Top Accounting Degrees

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5 Great Careers with a PhD in Accounting

Careers with a ph.d. in accounting.

  • Financial Analyst
  • Accounting Professor
  • Accountant Manager

While accountants may find entry-level positions in the field of accounting, individuals typically find more lucrative careers with a Ph.D. in Accounting. Depending on if an individual has a degree or is starting from scratch, he or she can earn the doctorate degree in accounting in three to seven years. They can choose accountant or CPA careers or pursue scholarly research and leadership roles with the Ph.D. Here are five great careers with a Ph.D. in Accounting.

1. Financial Analyst

Financial analysts work for individuals and businesses help them make investment decisions. They spend a great deal of their day studying and analyzing investments such as bonds, stocks and money markets. They evaluate current and past financial data, prepare written reports, study business and economic trends, and analyze a company’s financial statement to determine its worth. After utilizing all the information they’ve obtained, they meet with the company’s officials and management and advise them on what they feel are good investments for the company. Also called investment analysts or securities analysts, these professionals work in mutual funds, banks, insurance companies and similar businesses.

2. Accounting Professor

Accounting professors teach students about the field of accounting. They also provide academic counseling and tutoring; design and develop curriculums; collaborate with colleagues on research activities, and mentor students. Accounting professors are in high demand because of the serious shortage of Ph.D. graduates in accounting. They’re qualified to teach at both the graduate and undergraduate level. This shortage also puts them in a position where they can expect high wages. Salary.com states that accounting professors earned a median annual wage of $119,880 as of April 2018.

3. Consultant

Accounting consultants have a variety of duties depending on the company. Their main job is advising the company on the best financial portfolios and the most effective ways to be profitable. This may be investing in fraud protection, sending data away for analysis or decreasing things that are not using money wisely. Accounting consultants are much like financial analysts in that they also study the financial trends and advise the company on what are or are not good investments. They also advise the company on other matters, such as payroll, investments, stock portfolios and taxes.

4. Researcher

An accounting researcher is a scholar who analyzes and researches accounting-related issues and publishes studies and reports on his or her findings. The researcher also does a lot of public speaking or commentaries about accounting methods and trends. Accounting researchers usually work at colleges and universities teaching students about business and accounting. They also spend a lot of their time studying and publishing work in accounting research journals. Researchers may study accounting information systems, taxes, auditing ethics or financial reporting to name a few. They typically spend more time researching than actually teaching.

5. Accountant Manager

An accountant manager is an individual who’ in charge of an accounting firm or financial department in an organization. Large companies typically have many employees working in the accounting and financial departments. Each employee is doing his or her own job, whether it’s creating financial reports, monitoring profits or doing expense reports. The accountant manager ensures that employees are doing their jobs and that the company is making as much of a profit as possible. Accountant managers work in the private business sector as well as for nonprofit organizations.

Related Resource: Top 35 Most Affordable Online Bachelor’s in Finance 2018

According to a 2017 report by the U.S. Bureau of Labor Statistics , accountants and auditors should see a job growth of ten percent from2016-2016. Because of the knowledge and experience obtained through academic programs and work, great careers are possible for those with a Ph.D. in Accounting.

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Our doctoral program in the accounting field offers broadly based, interdisciplinary training that develops the student’s skills in conducting both analytical and empirical research.

Emphasis is placed on developing a conceptual framework and set of skills for addressing questions broadly related to accounting information. While issues of financial reporting, managerial accounting, corporate governance and taxation are the ultimate concern, special emphasis is given to applying basic knowledge of economics, decision theory, and statistical inference to accounting issues.

Spectrum of Interests and Research Methods

Faculty research represents a broad spectrum of interests and research methods:

  • Empirical and analytical research on the relation between accounting information and capital market behavior examines the characteristics of accounting amounts, the effect of accounting disclosures on the capital market, the role of analysts as information intermediaries, and the effects of management discretion. Issues examined also include the impact of financial information on stock and option prices, earnings response coefficients, market microstructure, earnings management, voluntary disclosures, and the effect of changes in accounting standards and disclosure requirements.
  • Problems of information asymmetries among management, investors, and others are currently under study. This research investigates, analytically and empirically, the structure of incentive systems and monitoring systems under conditions of information asymmetry. Research on moral hazard, adverse selection, risk sharing, and signaling is incorporated into this work.
  • Other ongoing projects include research on the economic effects of auditing and regulation of accounting information, and analysis of tax-induced incentive problems in organizations.
  • Additional topics of faculty interest include analytical and empirical research on productivity measurement, accounting for quality, activity-based costing for operations and marketing, and strategic costing and pricing.

Preparation and Qualifications

It is desirable for students to have a solid understanding of applied microeconomic theory, econometrics and mathematics (linear algebra, real analysis, optimization, probability theory) prior to the start of the program. Adequate computer programming skills (e.g. Matlab, SAS, STAT, Python) are necessary in coursework. A traditional accounting background such as CPA is not required.

Faculty in Accounting

Christopher s. armstrong, jung ho choi, george foster, brandon gipper, ron kasznik, john d. kepler, jinhwan kim, rebecca lester, iván marinovic, maureen mcnichols, joseph d. piotroski, kevin smith, emeriti faculty, mary e. barth, william h. beaver, david f. larcker, charles m. c. lee, stefan j. reichelstein, recent publications in accounting, diversity washing, buy now pay (pain) later, elpr: a new measure of capital adequacy for commercial banks, recent insights by stanford business, big investors say they use esg to reduce risk (but mostly focus on the e and g), more time to trade isn’t a good thing for many retail investors, nine stories to get you through tax season.

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  • Dissertation Areas and Joint PhD Programs
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PhD in Accounting

  • PhD in Behavioral Science
  • PhD in Econometrics and Statistics
  • PhD in Microeconomics
  • PhD in Finance
  • PhD in Management Science and Operations Management
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  • Joint Program in Financial Economics
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Chicago Booth has one of the preeminent PhD accounting programs. Our faculty conduct groundbreaking scholarly work, and our graduates have played a central role in the evolution of modern accounting research.

As a PhD student in accounting at Booth, you’ll have the freedom to explore and cultivate your research interests from day one—wherever they lead.

You’ll join a collaborative research community and work with prominent scholars whose groundbreaking research is recognized for its impact on the academic literature, accounting practice and policymaking, securities regulation, and elsewhere. In addition to your stipend, you may apply for research and conference travel funding from our research centers and the Stevens Doctoral Program. In research workshops and conferences, you’ll present your work and hear about the work of fellow researchers. 

Our Distinguished Accounting Faculty

As measured by research productivity and impact, Chicago Booth has one of the best accounting faculty groups in the world. The group includes Philip G. Berger, Hans B. Christensen, Merle Erickson, Christian Leuz, Michael Minnis, Valeri Nikolaev, Haresh Sapra, Douglas J. Skinner, and Abbie J. Smith, as well as an outstanding group of research-active junior faculty. The school is committed to maintaining the quality of this group.

These distinguished scholars are also teachers and mentors who will advise you, coauthor papers with you, supervise your thesis, help you find an outstanding job, and serve as colleagues throughout your career.

Philip G. Berger

Philip G. Berger

Wallman Family Professor of Accounting

Hans B. Christensen

Hans B. Christensen

Chookaszian Family Professor of Accounting and David G. Booth Faculty Fellow

Anna Costello

Anna Costello

Professor of Accounting and David G. Booth Faculty Fellow

Merle Erickson

Merle Erickson

Professor of Accounting

Joao Granja

Joao Granja

Associate Professor of Accounting and Jane and Basil Vasiliou Faculty Scholar

Christian Leuz

Christian Leuz

Charles F. Pohl Distinguished Service Professor of Accounting and Finance

Bradford Levy

Bradford Levy

Assistant Professor of Accounting

Charles McClure

Charles McClure

Michael Minnis

Michael Minnis

Professor of Accounting and Charles E. Merrill Faculty Scholar

Maximilian Muhn

Maximilian Muhn

Valeri Nikolaev

Valeri Nikolaev

James H. Lorie Professor of Accounting and FMC Faculty Scholar

Madhav Rajan

Madhav Rajan

Dean and George Pratt Shultz Professor of Accounting

Thomas Router

Thomas Rauter

Assistant Professor of Accounting and IBM Corporation Faculty Scholar

Amoray Riggs-Cragun

Amoray Riggs-Cragun

Assistant Professor of Accounting and Kathryn and Grant Swick Faculty Scholar

phd accounting positions

Delphine Samuels

Associate Professor of Accounting and James S. Kemper Foundation Faculty Scholar

Haresh Sapra

Haresh Sapra

Charles T. Horngren Professor of Accounting

Douglas Skinner

Douglas J. Skinner

Deputy Dean for Faculty and Sidney Davidson Distinguished Service Professor of Accounting

Abbie J. Smith

Abbie J. Smith

Boris and Irene Stern Distinguished Service Professor of Accounting

Chris Stewart

Christopher Stewart

Assistant Professor of Accounting and William S. Fishman Faculty Fellow

Rimmy Tomy

Associate Professor of Accounting and Kathryn and Grant Swick Faculty Scholar

Anthony Welsh

Anthony Welsch

Anastasia A. Zakolyukina

Anastasia A Zakolyukina

Associate Professor of Accounting

Alumni Success

The American Accounting Association periodically awards a prize for seminal contributions to the accounting literature. Graduates of the PhD Accounting Program are regular winners of this prestigious prize.

Our PhD graduates in accounting go on to faculty positions  at some of the world's most prestigious institutions.

Kalash Jain, MBA '23, PhD '23

Assistant Professor of Business, Accounting Division Columbia Business School, Columbia University His research examines the impact of information processing frictions and investor decision making on asset prices and firm investment. His dissertation area is in accounting.

Sinja Leonelli, MBA '23, PhD '23

Assistant Professor of Accounting Stern School of Business, New York University Sinja's research primarily examines misconduct reporting, regulation and enforcement, and the use of ESG information by stakeholders such as regulators, employees, and consumers. Her dissertation area is in accounting.

Shirley Lu, MBA ’21, PhD ’21 

Assistant Professor of Business Administration Harvard Business School, Harvard University Shirley Lu studies Corporate Social Responsibility (CSR) disclosure, with a focus on climate change and gender diversity. Her dissertation area is in accounting.

Spotlight on Research

Chicago Booth Review frequently highlights the work of accounting PhD students, faculty, and alumni.

One Way Discrimination Creeps into the Supply Chain

A Q&A with Chicago Booth’s Anna Costello about how the pandemic affected which suppliers got paid on time.

AI Reads between the Lines to Discover Corporate Risk

“Corporate risk exposures are often subtly implied in conference call discussions rather than explicitly stated,” write Chicago Booth PhD student Alex G. Kim and Booth’s Maximilian Muhn and Valeri Nikolaev.

Civilization is Based on Accounting

A Q&A with Chicago Booth’s Ray Ball on accounting’s past and future.

Financial Data Privacy Could Help Fight Poverty

Historical data can shape future outcomes, helping to determine whether a prospective borrower has access to a home, car, or other opportunities, write University of Utah’s Mark Jansen, Chicago Booth PhD student Fabian Nagel, and Booth’s Constantine Yannelis and Anthony Lee Zhang.

A Network of Support

Doctoral students at Booth have access to the resources of several research centers  that offer funding for student work, host workshops and conferences, and foster a strong research community.

The Chookaszian Accounting Research Center The Chookaszian Accounting Research Center coordinates accounting research at Chicago Booth and hosts research brown bags and workshops. It also publishes the Journal of Accounting Research , one of the top accounting research journals in the world.

George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research in the political, economic, and cultural obstacles to better working markets.

Rustandy Center for Social Sector Innovation Chicago Booth’s destination for people committed to tackling social and environmental problems, the Rustandy Center supports the work of PhD students and others who are focused on transforming the social sector.

Inside the Student Experience

For Andrew Sutherland, PhD ’13, coauthoring research with Booth faculty was a highlight of the Stevens Program.

Dark Side of Finance

Video Transcript

Andrew Sutherland, ’13: 00:09 In accounting, there's tons and tons of research on these big public firms that have an army of investor relations people and they constant disclosing things. That's where most of the research was happening, but there's this whole other half of the economy, these private firms, that we didn't really know a lot about. We didn't know a lot about how they got credit. What was interesting to me is that a lot of time, firms are able to get credit without even providing any financial statements or any information whatsoever to the bank. The reason they're able to get credit is that they have a credit score. So in other words, the information is coming, not from the form itself, but from another bank who had dealt with them in the past. What really struck me was there wasn't really a lot of research out there on this information channel. That's when I decided I wanted to learn a little bit more about what this reporting channel does to contract and help firms get credit and how it changes banks' incentives to lend.

Andrew Sutherland, ’13: 01:01 Basically, the firms that have a good credit record or a long track record of borrowing successfully were the ones that were able to shop around. We would think that's a good thing, that giving firms more choice about who to borrow from kind of increases social welfare, you get better matching between lenders and firms. Kind of the dark side is that the firms that have had payment trouble that have defaulted or missed some payments on loans sort of get shut out of the credit part. You have a harder time starting any new relationships with outside lenders. That's kind of a cost.

Andrew Sutherland, ’13: 01:34 The second cost is that information sharing changes the game for lenders. So, if participating in this credit bureau basically allows outside lenders to pick off the firms that are doing better, then that destroys the incentive for lenders to kind of invest in relationships to begin with. That's sort of the second dark side of information sharing, if you will.

Andrew Sutherland, ’13: 01:54 So, I coauthor on a number of projects with the junior faculty member here named Mike Minnis. I probably talked to Mike more than I talk to my wife. I don't know if that's a good thing or a bad thing. But, I mean, as a PhD student, there's only so much you can learn in class, and having a faculty member to work with that's kind of gone through the ropes and understands the review process, that's done something on their own, it gives you a really good opportunity to learn. That's something, I think that was absolutely instrumental in my success

Current Accounting Students

PhD students in accounting come to Chicago Booth with a wide range of interests and goals. Recent dissertations have focused on everything from machine learning to the impact of fiscal monitoring, and graduates have gone on to positions at some of the world’s preeminent institutions, including Columbia Business School, Stanford Graduate School of Business, and the Wharton School of the University of Pennsylvania.

Current Students

Samuel Chang Jonas Dalmazzo Jewel Evans Lingyu Gu Yanzi (Yvonne) Han Grant Hayes Roope Keloharju Maria Khrakovsky Alex Kim Ginha Kim Andrew McKinley Fabian Nagel Pietro Ramella Hristiana Vidinova Hanbyul Yoon Jingyu Zhang

Program Expectations and Requirements

The Stevens Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

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Accounting: PhD Students

  • Stern’s accounting faculty has a wide range of research interests and continuously publishes works in all major academic accounting research journals such as the Journal of Accounting Research, Journal of Accounting and Economics, the Accounting Review, the Review of Accounting Studies, and Contemporary Accounting Research. Furthermore, Stern’s accounting faculty has published in such major Finance journals as the Journal of Finance, the Journal of Financial Economics, and the Journal of Financial and Quantitative Analysis.
  • The Department boasts a large and diverse body of Ph.D. students, who assist faculty with research projects early on in their doctoral program and often become co-authors to papers published in prestigious accounting journals.
  • The admissions process is a rigorous one and important criteria are: an interest in doing research and teaching in accounting, strong quantitative skills, and an ability to communicate effectively. There are no formal education requirements  other than possession of a bachelor's degree - an MBA is not required.
  • The quality of our Ph.D. program (ranked 7th in the United States by U.S. News and World Report) manifests itself by, among other things, our success in placing our graduates.

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NYU Stern Henry Kaufman Management Center 44 West 4th Street Suite No. 10-77 Phone:  212-998-0025 Email: [email protected]

Xiaojing Meng

NYU Stern Henry Kaufman Management Center 44 West 4th Street Suite No. 10-84 Phone:  212-992-6812 Email:   [email protected]

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Wharton’s Ph.D. program in Accounting trains students to be successful academic researchers. To this end, the program is designed to provide students with opportunities to learn to develop their own research ideas and to learn to implement appropriate research methods. Students learn these skills through rigorous coursework, as well as mentoring relationships and often research projects with faculty members that provide “on-the-job” training. When a student completes the program, he or she will have a dissertation and other publishable research in progress that can credibly communicate to the academic community the student’s skills and potential for future success as a researcher.

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  • What Can You Do With an Accounting Degree?

by Andrew Buckley

May 31, 2024

University Services Accounting

phd accounting positions

Careers in accounting involve more than numbers and spreadsheets. If you work in this field, you already know that what you can do with an accounting degree includes making an impactful difference in the lives of others . In the jobs you can get with an accounting degree, you might be responsible for anything from helping a small business maintain a healthy bottom line to assisting a nonprofit in allocating funds to maximize its impact. And if you’re just getting started in accounting or considering the field as part of a career switch, you’ll soon learn that it has much more to offer than many people realize.

As part of the wider finance industry, accounting has a reputation for offering job security and above-average salaries. For each year between 2022 and 2032, the business and finance field is projected to usher in about 911,400 job openings 1 , and 126,500 of those will go to accountants and auditors. 2 The median salary for accountants ($79,880/year) also outpaces the national average, and accounting professionals tend to widen this gap with additional years of experience – the top 10% of accountants earn $137,280 or more per year. 2

Becoming a public accountant is a solid career choice that works well for many people. However, it’s important to remember that there are plenty of other jobs you can get with an accounting degree – especially if you pursue a master’s . For example, many employers value the level of expertise that comes with a master’s degree when making difficult decisions regarding promotions to management roles.

If you’re interested in advancing to management occupations ( median salary: $116,880 3 ), a master’s in accounting might be a worthwhile investment. At Saint Mary’s University of Minnesota, you can earn an online Master of Science in Accounting (MSA) whether or not you have an accounting background. You’ll build expertise in finance and business principles and have the option to stack multiple graduate certificates to gain specialized knowledge for the career you want.

For a better understanding of what you can do with an accounting degree, explore the careers below.

Careers in Accounting

Financial manager.

One of the top-earning jobs you can get with an accounting degree is as a financial manager. Professionals who work as financial managers may also be called controllers, finance officers, or treasurers. Their job is to maintain the overall financial health of a business or organization by closely monitoring financial reports and making strategic investment decisions. Financial managers pay attention to market trends and have a solid grasp of effective leadership and management practices. Required skills for this position include:

  • Critical thinking
  • Data analysis
  • Decision-making
  • Effective communication
  • Employee management
  • Market analysis
  • Strategic planning

Salary and Career Outlook

Financial managers earn a median salary of $156,100 per year , according to the latest data provided by the Bureau of Labor and Statistics (BLS). This occupation is also projected to grow faster than average between 2022 and 2032 at a rate of 16% – about 69,600 job openings per year . 4 Professionals working in this occupation are known to be employed in a range of environments, with those in professional, scientific, and technical services earning the highest salaries.

Required Education

Financial managers need at least a bachelor’s degree, but in many cases, a master’s degree is preferred. Professionals in this role tend to have several years of experience in finance, and many have previously worked as accountants or financial analysts. While not always required, many financial managers also have one or more of the following certifications:

  • Certified Public Accountant
  • Certified Government Financial Manager
  • Chartered Financial Analyst Certification

Find out how the online MSA program at Saint Mary’s University of Minnesota can help you prepare for the Certified Public Accountant Exam.

Accounting Director

Accounting directors lead a team of accountants in accurately monitoring the financial transactions related to an organization’s functioning . Responsibilities for those in this occupation include supervising employees, ensuring adherence to financial regulations, auditing financial data, and more. To do their job well, a professional in this role must possess expertise in:

  • Accounting software
  • Cash flow management
  • Financial reporting
  • Oral communication
  • People management
  • Process improvement
  • Project management
  • Written communication

Accounting director is another high-paying career in accounting, with Payscale reporting a median income of $113,478 per year. Further, the top 10% of experienced professionals in this occupation earn $168,000 or more annually. As of 2024, salaries for accounting directors tend to be most significantly boosted by skills in mergers and acquisitions, auditing, process improvement, and project management. 5

Earning a master’s in accounting is generally recommended for professionals who hope to become an accounting director. This level of education will prepare you with the technical and leadership skills you need to succeed in this role. Passing the CPA exam and maintaining your license is also required for this occupation.

Are You Ready to Move Forward in Your Accounting Career?

Develop advanced expertise in both finance and business with an online MSA from Saint Mary’s University of Minnesota.

Personal Financial Advisor

The occupation of personal financial advisor can be one of the most rewarding careers in accounting. Financial advisors use their expertise to assist individuals in planning for significant life events , such as marriage, children, home buying, and retirement. By breaking down complex financial and investment information, these professionals empower clients to make decisions to increase wealth and impact families for generations. It’s essential for personal advisors to possess the following skills:

  • Investment evaluation
  • Goal setting
  • Portfolio assessment
  • Retirement planning
  • Risk management

The BLS reports a median salary of $99,580 per year for personal financial advisors, and the top 10% of experienced professionals in this occupation earn $239,200 or more. Due to the growing population of people 65 and older, this occupation is also expanding at a faster-than-average pace to meet an increased need for retirement and investment planning. Demand for personal financial advisors is expected to grow 13% between 2022 and 2032 , resulting in about 25,600 openings per year. 6

Common degrees for personal financial advisors include business, accounting, and mathematics. A master’s in accounting can help you both get started and advance in this career by delivering the financial expertise and business acumen that lead to success. You may also need one or more of the following licenses and registrations based on the specific position you pursue:

  • State regulator registration (varies by state)
  • U.S. Securities and Exchange Commission (SEC) registration
  • North American Securities Administrators Association (NASAA) license
  • Certified Financial Planner designation

Budget Analyst

Organizations rely on budget analysts to plan and monitor their finances . To keep a business financially healthy, people in this occupation collaborate with other team members and departments to create the budget, plan for future expenses, review proposals, analyze plans, and manage spending. Budget analysts must be well-versed in the following areas:

  • Budget development
  • Budget monitoring
  • Cost-benefit analysis
  • Financial planning
  • Regulatory compliance
  • Spending analysis

The budget analyst occupation is a typical career in accounting, with these professionals working across a range of industries. Budget analysts earn a median annual salary of $84,940, with the top 10% of earners making $131,630 or more per year. 7 Professionals in this occupation work in a variety of environments, but the five highest paying employers of budget analysts include 7 :

  • Professional, scientific, and technical services
  • Federal government
  • Local government
  • State government
  • Education services

A degree in accounting, economics, or statistics is typically required for a career in budget analysis, and many employers prefer candidates with a master’s degree. Earning a master’s in accounting can help you move to a career as a budget analyst or move up the ladder if you already work in this or a similar occupation.

Explore the Human Side of Accounting

At Saint Mary’s University of Minnesota, earning an accounting master’s degree means more than becoming an expert in the latest economic trends. As a student in the online Master of Science in Accounting program, you’ll gain the soft skills and business acumen needed to become a trusted and ethical leader. This program is also ideal for career switchers, as it prepares graduates with the financial expertise they need to enter the top master’s in accounting jobs.

No matter where you are on your journey, you can take the next step toward your ideal accounting career today. Learn more about the online master’s in accounting from Saint Mary’s.

  • Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Business and Financial Occupations.” April 17, 2024. Retrieved May 6, 2024 from https://www.bls.gov/ooh/business-and-financial/home.htm .
  • Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Accountants and Auditors.” April 17, 2024. Retrieved May 6, 2024 from https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm .
  • Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Management Occupations.” April 17, 2024. Retrieved May 6, 2024 from https://www.bls.gov/ooh/management/home.htm .
  • Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Financial Managers.” April 17, 2024. Retrieved May 6, 2024 from https://www.bls.gov/ooh/management/financial-managers.htm .
  • Payscale. “Average Accounting Director Salary.” Retrieved May 23, 2024 from https://www.payscale.com/research/US/Job=Accounting_Director/Salary .
  • Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Personal Financial Advisors.” April 17, 2024. Retrieved May 7, 2024 from https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm .
  • Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Budget Analysts.” April 17, 2024. Retrieved May 7, 2024 from https://www.bls.gov/ooh/business-and-financial/budget-analysts.htm .

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Ai is taking over accounting jobs as people leave the profession.

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Experienced accountants are leaving for careers in finance, human resources and banking.

The accounting profession is hemorrhaging talent and failing to see growth as young college graduates are not gravitating toward this once-buoyant sector. The shift in attitudes regarding the occupation presents an existential threat. How can accounting firms survive and serve their clients if there aren’t enough trained professionals?

For white-collar workers, there is a looming fear that artificial intelligence will steal their jobs. In an interesting plot twist, Puzzle , an accounting startup, is leveraging AI and automation to streamline accounting and financial management where there is currently a talent shortage.

Accountants Are Fleeing The Sector

Both the pipeline of new accounting graduates, as well as retention of existing professionals in the field, are major challenges facing the accounting sector in the United States. Experienced accountants are leaving for careers in finance, human resources and banking, exacerbating the staffing shortage caused by fewer students pursuing accounting degrees, the Wall Street Journal reported.

More than 300,000 U.S. accountants and auditors left their jobs between 2019 and 2021. The number of accountants in the U.S. has fallen 15.9% since 2019, according to the Bureau of Labor Statistics.

The exodus is happening across age groups . It’s not just retirees; younger accountants aged 25 to 34 and mid-career professionals aged 45 to 54 are leaving the profession.

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Factors, like long working hours, relatively modest pay, lack of work-life balance and the threat of being replaced by automation, are pushing accountants to explore non-accounting roles.

The talent shortage in this industry magnifies the need for next-generation accounting software so companies, specifically startups, can be confident in their financial decisions, develop their business acumen and scale responsibly.

Finding The Missing Puzzle Piece

Puzzle, founded by Sasha Orloff, is building a modern accounting software package, initially focused on startups. Puzzle aims to create a comprehensive financial intelligence platform that integrates with the various fintech tools startups use, like Stripe, Brex and Gusto. It combines a streaming financial data platform with a general accounting ledger, allowing startups to have real-time visibility into their financial health.

Puzzle's mission is to support founders in their success and prevent ideas from failing due to inadequate financial practices or a founder's lack of accounting and finance expertise when making critical financial decisions.

The AI-powered accounting software for startups takes the best of Quickbooks, OpenAI and Stripe. By automating core tasks, like transaction entry, reconciliation and categorization with AI, Puzzle reduces human error and delivers real-time financial statements, along with modern finance metrics suited toward technology startups.

Jack Kelly

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« Taking Stock: Dollar Assets, Gold, and Official Foreign Exchange Reserves | Main | Can Discount Window Stigma Be Cured?  »

Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond

Kasey Chatterji-Len and Anna Kovner

Photo of three young students writing a formula on a green blackboard with white chalk.

Becoming a PhD economist can provide a fulfilling and financially secure career path. However, getting started in the field can be daunting if you don’t know much about the preparation you’ll need and the available job opportunities. If you’re wondering what it means to be an economics researcher or how to become one, please read on. We’ll review how to prepare for a career in economics research, what an economics PhD program entails, and what types of opportunities it might bring. Economic education is a core component of the Federal Reserve Bank of New York’s mission to serve the community. To empower would-be economists, this post provides information for students who seek a career in economics research. We hope this information will be helpful to students interested in economics, regardless of their background and economic situation.  This information is most applicable to students applying to programs in the United States.  

The Breadth of Economics Research  

Academic disciplines conduct research in different ways, so it’s important to have a basic understanding of the types of questions economists ask and how they approach answering them. There are many definitions of economics, but a broadly useful one is the study of how people, organizations, and governments make decisions under different constraints, and how those decisions may affect their outcomes. 

When answering these questions, economists seek to ground their analyses in models and to be quantitatively precise about the effects they assign to any given cause. The range of topics economists can study is wide, but the accepted approaches to answering questions are stricter. Some examples of what economists might ask: 

  • How do different public housing programs affect the children who live there? 
  • Does a certain type of law encourage businesses to innovate? 
  • How will a change in the interest rate affect inflation and unemployment rates? 
  • How much does affordable health insurance improve people’s health? 
  • How can poor countries eradicate poverty? 

There are many different subfields within economics, including, but not limited to behavioral, econometrics, energy/environmental, development, financial, international, monetary, public, and urban economics. You can familiarize yourself with the latest work in economics by subscribing to working paper series, such as NBER’s New This Week or the New York Fed’s Staff Reports . To get an idea of the breadth of questions economists can answer, you could listen to Stephen Dubner’s “ Freakonomics Radio ” podcast. You may also want to explore the Journal of Economic Perspectives , the New York Fed’s Liberty Street Economics blog, VoxDev , or VoxEU .  

What Is a PhD Program Like?    

Economics PhD programs typically last five to seven years. Unlike masters programs, they are often fully funded with a stipend, though most require students to complete teaching assistant and/or research assistant (RA) work as part of their funding package. In the first two years, students take classes, many of which are mathematically demanding. The rest of the program can include additional classes but is primarily devoted to original research with the aim of producing publishable papers that will constitute the dissertation.  

Faculty advisors are a central part of PhD programs, as students look to them for guidance during the research process. Economics PhD programs are offered within university economics departments, but there are similar programs in public policy and business schools. You can look at their websites to understand any differences in coursework and subsequent job placements. 

What Can You Do with an Economics PhD?  

Upon graduation, students can obtain jobs in a variety of industries. Many PhD students hope to become university professors. Governments and public policy-related institutions such as the Federal Reserve System, the U.S. federal government, the World Bank, and the International Monetary Fund (IMF) also hire economists to work on policy, lead programs, and conduct research. Finally, economics PhD graduates can also find employment at a variety of private sector companies, including banks, economic consulting firms, and big tech companies. The pay for these different positions can vary. According to the American Economics Association (AEA), the average starting salary for economics assistant professors in 2022-23 was approximately $140,000 at PhD granting institutions and $98,000 at BA granting institutions. 

Programs often publish the placements of their PhD graduates, so you can look online to see specific employment outcomes. See, for example, the University of Maryland’s placements . Ultimately, economists are highly regarded as authorities on a variety of topics. Governments, nonprofits, philanthropic foundations, financial institutions, and non-financial businesses all look to economists to answer important questions about how to best achieve their goals. Thus, earning an economics Ph.D. can potentially help you to influence issues that are important to you. 

Preparing for an Economics PhD Program  

There are several components to an economics PhD program application: college transcripts, GRE scores, letters of recommendation, and personal statements. Please download the Appendix linked below to learn more about transcripts and letters of recommendation. The Appendix details ways in which you can select coursework, obtain research experience, and develop relationships to position yourself for success as a PhD applicant.  

If you feel that you are too far along in your academic career to take enough of the classes described in the Appendix, this does not necessarily preclude you from pursuing an economics PhD. For example, it’s possible to take some of these classes through a master’s program, or through a pre-doctoral RA job. Some pre-doctoral RA jobs, such as the one here at the New York Fed , may enable you to take classes in preparation for graduate school. If you are concerned about your transcript, reach out to an economist at your university for advice; program standards for coursework and grades vary, and it’s a good idea to get more personalized advice. 

Research Experience   

If you’re interested in becoming an economics researcher and applying to PhD programs, it’s best to get research experience as soon as possible. Working as an RA is a great way to learn how to conduct research and get a better idea of whether it’s the right career path for you. Additionally, it can help you obtain a letter of recommendation for graduate school applications and improve your qualifications.  

All types of academic research can be enriching, but it’s beneficial to gain experience working directly with an economist. To find a position, you can reach out to professors whose work you find interesting or find an RA program at your school. Typical RA tasks may involve data collection and cleaning, as well as running analyses and creating charts to represent results. This is where coding skills become crucial; having taken math, statistics, and econometrics courses will also enable you to take on more responsibilities. 

You may also have the opportunity to conduct your own research, possibly under the supervision of a professor at your university. This research could be self-initiated or part of a course such as a thesis workshop. Self-directed research is a great opportunity to learn about all stages of the research process. It’s also an excellent opportunity to create a writing sample for graduate school applications. Ultimately, though, your motivation for conducting your own research project should be that you want to answer a question.  One thing economists have in common is a love of answering questions using data and theory. 

Research experience is also often obtained after completing an undergraduate or master’s degree. Taking on a full-time RA position before applying to PhD programs is very common and can make you a more competitive applicant. You may either get an RA job working for a professor or participate in a pre-doctoral RA program.  

Research assistant programs are more structured than positions with individual professors or projects, which could be helpful. Universities, parts of the government, think tanks, research organizations, and the Federal Reserve System are all good places to look for research assistant programs. To help you decide which opportunities are most desirable, you may want to ask potential employers : Where do people in this program tend to go afterward? Will I be working directly with an economist? How much of my time will be spent on academic research work? Will I be able to take classes as part of this program? Considering whether an economist will be able to evaluate your performance is an important factor for recommendation letters. The ability to take classes, either through tuition reimbursement or waivers, can also be an important benefit. 

The Research Analyst program here at the Federal Reserve Bank of New York is one example of these programs and you should check it out here . The Federal Reserve Board of Governors also has a large program, and many other regional Federal Reserve Banks have similar programs. In addition, the PREDOC website and the  NBER post listings of RA opportunities. J-PAL and IPA also tend to recruit RAs for economic development projects. Another source of RA opportunities is the @econ_ra account on X. 

Who Should Get a PhD in Economics?  

A PhD may not be for everyone, but it is for anyone—people of all genders, religions, ethnicities, races, and national origins have PhDs in economics. Many economists majored in economics, but others majored in math, physics, or chemistry. Because economics is such an integral part of policymaking, it is important that economists come from a wide range of backgrounds so policy can be stronger and more effective. The inclusion of differing perspectives helps ensure that the contribution of economists to work in public policy, academia, and beyond effectively serves the broadest range of society. 

  • Coursework Appendix

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Kasey Chatterji-Len is a research analyst in the Federal Reserve Bank of New York’s Research and Statistics Group.

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Anna Kovner  is the director of Financial Stability Policy Research in the Bank’s Research and Statistics Group.

How to cite this post: Kasey Chatterji-Len and Anna Kovner, “Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond,” Federal Reserve Bank of New York Liberty Street Economics , May 31, 2024, https://libertystreeteconomics.newyorkfed.org/2024/05/thinking-of-pursuing-a-phd-in-economics-info-on-graduate-school-and-beyond/.

You may also be interested in: AEA: Resources for Students

PREDOC: Guidance for Undergraduates

RA Positions-Not at the NBER

Disclaimer The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).

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