (or higher). Common equivalents are a Foundation Degree, Diploma of Higher Education, or Higher National Diploma. Exemptions are available for ACCA members and CPA active license holders.
• Submit a Character Reference: This should be signed by a professional holding a CIA, CGAP, CCSA, CFSA, or CRMA certification or your supervisor.
• Fulfill Work Experience Requirements: This will depend on your level of education. If you hold a master’s degree, you should have 12 months of internal auditing experience (or the equivalent). If you hold a bachelor’s degree, you should have 24 months. If you only hold an associate’s degree, you will need to have 60 months. Exemptions are available for ACCA members.
• Abide by a Code of Ethics: All CIA candidates must agree to abide by IIA’s Code of Ethics.
• Pass the CIA Exam: The exam syllabus consists of three parts. Part 1 is Internal Audit Basics (125 questions; 2.5 hours); Part 2 is Internal Audit Practice (100 questions; 2 hours); Part 3 is Internal Audit Knowledge Elements (100 questions; 2 hours).
• Complete Continuing Professional Education (CPE) Credits: CPE requirements are listed on IIA’s website. CIA certificate holders are required to self-certify each year.

Want to dive deeper into the auditing field? IIA also administers specialist certifications such as Certified Financial Services Auditor (CFSA), Certified Government Auditing Professional (CGAP), and Certification in Risk Management Assurance (CRMA).

CGFM is offered by the Association of Government Accountants (AGA). CGFMs have advanced skills in governmental accounting, auditing, financial reporting, internal controls and budgeting at the federal, state and local levels.

Common job titles for CGFM holders include: Budget Analyst/Director, Auditing Manager, Finance Manager/Director, Accounting Manager, CFO, etc.

To become a CGFM, you must:

• Meet the Education Requirements: Candidates are expected to have an accredited bachelor’s degree (in any discipline). You are allowed to take the exam in your last year of undergraduate studies. However, proof of your degree and work experience will be required before full CGFM certification is granted.
• Fulfill the Work Experience Requirements: AGA wants to see two years of professional-level work experience in government financial management (e.g. accounting). This can be through employment at a federal, state, local or tribal government entity or outside work for the government. AGA has a long list of acceptable work experiences.
• Pass 3 Exams: Each exam consists of 115 questions; each exam takes 2 1/4 hours to complete. Exam 1 covers The Governmental Environment. Exam 2 covers Governmental Accounting, Financial Reporting and Budgeting. Exam 3 covers Governmental Financial Management and Control.
• Abide by AGA’s Code of Ethics: Read the Code of Ethics in full.
• Maintain Certification: CGFM holders are expected to complete at least 80 hours of Continuing Professional Education (CPE) credits every two years in government financial management topics (or related technical subjects) and pay an annual CGFM renewal fee by the due date every year.

CFE is offered by the Association of Certified Fraud Examiners (ACFE). CFEs have an intimate knowledge of financial transactions & fraud schemes, fraud prevention & deterrence, and criminal & civil investigations. They work for private companies (e.g. banks & financial institutions, law & accounting firms, etc.) and government bodies such as the FBI, SEC, IRS, and the U.S. Department of Defense.

Common job titles include: External/Internal Auditor, Forensic Accountant, Audit Specialist/Consultant, Fraud Analyst/Investigator/Examiner, Information Systems Auditor, Private/Legal Investigator, Director of Loss Prevention, etc.

To become a CFE, you must:

• Become a Member of the ACFE: You cannot take the exam until you are an Associate member in good standing.
• Meet Academic and Professional Requirements: This is based on a point system that awards credit for education, professional affiliations, and experience. Generally speaking, candidates should have a bachelor’s degree and a minimum of two years professional experience, but ACFE will award points for other efforts. See points criteria.
• Pass the CFE Exam: The exam contains 4 sections: Fraud Prevention and Deterrence, Financial Transactions and Fraud Schemes, Investigations, and Law. Each question has a time limit of 75 seconds, and each section takes approximately 2 hours and 5 minutes to complete.
• Maintain Certification: CFEs must earn at least 20 hours of Continuing Professional Education (CPE) credits every year. CFEs are also required to follow the ACFE Code of Professional Ethics and the ACFE Code of Professional Standards.

CFE certification is helpful if you’re going to be involved in legal proceedings & courtroom cases or internal fraud investigations (e.g. banks & creditors). If your first love is auditing, have a look at the CIA.

CFF is offered by the American Institute of CPAs (AICPA), the same body that administers the CPA credential. It’s a qualification for CPAs who wish to specialize in forensic accounting—think fraud, insurance claims, corporate investigations, bankruptcy, insolvency, money laundering, and more.

CFF professionals share many of the same job titles as CFEs: Forensic Accountant, Fraud Examiner, Forensic Auditor, Investigative Auditor, etc.

To become a CFF, you must:

• Be a CPA: You cannot take the CFF exam until you hold a valid and unrevoked CPA license or certificate.
• Have 1,000 Hours of Business Experience: Candidates are expected to have a minimum of 1,000 hours of work experience in forensic accounting within a 5-year period preceding the date of the application.
• Complete 75 Hours of Continuing Professional Development (CPD) Credits: CPDs must be in forensic accounting. You’ll be expected to obtain them within a 5-year period preceding the date of the application.
• Pass the CFF Exam: The exam consists of multiple choice questions and case studies and takes 4 hours to complete. Topics cover all aspects of forensic accounting & knowledge (e.g. laws, courts, investigations, expert reports, special issues, digital forensics, etc.).
• Maintain AICPA Membership

Trying to decide between the CFE and the CFF? Both are standard certifications for fraud examiners and are often regarded as “add on” credentials to the CPA. The CFE tends to place more of an emphasis on anti-fraud & prevention measures; the CFF is devoted to forensics.

Not ready to earn a CPA? The CFE (on its own) may be relevant if you work in insurance fraud, loss prevention, or an anti-money laundering compliance department.