When you begin studying accounting in college, you’re not just working toward a degree – you’re preparing yourself to achieve all of your future career goals. If you already know you want to open your own accounting practice even though you’re still a student, you can and should use your time at college to learn valuable skills and knowledge that will help you plan and run your business and attract and retain clients. One way to learn the skills you will need to start your own accounting firm is by double majoring in entrepreneurship and accounting.
Understanding the Entrepreneurship Degree
Despite the growing popularity of the major, you might wonder what an entrepreneurship degree is. Bachelor’s degree programs in entrepreneurship prepare students to create, market and sustain businesses, according to The College Board. Coursework will help students develop the important leadership and communication skills they need to run a business. These programs aim to nurture the creativity necessary to making innovations in the products and services businesses offer, the way they market themselves and the way they manage their work. Students of entrepreneurship degree programs learn how to write business plans, research companies to emulate or compete against, develop ideas as part of a team, interact with clients and establish a business of their own. Earning a degree in entrepreneurship alone won’t allow a graduate to create his or her own accounting firm, because this degree program cover accounting concepts or practices, but studying entrepreneurship can help students develop the “soft skills” and management skills they will need.
Why Double Major in Entrepreneurship and Accounting
To begin a career in accounting, you will only need the accounting degree, not an entrepreneurship degree. Even once you have the experience to start your own business, you can do it without studying entrepreneurship at the college level. However, without knowing how to start, promote and manage your business, you may struggle to keep the company afloat, solve problems and become profitable. Studying entrepreneurship equips you with these important skills early on, so that when you need them, you will be ready.
In addition to sharpening your entrepreneurial skills, there are other benefits of pursing a double major during your accounting education. Accountants who plan to take the certified public accountant (CPA) examination must spend an extra year earning college credits to sit for the test. Some students use this time to pursue a master’s degree, but for students who aspire to be self-employed – a role that eight percent of accountants have, according to U.S. News & World Report – building other, crucial skills can be a better use of that time.
Pursuing a double major in accounting and entrepreneurship isn’t for every student. Completing the coursework for both degree programs can be difficult, and students must be careful to keep their grades up and take advantage of internship opportunities. However, for students who can balance the workload and seek self-employment, this double major combination can be valuable.