If you have just completed your undergraduate or master’s degree in accounting or a related field, then earning a PhD could be a great option to consider. Currently many universities offer a PhD or a doctoral degree in accounting to students. Moreover, a PhD also provides the candidate greater benefits in terms of future professional and tenure prospects either within any industry or in academics as a scholar in accounting.
It is essential first to assess if you are, in fact, ready and invested for the long haul that the doctorate in accounting will indeed be. Ensuring that you have the basic degrees at the graduate level, along with some appropriate practical experience in the field, is essential. In this article, we will see how you can obtain a PhD in accounting and some invaluable contributions you can make with this degree.
Key eligibility requirements
Admission requirements for a PhD in accounting vary according to the institution chosen for study. A Bachelor’s degree is an essential educational qualification, but some universities may prefer a Master’s degree as well. In addition, candidates have to submit their academic transcripts, at least three letters of reference, resumes or CVs, and scores of standardized tests such as GRE, GMAT, and TOEFL.
Some institutions also provide preference to candidates with few years of relevant work or research experience. Some may also ask for previous coursework in accounting, finance, microeconomics or mathematics. Often, institutions also require candidates to submit a statement of purpose that details the reasons for the interest areas of study, their professional objectives and possible areas of research. Others may request a research proposal where the candidate’s capabilities for independent research are assessed.
Taking into consideration factors such as financial costs, plans for advanced studies, career break and so forth, you can decide whether to go for an online, offline or hybrid mode of pursuing a PhD. Online mode provides the advantages of flexibility in schedules, choice of institutions irrespective of geographical distances, comparatively lesser costs, and the opportunity to get a little more creative by taking on research projects with interdisciplinary backgrounds. On the other hand, the offline format can be a little more expensive but with more opportunities for students to collaborate and learn more effectively with peers and the institutional faculty one is associated with.
How long does it take to get a PhD in Accounting?
Suppose you are interested in getting a PhD in accounting. In that case, it is important to remember that getting admission to a university can be pretty competitive as seats may usually be limited to many qualified applicants. Therefore, it is a good idea to apply to as many schools or departments as you can to have a greater chance of securing admission.
An accounting doctoral degree generally takes about three to four years to complete, and this duration for the program is the same across different schools and universities globally. However, the actual time taken to complete the PhD successfully also depends on whether you have chosen the online or offline format along with the combination of specialized subjects you have opted for. Moreover, the duration for completing a doctoral program also hinges on the key factor of whether you are pursuing a part-time or full-time program.
A successful PhD or accounting doctoral degree enables the candidate to apply for a whole host of high-profile job positions across various industries as well as in academia. Globally, there is a growing demand for highly qualified and trained accountants who are recruited at significantly high pay scales. Within industries, the expertise and core specialization in managing financial and accounting data, taxation or auditing that comes with a doctoral degree keeps you in the top bracket with lucrative salaries, making you a highly valued and in-demand professional.
If a candidate is keen to pursue an academic career with a doctoral degree in accounting, they can choose to carry out research and become part of faculties working on financial and accounting theories, policies, and so on. Other possibilities include consulting opportunities in the private and public sectors and key positions like strategists or advisors in government or policy-making bodies.
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