Accounting is a language of business, providing the essential tools to measure, analyze, and report both monetary and non-monetary information. If you're considering a career in accounting, you may be wondering what to expect from an introductory course before diving into Accounting 101. These classes will teach you the foundation for understanding financial transactions, adjustments, analysis, and reporting, all while following Generally Accepted Accounting Principles (GAAP).
In this guide, we'll explore the different types of accounting classes, the benefits of taking the classes, and what you can expect to learn to prepare you for this in-demand career.
What Can I Expect to Learn in an Accounting Class?
We can't tell you everything you'll learn in every accounting class and all the adjacent and related classes you have to take to become an accountant, but we can tell you the very basics you can expect to learn in your very first accounting class.
In your very first accounting class, which could be called Accounting 101, Introduction to Accounting, or something very similar, you'll likely learn about the 4 different accounting concepts we mentioned earlier: assets, liabilities, income, and expenses.
To further simplify, accountants look at money and things that can earn money. Assets and liabilities are the things you have or that you owe, whereas your income and expenses are what you earn and what you spend. Once you've understood the fundamentals of accounting and the theory behind it, you'll have options to study and specialize.
What Types of Accounting Are There?
Depending on who you ask, there are either 2, 3, 4, or 5 different types of accounting. How you get to each of these numbers really depends on how you're trying to organize accountants.
When we say there are 2 types of accounting, we're talking about two main accounting methods: cash accounting and accrual accounting. In the first method, everything is counted when it's paid, whereas the latter method counts income and expenses in line with invoices. The 3 main areas of accounting look at the areas within which accountants can operate within a business, which covers cost, financial, or managerial accounting. The 4-accountant approach classifies accounting as either corporate, public, government or forensic and again classes accountants by where they ply their trade.
Finally, there are the different account types used by accountants and there are five main ones: assets, equity, expenses, revenue, and liabilities. As an accountant, you could fall into any number of these combinations and classifications, and while you don't need to understand them now, it can help you become familiar with the terms.
What Are the Goals of Accounting Classes?
The primary and most obvious goal of accounting classes is to teach aspiring accountants everything they need to know to pass their exams, gain their qualifications in accounting, and work as accountants. The specifics of each accounting class will depend on the class itself and what its focus is.
For example, you could be learning about things like financial accounting, financial statements, financial analysis, management accounting, corporate finance, Excel, cost accounting, or even business fundamentals.
You'll also learn the practical aspects of being an accountant which can include improving company profits, developing soft skills, and, most importantly, ensuring that accounting processes meet all the required standards, which is hugely important in accounting.
What Are the Benefits of Taking an Accounting Class?
When we talk about accounting classes, we're not just talking about a single class since any aspiring accountant will likely need to study several classes in accountancy, finance, and other related areas. There's another benefit to this: not only will they learn more about accounting, but they'll learn more about business, open doors to potential careers beyond accounting should they change their mind during their course, and put themselves on a flexible career path that offers a high earning potential.
Even people who aren't planning to become accountants can enjoy the benefits of taking a few accounting classes as it can help them with their own finances, especially if they're considering running their own business!
Demand for Accountants
Since accountants are essential to any business, entity, corporation, or government body, the demand for them is high.
Over the next decade, the demand for accountants and auditors is expected to grow by around 6%, which aligns with the average across all occupations.
Demand will vary, however, depending on an accountant's given specialization, with specific areas being more highly sought after than others. Auditors, for example, are likely to see their field grow more than the average for accountants.
Financial examiners and treasurers have a bright future, with their job outlooks closer to 18%, respectively.
Flexible Career Path
You might have wondered why we mentioned the demand for treasurers, financial examiners, and auditors when discussing the demand for accountants. While these roles aren't interchangeable, they're very closely related and are specializations anyone choosing to study accounting can consider pursuing.
Everyone studying accounting will have options to specialize and study related finance, business, and economics classes. Armed with the fundamentals of accounting, you'll find that you have many options for specialization; even once you specialize, accountants can play so many roles that the career path remains open to anyone with the right qualifications.
High Earning Potential
The average accountant earns more than the US national median (close to $43,000 a year), but the aforementioned in-demand specializations can earn close to double that.
Much like financial examiners and treasurers, auditors, senior bookkeepers, management consultants, payroll managers, tax consultants, and chartered accountants all have a higher earning potential than the average accountant and are roles worth looking into for anyone studying accounting.
The yearly salary for some of these roles averages closer to $100,000 a year, though the requirements for these roles often require more study than a few accounting classes at college.
Learn Transferable Skills
Accountants need more than just accounting skills. By studying accounting, you'll also pick up some essential accounting skills.
Accountants need an eye for detail, which will be an essential part of your accounting classes. Even if you never move into accounting after taking some accounting classes, this skill will significantly help wherever you go. Accountants also need to be organized, and you can't pass an accounting class without a good level of organization. In every role, being organized is crucial, and the more effectively you can work, the greater an asset you'll be at your job.
Accountants also learn several math and IT skills. You'll learn to use Microsoft Excel and QuickBooks better than most.
Options for Further Study
When you finish your accounting course or your time at college, you can either look to start your life in accounting or continue studying.
As we've already seen, the demand for accountants and related roles is good, but many specializations require further study. Fortunately for you, after studying accounting classes or courses, you can study precisely what you need to make the move.
While there are plenty of options for further study, don't forget that you still need to work hard in your accounting classes, as some courses are popular, and only the best students can secure a place in them.
Are Accounting Classes Hard?
Don't forget that every student is different and what one student finds difficult, another may find particularly easy. When we talk about classes and how difficult accounting classes are, we can only really look at averages and how students generally find the classes.
With any class at college, your accounting classes should be at a "college level". Naturally, standardizing all the different fields and skills taught at college is impossible, but your classes should be roughly in the same ballpark as other college classes.
Emphasis is placed on the fundamentals of recording, adjusting, analyzing, and reporting financial information in accordance with Generally Accepted Accounting Principles. This includes the study of accounting for cash, accounts receivable, inventory, fixed assets, accounts payable, liabilities, revenues, and expenses.
Introductory classes will be simpler and the more advanced classes will obviously be more difficult. Accounting, like every other subject, has difficult and more advanced areas of study, and being able to understand these concepts and apply them to accounting is why accountants earn the money that they do.
The premium salaries paid to accounts, like many other lines of work, are more indicative of the complexity of the field, though this is also naturally skewed because of the milieu in that accountants find themselves. After all, working in areas where there's a lot of money moving around tends to come with more competitive salaries, too, and it's also the accountants who have influence over how money's spent. So accounting classes can be difficult, but they certainly seem worth the challenge.
Exploring the Core Concepts of Accounting Education
Accounting is the language of business.
Warren Buffett
Accounting is often described as the language of business, and taking an accounting class introduces you to the fundamental principles that drive financial decision-making in organizations. Whether you are a student considering a degree in accounting or a professional looking to improve your financial literacy, understanding the key topics covered in an accounting course is essential.
An accounting class typically covers various aspects of financial management, from auditing and taxation to cost accounting and financial statement analysis. One of the first things you will learn is the distinction between financial and managerial accounting.
While financial accounting focuses on preparing external reports for stakeholders such as investors and regulators, managerial accounting is designed to help internal decision-makers analyze costs and plan strategies for business growth.
Another essential topic is auditing, which ensures financial statements are accurate and comply with legal standards. Auditing courses teach students how to assess financial records, detect fraud, and maintain transparency in financial reporting. Similarly, taxation is a critical subject, providing insight into corporate and individual tax regulations, compliance, and strategic tax planning. Understanding how taxation works helps businesses minimize liabilities while adhering to legal obligations.
A well-rounded accounting class will also delve into financial statement analysis. This involves learning how to interpret balance sheets, income statements, and cash flow statements to assess an organization’s financial health. Analyzing these documents allows accountants to evaluate profitability, liquidity, and overall performance.
Accounting education also emphasizes ethics and professional responsibility. Ethical decision-making is crucial in the field, as accountants are trusted with sensitive financial data that impacts businesses, employees, and investors.
Another important topic is cost accounting, which focuses on tracking and managing business expenses. This area of accounting is vital for companies looking to optimize production costs, pricing strategies, and overall financial efficiency. Understanding how costs are allocated and controlled can significantly impact a company’s profitability.
What Is the Hardest Part of Studying Accounting?
So, is it hard to study accounting? What's the hardest part about it? With accounting, you must have an eye for detail. Accountants need to be good at dealing with a lot of information and not missing anything.
Beyond the core concepts of accounting, you'll also need to learn about business and finance in the specific areas that you wish to specialize in, and this can be rather difficult for students when the things you're studying are rather dry and unexciting.
There are plenty of other subjects and majors that can feel more exciting than accounting, and you'll likely find that your peers who aren't studying accounting won't be particularly interested in what you're doing. If you've committed to studying accounting, you have to stay focused even when it gets a bit boring.
How Can I Succeed in Accounting?
To become a successful accountant, you must first do well in your classes. The better you do in your accounting classes, the more options you'll have when you leave college or move on to further study such as post-graduate qualifications in accounting.
In the US accounting industry, revenue reached $145.7 billion in 2023, with a projected 6% growth in employment for accountants and auditors between 2023 and 2033, and a median annual wage of $79,880.
It also helps to keep your ear close to the ground while you're at college so that you know which specializations are worth studying and pursuing once you graduate. As for the classes themselves, it's important to remain motivated, organized, and enthusiastic about your chosen area of study, because there will be moments when it gets difficult and boring, and you may even consider doing something else.
Remember that you're not the first person to study accounting and you won't be the last. If you need help with your studies and your accounting classes, then you can ask your peers, your teachers, or even go to a private accounting tutor for help.
How Can I Improve in Accounting?
As we've alluded, help is out there if you need it. If you start to struggle in your accounting classes, it's probably easiest to speak to your classmates first. They're likely going through exactly what you're going through and can offer up some advice or even help you study.
However, your classmates aren't likely to be qualified or experienced educators so you should keep this in mind when taking their advice. If you're looking to improve your grades in accounting, for example, you should really speak to your teacher or professor and work towards making positive changes to your organization, study habits, or approaches to get the most out of your classes.
Last but not least, you can also consider working with a private tutor. In some cases, students struggle in a given class because the teaching approach offered by their professor doesn't necessarily align with their preferred learning style.
This is neither the fault of the educator nor the student. Professors will try to tailor their classes to their students, but with so many students, it's impossible for them to perfectly adapt to each individual student. By working with a private tutor, they can adapt everything to you, especially if you're working with them one-on-one. Reach out for accounting help on Superprof.com, and one of our expert accounting tutors will be there to make sure you succeed in your accounting classes.
What Makes a Good Accountant?
We've already mentioned that accountants need an eye for detail, but becoming a good accountant starts in college with your approach to work, study, and organization, which will all help in the long term.
As with any college degree, how you organize yourself and your time will help a lot, and taking the time before, during, and after your classes to stay on top of things will help you to form habits that will stay with you throughout your professional career as an accountant!
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I have enjoyed and learnt a lot..
Thank you for the comment, Richard! I’m happy you enjoyed the article!