Going Back to School for Accounting

Life experiences can only empower you in your educational endeavors. In fact, many colleges offer college credit for prior life experience, military training, or work experience. You can also apply for scholarships created to support parents, veterans, and other non-traditional learners.

A college degree can launch you into a new accounting, finance, or business career with better pay, greater security, and more opportunities. Even so, going back to school for accounting can present challenges. The financial investment, time, and coursework may seem overwhelming.

This career resource page walks you through transferring prior college credits, accessing financial aid, and tapping into scholarships. Take a look at what an accounting degree could do for you.

Transferring Credits as a Returning Student

If you're returning to the classroom, you may have already earned college credits at another institution. Transferring those credits to your new school can decrease the time to degree completion and overall tuition costs. However, colleges and universities have different transfer credit policies, so be sure to research the policies at each prospective school to maximize your transfer credits.

Schools do not automatically accept transfer credits. Instead, they evaluate your transcripts to determine which credits to accept. Colleges often only accept transfer credits from institutionally accredited schools. Most also limit the number of credits you can transfer toward a degree. Additionally, while college credits never technically expire, some schools may only accept credits earned within a particular time frame.

General education credits tend to transfer most easily, while you may have to retake courses for the major — especially in fields that change rapidly, like accounting information systems. If you're returning to school, research each institution and speak to an advisor about the transfer policy.

Transferrable Credits

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.

College Credit for Work Experience

In addition to transfer credits, some schools also grant class credit for work experience. These institutions acknowledge that students gain valuable knowledge through workplace training, military service, examinations, independent study, and other means. However, colleges do not simply award credit for experience. Instead, they evaluate what students have learned and how it applies to specific courses. This process is known as a prior learning assessment (PLA).

While the PLA process varies by institution, many use tools like standardized tests, challenge exams, and individual assessments to award credit for prior learning.

Methods of Assessing Prior Learning

Colleges and universities use several methods to assess your prior learning. The Council for Adult and Experiential Learning identifies the following common methods of PLA, which can help you gain credit toward your degrees and save significantly on educational expenses.

• Standardized Exams: Many colleges use standardized exams — including the College Level Exam Program — to award credit for prior learning. These exams assess your knowledge and skills in particular academic disciplines. Similarly, the DSST examination program offers more than 30 exams in college subject areas. Schools grant credit based on minimum scores or evaluate exams on a case-by-case basis.
• Challenge Exams: While independent organizations offer standardized exams, some schools create their own challenge exams. These exams, also known as departmental exams, measure your knowledge in specific course areas. In most cases, a faculty member who teaches relevant classes creates the challenge exam to determine whether students can test out of those courses. If you pass the challenge exam, you receive college credit for that course.
• Individual Assessments: In certain fields, institutions award credit based on individual assessments. These assessments take several forms, including interviews and performance assessments. Some schools use portfolio reviews, where qualified faculty members or an external portfolio evaluator examine a collection of materials you provided. Schools may also offer skill simulations for you to demonstrate your knowledge in the business and finance industries.
• Evaluation of Non-College Education and Training: Institutions also award credits for education and training you obtained outside the higher education system. This can include military training and workplace experience. In most cases, schools follow the guidelines of independent, third-party organizations that create PLA recommendations. Institutions may also award credit if you completed a certification or licensure process, including credentials in accounting.

How PLA Credits Transfer

Each school administers the PLA credit transfer process differently. Some award credit for prior learning, while others use prior learning to waive course requirements. If you receive credit for prior learning, it may count as elective credit, a general education requirement, or a major requirement.

If you're returning to school, you should research prospective schools' policies on credit for prior learning, including their policies on credit maximums and transferability. Selecting institutions or programs with generous prior learning policies can decrease your educational expenses and total enrollment time.

Financial Aid for Accounting Students

Many financial aid sources, including some scholarships and federal grants, determine awards based on your financial need. The federal financial aid program calculates financial need using the cost of attendance (COA) and expected family contribution (EFC).

The COA is how much it will cost you to attend school. Most colleges calculate the COA per school year by determining factors such as tuition and fees, cost of living, books and other classroom supplies, and miscellaneous expenses.

After determining the cost of attending school, many financial aid programs use your EFC to determine financial aid eligibility. This number varies based on the tax and income information reported on your Free Application for Federal Student Aid (FAFSA). To calculate EFC, financial aid programs use a formula that considers taxed and untaxed income, assets, benefits, and family size.

If the cost of attendance exceeds expected family contributions, you may receive need-based aid. However, you cannot receive more need-based aid than your financial need. Need-based aid includes Pell grants, federal supplemental educational opportunity grants, subsidized loans, and federal work-study.

You may also qualify for non-need-based aid, which is calculated by subtracting all financial assistance awarded from the COA. The federal non-need-based aid programs include unsubsidized loans and direct PLUS loans.

Filling Out the FAFSA as a Nontraditional Student

If you're returning to school, submit the FAFSA to determine your eligibility for federal grants, loans, and work-study programs. You must fill out the FAFSA annually; the form is available each October for the following academic year.

Most students meet the eligibility requirements for federal financial aid. All learners at accredited institutions — regardless of age — qualify for federal financial aid, so even returning students should fill out the FAFSA.

The application not only considers you for federal financial aid but also helps you qualify for state and school financial aid. Some private loan providers and scholarship organizations also use the FAFSA to determine your financial need.

To qualify, you must be a U.S. citizen or an eligible noncitizen with a valid Social Security number. You must also be enrolled or accepted into an eligible institution. Men must register with the Selective Service System.

The application requires you to provide information about your income and assets. The federal financial aid program calculates your financial need based on this information.

Scholarships and Grants for Midcareer and Adult Students

The programs below provide funding opportunities to students. While not an exhaustive list, these scholarships and grants are aimed at midcareer degree-seekers or those returning to school. Some directly assist accounting, finance, and business students, although many aid learners across disciplines.

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.

Questions About Returning to Accounting School