Accounting Schools in Minnesota
Updated October 31, 2024
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Minnesota offers natural beauty in its 10,000 lakes, along with metropolitan areas offering vibrant arts, culture, and sports opportunities. The state's strong and diverse economy generates a $446 billion a year gross domestic product and hosts 17 Fortune 500 companies, including 3M, Target, Best Buy, and General Mills.
Businesses and other organizations in the state need skilled accounting professionals to help manage and analyze their financial records and documents. If you're interested in entering the profession, consider accounting schools in Minnesota. The state offers numerous options, including online learning opportunities.
Discover what to expect from an accounting school in Minnesota, including your options for online vs. in-person delivery and opportunities for accounting graduates. Explore financial aid opportunities in the state and Minnesota's requirements for certified public accountants (CPAs).
Popular Online Bachelor's in Accounting Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
| Population | 5,707,390 |
|---|---|
| Climate | Average Annual Temperature: 41.2℉ Annual Precipitation: 27.3 inches |
| Major Sports Teams | Minnesota Wild, Minnesota Vikings, Minnesota Timberwolves, Minnesota Twins, St. Paul Saints |
| Number of Higher Learning Institutions | 78 |
| Per Capita Income | $44,947 |
| Fortune 500 Companies | 17 |
| Accountants in Minnesota | 30,370 |
Why Go to College for Accounting in Minnesota?
Earning an accounting degree in Minnesota — whether you live in the state or not — may meet your personal and professional needs. Dozens of two-year and four-year institutions of higher learning offer degrees with various levels, price points, admission requirements, and concentrations in Minnesota.
Students who graduate from Minnesota schools and plan to remain in the area after graduation can benefit from in-state networking opportunities. These experiences may include internships, volunteer work, or part-time accounting jobs.
This type of networking sometimes leads to letters of recommendation, mentorship, and job offers before and after graduation. Accounting graduates can find many relevant jobs in Minnesota. According to the Bureau of Labor Statistics, the state employs 30,370 accountants and auditors, for example. These professionals earn competitive salaries in Minnesota, with an average annual income of $87,290 as of May 2023.
If paying for school is a concern, consider that Minnesota offers many scholarships to college students, including the North Star Promise Scholarship. Starting in fall 2024, this program will offer a tuition-free higher education opportunity to eligible Minnesota residents.
Education Statistics for Minnesota
Prospective students looking for accounting schools in Minnesota enjoy many options, with 50 four-year institutions and 28 two-year colleges in the state. More students enroll in distance education in Minnesota than the national average.
The percentage of adults age 25 or older with an associate or bachelor's degree is higher in Minnesota than the national average and about the same for graduate degrees.
| Higher Education Statistics | Minnesota Data | National Data |
|---|---|---|
| Four-Year Colleges | 50 | 2,488 |
| Two-Year Colleges | 28 | 1,234 |
| Students Enrolled in Distance Education | 60.6% | 53.3% |
| Postsecondary Education Appropriations per Full-Time Student | $9,746 | $11,040 |
| Tax Revenue Allocated to Higher Education | $20,355 | $18,301 |
| Adults Over 25 With an Associate Degree | 11.7% | 8.7% |
| Adults Over 25 With a Bachelor's Degree | 24.9% | 20.9% |
| Adults Over 25 With a Graduate Degree | 13.3% | 13.4% |
Accreditation for Minnesota Schools
Make sure any of your prospective schools hold institutional accreditation. This status indicates that a third-party organization approved by the Council for Higher Education Accreditation or the U.S. Department of Education evaluated the school's student outcomes, faculty, and curriculum.
These accrediting groups ensure that colleges deliver high-quality academic programs. Programmatic accreditation is an additional stamp of approval for individual programs or departments within colleges.
Attending an accredited school is required to receive federal financial aid. When choosing a school in Minnesota, look for accreditation from the Higher Learning Commission, the state's primary accrediting body.
Delivery Formats for an Accounting Degree in Minnesota
Students should consider many factors to find the right college and program. The data below can help them determine if Minnesota is the right state for their accounting education. Accounting schools in Minnesota offer various delivery formats, including on-campus, online, and hybrid programs.
According to the National Center for Education Statistics, online learning is more popular in Minnesota than nationally, with 38% of students in the state enrolled exclusively in distance education compared to just 26% at the national level. Only 39.4% of Minnesotan students don't take part in any distance education, compared to 46.7% nationally.
On-Campus Programs
Students can find traditional, on-campus accounting schools in Minnesota. Students who learn better in person and want to take advantage of campus resources may prefer in-person programs.
Online Programs
Learners can also find online accounting schools in Minnesota. Distance learning provides flexibility and convenience, often letting students learn on their own schedules and in their own homes. This type of program often appeals to learners who have full-time jobs or other personal responsibilities.
The best online learners thrive in an independent learning environment and have good time management and organization skills.
Hybrid Programs
Hybrid programs combine online and on-campus learning. The specific characteristics vary by program and school, but students typically attend some in-person classes and complete other coursework online. A hybrid program might offer a good middle ground for a student who wants the convenience of an online program but could also benefit from in-person help.
Paying for Your Accounting Degree
In general, in-state students pay more to attend public four-year and public two-year colleges in Minnesota than the national average. Out-of-state students, on the other hand, pay a little bit less here than the national average. The average cost of college tuition and fees at a private four-year college in Minnesota is very close to the national average.
Students who need help paying for college can consider several forms of financial aid, including scholarships, grants, loans, and fellowships. One option is the Minnesota Academic Excellence Scholarship, which provides funding to outstanding students pursuing bachelor's degrees at Minnesota universities.
In-State Versus Out-of-State Tuition
Prospective students in Minnesota can save money by attending schools that allow them to pay in-state tuition. For example, in-state students pay nearly $13,000 in tuition and fees for one year at a public four-year school. An out-of-state student, on the other hand, pays nearly $27,000 to attend the same school.
Minnesota has state tuition reciprocity agreements in place with North Dakota and Wisconsin. It also has an agreement with Manitoba in Canada and a limited agreement with Iowa Lakes Community College. The state participates in the Midwest Student Exchange Program, which offers reduced tuition to students attending school in Minnesota but live in some Midwest states, including Indiana, Kansas, Missouri, Nebraska, and Ohio.
Cost of Living in Minnesota
The cost of living can affect how you budget for your education when considering a school in Minnesota. The state's cost of living index score of 94.1 means that, on average, basic necessities in the state cost 6% less than the national average, allowing your money to go a bit further here.
In particular, students can save a lot of money on housing by choosing schools in Minnesota. Housing costs 82.3% of the national average here.
Careers for Accounting Graduates in Minnesota
Minnesota offers many career opportunities for accounting graduates. Demand for accountants is likely to grow as organizations need help making sure they comply with tax and legal regulations in other countries. The need for accountants usually mirrors the economy as a whole, so Minnesota's strong economy is a good sign for accounting professionals looking for their first job.
Most accountants in Minnesota work in the Seven-County Minneapolis-St. Paul area, so if you're job-hunting, consider focusing your search here.
Keep reading to learn about popular accounting careers in Minnesota, including jobs with strong projections and encouraging salary data. We also highlight some of the best accounting jobs based on the required education level.
Popular Accounting Careers in Minnesota
Credit Counselors
Credit counselors help people and organizations manage debt and receive loans. They provide education about loan requirements, credit issues, debt management plans, and student financial aid. Industries that employ credit counselors include colleges and universities, professional and technical services, and credit intermediation services.
Job Outlook in Minnesota (2022-32): +4.8%
Accountants and Auditors
Accountants and auditors usually need at least bachelor's degrees in accounting, business, or other related fields. Typical duties include analyzing financial statements, preparing tax returns, organizing financial records, and finding ways to cut costs. Accountants can specialize in areas like government accounting, public accounting, and management accounting.
Job Outlook in Minnesota (2022-32): +5.6%
Bookkeeping and Auditing Clerks
Bookkeeping and auditing clerks create financial records, ensure accuracy, and record transactions and debits. Some of these professionals earn a bachelor's degree, but in many cases, employers just require that you complete some accounting college coursework. Bookkeeping and auditing clerks need strong math and computer skills.
Job Outlook in Minnesota (2022-32): -4.4%
Minnesota Employment Trends
| Job Availability | Minnesota | National |
|---|---|---|
| 2022 Employment | 32,080 | 1,538,400 |
| 2032 Projected Employment | 33,880 | 1,605,800 |
| Projected Job Growth, 2022-32 | +5.6% | +4.4% |
| Career | Minnesota Employment | Minnesota Average Annual Salary | National Average Annual Salary |
|---|---|---|---|
| Bookkeeping and Auditing Clerks | 30,790 | $52,350 | $49,580 |
| Credit Counselors | 3,135,680 | $58,230 | $53,440 |
| Payroll Clerks | 2,750 | $58,180 | $54,690 |
| Career | Minnesota Employment | Minnesota Average Annual Salary | National Average Annual Salary |
|---|---|---|---|
| Compliance Officers | 6,820 | $84,230 | $80,190 |
| Cost Estimators | 3,410 | $82,950 | $79,520 |
| Property Appraisers and Assessors | 1,530 | $83,990 | $76,110 |
| Securities, Commodities, and Financial Services Sales Agents | 7,830 | $93,260 | $109,710 |
| Tax Examiners and Collectors | 1,050 | $75,000 | $65,370 |
| Tax Preparers | 1,100 | $62,170 | $58,160 |
| Career | Minnesota Employment | Minnesota Average Annual Salary | National Average Annual Salary |
|---|---|---|---|
| Accountants and Auditors | 30,370 | $87,290 | $90,780 |
| Budget Analysts | 300 | $92,970 | $90,880 |
| Financial Analysts | 6,620 | $102,950 | $112,950 |
| Financial Managers | 16,400 | $165,340 | $174,820 |
| Personal Financial Advisors | 6,020 | $155,360 | $150,670 |
Minnesotans with accounting degrees can find many potential career options in the state. Some of the most popular accounting jobs include credit counselor, accountant and auditor, and bookkeeping and auditing clerk.
Graduates looking for the best-paid accounting jobs in the state should consider jobs like financial analyst, financial manager, and personal financial advisor. These lucrative roles often require a master's degree.
However, even bachelor's-level accounting professionals can earn competitive salaries in positions like securities, commodities, and financial services sales agents; property appraisers and assessors; and compliance officers, all of which make more than $83,000 a year on average.
Minnesota Requirements for Certified Public Accountants
Each state has its own requirements and rules for becoming a CPA. If you're considering this credential, you'll need to check the rules for the state where you plan to practice.
The Minnesota Board of Accountancy provides detailed information about the requirements and process for becoming a CPA in the state. The list below outlines the basic rules for becoming a CPA in Minnesota. Each candidate must:
-
Possess 150 credits (including BA) -
Have one year of professional accounting experience in government, public practice, academia, or industry. -
Complete at least 24 upper-level or graduate credits in accounting coursework with a BA; a graduate-level candidate needs at least 24 undergraduate or 15 graduate-level accounting credits -
Pass the Uniform CPA Examination -
Have Minnesota residency and a Social Security number -
Pass the American Institute of Certified Public Accountants Professional Ethics Exam for initial licensure
Questions About Accounting in Minnesota
Does the University of Minnesota have a good accounting program?
Yes — the University of Minnesota has several strong accounting programs. The Carlson School of Management's accounting department offers undergraduate and master's-level accounting degrees.
How do I become an accountant in Minnesota?
To become an accountant in Minnesota, you typically need a bachelor's degree in accounting, business, or a related field. Any accountant who files reports with the U.S. Securities and Exchange Commission needs to become a certified public accountant.
What accounting jobs are there in Minnesota?
Popular accounting jobs in Minnesota include accountants and auditors, credit counselors, and bookkeeping and auditing clerks. Other options include compliance officers, payroll clerks, financial managers, and personal financial advisors.
How much do accountants make in Minneapolis?
Payscale reports that accountants in Minneapolis earn an average annual salary of $60,550 as of August 2024. The most experienced accountants made more than $73,000 in the state.
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