Some of the draws of working in accounting careers are high salaries and a good potential for salary growth. Unfortunately, the cost of earning an accounting degree can be very expensive.
The cost of tuition varies greatly depending on where you go to school. Generally, public universities are more affordable than private universities. Aside from tuition, there are other costs associated with attending college and graduate school. You will need to pay for books, supplies, and sometimes administrative fees to attend school for accounting careers. When you apply to academic programs, you will need to submit application fees. Bachelor’s degree programs usually require you to take the SAT or ACT exams, both of which also have costs associated with them. Master’s degree programs in accounting will require either the GRE or GMAT exam. There are also costs to take these tests.
In many cases, students do not have time to hold a job while in school or only have time to work part-time. As a result, the cost of living can be difficult without outside help or federal student loans . Keep in mind that you will need to pay for housing, either on campus or off campus. Other essentials such as food, hygiene products, and utilities that may not seem like much when you have a steady income can add up for a student.
Luckily, most accounting programs offer financial aid packages. Your financial aid package will likely be a mix of several kinds of aid. Usually, students receive grants, loans, and work-study funds from universities. Grants are sometimes merit based and are essentially comprised of funds that are given to you that you do not need to repay. Work-study is a stipend of money that you can earn by working at an approved work-study job through your university. Sometimes, you can also earn scholarships through outside organizations. These can be based on a number of factors, such as your accomplishments or even your demographic background.
Loans that you borrow need to be repaid after you graduate. The sooner you pay off your student loans, the better, because loans accrue interest. One advantage of the high salaries you can earn with accounting careers is that you can use the money to pay off your degree quickly. Even though attending school is expensive, many people find accounting careers to be beneficial and profitable in the end.