On the bright side, certain online programs, particularly those offered by public universities, provide in-state students, veterans, and military members with reduced tuition rates, just as they do for undergraduate students.
How to Select a Reliable Online Accounting Program
The AACSB, the largest and oldest business school accreditor in the country, accredits over a dozen undergraduate accounting programs and more than 50 graduate accounting programs taught entirely online. So, how do you pick the one that is the best fit for you?
Bryant, who previously ran an accounting school before joining the AACSB, believes that the first thing to consider is the college’s accreditation. Regional accreditation, such as that provided by the Higher Learning Commission, is a regulated accreditation. Colleges must be regionally recognized to collect federal grants and provide federal financial aid to students.
Other specialist accreditors such as the AACSB, the Accreditation Council for Business Schools and Programs (ACBSP), and the International Assembly for Collegiate Business Education (IACBE). These specialized accreditors solely inspect the institution’s business schools to ensure that their courses, student outcomes, student involvement in programs, and distinctiveness meet contemporary business and accounting standards.
Choosing a curriculum that a business school accreditor has validated provides superior education and a better position with recruiters. Recruiters normally don’t care if you completed the program in-person or online, as long as the diploma comes from a business school that a specialized entity has accredited.
If you begin an online program and then decide that you’d be better off attending a regular university, attending a school certified by a specialized agency should make it easier to transfer your credits. This means you’re less likely to squander your time or Money on credits that won’t stick with you. Aside from that, obtaining your CPA license would necessitate a diploma from a recognized business institution.
According to Stephens of Southwestern New Hampshire University, a successful accounting school, whether bachelor’s or master’s, should focus on teaching students the components of accounting that are most relevant in the real world, such as financial analysis and budget planning. In addition, the program should also provide students with opportunities for career preparation, such as regular access to networking opportunities through the school’s career services and preparation for professional certifications such as the Certified Public Accountant (CPA) or Certified Management Accountant (CMA) (CMA).
One approach to see if a program can do that for you is to look at its courses and compare them to those of other approved business schools. It would help if you also looked into the faculty. According to Buck of Purdue University Global, it is critical to have teachers who have extensive academic expertise and professional experience in the accounting industry so that they can provide you with a practical perspective and a theoretical one.
Because accountants typically work in groups, Tatum’s Chavez advises choosing a program that allows you to interact with teachers and peers through group projects or conversations.
A successful online program should also provide students with the same level of support that they would receive if they enrolled in on-campus courses. Examine programs that include tutoring, virtual office hours with instructors, and access to a career services department.
Another method to assess if a program can help you achieve your goals is to look at what it has done for other students. You can do this by contacting the school’s admissions office and inquiring about the student results of that specific program, such as graduation rates, job placement rates, and which employers are actively recruiting at the institution. You can also contact graduates through social networking sites such as LinkedIn and ask them about their experience and whether they believe the program helped them advance their careers.
Be wary of programs that lack accreditation or are accredited by an untrustworthy source. You can confirm this by searching for your school in the Department of Education accreditation database for regional accreditation, as well as verifying the AACSB, ACBSP, or IACBE’s list of recognized business schools.
It would help if you were careful of schools with a small number of instructors or programs that are significantly less expensive than the average online bachelor’s or master’s degree.
All of these are signs of poor education, according to Chavez.
How to Fund Your Accounting Degree
Whether you’re pursuing a bachelor’s or master’s degree in accounting, the first step is to complete the Free Application for Federal Student Aid (FAFSA). This will determine your eligibility for federal student aid. Undergraduate students may be eligible for grants, work-study programs, and loans. However, only federal work-study programs and student loans are available to graduate students.
The following stage is to look for scholarships. You can do this by calling your school’s financial assistance office to see if you are eligible for any scholarships. Some schools, such as Arizona State University, even provide a scholarship search tool to help students.
Scholarships may also be available through organizations or groups linked to your field of study. For example, the American Institute of CPAs (AICPA), the country’s biggest member group of accountants, grants scholarships of up to $12,000 per year to accounting students at both the undergraduate and graduate levels.
Federal loans should be your first choice if you have exhausted all of your “free money” options for scholarships and grants and still need assistance paying for your degree. Federal loans feature lower interest rates than private loans and more flexible repayment plans.
Direct Subsidized and Direct Unsubsidized federal loans are available to undergraduate students. These have yearly borrowing limitations ranging from $5,500 to $12,500, depending on the school year and dependent status, and a set interest rate of 2.75 percent at the moment.
Direct Unsubsidized and Direct Graduate PLUS loans are available to graduate students. Graduate students can borrow up to $20,500 each academic year through Direct Subsidized loans, which have a fixed interest rate of 4.3 percent. Direct Graduate PLUS loans, which can cover the entire cost of tuition, now have a 5.3 percent interest rate.
Finally, if you have a job, you can inquire with your human resources department about if your company provides tuition assistance in the form of reimbursements or support in repaying your student loans.
