Accounting

Accounting Handout

Accounting Major Video

Career Overview

Accounting is often referred to as the "language of business." Accountants develop and interpret financial data to support decision-making by managers, investors, regulators, and other stakeholders. They must work with both numerical information and concepts while communicating effectively and functioning in both individual and team settings. Because they interact with multiple areas of an organization, accountants are uniquely positioned to develop a broad business perspective.

Accountants are expected to act with integrity, maintain confidentiality, and demonstrate strong communication and teamwork skills. With experience, many advance into leadership roles such as treasurer, comptroller, budget director, chief financial officer, and even CEO.

Employment Prospects

Smeal Accounting majors enjoy heavy campus recruiting in a wide range of job opportunities upon graduation.

Penn State is a national recruiting school for major corporations and public accounting firms. Potential employers for accountants include:

• Professional services: Public accounting, firms at the international, national, regional, and local levels providing auditing, consulting, and tax planning services
• Industry: Companies in every sector from consumer products, to technology, banking, and health care
• Government: Local, state, and federal agencies including the General Accounting Office, the Securities and Exchange Commission, the Internal Revenue Service, and the Federal Bureau of Investigation
• Education: School districts, universities, and colleges

Preparing to Enroll in the Major

Enrollment in the Accounting (ACCTG _ BS) major is contingent upon several criteria, which include the timing and completion of a specified range of cumulative credits at Penn State. Students apply for the major once they have earned a minimum of 36 but no more than 59 cumulative credits. These credits include the required business foundation and related courses. In addition to the course and credit window requirements, students must attain an overall competitive GPA in all courses.

A grade of C or higher is required in ACCTG 405, ACCTG 471, and ACCTG 472.

Prescribed ACCTG Courses

(15 credits)

ACCTG 471 (3): Intermediate Financial Accounting I

ACCTG 472 (3): Intermediate Financial Accounting II

ACCTG 403W (3): Auditing

ACCTG 404 (3): Managerial Accounting

ACCTG 405 (3): Principles of Taxation

Accounting Electives

Select two courses from the following (6 credits):

ACCTG 406 (3): Principles of Taxation II

ACCTG 423 (3): Data Analytics Foundations for Accountancy I

ACCTG 432 (3): Accounting Information Systems

ACCTG 473 (3): Advanced Financial Accounting

ACCTG 481 (3): Financial Statement Analysis: Evaluation and Decision Making

ACCTG 483 (3): Forensic Accounting

ACCTG 497 (3): Hot Tax Topics

ACCTG 497 (3): Digital Assets: Technology, Reporting, and Regulations

ACCTG 497 (3): AI in Accounting

Select a Two-Piece Sequence

Complete 6 credits from one of the areas below or a designated University minor.

• Business Law
• Business Sustainability
• Corporate Diversity
• Corporate Innovation and Entrepreneurship
• Economics
• Entrepreneurship
• Finance
• Information Systems Management
• International Business
• Management
• Marketing
• Real Estate
• Risk Management
• Supply Chain and Information Systems

Dual Track in Accounting

You have an opportunity to receive a dual degree in Accounting. Students must have a conditional or permanent offer to Actuarial Science, Corporate Innovation and Entrepreneurship, Finance, Management, Management Information Systems, Real Estate, Risk Management or Supply Chain and Information Systems.

NOTE: The Marketing (MKTG _ BS) major is NOT eligible for the dual track major in Accounting.

Accounting Highlights

Employment Statistics

• Smeal Accounting B.S. Placement Rate: 91.4%
• Average Starting Salary: $71,050
• MAcc Placement Rate: 100%
• Average Starting Salary: $81,320

Top Hiring & Internship Companies

• Deloitte
• EY
• KPMG
• PwC

Student Organizations

Accounting Society: A premier, student-run organization that connects students with industry professionals, accounting firms, and Smeal alumni through regular meetings and networking events.

Beta Alpha Psi (BAP): A highly recognized international honors organization for financial information students and professionals. It emphasizes academic excellence, professional development, and community service.

VITA (Volunteer Income Tax Assistance): A community-focused program where students are certified by the IRS to prepare tax returns for low-income individuals and the elderly. It is a certified Honor & Integrity student organization at Smeal.

Forward Looking

As the accounting profession evolves, the Smeal Accounting program continues to integrate emerging technologies such as artificial intelligence and adapt to changes in CPA requirements, making thoughtful adjustments to support student success and career readiness.

Top Ranked

The Penn State Smeal Accounting program ranks #40 at the graduate level by U.S. News & World Report.

Professional Certificates

Three major post-baccalaureate certifications:

• The Certified Public Accountant (CPA) designation is required for those who wish to pursue a career in public accounting and is sought by most students in the accounting major.
• The Certified Management Accountant (CMA) designation is recommended for accountants entering industry, in addition to, or independent of the CPA.
• The Certified Internal Auditor (CIA) designation is recommended for internal auditors.

The expansion of education requirements for becoming a CPA has led many students to obtain a Master of Accounting (MAcc) degree through either the Integrated MAcc program or the one-year MAcc program offered by the Smeal Accounting Department. Academic careers in accounting require a doctoral degree, which is also offered by the department.

Students can also opt for Smeal's online Master of Taxation, offered in partnership with Penn State World Campus.

Master of Accounting (MAcc)

Contact Information

Smeal College of Business
The Pennsylvania State University
354 Business Building
University Park, PA 16802

Phone: 814-865-1809
Email: accounting@smeal.psu.edu
On the Web: https://www.smeal.psu.edu/accounting

Key Department Contacts

Department Chair

Henock Louis
Email: hul4@psu.edu