Accounting is the language of business, encompassing all phases of business operations as well as specialized accounting knowledge. Accounting is oriented to both preparers and users of financial information. Many organizations choose their corporate executives form the ranks of the accountant because of their broad training and expertise.
Accounting graduates have a wide variety of career choices. Private accounting or industry offers graduates a chance to pursue managerial accounting, cost accounting or internal auditing careers.
The not-for-profit sector includes federal, state and local governments; colleges and universities; heath care institutions and other such organizations.
Public accounting consists of the "Big-Four" international CPA firms, as well as national, regional, and local firms. Accountants in this area may pursue an interest in auditing, taxation, financial accounting, or systems advisory services.
Several awards are available for accounting majors displaying scholastic achievement, leadership abilities, and involvement in student activities. Awards are given by the Virginia Government Finance Officer's Association, the Association of Government Accountants, the Virginia Society of CPAs, the Institute of Internal Auditors, and the Institute of Management Accountants. A number of other organizations also have scholarships available to students majoring in accounting.
A number of professional certifications are available to accounting graduates. The best known is the Certified Public Accountant (CPA) designation, which gives the holder the right to practice public accounting. The American Institute of CPAs offers the CPA exam each year in early May and November. Most states also require a period of work experience in addition to the successful completion of the exam for an individual to receive certification.
The Certified Management Accountant (CMA) also requires successful completion of an exam and work experience for an individual to receive certification. The Institute of Management Accountants offers the CMA exam year round.
Other certifications include the Certified Internal Auditor, Certified Government Financial Manager, Certified Fraud Examiner, Certified Financial Manager and Certified Information Systems Auditor.
Students successfully completing their baccalaureate degree may consider pursuing a Masters of Science in Accounting at Old Dominion. As many states require 150 semester hours to sit for the CPA exam, a graduate degree is a way to satisfy this requirement.
Accounting majors who want to broaden their employment potential often pursue an additional business major or business minor. These courses can be used to fulfill free 300-400 electives, 200-400 business elective, but not to fulfill the Upper Division General Education Electives.
The Option D Electives (6 credits) can be fulfilled by any 200-400 non-business courses if you minor or double major in business.
The Department of Accounting offers an accounting minor for students majoring in other disciplines. The minor includes Acct 301 plus 9 hours of 300 and/or 400 level Accounting courses, however, students must fulfill the prerequisites for those courses. ACCT 201 and 202 are prerequisites for all accounting courses.
In conjunction with the Old Dominion Career Advantage Program, several companies in the Tidewater area offer internships for accounting majors. Students in their junior or senior year can receive academic credit for their participation in these programs, as well as valuable work experience.
The American Society of CPA's sponsors the Certified Public Accountant (CPA) designation which gives the holder the right to practice public accounting. Most states require a period of work experience in addition to the successful completion of the exam for an individual to receive certification.
The Institute of Management Accountants sponsors the Certified Management Accountant (CMA designation also requires successful completion of an exam and work experience).
Other certifications include the Certified Internal Auditor, Certified Government Financial Manager, Certified Fraud Examiner, Certified Financial Manager and Certified Information Systems Auditor.
