Accounting Classes Chicago

Accounting Classes & Bootcamps

Accounting is the process of keeping a record of financial transactions and analyzing and interpreting that information to get a better understanding of past and future financial decisions. It’s an important part of running a business, both for proper business management and for tax and legal reasons. In a Nerdwallet article, the author explains that accounting is more complex than many people think. She says, “It sounds simple, but in reality, a lot of behind-the-scenes work goes into accurately reporting on a business's financial state. Accounting requires meticulous record-keeping and financial transaction tracking year-round. Moreover, keeping accurate records helps ensure your business is prepared to file taxes, present information to investors or even apply for a loan.”

There are different types of accounting, all with different functions. For instance, Tax Accountants help individuals and businesses follow tax codes. Financial Accountants work with financial transactions like income statements and balance sheets. Managerial Accountants create reports that help people in management positions make better business decisions. There are also several other types of Accountants. An Accountant is different from a Bookkeeper; bookkeeping is simply recording financial transactions, while accounting also includes interpreting the recorded information.

Are There Prerequisites to Learning Accounting?

Unless you are taking an advanced accounting class, you’re unlikely to find prerequisites to learning accounting. However, having certain skills and knowledge might make your learning process easier. You’ll almost definitely need to have some math skills, because accounting involves performing mathematical calculations. Since accountants are involved in preparing financial statements, it can also be helpful to have some understanding of basic business and financial concepts. Other skills that are beneficial in accounting are attention to detail and strong written and verbal communication skills, because accounting often involves producing reports and communicating financial data to other people.

Is It Difficult to Learn Accounting?

Many people say that it is relatively challenging to learn accounting. To become an Accountant, you’ll need to become proficient in several different complex skills and master a wide range of financial concepts, and this can feel overwhelming at first. In addition, technologies and laws change frequently, so being an Accountant will involve lifelong learning to keep your knowledge current. However, while there might be some challenging aspects of learning accounting, with practice and dedication, almost anyone can become an Accountant. Enrolling in a paid class can be a great way to learn because you’ll have access to an expert instructor who can guide you through the learning process and answer any questions that you have.

What Will You Learn in an Accounting Course?

When you take an accounting course, you’ll learn methods and standards for working with financial data. You’ll also learn about a wide range of financial and business topics. Some of the specific topics that are likely to be covered include preparing financial and tax records, analyzing financial data, depreciation and amortization, and creating income statements, balance sheets, and cash flow statements.

Chicago Industries That Use Accounting

Chicago is the third-largest city in the United States, with a population of almost 3 million people, and has many different employment opportunities for people with accounting skills. According to World Business Chicago, this city has the third-highest employment among U.S. metros for the finance and insurance sector. It says, “Chicago is a hub for finance. Today, Chicago has the most diverse economy among U.S. metros and the third highest employment in the finance and insurance sector.” The organization reports that this sector employs more than 240,000 people and generates over $53 billion annually. In addition, it says, “FinTech has evolved into one of Chicago's fastest growing tech verticals.” It reports that the city’s FinTech consists of more than 300 companies and raised more than $4.58 billion in growth capital in 2021. In 2021, Chicago’s FinTech also produced three unicorns, three initial public offerings, and five mega rounds. In 2023, Chicago made the annual list of the top ten global financial centers compiled by Z/Yen Partners in collaboration with the China Development Institute.

Accounting Jobs & Salaries in Chicago

With accounting skills, you can work in a variety of different types of jobs. The position of Bookkeeper is one of the most basic. Bookkeepers simply keep financial records. Accountants go a step further, and also analyze and report on the information that they record. Accountants do things like create forecasts and prepare taxes. As an Accountant, you can also choose to specialize. For example, you could become a Financial Accountant, focused on working with financial transactions related to business operations. Another type of accounting job is a Certified Public Accountant (CPA). CPAs must meet strict educational and testing requirements to earn their certification. According to Glassdoor, which provides salary estimates for many different jobs, in Chicago, a Bookkeeper has an average salary of $44,000 to $63,000 and an Accountant earns about $62,000 to $94,000. The average salary for a Financial Accountant is $78,000 to $119,000, and for a CPA it is $95,000 to $164,000.

According to the BLS, between 2022 and 2032, accounting jobs in the United States will grow by about 4 percent. The agency notes that this profession may be affected by advances in technology over the next decade. It says, “Some routine accounting tasks may be automated as platforms such as cloud computing, artificial intelligence (AI), and blockchain become more widespread.” However, it adds that this trend is unlikely to affect overall employment. It says, “Although it will increase accountants’ efficiency, this change is not expected to reduce overall demand. The automation of routine tasks such as data entry will instead make accountants' advisory and analytical duties more prominent.” The BLS reports that the Chicago metropolitan area is the fourth-largest employer of Accountants in the United States, and that they have an average salary of almost $88,000.

A higher-level job that includes accounting is that of a Financial Manager. The BLS predicts much faster than average growth in this profession—an estimated 16 percent over the next ten years. It reports that Financial Managers have a median pay of almost $140,000 per year in the United States. According to the BLS statistics, Chicago has the third-highest level of employment of Financial Managers in the country, employing about 35,000 people. It also reports that the average salary for this job in Chicago is about $162,000.

Budget Analysts also use accounting. The predicted growth rate for this profession between 2022 and 2032 is 3 percent, which is about average. The BLS explains that a significant percentage of Budget Analysts—about a quarter—work for the federal government.

Best Accounting Classes & Schools in Chicago

The Discovery Center offers accounting classes in Chicago, including Intro to Bookkeeping, which costs $110 and includes four sessions. There is also a $35 materials fee. The class covers bookkeeping systems, as well as journals, ledgers, and business statements. The Discovery Center was founded in 1978 and offers a variety of adult learning classes. It also offers a QuickBooks class.

Computer Training Source, a Chicago-based school, offers several in-person QuickBooks classes, including QuickBooks Online Part I, which costs $425, and QuickBooks Online Part II, which costs $499. In Part I, students learn about invoices, banking, sales, expenses, and reports. Part II covers more advanced skills including customizing forms, creating reports, using other QuickBooks accounts, tracking and paying sales tax, configuring multiple users, and preparing payroll.

Another option in Chicago is Fundamentals of Finance and Accounting for Non-Financial Managers, offered by the American Management Association, a nonprofit organization that provides education and development services for management. This course includes two sessions and costs $2,595. It covers key finance terms and the accounting process, including journals and ledgers, and how debits and credits work. Students also learn basic accounting principles, conventions and guidelines, how to read a balance sheet, and how to analyze an income statement. Instructors also cover a wide range of other topics including the annual report, cash flow, profit-planning tools, and elements of cost accounting.

City Colleges of Chicago offers a longer program called Accounting, Basic Certificate. Students take two core classes: Financial Accounting and Managerial Accounting. In addition, they select nine credit hours of electives. In total, they earn 17 credit hours. Tuition for classes at City Colleges of Chicago is $146 per credit hour for in-district residents, $384 for out-of-district, and $481 for out-of-state students.

Best Live Online Accounting Classes & Schools

You’ll also find many accounting classes offered in an online format. For instance, Noble Desktop is a school based in New York City that has several accounting course offerings, all of which are available online in addition to in-person at its Manhattan campus. Intro to Financial Accounting is a beginner course where students learn how to analyze financial statements and reports. It covers financial accounting basics, income statements, balance sheets, and cash flow statements. This is a one-day class and tuition is $325. Another Noble option is the Financial Accounting Bootcamp. This course includes two sessions and costs $549. Students learn about introductory financial accounting topics such as different types of financial reports, depreciation and amortization, and analytical tools like year-over-year comparisons. Instructors also cover more advanced topics like balance sheets, cash flow statements, and the advanced structure of income statements.

The American Management Association offers an online class called Fundamentals of Cost Accounting, which includes three sessions and costs $2,595. Students who take this course learn many different elements of cost accounting including job costing procedures, absorption costing techniques, process costing procedures, and direct costing techniques. They also learn standard costing techniques, ABC costing techniques, cost-volume-profit analysis, and equivalent units of production calculations.

Another accounting class that runs through this school is How to Speak Accounting, a short, one-day class that costs $279. In this class, students learn a variety of accounting concepts, as well as the accounting process. Specific topics include the accounting equation and its components, how various business transactions affect financial statements, and accrual basis accounting. Instructors also cover income statements, profit and loss statements, balance sheets, cash flow statements, and statements of retained earnings.

Another online option is the ||CPN781||, offered through NYC Career Centers. This New York-based school provides a range of business and corporate training courses. The bootcamp includes two sessions, and tuition is $499. It covers core QuickBooks skills such as how to set up and navigate QuickBooks, record transactions and track expenses, and generate reports. Students also learn how to invoice and process payments, customize forms, work with credit card accounts, manage inventory, and run payroll.

The Digital Workshop Center offers a course called ||CPN285||, which students complete over three sessions. Tuition is $1,406. The class covers bookkeeping fundamentals and best practices. Students go through the entire bookkeeping workflow, learning how to create accounts, enter debits and credits, and prepare statements. Upon completion of the class, they will be able to analyze common business transactions, classify accounts, enter debits and credits, record transactions in the journal and post to the ledger, and prepare financial statements. To take this course, students need basic digital literacy. Some experience with accounting vocabulary is helpful, and access to QuickBooks is recommended.

Corporate and On-site Accounting Training

Accounting skills can be a valuable asset to any company. Noble Desktop offers corporate and on-site accounting training programs for companies that want to train their employees in these skills. Scheduling options are flexible, and programs can be customized according to your needs. Virtual training sessions take place via Zoom or another teleconferencing platform. Another corporate training option is to purchase vouchers for Noble’s open-enrollment group classes and allow employees to enroll individually. Companies that purchase multiple vouchers will receive a discount. For more information about corporate accounting training options, or to schedule a complimentary consultation, contact Noble Desktop.

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