Caroline Craig's teaching and research interests are in the areas of taxation and financial accounting. She has published articles in various academic and professional journals, including Accounting Educators' Journal, Journal of Applied Business Research, Advances in Taxation, Tax Adviser, Journal of Taxation of Investments, International Journal of Intelligence Systems in Accounting, Finance, and Management, and Journal of Accountancy.

Craig is a recipient of an Ernst & Young Tax Research Grant and has received an Illinois State University Research Initiative Award. She has been selected twice as the McGladrey & Pullen Arthur H. Winakor Faculty Member of the Year.