Returning to School for Accounting
Key Takeaways
- Going back to school for accounting can help you increase your career options and earn a higher salary.
- Many programs can help you finish an accounting degree without interrupting your current career, especially if you enroll online.
- As a nontraditional student, you still have access to financial aid, including grants, loans, and scholarships.
Whether you’re looking to change careers or just get ahead in your current position, returning to school for an accounting degree can be the first step toward a more satisfying job. Nontraditional students make up a significant portion of college enrollment, with over 6 million students over age 25 enrolled in college classes in 2023.
Returning to school after an extended absence can present new challenges, such as time management, childcare, and income changes. However, online accounting programs offer flexibility and convenience, so you can continue working while in school.
Learn more about going back to school for accounting, including financial aid, credit transfer options, and scholarships for nontraditional students.
Transferring Credits as a Returning Student
Even if you’ve been out of school for many years, you may have previous college course credits that can transfer toward an accounting degree. Transferring previous credits can help you save time and money by taking fewer courses and completing your degree faster.
Each school has its own credit transfer policies, so it’s important to do your research if you’re trying to maximize your credit transferability. Many schools limit the number of transfer credits they accept, and they may not accept credits from unaccredited institutions. Talking to academic advisors or counselors can help you learn more about the credit transfer process.
Transcript Review
Schools use the transcript review process to determine which transfer credits to accept. Public schools in the same state may have predetermined transfer agreements. Often, community colleges also maintain transfer agreements with nearby public institutions. Pay close attention to prospective schools’ policies about course equivalency, course levels, and quarter system vs. semester system credit transfers.
- Course Equivalency: During the transcript review process, schools must determine whether a class taken at another institution is equivalent to the school’s version of that class. For example, if you took an introductory accounting course at a community college, you may receive credit for a similar introductory accounting course at a four-year university. For classes without exact equivalency, schools may grant elective credits.
- Course Level: Course level also affects transfer policies. For example, if you took a 100-level accounting class, you would not receive credit for a 300-level accounting class at your new school. In general, lower-level courses transfer more readily than upper-division classes. Schools may require you to complete major requirements or specialized courses, regardless of earlier course credits.
- Quarter vs. Semester Transfers: You can transfer credits earned on the quarter system to schools that use the semester system or vice versa. If you attended multiple schools using different systems, you could use a credit conversion formula to estimate how many credits you may receive. Advisors at prospective institutions can offer insights into transferring credits between quarter and semester systems.
Credit for Prior Learning (CPL)
As a returning student, you may already have relevant knowledge or life experience, such as job training or professional certifications. Many schools offer credit for prior learning (CPL) programs that may allow you to translate your relevant experience into academic credit, reducing the total number of courses you take. However, it’s important to check with your school’s admissions office to find out about specific transfer policies.
Schools may also evaluate your experience through a process called prior learning assessment (PLA). While specific evaluation methods vary, the following list highlights five of the most common PLA pathways.
Methods for Prior Learning Assessment (PLA)
- Work Experience: If you already work in the accounting field, you may be able to earn credit for your job experience. This includes training you’ve completed or skills you’ve gained from performing your everyday duties. You may be able to demonstrate your experience in several ways, such as submitting a work portfolio or taking an exam.
- Military Training and Experience: If you’ve served in the military, you may be able to use training or experience related to business or accounting for PLA. As with work experience, you may be asked to submit a portfolio or complete an assessment that demonstrates your professional skills.
- Licenses or Certifications: If you already hold professional licenses or certifications related to business or accounting, these may also count for PLA. Your institution may ask to review your licenses and training to determine how they translate to academic credit.
- Standardized Tests: Many schools accept standardized test scores for PLA, since these take less time than other methods to evaluate. Depending on your school, you may be able to submit scores from various tests, including CLEP, DSST, or Challenge exams. Be sure to check with your school to find out which test scores they accept.
- Learning Beyond the Classroom: You can also earn credit for concepts you’ve mastered outside of work or school. For instance, if you’ve taught yourself accounting concepts through open online courses, you may be able to earn credit for it. You could also earn credit for other experiences outside of work or school, such as volunteering.
Financial Aid
No matter what your age, you can still benefit from financial aid programs when going back to school for accounting. Filling out the Free Application for Federal Student Aid (FAFSA) can help you determine your eligibility for funding such as federal aid, grants, and work-study. In some instances, you could also receive financial assistance from your employer to go back to school.
Federal aid such as the Pell Grant is need-based, awarding you money for college based on your annual income. Pell Grants can only be used for undergraduate education, so they won’t apply if you’re going back to school for a master’s.
Federal student loans can also help you pay for your education. These loans usually have lower interest rates and more flexible repayment options than private loans, making them a more desirable source of funding. Federal aid money can also be used to pay for other expenses beyond tuition, such as transportation or childcare.
Scholarships and Grants
Whether you’re currently working or returning to school, you can apply for a wide variety of scholarships for nontraditional students, with varied application requirements and award amounts. This list covers 10 scholarships, but you can find many more opportunities by going to your program’s financial aid website or searching CareerOneStop’s database.
Horizons Scholarship
- Requirements: The Horizons Scholarship offers financial assistance for adult women who identify as the primary source of support for their family. Applicants must be within 60 credits of completing their bachelor’s degree in accounting and hold a minimum 2.0 GPA.
- Award: $5,000
- Deadline: Currently closed until 2026
Jeffrey L. Esser Career Development Scholarship
- Requirements: Jeffrey L. Esser Career Development Scholarship applicants must be enrolled part time pursuing either an associate or bachelor’s degree related to government accounting. Applicants must also have been employed by a state or local government for at least three years at the time of application.
- Award: $5,000-$15,000
- Deadline: Applications closed until November
Boomer Benefits Scholarships
- Requirements: Boomer Benefits Scholarships serve students over age 50 who are currently enrolled in an undergraduate or graduate program. Applicants must hold a minimum 3.0 GPA and submit both a letter of recommendation and a personal statement.
- Award: $2,500
- Deadline: Aug. 27
College JumpStart Scholarship
- Requirements: College JumpStart Scholarship applicants must be enrolled in college or entering college in the next 12 months. While the application does not include a GPA requirement, applicants must submit a personal statement. The award is specifically open to nontraditional students.
- Award: $1,000
- Deadline: Varies
Adult Students in Scholastic Transition Scholarship
- Requirements: Executive Women International (EWI) offers the Adult Students in Scholastic Transition Scholarship for women business students transitioning into college. Applicants must be past high school age, either entering or already enrolled in a program, and live within the boundaries of an existing EWI chapter.
- Award: $2,000-$10,000
- Deadline: Not listed
Jeanette Rankin National Scholar Grant
- Requirements: The Jeanette Rankin National Scholar Grant provides non-tuition funding to women or nonbinary students over age 35 pursuing an associate or bachelor’s degree at an accredited college. The award is renewable for up to five years.
- Award: $2,500
- Deadline: Feb. 16
Patsy Mink Education Support Award
- Requirements: The Patsy Mink Education Support Award supports low-income women with children pursuing a college education. Applicants must demonstrate financial need and be pursuing their first postsecondary degree. The award committee considers personal circumstances, educational goals, and career goals.
- Award: $5,000
- Deadline: Aug. 1
Ford Opportunity Scholars Program
- Requirements: The Ford Program supports undergraduate students over age 25 or those with children. Applicants must be enrolled full time and demonstrate significant barriers to entering college. The scholarship is only open to residents of Oregon or Siskiyou County, California.
- Award: Up to $40,000/year
- Deadline: March 3
American Legion Auxiliary Non-Traditional Student Scholarship
- Requirements: The American Legion Auxiliary offers this scholarship to nontraditional students returning to school or beginning a two-year or four-year degree in any field. Applicants must be members of the American Legion, veterans of the armed forces, or the spouses of active duty members or veterans.
- Award: $2,000
- Deadline: March 1
SuperCollege Scholarship
- Requirements: The SuperCollege Scholarship offers funding that can be used to pay for any education-related expense, such as tuition, textbooks, or computers. The scholarship does not require an application essay and is specifically available to adult students returning to college.
- Award: $1,000
- Deadline: July 31
Discover More Available Scholarships:
Tips for Success Going Back to School for Accounting
Returning to school can present challenges. If you’re going back to school for accounting, you may need to develop or refine certain skills.
Brush Up on Tech Skills
College students use a variety of technologies during the learning experience. Many accounting programs expect you to be familiar with accounting technology. By brushing up on tech skills, such as accounting software and online learning platforms, you can be better prepared for classes.
Find Support Networks
If you’re juggling work, family, and school, you can benefit from support networks. Building support networks with family, friends, and employers can help you manage these responsibilities and complete a degree.
Choose a Flexible Program
Flexible online accounting programs offer convenience and other benefits. Self-paced, asynchronous learning programs may best accommodate your lifestyle if you have other commitments, such as work or family.
Frequently Asked Questions
Depending on your career goals, going back to school for accounting can be a practical choice. Many programs allow you to earn a degree without disrupting your career, and you can still access financial aid options as a nontraditional student.
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