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Known for the Indianapolis 500 race, its strong agricultural sector, and a lower-than-average cost of living, Indiana is an excellent place to earn an accounting degree. Many schools offer online accounting degrees in Indiana, providing students convenience and flexibility while they get an education.
An accounting degree at any level can open the door to jobs with faster-than-average projected growth and higher-than-average salaries. Popular accounting careers in the Hoosier State include auditor, bookkeeping clerk, and financial manager.
Keep reading to learn more about earning an accounting degree in Indiana, including the educational climate, program offerings, and career prospects for graduates. Our guide also explores CPA requirements in Indiana, including taking the CPA exam in the state.
Indiana at a Glance
| Population | |
|---|---|
| Climate |
Average Annual Temperature: 51.7 ℉ Annual Precipitation: 41.7 inches |
| Major Sports Teams |
Indiana Fever, Indiana Pacers, Indianapolis Colts |
| Number of Higher Learning Institutions | |
| Per Capita Income | |
| Fortune 500 Companies | |
| Accountants in Indiana as of 2021 |
Sources: World Population Review, Current Results, NCES, U.S. Census ACS, Statista, BLS
Why Get an Accounting Degree in Indiana?
Getting an accounting degree in Indiana can provide many potential benefits. The state offers dozens of higher learning institutions, so students can choose from a number of accounting programs. The state also has a lower-than-average cost of living, which may give learners the opportunity to spend less on expenses like groceries and rent while earning their degree.
Students who earn accounting degrees in Indiana can begin building a professional network while still in school. Pursuing accounting internships or part-time jobs while enrolled in an accounting program can provide opportunities to turn these connections into full-time job offers after graduation.
For prospective accountants intending to live in Indiana, attending an accounting program in the state also makes it much more likely you will understand the Indiana accounting requirements, such as qualifications for the CPA exam in the Hoosier State.
Education Statistics for Indiana
Indiana boasts over 50 four-year colleges and universities. The percentage of learners enrolled in distance education in the state as of 2020 exceeds the national average by about 3%.
Compared to the national average, Indiana spends less on postsecondary education per student, but allocates more tax revenue overall to higher education. The percentage of adults with a bachelor's or graduate degree is lower than the national average. This suggests the need for these degree-holders and their specialized skills may be high.
| Higher Education Statistics | Indiana Data | National Data |
|---|---|---|
|
Four-Year Colleges |
2,520 |
|
|
Two-Year Colleges |
1,216 |
|
|
Students Enrolled in Distance Education |
72.8% |
|
|
Postsecondary Education Appropriations Per Full-Time Student |
$9,327 |
|
|
Tax Revenue Allocated to Higher Education |
$15,959 |
|
|
Adults Over 25 With an Associate Degree |
8.6% |
|
|
Adults Over 25 With a Bachelor's Degree |
20.2% |
|
|
Adults Over 25 With a Graduate Degree or Higher |
12.7% |
Sources: NCES, SHEEO, U.S. Census ACS
Accreditation for Indiana Schools
An important factor to consider while researching institutions is accreditation. Accredited schools undergo third-party evaluation to ensure they meet standards of academic excellence. Accrediting agencies examine teaching and learning quality, institutional effectiveness, and the availability of student services and academic resources.
The Higher Learning Commission is Indiana's regional accreditation body. Accounting programs can also hold separate programmatic accreditation from AACSB International, which evaluates how well the accounting curriculum prepares enrollees for careers in the field.
Considerations for an Accounting Degree in Indiana
Program aspects to consider while choosing a school include learning format (online or in person), type of school (public or private), and cost. The data below can help you figure out if earning an accounting degree in Indiana is right for you. It can also help you start your search for accounting programs.
On-Campus Versus Online Program Options
Schools in Indiana offer on-campus, online, and hybrid accounting programs. The best learning format varies depending on your schedule, learning style, and budget.
Note that the data about online enrollment in the table below is from 2020, so the information reflects distance learning trends during the COVID-19 pandemic and may not reflect typical enrollment numbers.
On-Campus Programs
Many universities offer on-campus programs in Indiana. Some students prefer in-person learning because of the more rigid structure of classroom learning. On-campus programs afford learners high levels of peer and instructor interaction, which can make networking easier.
Online Programs
Online programs can provide greater flexibility than traditional on-campus programs. Students in asynchronous online programs can complete coursework from any location around their schedules. This flexibility especially benefits individuals with work or family obligations.
Hybrid Programs
Hybrid programs combine in-person and online learning. Some programs offer classes in both modalities, while some feature online coursework and occasional in-person residencies. These hybrid degrees can provide learners the flexibility and convenience of learning online while still offering opportunities for face-to-face connection.
Explore Accounting Programs
Explore our nationwide rankings for the best accounting programs on campus and online.
Paying for Your Accounting Degree
Earning a degree is a significant financial investment for most learners. Financing options for an accounting degree in Indiana include scholarships, grants, fellowships, and work-study.
Scholarships and grants do not require repayment. Criteria for these awards often depend on merit, need, or membership in specific groups. Students can also apply for federally subsidized or private student loans, which do require repayment.
Consult the links below for more information about financial aid and accounting scholarships. Learners may also qualify for Indiana-specific state financial aid programs through the Indiana Commission for Higher Education.
In-State Versus Out-of-State Tuition
The tuition rate students pay at public institutions depends on whether they can claim state residency. Legal Indiana residents pay in-state tuition, which is significantly less than what nonresidents pay for out-of-state tuition. On average, out-of-state students pay over $19,000 more each year to attend a four-year public university in Indiana than their in-state counterparts.
Indiana participates in the Midwestern Higher Education Compact (MHEC), a tuition reciprocity agreement that includes 11 other nearby states. This program makes it possible for students to attend some participating out-of-state schools at a more affordable rate.
Cost of Living in Indiana
Indiana's lower-than-average cost of living is one potential benefit of pursuing an accounting degree in the state. The cost of living index measures the average cost of basic needs like housing, groceries, and healthcare. Per World Population Review data from 2022, Indiana's cost of living index is 90.6, which means the state is 9.4% more affordable than the nation overall.
Careers for Accounting Graduates in Indiana
U.S. News & World Report ranks Indiana seventh in the nation for opportunity and the potential for upward mobility, which may suggest that accounting students in the state are well-poised to land jobs after graduation.
Three of the Big Four accounting firms have a presence in Indiana, all in Indianapolis: Deloitte LLP, PricewaterhouseCoopers, and Ernst & Young. Other major accounting firms in the state include RSM, Crowe & Horwath, and BKD.
Almost all sectors of the economy require the help of skilled accounting professionals. According to 2021 data from the U.S. Bureau of Labor Statistics (BLS), high-employing industries for accountants include management of companies and enterprises, local and state governments, and real estate.
Below, we discuss some popular careers and employment trends for people with an accounting degree in Indiana. We also cover CPA requirements in Indiana and explain how the certified public accountant exam works in the state.
Popular Accounting Careers in Indiana
Bookkeeping, accounting, and auditing clerks create financial records and examine them for accuracy. They need at least a high school diploma or its equivalent, but some employers prefer candidates with associate or bachelor's degrees. In 2021, Indiana employed more bookkeeping, accounting, and auditing clerks than any other accounting job, according to the BLS.
Job Outlook in Indiana (2020-30): -2.1%
According to the BLS, Indiana accountants and auditors earned an average annual salary of $74,080 in 2021. These professionals typically need at least a bachelor's degree in accounting or a related field. Common duties include preparing financial records, analyzing financial operations, and preparing tax returns. With experience, accountants can advance to roles like financial manager or top executive.
Job Outlook in Indiana (2020-30): +7.5%
According to the BLS, Indiana employed more than 9,000 financial managers in 2021, making it one of the most popular accounting careers in the state. Financial managers oversee their organization's finances. Typical tasks include supervising employees who perform financial tasks, making financial decisions with other managers, and ensuring that organizations comply with legal regulations.
Job Outlook in Indiana (2020-30): +17.6%
Indiana Employment Trends
| Job Availability | Indiana | National |
|---|---|---|
|
2020 Employment |
23,130 |
1,392,200 |
|
2030 Projected Employment |
24,860 |
1,488,200 |
|
Projected Job Growth, 2020-30 |
+7.5% |
+6.9% |
Source: Projections Central
| Career | Indiana Employment | Indiana Average Annual Salary | National Average Annual Salary |
|---|---|---|---|
|
Associate Degree Recommended |
|||
|
Bookkeeping and Auditing Clerks |
28,040 |
$41,050 |
$45,140 |
|
Credit Counselors |
500 |
$45,970 |
$50,430 |
|
Payroll Clerks |
3,550 |
$46,410 |
$49,560 |
|
Bachelor's Degree Recommended |
|||
|
Compliance Officers |
4,410 |
$72,290 |
$75,810 |
|
Cost Estimators |
4,480 |
$67,530 |
$73,740 |
|
Property Appraisers and Assessors |
1,360 |
$49,560 |
$70,050 |
|
Securities, Commodities, and Financial Services Sales Agents |
5,330 |
$77,070 |
$93,260 |
|
Tax Examiners and Collectors |
550 |
$54,580 |
$63,200 |
|
Tax Preparers |
1,740 |
$45,960 |
$51,080 |
|
Master's Degree Recommended |
|||
|
Accountants and Auditors |
23,170 |
$74,080 |
$83,980 |
|
Budget Analysts |
410 |
$76,840 |
$84,240 |
|
Financial Analysts |
2,960 |
$95,240 |
$103,020 |
|
Financial Managers |
9,040 |
$124,690 |
$153,460 |
|
Personal Financial Advisors |
4,680 |
$105,400 |
$119,960 |
Source: BLS OEWS
Accounting graduates in Indiana qualify for multiple career options if they plan to stay in the state. Careers with the most job openings in Indiana include accountants and auditors, bookkeeping and auditing clerks, and financial managers.
Students seeking to increase their earning potential should consider pursuing a master's degree and careers like personal financial advisor, financial manager, or financial analyst.
Learners interested in careers with a more general business focus, like financial manager or budget analyst, may want to consider earning a business administration degree in Indiana.
CPA Requirements in Indiana
In the U.S., each state has its own requirements for becoming a certified public accountant (CPA). Accounting students should check the requirements for the state in which they hope to practice. According to the National Association of the State Boards of Accountancy (NASBA), CPA requirements in Indiana include:
Through an accredited institution, complete at least 120 semester hours of college coursework culminating in a bachelor's degree, including 24 semester hours of accounting and 24 semester hours of economics and business administration. Prospective CPAs who also hold an accredited master's degree need 15-24 semester hours of accounting coursework and 24 semester hours of business administration and economics. Submit transcripts. Pay the $170 application fee. Pay examination fees for all four sections of the CPA exam. Pass the Uniform CPA Exam.
See the Indiana State Board of Accounts for more information about Indiana's accounting requirements.
Questions About Indiana Accounting Requirements
What are the requirements to be a CPA in Indiana?
CPA requirements in Indiana include either a bachelor's degree or master's degree with 120 semester hours. Students must complete a specific number of semester hours of coursework in accounting, business administration, and economics. This number varies depending on degree attainment.
When can you take the CPA exam in Indiana?
According to NASBA, students can apply to take the CPA exam in Indiana prior to completing all education requirements if they finish all courses and degree requirements and submit final transcripts within 60 days of taking the first test.How much does the CPA exam cost in Indiana?
NASBA reports the CPA exam in Indiana costs $1,122.60. This includes a $170 application fee and a $238.15 examination fee for each section of the four-part test. These four parts are auditing and attestation, business environment and concepts, financial accounting and reporting, and regulation.
Can a non-CPA own a CPA firm in Indiana?
According to the Indiana Board of Accountancy, a non-CPA cannot solely own a CPA firm in Indiana, but they can have partial ownership stakes. Indiana accounting requirements stipulate that an active CPA must hold majority financial ownership and voting rights of a CPA firm.
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