Maryland has some of the oldest learning institutions in the country. St. John's College was founded in 1696, and the state has since grown to offer an assortment of programs for students.
Learners can consider accounting degrees at every level to capitalize on ongoing industry growth in the state. Specialized accounting professionals can pursue jobs such as cost estimators, tax preparers, and financial analysts.
Maryland has 171,000 businesses and nearly two million workers, with the country's second-highest percentage of professional and technical workers. Explore an outline of career opportunities and accounting degrees in Maryland with this in-depth guide.
Best Accounting Colleges in Maryland
Students interested in pursuing undergraduate degrees in accounting have many options in Maryland. Five colleges, including a small liberal arts school and a large public institution, made our list of the best accounting schools in Maryland.
Maryland at a Glance
| Population | 6,165,129 |
|---|---|
| Climate | Average Annual Temperature: 54.2 ℉ Annual Precipitation: 44.5 |
| Major Sports Teams | Orioles, Baltimore Ravens, Maryland Terrapins, Towson Tigers, Bowie Baysox |
| Number of Higher Learning Institutions | 49 |
| Per Capita Income | $45,920 |
| Fortune 500 Companies | 6 |
| Accountants in Maryland | 25,770 |
Why Go to College for Accounting in MD?
Maryland attempted to establish a free school system in the 17th century, as only wealthy individuals could afford education in the state's founding period. Since then, its education system has expanded to include private and public institutions with some of the best accounting schools in Maryland.
According to the National Center for Education Statistics (NCES), 348,054 students sought postsecondary degrees in Maryland in 2020. Maryland conferred 75,873 degrees among all institutional levels from 2019-2020, according to the NCES.
Maryland created a new state plan for higher education in 2022 with three key goals: ensure fair access to postsecondary education, encourage policies to help students succeed, and promote innovation. Students can find state-sponsored scholarships from Maryland — many apply need-based or career criteria to ensure fair access to education.
Individuals who want to study and work in Maryland may find networking helpful in landing local careers. Programs with internships can help students network and find job opportunities while still in school.
Education Statistics for Maryland
Maryland has fewer colleges than the national average, possibly due to its size. The state has a higher proportion of adults with bachelor's or graduate degrees than the national average. On average, students in Maryland are less likely to pursue distance learning, however.
| Higher Education Statistics | Maryland Data | National Data |
|---|---|---|
| Four-Year Colleges | 33 | 2,520 |
| Two-Year Colleges | 17 | 1,216 |
| Students Enrolled in Distance Education | 56.6% | 72.8% |
| Postsecondary Education Appropriations per Full-Time Student | $9,050 | $9,327 |
| Tax Revenue Allocated to Higher Education | $16,851 | $15,959 |
| Adults Over 25 With an Associate Degree | 6.8% | 8.6% |
| Adults Over 25 With a Bachelor's Degree | 21.8% | 20.2% |
| Adults Over 25 With a Graduate Degree or Higher | 19.1% | 12.7% |
Accreditation for Maryland Schools
Accredited institutions meet a certain standard of education set by accrediting agencies. These independent organizations may provide accreditation at the institutional or programmatic level. Institutionally accredited schools indicate that the entire school received the status, while programmatic accreditation applies to departments or programs within institutions.
The Middle States Commission on Higher Education (MSCHE), the primary institutional accreditor for Maryland, obtained recognition from both the Council for Higher Education Accreditation (CHEA) and the U.S. Department of Education.
Delivery Formats for Accounting Programs in Maryland
Prospective students should consider many variables when researching programs. Maryland students can attend courses in person, online, or through hybrid learning. The state offers plenty of online choices, and a higher percentage of students in Maryland are exclusively enrolled in online programs than the national average.
On-Campus Programs
On-campus programs deliver in-person lectures and exams. Individuals who prefer a structured schedule and face-to-face interactions with other learners may prefer this method. Areas in Maryland, such as Baltimore, have numerous institutions and offer a college-town experience with nightlife and diverse dining options.
Online Programs
Online learners can complete lectures and exams from a distance. Students may have the option of finding synchronous or asynchronous classes. Working students may find an asynchronous schedule advantageous for their added flexibility in scheduling and completing assignments. Distance learners must have strong self-motivation to attend class and study on their own time.
Hybrid Programs
Hybrid programs feature a combination of on-campus and online learning. As hybrid students must occasionally attend real-life lectures, they should live near their campuses. Hybrid enrollees may have a more structured schedule than fully online students.
Paying for Your Accounting Degree
Students have multiple financing options for their accounting MD degrees. The Maryland Higher Education Commission (MHEC) offers multiple state financial assistance programs. MHEC offers need-based scholarships, career-centric scholarships, and tuition waivers for certain groups.
When researching financial aid opportunities, prioritize scholarships and grants, which do not require repayment. Most students will need interest-based loans, however, though they can often delay payments until after graduation. Private loans typically carry higher interest rates than federal loans.
Check out the following links for more information on financial aid.
In-State Versus Out-of-State Tuition
When researching available programs, learners will likely encounter in-state and out-of-state tuition rates. In-state students and the accompanying rates at public schools usually have residency requirements, allowing local learners to pay a reduced rate due to tax subsidies.
Maryland, as a participant of the Academic Common Market, allows students to attend out-of-state programs in designated states without paying out-of-state tuition. Learners must pursue degrees that are not available at public institutions in their state to qualify for the discounted tuition rate.
Cost of Living in Maryland
Students must budget for tuition, board, food, and other necessities when attending accounting programs in Maryland. These costs of living vary among states.
With a baseline figure of 100 for the average across all jurisdictions, Maryland received a cost of living index score of 124 from World Population Review, indicating that necessities in Maryland are 24% more expensive than the U.S. average. Students looking to pursue degrees in Maryland should budget for these additional costs.
Careers for Accounting Graduates in Maryland
U.S. accountant roles are expected to grow by 6.9% from 2020-2030, and Maryland has an even higher projected growth rate for accountants. Maryland's economy features real estate, finance, and manufacturing among its top 10 industries.
Accounting professionals handle complex financial rules in a diverse economy. Some Maryland-based accounting careers, such as budget analysts, receive an average salary among the highest in the United States for the profession. Accountants can search for various accounting jobs in Maryland, including at the Big Four firms. These employers maintain locations in Maryland, including offices in Baltimore.
Accountants can also branch out into multiple career paths. The sections below introduce some of the most common and popular accounting career choices in Maryland.
Popular Accounting Careers in Maryland
Bookkeeper
Bookkeepers track funds and financial transactions for organizations with software and spreadsheets. Bookkeepers organize financial data rather than analyze it. Some employers prefer bookkeepers with undergraduate degrees, but it is not always a prerequisite for the role.
Job Outlook in Maryland (2020-30): +1%
Accountant
Accountant is a general term for employees that create, modify, and work with financial statements. These professionals can work in specialized roles across sectors. Prospective accountants generally must possess bachelor's degrees. Employees can increase their earning potential by pursuing certified public accountant (CPA) licensure.
Job Outlook in Maryland (2020-30): +9%
Financial Manager
A financial manager usually holds a bachelor's degree and a minimum of five years of work experience. Their work experience typically covers business or finance. Employers expect financial managers to be able to create financial reports, analyze company finances, and develop future strategies.
Job Outlook in Maryland (2020-30): +22%
Maryland Employment Trends
| Job Availability | Maryland | National |
|---|---|---|
| 2020 Employment | 29,690 | 1,392,500 |
| 2030 Projected Employment | 32,340 | 1,488,200 |
| Projected Job Growth, 2020-30 | +8.9% | +6.9% |
| Career | Maryland Employment | Maryland Average Annual Salary | National Average Annual Salary |
|---|---|---|---|
| Bookkeeping and Auditing Clerks | 19,640 | $50,620 | $47,440 |
| Credit Counselors | 420 | $56,780 | $51,650 |
| Payroll Clerks | 2,640 | $56,130 | $52,300 |
| Career | Maryland Employment | Maryland Average Annual Salary | National Average Annual Salary |
|---|---|---|---|
| Compliance Officers | 8,140 | $83,320 | $76,980 |
| Cost Estimators | 4,210 | $82,320 | $76,740 |
| Property Appraisers and Assessors | 920 | $79,320 | $80,460 |
| Securities, Commodities, and Financial Services Sales Agents | 9,130 | $75,620 | $100,740 |
| Tax Examiners and Collectors | 630 | $60,830 | $64,410 |
| Tax Preparers | 1,580 | $54,110 | $55,840 |
| Career | Maryland Employment | Maryland Average Annual Salary | National Average Annual Salary |
|---|---|---|---|
| Accountants and Auditors | 25,770 | $88,440 | $86,740 |
| Budget Analysts | 2,190 | $106,720 | $87,680 |
| Financial Analysts | 4,220 | $110,840 | $108,790 |
| Financial Managers | 15,410 | $160,590 | $166,050 |
| Personal Financial Advisors | 4,980 | $150,010 | $137,740 |
Maryland accounting salaries can be lower or higher than the national average, depending on the role. The state's high cost of living may contribute to higher salaries.
Individuals looking to start accounting careers in the state can pursue high-paying roles as budget analysts, personal financial advisors, and cost estimators. Interested students should consider degrees such as economics, finance, or actuarial science.
Maryland Requirements for Certified Public Accountants
CPAs across the country must pass the Uniform CPA Examination, but requirements for examination and licensure vary among states. The Maryland Board of Public Accountancy requires prospective CPAs to fulfill the following requirements to obtain CPA designation:
Personal requirements include:
- Being 18 years old
- State residency
- A Social Security number
Sitting for the exam requires:
- A bachelor's degree
- 120 semester hours of coursework
- 30 semester hours in accounting and ethics
- Including 3 semester hours in auditing, cost accounting or managerial accounting, U.S. federal income tax, and ethics
- 9 semester hours in financial accounting
- 9 semester hours in elective accounting courses
Obtaining licensure requires:
- Passing the Uniform CPA Exam
- Passing the AICPA Professional Ethics Exam
- 150 semester hours of classes
- One year of work experience