is phd in accounting hard

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ACCOUNTING EDUCATION

Road map to applying for a doctorate in accounting

Finding the right school is only half the battle..

Accounting Education

Pursuing a doctorate in accounting can be an exciting and highly rewarding journey. However, especially if you're more accustomed to applying for jobs than to graduate programs, the application process can seem bewildering. It may be more time - consuming and require more preparation than anticipated.

This article can serve as your road map, making you aware of the possible roadblocks, speed bumps, and even the burnout you may encounter along the way (see the sidebar "Tips for Preventing Burnout" below). We outline the process of choosing schools to apply to, getting all your materials ready for application, and planning your time so you can meet the application deadlines. This guide is intended to help you navigate the highly competitive application process and position yourself as a prime candidate for consideration.

ROUTE PLANNING: CHOOSING THE TYPE OF DEGREE TO PURSUE

After you've made the decision to pursue a doctorate in accounting, the next choice you must make is which type of doctorate you want: a Ph.D. in accounting or a doctorate in business administration (DBA) with a concentration in accounting. Traditional accounting Ph.D. programs require full - time residency and consist of face - to - face instruction in a campus classroom. In these programs, tuition is usually waived, and students receive a stipend in exchange for working as a research or teaching assistant.

Nontraditional DBA programs may be conducted completely online or can be "hybrid" programs, where most instruction takes place online, but students are also required to be on campus multiple times throughout the program. One advantage of nontraditional programs is they allow you to pursue a degree while continuing to work, although some students may have difficulty balancing the demands of the program with the demands of their job (see the sidebar "Doctoral Programs for Practitioners" below). A drawback is that the cost of such programs can be quite high ($40,000 to $120,000) compared with the cost of traditional accounting Ph.D. programs. Also, note that having a DBA can affect the types of schools that will hire you as a faculty member, as many larger, research - focused schools prefer or even require candidates to hold a Ph.D. This may not be a problem if you plan to teach at a smaller or teaching - focused school.

CHOOSING SCHOOLS TO APPLY TO

After you determine which type of degree you want to pursue, you will then need to decide which schools to apply to. It is important to keep in mind that most schools accept only a handful of applicants each year. To increase your chances of acceptance into a program, you should apply to at least six to eight schools.

Consider some of the following factors when making this decision:

Accreditation

A school's accreditation status could affect your viability as a candidate for a faculty position. In the United States there are two main types of accreditation: regional and specialized. Regional accreditation applies to the school as a whole, whereas specialized accreditation applies to specific programs within the school. Accreditation from the Association to Advance Collegiate Schools of Business (AACSB) is widely considered the highest standard of accreditation for business schools, and many schools require faculty applicants to possess a Ph.D. or doctorate degree from an AACSB - accredited institution (see the box, "Helpful Resources").

Your future career plans

Consider also where you would like to work after graduation. If you are looking for a position at a research - intensive school, choose a graduate program with a strong reputation for research. Also, note that graduates of a school's accounting Ph.D. program typically do not find their first positions at the school from which they received their Ph.D. Thus, if you know that you would like to work at XYZ University immediately after you finish your Ph.D., you should probably not apply to that school's Ph.D. program.

Your research interests

Explore the type of work your prospective schools' faculties engage in, both the research areas they tend to specialize in (e.g., audit, tax, financial accounting, governmental/ not - for - profit accounting, management accounting, accounting history, etc.) and the research methods (behavioral or archival) they tend to use. This is an important step even if you're not yet sure what type of research you want to engage in, because later in your career you will be expected to develop research interests.

If you find that no one at the school does research you are interested in, or that most of the faculty is engaged in research in areas or methods that don't appeal to you, then that school will probably not be a good fit.

Additional factors

Other factors to consider include location, culture, and reputation. Depending on your situation, a school's location may be a major factor in choosing whether to apply to it. To determine whether a school would be a good cultural fit, consider reaching out to the program's coordinator, current students, or recent graduates. You can usually find their names and contact information on the program's website.

A program's research reputation can be an important factor in your application decision. To get a sense of the school's general and research reputation, speak with the program's coordinator and examine the program's website for listings of faculty publications, job placements of recent graduates, and mentions of its ranking in Public Accounting Report 's Annual Professors Survey. (In this survey, which requires paid access, accounting faculty rank the best accounting doctoral programs in the country.) Additionally, you may want to view Brigham Young University's yearly accounting research rankings.

ROADBLOCKS: APPLICATION REQUIREMENTS AND LOGISTICS

Your application journey may come to a quick end if you encounter certain roadblocks that prevent you from applying to or being accepted into a program. Read prospective schools' admission requirements carefully, and be especially mindful of the following:

Required classes, degrees, and/or work experience

Some schools either require or strongly recommend having certain prerequisite classes (e.g., calculus, linear algebra, and microeconomic theory), a master's degree in business or accounting, or one or more years of work experience.

Most Ph.D. programs require applicants to provide their Graduate Management Admission Test (GMAT) scores. If you have previously taken the GMAT, make sure your score is recent. If you took the test more than five years ago, you will need to retake it.

Studying for the GMAT is important to optimize your chances of being accepted into a program. While minimum score requirements can be in the low to mid - 600s , several schools note on their websites that the average scores of students accepted into the program are 700 or above.

Be aware of application deadlines. Priority deadlines for most Ph.D. programs are in December or January prior to the fall semester of entrance.

Whether a school is accepting doctoral students in a given year

You may find that some schools are not accepting applications to their doctoral program for the upcoming school year because they lack the resources to support doctoral students.

SPEED BUMPS: ALLOW AMPLE TIME TO COMPLETE YOUR APPLICATION

Beware of speed bumps that can slow your application journey. It's advisable to start planning the application process a year in advance. Most schools require the following application materials, all of which can take weeks or even months to compile or obtain:

Recommendation letters

Most schools require two or three letters of reference, and many specify that some or all must be academic references. Depending on how long you have been out of contact with your references, it may take a bit of research and time to find their current contact information and to hear back from them.

Transcripts

Schools will require transcripts from undergraduate and graduate schools you previously attended. Note that transcript processing and delivery time can vary depending on the mode of delivery, holds on your account, and the length of time since graduation.

GMAT scores

You can take the GMAT only once every 16 calendar days, five times within a 12 - month period, and eight times total in your lifetime. Plan accordingly so you can submit or update your GMAT score before your application is due.

If it has been a while since you last updated your r é sumé, you may need some time to research items such as official job duties, dates of service, and reference contact information.

Most schools require applicants to provide a written personal statement and may request additional essays as well. The personal statement is a very important piece of the application process in which you attempt to "sell" yourself to the school; therefore, it is a good idea to put a lot of time and thought into your responses and to hire an editor to read over your responses and provide feedback. Typographical errors, poor grammar, or a lack of enthusiasm are likely to leave a bad impression on the application reviewers.

EYES ON THE PRIZE

The application process is a critical phase in your journey to a doctorate, and it presents many challenges. We hope the tips provided in this article will help keep you on course and prevent you from encountering unwelcome surprises while navigating the application process. Proper planning, preparation, and knowledge can help you achieve your dream of receiving a doctorate in accounting.

Tips for preventing burnout

The process of applying to a Ph.D. program can sometimes feel overwhelming. Here are some ways to alleviate the stress:

Talk to accounting professors about their Ph.D. experience

Most professors would be happy to speak with you about their doctoral journey, including the application process. You are likely to find that they, too, encountered some speed bumps and roadblocks along the way, and they may be able to give you advice.

Stay organized

If you are applying to several schools, it can be difficult to keep up with each program's requirements. A good way to manage this is to keep an Excel spreadsheet or a checklist of each school's requirements and due dates. That way you can check off what you have completed as you go and not worry about forgetting any components.

This help can come in the form of GMAT study courses, having a friend or editor review your essays and r é sumé, or speaking with your target schools' Ph.D. program coordinators for advice (e.g., they may advise you to submit your materials by a certain date to be among the first considered, or to consider retaking the GMAT to increase your chances of acceptance).

Be aware of alternative teaching routes

You don't always need a doctorate to teach at the college level. Many schools require only a master's degree to teach as a part-time (adjunct) lecturer or as a full-time nontenure-track instructor.

Seasoned accounting professionals interested in transitioning from practice to the classroom may consider the AACSB Bridge Program. The Bridge Program is an intense weeklong program held annually at a participating university. Participants gain knowledge on topics such as managing the classroom, creating an engaging learning environment, and planning and delivering courses.

Doctoral programs for practitioners

A CPA with at least three years of professional accounting experience who would like to teach tax or audit at the university level should consider applying to the Accounting Doctoral Scholars (ADS) Program ( adsphd.org ). The ADS Program provides financial support for those pursuing a Ph.D. in accounting who have recent public accounting experience and plan to teach and do research in tax or audit at an AACSB-accredited university after graduation. Those selected for funding receive a total of $40,000 in supplemental payments upon reaching various milestones while pursuing a doctorate in accounting.

Practitioners can also consider participating in the AACSB Bridge Program, an initiative that helps practitioners transition to the classroom and learn teaching and classroom management skills. Visit aacsb.edu/events/bridgeprogram for more information.

About the authors

Sarah Garven, CPA, Ph.D. , is an assistant professor of accounting at Middle Tennessee State University in Murfreesboro, Tenn. Bailee Pennington is a senior at Morehead State University in Morehead, Ky., majoring in accounting and finance.

To comment on this article or to suggest an idea for another article, contact Courtney Vien, a JofA senior editor, at [email protected] or 919-402-4125.

Helpful resources

List of AACSB-accredited universities and schools, aacsb.edu
Brigham Young University's accounting rankings, byuaccounting.net
The Accounting Doctoral Scholars Program, adsphd.org
AACSB Bridge Program, aacsb.edu/events/bridgeprogram
Frequently asked questions about GMAT scores and score reports, mba.com
Information about how often someone can take the GMAT, mba.com

AICPA resources

" Don't Let These Myths Stand Between You and a Teaching Job ," CPA Insider , Aug. 7, 2017
" Transitioning Into Academia: A New Pathway for Practitioners ," JofA , March 2016
" My Pathway From Practitioner to Professor ," JofA , March 2016
" A Ph.D. for Me? Really? "
" From Practice to the Classroom ," JofA , Oct. 2012
" Pursuing a Ph.D. in Accounting: Walking in With Your Eyes Open ," JofA , March 2009
Extra Credit
" From CPA to the Classroom: Going From Practitioner to Professor ," JofA , Feb. 28, 2017
" Pathway to Academia for Accounting Professionals "
AICPA Accounting Education Center

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What’s Getting a PhD in Accounting Really All About?

The PhD is based on research. Research is based on psychological or economic theory and statistics. Statistics are based on mathematics. You need to be comfortable taking two years of graduate level econometrics, statistics, and mathematics if you want to do a PhD in accounting. And by the way, I hope you have already taken Calculus I (and not the business school “calculus” that most undergrad degrees require. You need the calculus the engineering and physics undergrads take), Calculus II, Calculus III, and Linear Algebra because you will need to be good at all of those topics before you even step foot into a doctoral program. If you can learn to program and work with relational databases before you enroll in a PhD program, that will also help. Finally, research is more than just numbers and analysis. You need to be a good writer so that you can clearly communicate why the research you are doing is important, what you found, and why it matters.

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Dear GC, I graduated in December 2010 with a degree in accounting from a well-known university. Because of my grades (2.9 Accounting GPA, 3.0 accumulative GPA), I was shunned by nearly all of the accounting firms. This has led me to working in the accounting department at a fortune 500 company. While in school, I was able to network and make several connections at both Big 4 and regional firms. I was told repeatedly by recruiters to “pass the exam and get some experience, then come talk to me.” I have passed the CPA exam and have almost a year of experience under my belt at this point. In early November I signed with a small regional accounting firm set to begin in January. I know that it’s bad business to immediately bail on a company, but is it too early to get in touch with my contacts at the bigger firms? While I’m very grateful for the local firm, I have my sight set on a much bigger firm, and I want to make it to the big leagues sooner rather than later. Should I gain a year or two of experience at the local firm in order to move to the Big 4 as an experienced associate or possibly a senior associate? Or would it be better to reach out to my network now and attempt to make a transition? Thanks!

I admire your tenacity to make it to the Big Four Leagues. Staying in touch with your contacts will hopefully prove to be beneficial. I suggest reaching out to them now, as it’s prime-time hiring season for public firms leading into busy season. Provide them with an update of your progress on the CPA exam and that a local firm has expressed interest in hiring you. In turn, express your interest in working at XYZ instead, and you were hoping to inquire about any openings they may have. If they have openings, be flexible to whatever level they want you to start at, as it’s more important to get your foot in the door. Leveraging off of your recent success with the local firm would not be the worst thing you could do; you’d hardly be the first or the last person to do so.

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Top 10 Best PhD in Accounting Programs

Accounting is an abstract subject dealing with numbers and calculations. Personal finance requires strong attention to detail — imagine the meticulousness necessary to achieve a PhD in accounting! Prepare for a few years of mathematical and statistical study, and toning your analytical skills. The program offers a bright future, opening vast career possibilities and excellent job prospects.

A booming field, accounting roles for financial managers are estimated to grow by 17% from 2020 to 2030, according to the Bureau of Labor Statistics. This represents a much higher growth rate than the average for all professions.

Let’s explore the best accounting PhD programs so you can prepare for the next step in your finance career!

Table of Contents

Best PhD in Accounting Programs

The university of texas at austin, mccombs school of business.

PhD in Accounting

The University of Texas at Austin was ranked number one in the country for Accounting PhD programs by the US World & News Public Accounting Report . The University’s McCombs School offers one of the top accounting doctoral programs that welcomes students with diverse disciplines such as economics, mathematics , finance, and engineering.

Specializations: Financial accounting, managerial accounting, auditing, and taxation.
Duration : 5 years
Delivery : On-campus
Tuition : $1,000 per credit
Financial aid: Grants, loans, assistantships, and fellowships
Acceptance rate : 32%
Location : Austin, TX

The University of Illinois Urbana-Champaign, Gies College of Business

PhD in Accountancy

The University of Illinois at Urbana Champaign is renowned for its top-notch accounting faculty, boasting a high accounting PhD programs ranking by the BYU Accounting Faculty Research Rankings . Out of all the best PhD accounting programs, this one emphasizes productivity and results the most while valuing quality student placements to give you real-world work experience.

Courses : Mathematical statistics, probability theory, and constructs in accounting research.
Credits : 96
Tuition : $652 per credit
Financial aid : Fellowships, teaching/research assistantships, and tuition waivers
Acceptance rate : 63.3%
Location : Champaign, IL

Stanford University, Graduate School of Business

Stanford is one of the most prestigious universities in the world, with 19 institutes encouraging interdisciplinary learning and a $1.69 billion sponsored research budget. It offers one of the country’s top accounting PhD programs, emphasizing both empirical and analytical research. Moreover, its balanced curriculum gives equal importance to coursework, research, and teaching.

Courses : Financial reporting & management control, empirical accounting research, and microeconomic analysis.
Duration : 4-5 years
Tuition : Refer tuition page
Financial aid: Grants, scholarships, fellowships, and research/teaching assistantships
Acceptance rate: 5.2%
Location : Stanford, CA

New York University, Leonard N. Stern School of Business

The Stern School of Business of NYU offers one of the world’s most well-known accounting doctorate programs. The program allows students to study with other schools within the university along with Stern.

Courses : Empirical research in financial accounting, microeconomic theory, and regression & multivariate analysis.
Duration : 4 years
Financial aid: Fellowships and research/teaching assistantships
Acceptance rate: 21.1%
Location : New York City, NY

University of Pennsylvania, Wharton School

The University of Pennsylvania and Wharton School are world-renowned names in education. The school’s PhD in accounting program allows students to study with neighboring departments to gain exposure to other fields and innovative ideas from a wide range of disciplines.

Courses : Empirical design in accounting research and advanced statistical inference.
Course units: 16
Financial aid : Full fellowships
Acceptance rate : 9%
Location : Philadelphia, PA

The University of Michigan – Ann Arbor, Stephen M. Ross School of Business

The University of Michigan is a prestigious higher learning institution and one of the best public schools in the country. Its PhD in accounting program encourages extensive collaboration between students and faculty in combined research opportunities.

Courses : Contemporary accounting issues, pre-candidacy dissertation, and candidacy dissertation.
Financial aid: Full funding and graduate assistantships
Acceptance rate: 26%
Location : Ann Arbor, MI

Northwestern University, Kellogg School of Management

PhD Accounting Information & Management

Northwestern University’s Kellogg School is one of the oldest business schools in the world and has made major contributions to business, management, and marketing fields. It offers an information-focused accounting doctorate program with research scope for subjects like information intermediaries in capital markets, properties, and transformations in the information environment of companies.

Courses : Research in accounting theory, empirical research in accounting, and special topics in empirical accounting research.
Duration : 5.5 years
Tuition : $13,085 per quarter
Financial aid : Scholarships, fellowships, and teaching/research assistantships
Acceptance rate: 9.3%
Location : Evanston, IL

The University of Chicago, Booth School of Business

The University of Chicago’s Booth School of Business is known for its eminent faculty delivering groundbreaking research in accounting. This PhD offers doctoral candidates the freedom to explore their own research interests. They also get the opportunity to perform collaborative scholarly work with faculty members.

Tuition : $66,096 per three quarters ($32,400 for fifth year)
Financial aid : Grants, teaching/research assistantships, and fellowships
Acceptance rate: 7.3%
Location : Chicago, IL

University of North Carolina Chapel Hill, Kenan Flagler Business School

UNC at Chapel Hill is the flagship university of the University of North Carolina system. It’s known as a Public Ivy school, offering a high-quality curriculum taught by renowned faculty. UNC’s Kenan Flagler Business School is world-famous, supporting research in international accounting, accounting information in capital markets, and accounting standard-setting.

Courses : Empirical accounting research, managerial accounting, and tax research.
Credits : 48-61
Financial aid: Teaching fellowship, research/teaching assistantships, and tuition waivers
Acceptance rate: 25%
Location : Chapel Hill, North Carolina

The University of Mississippi, Patterson School of Accountancy

The University of Mississippi’s Patterson School is entirely dedicated to accounting studies. Its PhD in accounting program aims to develop scholars with a strong foundation in the historical background of accounting and expert research skills.

Courses : Contemporary accounting theory, and financial accounting, auditing & accounting information systems research.
Credits : 77
Tuition : $504 per credit hour
Financial aid: Scholarships, fellowships
Acceptance rate: 88%
Location : University, Mississippi

What Do You Need to Get a PhD in Accounting?

Generally, you only need a bachelor’s degree in accounting or a related discipline to apply for a PhD program in accounting. Very few programs require a master’s qualification.

The exact requirements vary depending on the program, but you’ll usually need to submit the following to the selection committee:

GRE or GMAT scores
Undergraduate transcripts
Personal essay or research proposal
Recommendation letters
Academic resume

Always check specific program requirements for colleges you’re interested in, and contact academic advisors in advance to verify. The top accounting PhD programs can be pretty competitive, so it’s best to carve out ample time to prepare a solid application!

Preparing for an Accounting Doctorate Program

Besides accounting, your PhD program will cover in-depth study of other subjects like economics and statistics. Our advice? Do some background preparation on these subjects, either through self-study or a foundational course.

Additionally, you should prepare yourself for serious research. Unlike undergraduate research, which typically aims to summarize existing knowledge, the goal of a PhD is to make new discoveries. Finally, you should brush up on your teaching skills because your PhD will likely involve giving seminars or tutoring undergraduate students.

Things to Consider When Choosing an Accounting PhD Program

Choosing an accounting PhD program is an individual decision. The right choice depends on various factors that can differ widely depending on the person.

However, here are a few factors that are relevant to practically everyone:

Budget – What is the cost of tuition and other fees? What financial aid is available?
Specializations – What disciplines are offered under the program, and what are the faculty’s areas of expertise? How do these match your passions and career goals?
Program reputation – Is the school well-known? What accreditations does it have?
Delivery method – Is the program offered on-campus, online, or in a hybrid format?
Location – If you need to attend classes in person, even occasionally, how easy is it for you to get to campus?

Why Get a Doctorate in Accounting?

If you’re proficient with analytical and mathematical skills, a PhD in accounting can help you secure some of the highest-paying jobs in finance and economics. In these roles, you’ll apply the theoretical concepts you studied during your doctorate to solve real market problems, or transfer your knowledge to the next generation by teaching.

Jobs and Salaries for Doctors of Accounting

A doctorate in accounting can qualify you for a range of exciting and high-level roles in the finance sector.

Here are just some of the roles you’ll be eligible for once you’ve completed your PhD in Accounting, with the median annual salary for each:

Associate Professor in Accounting ( $80,799 )
Financial Manager ( $95,518 )
Finance Director ( $115,603 )
Analyst/Advisor ( $62,924 )
Senior Financial Analyst ( $83,091 )

For more on job opportunities in the sector, take a look at our guide to the top 10 best jobs for MBA graduates .

What is the Average Cost of PhD Accounting Programs?

The cost of a PhD in accounting can vary greatly depending on the program and school. Remember, the total cost includes not only tuition, but also living expenses, fees and other study expenses.

Generally, prestigious private universities cost more, while public universities offer lower tuition and fees. Additionally, state residents pay less tuition and fees for state universities than non-resident students. Considering all these factors, the total cost for a doctorate in accounting could be anything from around $10,000 to $70,000 per year.

Wrapping Up

A PhD in accounting will qualify you for some of the best job opportunities in the business and commercial world today. Alternatively, after graduation you could pursue a career in higher education, either in research or as a professor. With experts predicting an increase in accounting job opportunities in the sector in the coming years, the future looks bright for graduates with a doctorate in accounting.

For more on the best courses in finance and accounting, take a look at our guides to the best Master’s in Accounting , the best online MBA Programs , and the top 20 online PhD programs in 2022 .

What Does a PhD in Accounting Do?

With a PhD in accounting, you can work as a professor, consultant, financial manager, analyst, researcher, or one of many high-level jobs in the accounting field.

Can You Get a Doctorate in Accounting?

Yes. Many universities offer doctorate in accounting programs. As long as you meet the eligibility criteria (usually an undergraduate degree in a related field) and present a strong application, you can start your doctorate in accounting.

How Hard is a PhD in Accounting?

Like with any PhD, you need to have a high level of dedication, self-discipline and the ability to conduct strong research to earn a doctorate in accounting. You will also need to demonstrate strong writing, analytical, and presentation skills.

Can an Accountant Have a PhD?

You don’t need a PhD to work as an accountant. Depending on the role, most accountants either have a bachelor’s or a master’s in accounting . However, an accountant who wants to further their career or research in academia may choose to get a PhD in the field.

Do You Need a PhD to Teach Accounting?

A PhD is not typically required to teach accounting in certain settings, such as a community college. However, if you have one, you’ll have a lot more teaching options, including more lucrative positions at universities.

Lisa Marlin

Lisa is a full-time writer specializing in career advice, further education, and personal development. She works from all over the world, and when not writing you'll find her hiking, practicing yoga, or enjoying a glass of Malbec.

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