What is Accounting?
An accountant is a financial specialist who has earned one of several college degrees. They may have entered a college of business bachelor’s accounting degree program, where they learned the basics. Or, they may have decided to begin with an associate degree before moving into a bachelor’s, only later going on to their master’s in the field. Students can also earn their degree through online programs, which easily include all accounting knowledge.
The occupational employment of accountants and auditors in Illinois is strong. There were more than 53,100 accountants and auditors in the state in 2023, and the industry shows no signs of going away or shrinking significantly any time soon.
While these specialists may examine and work on financial records, this is only a small part of an accountants work. For example, they may perform cost accounting, working within a systematic set of procedures that enable them to record and report the measurements on the cost of manufactured goods and services. Or they may focus on taxes, auditing, and more.
Featured Online Programs
Top Ranked Campus & Online Accounting Programs in Illinois
University of Illinois Urbana-Champaign
Score: 91.11
- Undergraduate Tuition
- In-State: $16,004
- Out-of-State:$34,501
- Net Price: $14,544
- Acceptance Rate: 45%
- Retention Rate: 93%
- Graduation Rate: 85%
- Total Enrollment: 56,916
- Undergrad Students: 35,120
- Graduate Students: 21,796
- Grads Salary: $84,000
- Student-to-faculty: 21:1
University of St. Francis
Score: 82.72
- Undergraduate Tuition
- In-State: $37,000
- Out-of-State:$37,000
- Net Price: $18,560
- Acceptance Rate: 58%
- Retention Rate: 71%
- Graduation Rate: 65%
- Total Enrollment: 3,297
- Undergrad Students: 1,414
- Graduate Students: 1,883
- Grads Salary: $88,000
- Student-to-faculty: 13:1
University of Illinois Chicago
Score: 80.14
- Undergraduate Tuition
- In-State: $14,338
- Out-of-State:$29,360
- Net Price: $10,384
- Acceptance Rate: 79%
- Retention Rate: 78%
- Graduation Rate: 62%
- Total Enrollment: 33,747
- Undergrad Students: 21,807
- Graduate Students: 11,940
- Grads Salary: $80,000
- Student-to-faculty: 18:1
Illinois Wesleyan University
Score: 79.6
- Undergraduate Tuition
- In-State: $55,704
- Out-of-State:$55,704
- Net Price: $30,096
- Acceptance Rate: 42%
- Retention Rate: 82%
- Graduation Rate: 79%
- Total Enrollment: 1,527
- Undergrad Students: 1,527
- Graduate Students: N/A
- Grads Salary: $77,000
- Student-to-faculty: 11:1
Bradley University
Score: 78.96
- Undergraduate Tuition
- In-State: $39,680
- Out-of-State:$39,680
- Net Price: $24,053
- Acceptance Rate: 75%
- Retention Rate: 83%
- Graduation Rate: 76%
- Total Enrollment: 5,552
- Undergrad Students: 4,143
- Graduate Students: 1,409
- Grads Salary: $78,000
- Student-to-faculty: 12:1
Augustana College
Score: 78.57
- Undergraduate Tuition
- In-State: $49,834
- Out-of-State:$49,834
- Net Price: $24,660
- Acceptance Rate: 61%
- Retention Rate: 81%
- Graduation Rate: 78%
- Total Enrollment: 2,349
- Undergrad Students: 2,318
- Graduate Students: 31
- Grads Salary: $74,000
- Student-to-faculty: 11:1
Millikin University
Score: 78.4
- Undergraduate Tuition
- In-State: $43,670
- Out-of-State:$43,670
- Net Price: $10,492
- Acceptance Rate: 75%
- Retention Rate: 70%
- Graduation Rate: 58%
- Total Enrollment: 1,807
- Undergrad Students: 1,708
- Graduate Students: 99
- Grads Salary: $78,000
- Student-to-faculty: 10:1
Lewis University
Score: 77.06
- Undergraduate Tuition
- In-State: $37,882
- Out-of-State:$37,882
- Net Price: $19,184
- Acceptance Rate: 74%
- Retention Rate: 81%
- Graduation Rate: 62%
- Total Enrollment: 6,513
- Undergrad Students: 3,933
- Graduate Students: 2,580
- Grads Salary: $79,000
- Student-to-faculty: 14:1
Lake Forest College
Score: 76.68
- Undergraduate Tuition
- In-State: $54,202
- Out-of-State:$54,202
- Net Price: $27,839
- Acceptance Rate: 60%
- Retention Rate: 85%
- Graduation Rate: 78%
- Total Enrollment: 1,753
- Undergrad Students: 1,727
- Graduate Students: 26
- Grads Salary: $72,000
- Student-to-faculty: 12:1
Saint Xavier University
Score: 75.8
- Undergraduate Tuition
- In-State: $36,840
- Out-of-State:$36,840
- Net Price: $11,302
- Acceptance Rate: 84%
- Retention Rate: 71%
- Graduation Rate: 53%
- Total Enrollment: 3,523
- Undergrad Students: 2,981
- Graduate Students: 542
- Grads Salary: $79,000
- Student-to-faculty: 15:1
Olivet Nazarene University
Score: 75.46
- Undergraduate Tuition
- In-State: $37,940
- Out-of-State:$37,940
- Net Price: $20,059
- Acceptance Rate: 58%
- Retention Rate: 77%
- Graduation Rate: 67%
- Total Enrollment: 3,255
- Undergrad Students: 2,519
- Graduate Students: 736
- Grads Salary: $71,000
- Student-to-faculty: 14:1
Trinity Christian College
Score: 75.01
- Undergraduate Tuition
- In-State: $20,325
- Out-of-State:$20,325
- Net Price: $18,822
- Acceptance Rate: 71%
- Retention Rate: 77%
- Graduation Rate: 69%
- Total Enrollment: 908
- Undergrad Students: 854
- Graduate Students: 54
- Grads Salary: $69,000
- Student-to-faculty: 10:1
University of Illinois Springfield
Score: 74.84
- Undergraduate Tuition
- In-State: $12,252
- Out-of-State:$22,017
- Net Price: $11,733
- Acceptance Rate: 82%
- Retention Rate: 76%
- Graduation Rate: 53%
- Total Enrollment: 4,198
- Undergrad Students: 2,393
- Graduate Students: 1,805
- Grads Salary: $75,000
- Student-to-faculty: 12:1
Northern Illinois University
Score: 74.81
- Undergraduate Tuition
- In-State: $12,700
- Out-of-State:$12,700
- Net Price: $13,884
- Acceptance Rate: 71%
- Retention Rate: 65%
- Graduation Rate: 53%
- Total Enrollment: 15,649
- Undergrad Students: 11,429
- Graduate Students: 4,220
- Grads Salary: $78,000
- Student-to-faculty: 14:1
DePaul University
Score: 74.25
- Undergraduate Tuition
- In-State: $44,460
- Out-of-State:$44,460
- Net Price: $32,151
- Acceptance Rate: 70%
- Retention Rate: 84%
- Graduation Rate: 69%
- Total Enrollment: 20,917
- Undergrad Students: 14,134
- Graduate Students: 6,783
- Grads Salary: $80,000
- Student-to-faculty: 17:1
North Park University
Score: 74.06
- Undergraduate Tuition
- In-State: $35,325
- Out-of-State:$35,325
- Net Price: $19,029
- Acceptance Rate: 68%
- Retention Rate: 71%
- Graduation Rate: 55%
- Total Enrollment: 2,660
- Undergrad Students: 1,868
- Graduate Students: 792
- Grads Salary: $77,000
- Student-to-faculty: 10:1
North Central College
Score: 73.79
- Undergraduate Tuition
- In-State: $44,394
- Out-of-State:$44,394
- Net Price: $25,285
- Acceptance Rate: 61%
- Retention Rate: 77%
- Graduation Rate: 63%
- Total Enrollment: 2,695
- Undergrad Students: 2,368
- Graduate Students: 327
- Grads Salary: $75,000
- Student-to-faculty: 12:1
Elmhurst University
Score: 72.61
- Undergraduate Tuition
- In-State: $41,628
- Out-of-State:$41,628
- Net Price: $24,108
- Acceptance Rate: 76%
- Retention Rate: 80%
- Graduation Rate: 64%
- Total Enrollment: 3,731
- Undergrad Students: 3,027
- Graduate Students: 704
- Grads Salary: $73,000
- Student-to-faculty: 13:1
Illinois State University
Score: 72.59
- Undergraduate Tuition
- In-State: $16,021
- Out-of-State:$28,086
- Net Price: $20,551
- Acceptance Rate: 86%
- Retention Rate: 80%
- Graduation Rate: 67%
- Total Enrollment: 20,683
- Undergrad Students: 18,055
- Graduate Students: 2,628
- Grads Salary: $71,000
- Student-to-faculty: 19:1
Western Illinois University
Score: 72.37
- Undergraduate Tuition
- In-State: $14,952
- Out-of-State:$14,952
- Net Price: $11,213
- Acceptance Rate: 75%
- Retention Rate: 67%
- Graduation Rate: 47%
- Total Enrollment: 7,643
- Undergrad Students: 5,309
- Graduate Students: 2,334
- Grads Salary: $74,000
- Student-to-faculty: 13:1
Eastern Illinois University
Score: 72.31
- Undergraduate Tuition
- In-State: $13,403
- Out-of-State:$15,879
- Net Price: $13,380
- Acceptance Rate: 68%
- Retention Rate: 71%
- Graduation Rate: 55%
- Total Enrollment: 8,857
- Undergrad Students: 6,916
- Graduate Students: 1,941
- Grads Salary: $69,000
- Student-to-faculty: 15:1
Illinois College
Score: 72.08
- Undergraduate Tuition
- In-State: $37,470
- Out-of-State:$37,470
- Net Price: $16,296
- Acceptance Rate: 77%
- Retention Rate: 73%
- Graduation Rate: 67%
- Total Enrollment: 1,029
- Undergrad Students: 1,028
- Graduate Students: 1
- Grads Salary: $64,000
- Student-to-faculty: 12:1
Quincy University
Score: 71.87
- Undergraduate Tuition
- In-State: $35,740
- Out-of-State:$35,740
- Net Price: $11,985
- Acceptance Rate: 62%
- Retention Rate: 69%
- Graduation Rate: 50%
- Total Enrollment: 1,307
- Undergrad Students: 1,147
- Graduate Students: 160
- Grads Salary: $69,000
- Student-to-faculty: 14:1
Southern Illinois University-Carbondale
Score: 71.43
- Undergraduate Tuition
- In-State: $13,244
- Out-of-State:$13,244
- Net Price: $16,990
- Acceptance Rate: 91%
- Retention Rate: 70%
- Graduation Rate: 49%
- Total Enrollment: 11,107
- Undergrad Students: 8,000
- Graduate Students: 3,107
- Grads Salary: $78,000
- Student-to-faculty: 11:1
Dominican University
Score: 70.39
- Undergraduate Tuition
- In-State: $37,844
- Out-of-State:$37,844
- Net Price: $18,162
- Acceptance Rate: 90%
- Retention Rate: 75%
- Graduation Rate: 59%
- Total Enrollment: 3,196
- Undergrad Students: 2,136
- Graduate Students: 1,060
- Grads Salary: $69,000
- Student-to-faculty: 11:1
Online Accounting Education in Illinois
Many companies, corporations, and business owners have found their way to Illinois. Case in point: Walgreens, State Farm, Boeing, Sears, and other businesses are headquartered in the state.
Looking at the top five industries in Illinois, these include:
- Professional and business services ($118.4 billion)
- Real estate, rental, and leasing ($108.9 billion)
- Manufacturing ($107.4 billion)
- Finance and insurance ($88.7 billion)
- Educational services, healthcare, and social assistance $75.6 billion)
Despite a statewide population decline, Illinois remains home to many active businesses, leading in clean energy with ethanol and wind farms. Major industries include manufacturing, finance, insurance, education, energy, biotechnology, and agriculture. No matter the industry, accounting jobs are essential in all sectors. With an accounting degree, you could work in a variety of settings, from small businesses to large corporations in agriculture or clean energy, managing finances, taxes, or sales tracking.
The Illinois Department of Financial and Professional Regulation (IDFPR) ensures the financial health of institutions and licenses competent professionals. It oversees certified public accountants, accounting firms, and more, helping maintain a strong economy in the state.
Online Associate (AS)
Students in Illinois pursuing an associate of arts in accounting may choose to transfer to a four-year university to continue their studies. A strong program equips students with technology skills and a solid accounting foundation, preparing them for further education or an entry-level job after graduation.
Graduates from top accounting schools in Illinois are prepared for rewarding business careers. They gain knowledge of accounting information systems, making future tasks easier. Depending on their career goals, they may pursue roles such as certified public accountant, internal auditor, IRS agent, tax accountant, or assistant controller with the right experience.
University HQ National Rankings for Accounting AssociatesOnline Bachelors (BS)
Accounting could be called the language of business, helping organizations of all sizes track finances and identify new funding opportunities. Employees with a strong understanding of accounting principles can become invaluable assets to their companies. Accountants are in demand across government, corporate, non-profit, and public sectors.
Accounting students at many Illinois universities receive personalized instruction from experienced professionals and gain valuable networking opportunities through internships, connecting them with potential employers. Graduates with a bachelor of science in accounting can pursue rewarding careers as tax professionals, auditors, budget analysts, or bookkeepers.
University HQ National Rankings for Accounting BachelorsOnline Masters (MS)
Graduate students in accounting gain the competencies needed to stand out and build expertise in analysis methods. Those with an MSA may be ready to take the CPA exam. Online programs allow students to deepen their knowledge in specialized fields like forensic accounting, taxation, internal auditing, and finance—areas not typically covered at the bachelor’s level.
Earning an MBA with an accountancy concentration is another excellent path to preparing for the CPA exam. AACSB-accredited programs from private and public universities help students prepare for leadership roles in corporate accounting and beyond.
University HQ National Rankings for Accounting MastersOnline Doctorate (PhD)
Accountants who have earned their online bachelor’s and master’s in accounting may have plans to earn their PhD or doctorate accounting degree. This doctorate may be in business administration, with a focus on accounting.
These programs work to educate future scholars so that they are able to establish their careers in teaching and research as professors at universities with leading business administration programs. Students can benefit from faculty engaged in active research and article publication in journals of accounting and finance.
Get additional accounting scholarships and resourcesBecome an Accountant in Illinois
- Certified Public Accountant
Public accountants who plan to do particular types of accounting, including preparing financial statements or financial planning for individuals or businesses, are required to earn a certification in public accounting. Before they earn their certification, they must pass the exam. They are also required to pay application fees and submit documentation to the National Association of State Boards of Accountancy and to the Illinois Board of Examiners (ILBOE).
Applicants pay for the pre-evaluation application process, a domestic evaluation application process or a foreign evaluation application process. Those candidates who have both domestic and foreign credits are able to combine both their domestic and foreign application paperwork in one application. After receiving approval of their credentials from the Credential Evaluation application, applicants may schedule their CPA exam (this is posted on their Notice to Schedule).
- Certified Internal Auditor (CIA)
The Institute of Internal Auditors issues this certification to auditors who have passed the CIA exam. This professional certification indicates to employers that the certified internal auditor holds the skills and possesses the required competencies to perform internal audits.
While the CIA candidate is still in school, their accounting program should have included courses on the auditing process. After accumulating some years of professional experience, the candidate may decide that it is time for them to earn their certification. By making use of review courses, they may also fine-tune their skills and efficiencies in accounting and auditing in order to be fully prepared for their exam.
Earning their CIA means a professional may also increase their advancement potential, as well as their potential for earning a higher salary.
CPA Exam Education Requirements in Illinois
To become a Certified Public Accountant (CPA) and take the state boards exam, Illinois regulation requires CPA candidates to have completed a bachelor’s degree program or above, as well as 150 credit hours from an accredited university or institution in the US. The National Association of State Boards of Accountancy requires you to take and pass the cpa exam in your state to work in public accounting. When you pass your state boards exam in your state, you will become a certified public accountant.
To take the CPA exam, you must also meet one of the following prerequisites:
- Hold a graduate degree in accounting from an institution accredited by the Association to Advance Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools and Programs (ACBSP)
- Hold a graduate degree in business from a school that’s been accredited by the AACSB or ACBSP, along with two accounting research hours and 30 credits worth of accounting courses including:
- Auditing
- Tax
- Financial Accounting
- Managerial Accounting
- Economics
- Business Law
- Business Statistics
- Business Ethics (may not count for more than three credit hours)
- Business Communication (may not count for more than three credit hours)
- Marketing
- Finance
- Quantitative Methods
- Internship or Experience requirements (may not count for more than three credit hours)
-
Hold a bachelor's with the following courses taken:
- Auditing
- Tax
- Financial Accounting
- Managerial Accounting
- Two semesters in accounting research and analysis
- Internship or life experience (may not count for more than three semesters)
24 credit hours studying business as an undergrad or grad student, including:
- Economics
- Business Law
- Business Statistics
- Business Ethics (may not count for more than three semester hours)
- Business Communication (may not count for more than two semester hours)
- Marketing
- Management
- Information Systems
- Finance
- Quantitative Methods
- Internship or Experience (may not count for more than three semester hours)
If you’ve not yet met all of these requirements and you want to become a CPA but you’re in the process of completing your learning, you may be able to obtain provisional approval to take the CPA exam. If granted, you’ll have 120 days from the time you take and pass the CPA exam to submit your final college course transcripts.
CPA candidates who attended a university outside of the United States will need to submit their credentials for verification to the National Association of State Boards of Accountancy (NASBA).
Taking the Certified Public Accounting Exam
Once a candidate has completed the minimum necessary education, they can move on to CPA exam review and get ready to take the test.
Here’s what you’ll need to do:
- The Illinois state board of accountancy is called the Illinois Board of Examiners (ILBOE). In their online system, you’ll need to create an account so you can submit your application. Plan to choose one of the following application types that best fits your circumstances:
- Pre-Evaluation
- Domestic Evaluation
- Foreign Evaluation
- Total Transfer of Credit
- International Qualifications Exam
Be careful not to leave out any information about the colleges or institutions you’ve attended. You’ll be able to pay the $200 application fee online with a credit card upon applying on their site or you can pay by check. Foreign applications are free of charge if an individual earned all credits outside of the United States.
Submit your final transcripts to the ILBOE upon completion of all the education prerequisites. You can include original copies, which can be sent by mail to the Illinois Board of Examiners, 1120 E. Diehl Rd, Suite 110, Naperville, IL 60563. You can also email transcripts to etranscripts@ilboe.org.
Go to the ILBOE online system to complete the Initial Examination Request. Expect to be charged a fee ranging from $40 to $120, with the number depending on how many exam sections you’re looking to schedule.
Sit back and wait for a letter of approval from the ILBOE to arrive. If you haven’t paid your fee yet, you’ll receive a payment coupon that will be good for the next 90 days. If not paid by then, you’ll have to reapply. Once all fees are paid, you’ll receive a Notice to Schedule (NTS). Policy is that you must set up an exam appointment within six months.
You can now go ahead and plan the date for your exam through Prometric’s website at a testing center. Contact the ILBOE or consult their website for information regarding scheduling details. Be sure to sufficiently study, and complete your exam. You can expect to receive your score within one to two weeks.
CPA candidates must complete a class on professional ethics offered by the AICPA, followed by an open book ethics exam on which you must score a 90% or higher to earn a passing grade. AICPA will send your results to the ILBOE upon request.
Once you’ve completed these steps and passed both tests, you’ll receive a certification of CPA Exam Completion as well as a certification from the ILBOE as a CPA. Now you are on your way to become a CPA. However, this doesn’t mean that you’re licensed to start practicing on your own, but you can practice directly under another licensed CPA in the industry of your choice.
Find Colleges Offering Accounting Programs Online
License Requirements
After you’ve finished your year of supervised CPA employment, you’ll be eligible to apply for your CPA license.
On the Illinois Department of Financial and Professional Regulation (IDFPR) website, locate and download the application packet. Submit the application along with any supplemental information (including experience verification) and required fees to Illinois Department of Financial and Professional Regulation, ATTN: Division of Professional Regulation, P.O. Box 7007, Springfield, IL 62791.
Consider these passing rates from 2017:
Auditing and Attestation | 48.5% |
---|---|
Business Environment and Concepts | 53% |
Financial Accounting and Reporting | 44.4% |
Regulation | 47.2% |
A passing grade on each test is 75. Once you have completed the test, your scores will be available for private viewing on the NASBA website.
Continuing Professional Education Requirements
Once you’ve received your Illinois CPA license, you’ll need to routinely brush up on your skills to make sure you’re up to date on current general regulations and information. Every three years, the state of Illinois requires CPAs to complete 120 hours of continued professional education, four of which must pertain to ethics. For your first license renewal, you’ll be exempt from the continuing education requirement, but be prepared to take future classes to keep your skills sharp, learn tech systems in order to keep up with change, and review past content.
To find courses for continuing education, consult the Illinois CPA Society or the NASBA registry. You may also consider joining a professional group to make sure you’re current on current news and regulations. The Illinois CPA Society is a great local choice, as is the American Institute of CPAs (a nationally based group).
Careers for Accounting Graduates
Accounting Professional
After being on the job for several years, an accountant may move to a senior position, in which they will continue some of the same activities, such as preparing financial reports, but they are likely to do so at the head of a team or with greater pay. They may perform account reconciliation, carry out research and analysis, keep the general ledger, help with audit preparations, prepare taxes, and work on other accounting responsibilities as assigned.
A CPA must have a full knowledge of auditing, bookkeeping, and budgeting. They should also have excellent communication and organizational skills.
learn moreFinancial Controller
A financial controller may also be known as a finance comptroller within their organization. Their responsibilities may change from company to company and an organization’s size may influence some of what they do. The number of employees within the accounting department as well as the challenge presented by the finance and accounting actions may also impact what the financial controller does.
This professional works in conjunction with or directly beneath the chief financial officer, providing valuable financial information.
learn moreBusiness Manager/Administrator
Business managers oversee and manage their organization’s operations and employees. They carry out a variety of tasks that ensure the company is productive and efficient. This may include putting business strategies into place and making sure metrics are hit. A business manager may also evaluate the company’s performance and supervise employees throughout the organization.
Having excellent leadership and interpersonal skills are necessary for this role. The ability to ensure employees are working together as a team may help the business to succeed. Having a high degree of verbal and written communication skills means you will be able to get all team members on board.
Some of their responsibilities include determining the company’s goals and objectives, carrying out employee evaluations regularly to find areas of improvement, and making sure the company meets its goals.
learn moreChief Financial Officer (CFO)
This professional may have reached the C-suites because of their accounting education, knowledge, skills, and accumulation of experience. They may have chosen to earn a master’s degree in business administration with a specialization in accounting. Their hands-on experience will allow them to run the entire finance department for the organization, regardless of the company’s size.
Their responsibilities include making sure the organization is consistently using its finances wisely and correcting any financial risks that may take the organization off-track. Because the CFO earned at least one degree in the college of business, they are able to use their full depth of experience and knowledge while leading the finance department.
Finance Manager
Finance managers are responsible for analyzing the daily financial activities of an organization. They offer advice and guidance to upper management personnel regarding future financial plans and may be responsible for running and providing reports to those who make the big decisions. They may hold positions in a variety of environments including private and public sector organizations, healthcare, finance, insurance, or banking, among others.
learn more- Other possible positions include:
- Corporate Controller
- Tax Manager
- Assistant Controller
- Claims Adjuster
- Accounts Payable / Accounts Receivable Specialist
- Accounting Manager / Controller
- Business Intelligence Manager
- Financial Analyst
- Benefits Specialist
- Certified Public Accountant (CPA)
- Accountant
- Budget Analyst
- Bookkeeper
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