Major/Minor Accounting

• Produce and evaluate financial statements as internal financial accountants or independent auditors.
• Research tax law and prepare tax returns for individuals and organizations as tax specialists.
• Improve companies’ internal systems to increase efficiency and reduce risk as internal auditors.
• Investigate financial crimes as forensic accountants.
• Determine the value of businesses as forensic accountants.
• Engage in data analytics as managers, external and internal auditors, and forensic accountants.
• Evaluate and formulate key operational decisions and strategies as managerial accountants.
• Facilitate mergers and acquisitions as financial accountants or consultants.

Accounting knowledge is a high-demand skill that lends itself to a number of careers. In addition to various accounting roles described above, some other common industries for accounting majors include management, government, real estate, and consulting services. Additional non-accounting careers for accountants include medical billers, private investigators, fraud investigators, financial advisors, information technology specialists, business analyst, investor relations managers, and more.

The U.S. Bureau of Labor Statistics reports the median salary for American accountants and auditors as of May 2023 as $79,880, with the top 10% making upwards of $137,280 per year. Careers website Indeed.com shares a similar normal salary range for an accountant of $45,000 to $96,000 in 2025.

A bachelor’s degree (and often at least one accounting certification–namely a CPA license) is required for most accountant positions. Often, more specialized roles require further credentials, such as a master’s degree and/or additional certifications.

At Randolph-Macon College, the B.A. in Accounting program includes 48 credit hours of required coursework. The initial 15 hours of coursework provides a comprehensive review of critical subjects related to accounting, including statistics, economics, business, quantitative analysis, and (of course) accounting. An additional five elective courses in advanced accounting topics enable in-depth study of more specialized concepts. In addition to major requirements, RMC students must complete the general College curriculum to be eligible for graduation.

The journey to becoming an accountant, especially a Certified Public Accountant, includes a number of important steps. 

• Research: Learning more about the requirements and potential careers in accounting is a great place to start. The Bureau of Labor Statistics’ fact sheet provides helpful information about the cognitive and mental requirements, education and training process, and working conditions for accountants.
  
  Better understanding the various types of accounting–and which you might want to practice–will help you understand next steps in your journey. For example, to be authorized to file a report with the Securities and Exchange Commission (SEC), you must be a licensed Certified Public Accountant (CPA). Many employers require their accountants to hold this license, and may even finance employees’ CPA exam costs. Specialized accounting roles may require additional education or certifications; keep reading for additional information.

• Education: Since more than 90% of accountant positions require a bachelor’s degree in accounting or a related field, studying accounting in college is an important next step. Majoring in accounting is particularly important to students wishing to pursue their CPA, since many states require a minimum of 150 credit hours–or, starting in 2026, 120 hours in Virginia–of higher education instruction as part of the licensure process.
  
  To achieve this goal, many aspiring accountants choose to pursue a master’s degree–most notably the Master of Accountancy (MAcc) or Master of Business Administration (MBA). However, coursework at accredited two- and four-year colleges and universities also qualifies. Higher-level coursework and/or an advanced degree may be required for certain accounting positions, such as forensic accounting or tax accounting.
  
  Due to scheduling requirements, RMC students interested in majoring in accounting should begin mapping out their coursework during their freshman year, with major coursework beginning no later than the fall of their sophomore year. For students interested in becoming a CPA in the Commonwealth of Virginia, the Virginia Board of Accountancy requires specific coursework.

• Internships: Hands-on work experience provides practical experience and training for accounting students. Accounting majors at RMC benefit from the support of our award-winning Edge Career Center to find paid and volunteer internship opportunities in industries of interest. Students may also earn academic credit for their internship through the Bassett Internship Program.

• Certifications: As mentioned previously, many accountants choose or are required to obtain a CPA certification, which includes meeting state-specific licensure requirements (some of which include an ethics exam) and passing the national Uniform CPA Examination. The CPA exam is a four-part test that includes three core sections and the test-taker’s choice of one of three discipline sections, all of which must be passed within a set amount of time that varies by state. After passing the CPA exam, the candidate must apply for CPA licensure through their state’s board of accountancy. To support their understanding of current regulations, CPAs must complete ongoing professional development to maintain the license.
  
  As mentioned previously, there are numerous certifications that support greater specialization and career growth for accountants. The American Institute of Certified Public Accountants (AICPA), which develops and grades the CPA exam, additionally offers the Chartered Global Management Accountant (CGMA) designation and other specialty credentials. Additional accounting credentials offered by other organizations include the Chartered Financial Analyst (CFA), Certified Management Accountant (CMA), Certified Internal Auditor (CIA), and Certified Fraud Examiner (CFE) designations.