Accounting has always been a perennially popular major, and every year it is one of the most competitive business majors in applications. More than half of the top 100 universities in the U.S. offer accounting programs, and some even further subdivide into two to four specializations, such as taxation and auditing. With excellent job prospects, high salary potential, and room for career growth, accounting is a great choice for Chinese students.
Accounting is an applied discipline that studies the collection, classification, synthesis, analysis, and interpretation of financial activities and cost data to form information systems that assist decision-making for effective economic management. It can be said to be a component of social science as well as an important management discipline.
Top-ranked accounting master's programs are relatively short in duration, often resembling training programs designed to boost employment. However, some business schools offer two tracks: one for students with an undergraduate accounting background, who can complete about thirty credits and graduate in one year; the other for those without an accounting background, who need about sixty credits and graduate in two years.
Subfields of Accounting
Financial Accounting
Financial accounting focuses on reporting an organization's financial information to external users, including investors, potential investors, and creditors. It calculates and records business transaction information in accordance with generally accepted accounting principles (GAAP) and prepares financial statements for external users. Accounting standards are a combination of accounting theory and practice that evolve over time to meet the needs of decision-makers.
Managerial Accounting
Managerial accounting is primarily concerned with the measurement, analysis, and reporting of information that can help decision-makers make decisions, helping companies or organizations achieve their goals. In managerial accounting, internal measurement and reporting are based on cost-benefit analysis and do not need to follow GAAP. In 2014, CIMA created the Global Management Accounting Principles (GMAPs), derived from research across 20 countries on five continents, to guide best practices in accounting standards.
Auditing
Auditing involves collecting and analyzing evidence to evaluate a company's financial position and then reporting on the degree of correlation between the data and generally accepted standards. Auditors must possess independence and relevant professional expertise. The three common types of financial audits are: operational auditing, compliance auditing, and financial statement auditing.
Accounting Information Systems
Accounting information systems are part of an organization's information systems, focusing on processing accounting data.
Tax Accounting
Tax accounting takes the taxpayer as the accounting entity and money as the primary unit of measurement. Based on tax regulations and using basic accounting theories and methods, it continuously, systematically, and comprehensively calculates and plans tax fund movements. Its purpose is to enable taxpayers to pay taxes timely and accurately without violating tax laws and to provide tax information to tax authorities. The accounting entity is the independent taxpayer responsible for tax obligations, including legal and non-legal entities.
Course List
Calculus
Introduction to Accounting
Macroeconomics
Microeconomics
Statistics
Business Ethics
Workplace Communication
Taxation
Finance
Marketing
Financial Accounting
Cost Accounting
Not-For-Profit Organizational Accounting
Accounting Information Systems
Program Features
￭ Schools: Among the TOP 50 schools, there are approximately 19 schools with over 20 programs for students to apply to, offering more choices compared to finance programs.
￭ Scholarships: Accounting programs rarely offer full scholarships to international students, and compared to other majors, the chances of receiving a scholarship are very low. Usually, it is very difficult to obtain a scholarship covering half or more of the tuition; getting a small scholarship is relatively easier.
￭ Duration: Program length ranges from 9 months to 2 years, depending on the number of prerequisite courses waived for the applicant. Students without an accounting background typically study half a year to a year longer than those with a background.
￭ Academic Background Requirements: Both applicants with and without an accounting background can find suitable accounting programs. If you are changing majors, it is best to have taken accounting-related courses such as introductory accounting, intermediate accounting, financial accounting, or tax accounting.
A few schools' accounting programs explicitly state that undergraduate accounting majors cannot apply, such as the Wisconsin–Madison GMAcc program; the UNC-Chapel Hill MAC program admits students with no or very little accounting background, and if accounting-related courses have been taken, they require that the total credits earned be no more than 12.
Top Programs
Schools in the central region generally have lower taxes. Many large companies place their tax management functions in Texas, so schools in the central region, especially in Texas, offer better employment prospects. Therefore, CheersYou（清柚教育） recommends schools that are concentrated in the central region, unlike the traditional priority on the East and West Coasts.
01 University of Texas at Austin
The Master in Professional Accounting program at the University of Texas at Austin is recognized as the nation's top accounting graduate program, consistently ranked #1 by U.S. News. It offers both a Master of Professional Accounting and a Ph.D. in Accounting. This is a 1- to 1.5-year professional degree program whose graduates fully meet the eligibility requirements for the U.S. CPA exam.
The MPA program at UT Austin has four tracks: General Accounting, Managerial Accounting & Control, Financial Reporting & Assurance, and Taxation. These four tracks meet the varying career development needs of students.
Application Requirements
TOEFL: 105
IELTS: 7.5
GPA: Average 3.76
GMAT: Average 656
Available Term: Fall
02 University of Illinois at Urbana-Champaign
This school offers a Master of Accounting Science (MAS), a Master of Science in Accountancy (MSA), a Master of Science in Taxation, and a Ph.D. in Accounting. International students can apply to the MSA program.
Application Requirements:
TOEFL: 80 or above
Average GPA: 3.0 or above
IELTS: 6.5
GMAT: Required
Available Term: Summer
03 Brigham Young University
Since its establishment, BYU's accounting program has consistently ranked in the top 10, and in 2010, it was ranked #1 by The Wall Street Journal. It has a dedicated School of Accountancy offering both a bachelor's and a master's degree in accounting. Applicants must have graduated from BYU or another accredited U.S. undergraduate program in accounting, business, or other fields. About 160 students are admitted each year, meaning that Chinese university graduates are not eligible for this program.
Application Requirements:
Average GPA: 3.0 or above
TOEFL: 85
IELTS: 7.0
GMAT: 650–680
Available Term: Fall
04 University of Michigan–Ann Arbor
Its accounting program is integrated into the MBA curriculum and meets CPA exam eligibility requirements. The program accepts applicants from all undergraduate majors; non-accounting applicants must complete prerequisite courses: Principles of Financial Accounting, Principles of Managerial Accounting, Intermediate Financial Accounting, Intermediate Cost Accounting, Principles of Microeconomics, and Statistics. The M.Acc program does not require work experience but does require an invited interview.
Application Requirements:
Average GPA: 3.7
TOEFL: 110
IELTS: Not specified
GMAT Average: 680
Note: GMAT scores for new students typically range from 600 to 740.
Available Term: Fall
05 Indiana University Bloomington
Although Indiana University Bloomington's overall U.S. News ranking is outside the top 50, its accounting program is very strong. In this program, students learn about insurance, risk management, and finance, which not only provide a solid foundation in professional knowledge but also meet the standards for taking the CPA exam.
The Master of Science in Accounting at IU Bloomington is a one-year professional master's program designed to prepare students for the CPA exam. Due to CPA exam eligibility requirements, the program essentially requires applicants to have an undergraduate background in accounting.
Application Requirements:
Average GPA: 3.2 or above
TOEFL: 105
IELTS: Not specified
GMAT Average: 620 or above
Available Term: Fall
Accountants (interns, public, professional, and certified)
Application Requirements
Basic Academic Prerequisites:
Applicants can have an undergraduate accounting degree, a non-accounting degree with prerequisite courses completed, or a non-accounting degree with relevant work experience.
Language Tests: TOEFL generally required at 100 or above, IELTS at 7 or above. It is recommended that TOEFL subscores be no lower than 20 and IELTS no lower than 6. Among top 50 schools, some do not accept IELTS scores, so taking the TOEFL is often more advantageous.
GRE/GMAT Exams: GMAT 700+ or GRE 320+ are competitive. Typically, admitted students have GMAT 680+, TOEFL 100+, GPA 3.3+.
Prerequisite Courses:
Financial Accounting
Intermediate Accounting
Auditing
Taxation
Management Accounting, etc.
Work Experience:
Generally not mandatory, but some schools, such as UT-Austin, indicate that relevant experience can be advantageous.
Relevant Academic Background:
Having an accounting background is best, as it allows you to apply for programs that require it as well as those that do not, giving you an edge. Students transferring into accounting should take accounting-related courses or gain relevant internships to enhance their competitiveness.
Application Tips:
￭ How to prepare for applications:
Prepare competitive GMAT and TOEFL scores early (GMAT 700+, TOEFL 100+);
Take more mathematics and accounting courses;
Participate in relevant competitions, such as the Deloitte Tax Elite Challenge;
Complete internships in corporate finance or accounting firms;
Passing some ACCA exams can demonstrate your learning ability and professional competence, which is very helpful for both applications and employment.
￭ If you did not study accounting as an undergraduate but want to apply for a master's in accounting, you should take some basic accounting courses early in your undergraduate studies. This can waive some prerequisite courses, saving money and time, and also strengthen your application.
￭ When selecting schools, do not only look at rankings; also consider the school's employment policies and whether the curriculum helps you qualify for the CPA exam. For example, the curricula at University of Miami, Case Western Reserve University, and University of Wisconsin–Madison are aligned with the CPA exam.
Salary Potential
Average starting salary for undergraduate accounting graduates in the U.S. (2017): $5,438
Average starting salary for master's graduates in the U.S.: $67,369
PayScale ranks accounting #129 in salary potential
In an analysis of the highest-paying business majors for U.S. graduates, NACE (National Association of Colleges and Employers) reported that the average starting salary for accounting majors was $5,438.
At the graduate level, the gap widens; compared to accounting graduates, finance graduates earned an average starting salary of $70,957, while accounting master's graduates averaged $67,369. Although this suggests finance may be a more lucrative path, if you earn a professional accounting qualification beyond a degree, such as a CPA, you can earn up to $78,302.
Employment Prospects
1. Public Accounting Firms – Public Accounting
Responsible for international accounting, audit/assurance services, tax, environmental accounting, forensic accounting, IT services, personal financial planning.
2. Corporations – Corporate Accounting
Responsible for financial management, financial reporting, internal auditing, cost accounting, tax planning, budget analysis.
3. Universities and Related Educational Consulting Services
Educational finance: serves faculty, research institutions, and consulting services.
4. Social Service Agencies and Organizations
Hospitals, public school systems, colleges and universities, religious organizations, libraries and museums, various party institutions, labor unions – government financial accounting, internal auditing, financial planning, budgeting, cash handling, and record keeping.
Returning to China for Employment:
￭ Job prospects are relatively good. If you want to work in auditing or enter top-tier firms, you need to pass the CICPA. With dual certifications, you can work in accounting for multinational corporations with excellent compensation.
￭ There is a high probability of entering the Big Four; audit, tax, and accounting jobs at other accounting firms are also possible.
￭ Investment banks, banks' credit review departments, etc., also welcome accounting graduates.
￭ Government and non-profit organizations also need accounting professionals.
Local Employment in the U.S.:
U.S. CPAs primarily provide the following functions in the U.S. and globally:
Accounting
Computerized bookkeeping, setting up computerized accounting systems, training; preparation and review of financial statements; design and establishment of accounting systems; printing of employee payroll checks and filing of payroll taxes; installation and training in accounting software; establishment and evaluation of internal controls.
Auditing
Preparation, examination, and review of various financial statements; financial examination and review of overseas subsidiaries of companies listed on U.S. exchanges.
Financial Planning
International and domestic financial planning; pre- and post-immigration financial planning; overseas asset protection planning; retirement and estate tax-saving planning; financial investment tax-saving planning; personal asset protection planning; comprehensive tax-saving strategy analysis.
Professional Services
Company formation, restructuring, and dissolution;
Establishing U.S. companies, non-profit companies, restructuring, dissolution for individuals residing overseas; setting up U.S. branches, representative offices, offices, and factories for multinational corporations, with executives eligible for L-1 visa sponsorship; tax filing and planning for corporations, partnerships, LLCs, multinational corporations, and individuals; filing of payroll tax, sales tax, environmental tax, county and city taxes; trust, estate, and gift tax planning and filing; tax audit representation and defense; international tax planning; immigration tax planning; tax filing in all 50 states; solving complex multinational accounting, auditing, and financial issues; other tax-related research and solutions; corporate mergers and acquisitions; U.S. market listing and financing; trademark and copyright registration.
Corporate and Individual Financial and Tax Advisory
Business development planning; corporate operational systems design; marketing planning; time management and control; business sale planning; international investment analysis and planning; business loan analysis; mutual funds and children's education funds.
Professional Certification
Certified Public Accountant (CPA – USA)
CPA Overview:
The U.S. Certified Public Accountant (CPA) is a general term for accounting and finance professionals in the United States. The title “Certified Public Accountant” or CPA is legally protected in the U.S.; anyone without a valid CPA license who calls themselves a CPA is breaking the law.
The United States was the first country to adopt the CPA designation, making the U.S. CPA the progenitor of CPAs worldwide.
Currently, there are about 300,000 CPAs in the U.S. working in public accounting firms, finance, investment, industry, and commerce around the world. The U.S. CPA is arguably one of the largest and most internationally recognized statutory accounting professional qualifications.
In Mainland China:
Currently, there are training institutions in Beijing and Shanghai that organize preparation courses for the U.S. CPA exam. In addition to studying domestically, candidates need to travel to Guam or other locations to study and take the exam. Several domestic agencies now offer full-service exam application processing, including hosting exam venues overseas. The AICPA exam is no longer as cumbersome as it once was, and the number of test-takers is increasing year by year.
China will be the largest market for the AICPA's international expansion. As more Chinese companies list in the U.S. and American companies expand their operations in China, they are pleased to see more Chinese accountants obtaining the AICPA qualification and contributing their expertise.
The U.S. CPA exam consists of four sections:
Financial Accounting & Reporting (equivalent to introductory accounting, intermediate accounting, and advanced accounting in domestic university curricula, with a heavy focus on intermediate accounting)
Auditing (similar to domestic auditing)
Regulation (this section differs the most from domestic content and requires essentially starting from scratch, covering individual income tax, corporate tax, partnership tax, plus business law: contract law, securities law, real estate law, etc.)
Business Environment and Concepts (equivalent to domestic cost accounting, management accounting, economics, and IT)
The exam is computerized and can be taken in January, February, April, May, July, August, October, and November each year, similar to the GMAT computer-based test. The passing score is 75. Note: it is 75, not 60. From the moment you pass your first section, you must pass all four within 18 months; otherwise, passed section scores will expire. After passing all four, you take an open-book ethics exam, and a score of 90 is passing. After passing the exams, most states require 1–5 years of work experience to obtain the license.
In addition to the CPA, there are several other U.S. accounting certifications:
CIA: CERTIFIED INTERNAL AUDITOR
CMA: CERTIFIED MANAGEMENT ACCOUNTANT
CISA: CERTIFIED INFORMATION SYSTEM AUDITOR
