The term “Morganization” was coined after the popular monopoly techniques used by JP Morgan. He was one of the most powerful financiers in the early twentieth century, and helped fund leading corporations such as the US Steel and General Electric. Many young finance entrepreneurs, accountants, and brokers look up to Morgan’s legacy. His expertise and infamous skills in finance made history.
“Go as far as you can see; when you get there, you’ll be able to see farther” – JP Morgan
- Why Accounting?
- Online Accounting Schools
- Benefits of Online Learning
- Associate degree in Accounting
- Bachelor’s Degree in Accounting
- Master’s in Accounting
- Learning Outcomes
- Career Prospects
Accounting has always been a popular academic major, with many accountants working in leading government sectors, Wall Street, and multinationals. For those who don’t know the meaning of accounting, it can be described as the processing, measurement, and communication of financial information. Accounting is an important function of every business organization. The field offers many challenging career opportunities. But not everyone is cut out to be an accountant. You will need to be detail-oriented, communicate well, function well under stress, follow rules, and demonstrate strong numeracy skills.
Online Accounting Schools
After getting a high school diploma, and deciding to prepare for a career in accounting, the next step is to enroll in an accounting school. You can choose from an associate, bachelor’s, master’s and doctorate degree programs in accounting. Since the growth of distance learning, a number of online accounting programs are being offered by many online and traditional colleges. If you are looking for a flexible, cost-efficient, and convenient mode of learning, consider enrolling in an online accounting college.
Benefits of Online Learning
If you enroll in an online school for accounting, you don’t have to worry about going to class every day. All you need is a computer and an internet connection to study. The coursework is covered through videos, tutorials, and classroom conferences. This mode of learning is flexible and suitable for working individuals.
Associate degree in Accounting
This is an undergraduate two-year program that is designed to provide students with a well-rounded education and general knowledge of accounting. Students can qualify for entry-level or assistant-level jobs in accounting with an associate degree.
Students enrolled in the program develop strong foundational knowledge and learn about the use of accounting principles in modern-day firms. After theoretical learning, the focus shifts towards practical applications. Students will participate in case studies, research, and other assignments that will help in skill-building. Here are some of the courses studied in the program:
- Introduction to AccountingThis course will cover the fundamental concepts of accounting. Topics such as the following are covered: bookkeeping cycle, method of recording transactions, and preparing financial statements.
- Introduction to Business This course is designed to provide students with an overview of business concepts and theories. Students will be introduced to topics such as business ownership, management, finance, marketing, and technology.
- Personal Finance In this course, students will learn how to manage their budget, insurance savings, retirement planning, estate planning, etc.
Bachelor’s Degree in Accounting
The bachelor’s degree in accounting is a comprehensive four year undergraduate program. The program focuses on the accounting profession and aims at equipping students with skills needed for an accounting career.
Students will learn about key accounting concepts, different methods of recording financial information, technology, and management. The curriculum will focus on a specific aspect of the accounting field. Here are some of the courses studied in the program:
- Accounting Information Systems This course will introduce students to the use of technology in accounting. Students will acquire familiarity with different information systems, networks, decision support systems, and management principles.
- Principles of Accounting Students studying this course will learn about the concepts of accounting and their application in the firms. Topics such as the following are covered: investments, statement of cash flows, financial statement analysis, and liabilities.
- Finance for Business This course will introduce students to financial aspects of businesses. Students will learn how to make financial decisions by analyzing different factors such as financial tools, markets, capital management, budget management, and consumer behavior.
Master’s in Accounting
The master’s degree in accounting is designed for students preparing for advanced accounting positions. It typically takes two years to complete the program. The program emphasizes on advanced areas of accounting and auditing standards. Students will cover different topics throughout the duration of the program. Alongside theoretical learning, students will also gain hands on experience through research, case studying, and practical learning. Here are some of the courses studied in the program:
- Advanced Financial Reporting This course teaches students about the application of accounting principles in business settings. Topics such as business combinations, partnerships, foreign currency, and financial statements are covered.
- Auditing This course will cover the basic concepts and philosophy of auditing. Students will cover topics such as auditing standards, risk assessment, evidential matter, management fraud, and internal control.
- Strategic Cost Management This course teaches students about the role of financial information used in strategic decision-making. Students will learn about value chains, strategic positioning, life cycle costing, and quality cost management.
- Fundamentals of Taxation Taxation is an important part of finance. Students studying this course will learn how to calculate tax returns, apply tax rates, and manage corporate tax issues.
- Demonstrate in-depth knowledge of financial and accounting concepts
- Accurately apply accounting principles
- Accurately formulate financial reports
- Demonstrate ability to audit firms
- Understand the role of accounting in decision making
- Demonstrate strong numeracy skills and analysis skills
- Generate and analyze financial statements
- Understand the legal and ethical boundaries of the profession
There are many careers you can pursue with a degree in accounting. Here are some of the leading occupations along with their 2012 median annual salary data provide by the US Bureau of Labor Statistics:
- Accountant and auditor: $63,550
- Financial analyst: $76,950
- Loan officer: $59,820
Financial manager: $109,740
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