If you are an accounting student and want to pursue your career in this valuable field, it is great.
Yes, you are going in the right direction. Accounting is a worthwhile profession to make your future bright.
It offers different job roles according to the study areas of accounting. A student who is a graduate and post-graduate can seek different positions in different business organizations.
An accounting degree holder students can secure the position of financial analyst, tax auditor, certified public accountants, and more.
So, if you want to know more about careers in accounting, you must go through this blog for full information. Here we will discuss the most popular careers along with salary packages in accounting.
But before that, let’s discuss what accounting is and other concerns in accounting.
What is accounting?
Don’t ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.
Tilman J. Fertitta
In simple words, we can say that accounting is the language of business. It is a process in which financial transactions of small/medium/large organizations record, assess, and communicate the financial transaction.
Accounting helps the business entities to understand their financial status and grow them by leaps and bounds. In order to accomplish the above-mentioned operations, an accountant use the formula- Assets = Liability + Equity
What is an Accountant and its Responsibilities?
There is a saying that behind every good business is a great accountant. And this is entirely true; an accountant is a well-educated person who is responsible for handling the process of accounting. An accountant performs the tasks of recording, assessing, and communicating by analyzing an organization’s expenses, losses, and profits.
An accountant makes sure that the organization knows the legal objectives and monetary performance and they are able to make budgets and future plans.
Accountants organize and prepare the tax and financial documentation for individuals, small enterprises, large corporations, non-profits, and government agencies.
Accountants help their clients with a variety of tasks, including these ones, which are shown below:
- Maintain and organize financial records.
- Evaluate the financial operations and the best financial practices to make recommendations to management.
- Examines the accounting books and systems to ensure that they are efficient and adhere to approved accounting rules and procedures.
- Prepares the tax returns and tasks which are related to this.
- Examines the financial statements for accuracy and compliance with legal requirements
- Suggests ways to increase the profits, reduce the costs, and improve the profits.
Careers In Accounting
There are many careers in accounting available for those who are Master’s in accounting graduates; they can find work in a variety of fields. And the top accounting careers are the following-
An auditor examines the financial records of the company and also checks the consistency and correctness. Depending on the firm/company or the auditor’s type, the auditor’s job role can change- internal, external, forensic, or government. The auditor’s responsibilities are to organize and examine the financial statements to comply with the laws, make the best practice recommendations to management, and ensure that on-time taxes are correctly filed.
Salary- The average salary of an auditor in the USA is around $64657 per annum.
Information And Technology Accountant
Careers in accounting and technology are becoming increasingly popular. Information and technology accountants are in charge, and they are responsible for a company’s financial data organization and reporting system. This position requires the expertise of both accounting and information technology and is ideal for a natural problem solver interested in researching technological solutions.
Salary- As this job profile demands a huge set of technical and other skills, the average salary of an IT controller is higher than the average salary of an auditor. It is approximately $97,379 per year.
A financial analyst’s job includes assessing a business’s financial health and assisting with investment decisions. Based on the company, the responsibilities or duties of the financial analyst vary. As we compared this with the many other accounting jobs, this role is more flexible than all.
Data collecting, financial modeling, maintenance of spreadsheets, generating investment theses, communicating with investors and management, and forecasting are all skills that this role requires.
Salary- The midpoint salary of a financial analyst is nearly $67, 860 annually.
One of the fastest expanding fields in law enforcement is forensic accounting. In a court of law, a forensic accountant investigates the fraud and employs accounting skills such as auditing on legal issues to provide an expert opinion. Forensic accountants must be detail-oriented because their findings will be evaluated in court by judges, attorneys, and juries.
Salary- A forensic accountant earns an average of $71,649 annually.
A managerial accountant is responsible for the cost and profit analysis, planning, and creating financial reports for internal employees. Their purpose is mainly to help executives of high-level to make informed and financially responsible decisions.
Adapting operation and cost-based planning, managing, forecasting the product process, incremental costing, and enterprise optimization are just a few responsibilities or tasks.
Salary- The average wage of a managerial accountant is nearly $74,321 per annum.
A controller is in charge of a company’s accounting department and controls high-level financial plans. A controller’s key responsibilities include financial statement maintenance, payroll, budget preparation, general ledger, tax compliance, and more.
If you wish to work as a corporate controller, you’ll need to have experience in company forecasting and tax management.
The controllers are bound with the high responsibilities of an organization and they need to handle all the financial operations attentively in order to avoid any blunder. As a result, their salary is much higher than the other accountants.
Salary- The average salary of a controller is about $96,112 yearly.
Chief Financial Officer (CFO)
The job requirements of a CFO vary in every organization, but there are a few essential areas where all CFOs should thrive. Financial management, performance, corporate strategy, and risk management are among them. CFOs are cross-functional leaders who aid in the financial and business choices of a firm.
They develop revenue strategies, identify financial risks and opportunities, and much more. Many of the highest-paid CFOs have numerous credentials, so if you want to be a CFO, you should consider getting your CPA, MSA, or MBA.
Salary- Depending on the responsibilities and work area of a chief financial officer the average salary is around $130843 per annum.
Highest Salary Trends Of Accountants In Different Countries
|6.||The British Virgin Islands||$60,140|
So, this was all about our topic careers in accounting. In this blog, you have learned about the accountant, the highest salary trends of accounting, and some of the main careers in accounting.
We hope that now you know all about accounting careers and it will help you to choose the best one for you. But if in any case, you think that you want help, then you can ask us anytime to do my accounting homework. We are always here to help you.
Is accounting worth it in 2021?
According To The Bureau Of Labor Statistics, There Is Good News For The Job Seekers In The Accounting Field In Estimating An 8% Rise In Job Opportunities By 2030. So, We Can Say That, Yes, An Accounting Degree Is Worth It For Students.
Is accounting a stressful job?
The answer to that is yes because when you are in charge or responsible for an organization’s finances there is some stress and pressure of work. An accountant needs to take all steps carefully in terms of reporting and tracking financial records.