Key Takeaways for Students
- Free online accounting classes can help you decide if accounting is right for you
- Some of the nation’s top schools offer free online accounting classes
- Some free online accounting classes offer a certificate for an extra charge
Entering into the field of accounting can be a bit intimidating. A free online accounting course may be an excellent option to see if accounting is right for you. Or you can learn accounting skill that will help you in your own business. Business school candidates can work through basic and advanced level courses. These courses do not carry a semester-long commitment or university tuition rates. Students also do not have to fear an unsuccessful attempt at a class negatively impacting GPA. If you’re already an accountant, these courses can be beneficial as part of your continuing education.
About These Courses
The free online accounting classes on our list are offered by notable universities. They hail from some of the top business schools in the nation. The courses are often presented by some of the same highly regarded staff as those who teach traditional online or on-campus classes. Because of this, participants can expect an extremely high level of education, all free of charge.
The flexibility of free accounting courses is also an added benefit. Many of the courses on this list do not require any prerequisites and offer rolling start dates. This means that students can start learning as soon as they are ready. There is no waiting for semesters to start. Several of the options are offered in a self-paced format, which gives you the ability to work at your own pace. In contrast, others are instructor-led. This option is great preparation for taking courses towards a university degree.
How We Chose These Classes
To find the 10 best free online accounting courses, we identified all of the free, online, accounting-focused courses offered on Coursera and EdX by schools that qualify for a Consensus score. The courses are presented in alphabetical order by school.
| Rank | School | Certificate Option? |
|---|---|---|
| 1. | Babson College | Yes, $249 |
| 2. | Columbia University | Yes, $225 |
| 3. | Massachusetts Institute of Technology | Yes, $549 |
| 4. | Purdue University | Yes, $49 |
| 5. | University of California, Irvine | No |
| 6. | University of Illinois at Urbana-Champaign | No |
| 7. | University of Michigan | No |
| 8. | University of Pennsylvania | No |
| 9. | University of Virginia | No |
| 10. | West Virginia University | No |
1. Babson College
F.W. Olin Graduate School of Business
Among the best free online courses, Financial Accounting Made Fun: Eliminating Your Fears, is brought to the edX platform by Babson College. It is a self-paced introductory-level course in financial accounting fundamentals that requires four to six hours of study time over about a month. Each week, students will cover balance sheets and transaction analysis, accounting principles, income statements and cash flow statements, ratio analysis, and forecasting.
Key learning goals are to have a greater understanding of how primary financial statements are constructed, the difference between cash flow and profit, calculating important performance ratios to evaluate the performance of a business, and creating a financial forecast that allows entrepreneurs to confidently present to investors and creditors. This course also offers the option to purchase a certificate for $249. The content offered in Financial Accounting Made Fun is an excellent resource for those entering into the field of finance and accounting. It is also packed with information that anyone who runs their own business will certainly benefit from.
2. Columbia University
Columbia Business School
Students can learn how to measure the risk and return of equity and debt through Columbia University’s Risk & Return edX course. There are multiple windows to sign up for this free online accounting class. Risk and Return can be taken either as a stand-alone course or as a part of Corporate Finance professional certification.
Over four weeks, learners will be introduced to the concepts of measuring risk, estimating the expected return of an asset, adjusting the risk of the equity and debt when a firm changes its capital structure, and calculating the weighted average cost of capital. Modules are completed in a self-paced format, with most students spending an average of three to four hours per week studying. Before starting this course, it is suggested that participants have a basic understanding of accounting and Microsoft Excel. Learners will best be prepared for Risk & Return if they have also completed edX’s free Introduction to Corporate Finance and The Free Cash Flow Method for Firm Valuation.
3. Massachusetts Institute of Technology
Sloan School of Management
Financial Accounting is an edX course sponsored by the Massachusetts Institute of Technology. Over 21,000 students have enrolled in this free online accounting course that is a component of the Micromasters Program. To participate, students must sign up for a start date and then follow along with the curriculum path over a period of 12 weeks. The course is free of charge, but those who complete the program can add a verified certificate for $549. This option is easily shareable as an addition to resumes or can be added directly to a LinkedIn profile.
The content delivered in MIT’s Financial Accounting is considered advanced. Students should be prepared to spend 10 to 14 hours studying per week to fully utilize the course. Expected outcomes include understanding key accounting terms, how financial statements are constructed, reading financial statements, and how to gather inputs to valuation and models for corporate decisions.
4. Purdue University
Purdue University offers Business Accounting Basics through the EdX platform for entrepreneurs to learn the basics of accounting. Students learn to use the four most basic forms of financial statements:
- Balance Sheet
- Income Statement
- Statement of Cash Flows
- Statement of Retained Earnings
Students also learn to understand accounting cycles and investment decisions.
Business Accounting Basics is free to audit, though Verified students can pay $49 to get unlimited access to course materials.
5. University of California, Irvine
Paul Merage School of Business
The University of California-Irvine joined with Coursera to offer Completing the Accounting Cycle free of charge. This online course is one of three in the Introduction to Financial Accounting: The Accounting Cycle specialization. The specialization also includes What is Financial Accounting and Recording in Journals and Posting in Ledgers. Students can work at their own pace and typically spend around 10 hours studying.
Modules within the course cover key topics in management accounting like adjusting entries and adjusted trial balance, the worksheet, analyze and prepare financial statements, and closing entries and the post-closing trial balance. After completing this free course, students can expect to better understand adjusting entries, closing entries, the preparation of an income statement, retained earnings statements, balance sheets, and procedures for closing the four closing entries. Learners can start this accounting course at any time and have the ability to work through the modules at their own pace.
6. University of Illinois at Urbana-Champaign
Gies College of Business
Advanced Financial Reporting: Accounting for Business Combinations and Preparation of Consolidated Financial Statements is a free Coursera course offered through the University of Illinois at Urbana-Champaign. This advanced-level course has impressive ratings of 4.8 out of five stars, and 50% of learners who have completed the content shared that they received tangible benefits. Another 50% reported earning a pay increase or promotion in correlation with completing this course.
Advanced Financial Reporting is generally completed in around 24 hours of study and is a completely virtual class. Students begin with a course orientation and then move through modules on control of business, acquisition method, components of consideration transferred in a business combination, federal income tax laws, business transactions, assets acquired and liabilities assumed, and more. Content is delivered through reading assignments, videos, and quizzes which keeps the experience interactive and interesting. Recent reviews noted that this class was well-structured, a great review over the technical areas of financial reporting, very informative, and easy to implement.
7. University of Michigan
Stephen M. Ross School of Business
Introduction to Time Value of Money is a free beginner-level Coursera course. Intro to TVM is sponsored by the University of Michigan. The curriculum covers the topics of simple concepts and applications of TVM, annuities in relation to the time value of money, as well as complex applications. The course has start dates on a rolling basis and normally takes around 13 hours to complete. Students follow through a convenient digital format that includes quizzes, videos, and readings to appeal to a variety of learning styles.
Of 166 current reviews, Intro to TMV has an impressive rating of 4.8 out of five stars. Comments left include praise for the instructor and the efficiency, ease of use, and interesting nature of course content. After completing this free online accounting course, students will understand how the value of money changes over time, the implications of all financial decisions, and will leave with the practical knowledge necessary to make informed decisions on a wide variety of financial decisions.
8. University of Pennsylvania
The Wharton School
Nearly 90,000 students have enrolled in Coursera’s free Accounting Analytics course offered by the University of Pennsylvania’s Wharton School of Business. The class is completely online and delivered in a self-paced format making it easy to fit into even the busiest of schedules. On average, students complete the course in around 10 hours and can expect to walk away with a better understanding of ratios and forecasting, earnings management, big data and prediction models, and linking non-financial metrics to financial performance.
In recent reviews, this course received an average of 4.5 stars and was noted for its interesting content, integration of content during the final week, and practicality. The Accounting Analytics course is the fourth of a five-part specialization in Business Analytics, including Customer Analytics, Operations Analytics, People Analytics, and a Business Analytics Capstone. Of those who chose to complete the specialization in addition to the free Accounting Analytics course, 32% started a new career, and 21% received a pay increase or promotion.
9. University of Virginia
Darden School of Business
Another one of the best free accounting classes is from the University of Virginia. After completing Coursera’s free Managerial Accounting Fundamentals course, 50% of students reported starting a new career, and 33% reported receiving a pay raise or promotion. Managerial Accounting Fundamentals is offered by the University of Virginia and is a completely online beginner-level course. Through 13 hours of study, students will learn basic accounting principles such as different types of costs, how costs are represented graphically, cost-volume-profit analysis, ways to calculate and allocate overhead rates in activity-based and traditional allocation systems, and how to distinguish costs and benefits that are relevant and irrelevant in making management decisions.
Nearly 28,000 students have taken this free accounting course, and of those, more than 100 have left reviews with an average of 4.8 out of five stars. Learners commented that they would recommend this course’s convenience, extensive explanation of concepts, level of difficulty for beginners. Certificates can also be purchased for resumes, CV, or LinkedIn profiles.
10. West Virginia University
John Chambers College of Business and Economics
Over 65,000 students have already taken Coursera’s free Forensic Accounting and Fraud Examination course. The course is offered by West Virginia University and boasts 4.7 out of five stars as a rating and a 97% approval score. Recent reviews stated that this class is one of a kind, enjoyable, practical, and easy to implement.
Forensic Accounting and Fraud Examination participants also only need to spend a total of seven hours to go through the content in this accounting course, which is presented through readings, quizzes, and videos. Concepts covered within the curriculum are learning who accidental fraudsters are, understanding the basic elements of fraud, how internal control concepts can help detect and prevent predator fraudsters, analysis tools to help identify fraudulent activities, and the objectives and stages of money laundering. The final module discusses the importance and difficulties facing whistleblowers. New classes start every day, and 22% of students report starting a new career after completing this course.