From the Classroom to the Boardroom: Best Career Opportunities in Accounting

Professional accountants are in high demand across many different sectors because accounting is essential to the success of any company. There is a wide range of job openings, from entry-level clerks to CFO, in the field of accounting for those who are taking accounting classes to making it a profession. In this article, we'll look at some of the most common accounting careers, discussing the duties of each and offering advice on how to get started in the field.

Public Accountant

Students majoring in accounting often go on to pursue careers in public accounting. Professionals in public accounting work for accounting companies and serve clients in many different sectors. They offer auditing, tax preparation, and counseling services, among others.

Working with a group of other experts, you'll make sure your customers are in line with the law and that their financial statements fairly represent their situation as a whole. You should be analytical, detail-oriented, and able to perform well under duress.

You need to earn your CPA (Certified Public Accountant) credential to work in public accounting. A bachelor's degree in accounting or a closely related subject, as well as passing the Certified Public Accountant exam and meeting other licensing requirements, is usually necessary for this.

Management Accountant

Management accountants work in-house to assist businesses in making sound financial choices. To aid managers in making tactical choices, they may draft budgets, construct financial forecasts, and evaluate financial data. Management accountants need both a solid grounding in accounting theory and practice and practical knowledge of how businesses function at the managerial level. They need to be able to explain the company's financial situation to leaders and board members, among other audiences.

Optimizing financial success through data-driven decision-making is becoming increasingly important to businesses, driving up demand for management accountants. The number of CMAs, or Certified Management Accountants, has increased by 70 percent over the past decade, according to the Institute of Management Accountants. Management accountants can find employment in many different sectors, from healthcare and manufacturing to IT and academia.

Most employers seek candidates with a bachelor's degree in accounting or a closely related area for management accounting positions. Management accountants need both a solid grounding in accounting theory and practice and practical knowledge of how businesses function at the managerial level. They need to be able to analyze data effectively, pay close attention to detail, and clearly explain intricate financial matters to a wide range of audiences.

Financial Analyst

A company's investment choices can be greatly aided by the analysis and recommendations of a financial analyst. This may involve evaluating stocks, bonds, and other financial assets for profitability and safety.

A financial analyst needs to be able to think critically, pay close attention to detail, and multitask effectively. You'll also need communication skills to explain complicated financial concepts to people who aren't in the finance industry.

A bachelor's degree in finance or a closely related field is usually required for entry into the field of financial analysis. The Chartered Financial Analyst (CFA) designation is one example of a qualification that may be necessary to land a job.

Forensic Accountant

When it comes to combating monetary crimes, forensic auditors are indispensable. They look into things like deception, embezzlement, and money laundering that affect the budget. Their typical day consists of reviewing financial records in search of discrepancies and interviewing business personnel and other relevant parties. Expert forensic accountants should also know their way around the judicial system in case they are called upon to testify.

More and more businesses are hiring forensic accountants to safeguard their finances from fraud and misconduct. The Bureau of Labor Statistics predicts a much faster-than-average 15% increase in demand for forensic auditors between the years 2020 and 2030. Criminal justice agencies, public accounting companies, and private businesses all need the services of forensic accountants. They could focus on insurance scams or cybercrime, for example.

Generally speaking, a bachelor's degree in accounting or a closely related subject is required to work as a forensic accountant. Forensic accountants need experience in law and research in addition to accounting knowledge. They need to be able to analyze data effectively, pay close attention to detail, and clearly explain intricate financial matters to a wide range of audiences.

CFO/Controller

An organization's financial activities are typically managed by a senior executive known as the Chief Financial Officer (CFO) or Controller. Treasury administration, accounting, financial reporting, and financial planning are all areas they are responsible for. Experience in financial management, strategy planning, and risk management is also important for CFOs and controllers to have. Because of the frequent collaboration with other execs and board members, they should also be strong leaders and communicators.

CFOs and controllers are in high demand because effective financial management is crucial to the survival and growth of businesses of all kinds and in all sectors. The Bureau of Labor Statistics predicts a 4% increase in demand for chief financial officers and accountants in the decade following the year 2020. Chief financial officers and accountants are in demand in many sectors, from healthcare and IT to banking and retail.

A bachelor's degree in accounting, finance, or a related area is usually required for a position as CFO or controller. They need to be well-versed in accounting concepts and have worked in finance, strategy, and risk management. Because of the frequent collaboration with other execs and board members, they should also be strong leaders and communicators.

Tax Specialist

Individuals and businesses alike can benefit from the assistance of tax experts, who are educated and experienced in all aspects of tax law. They may assist clients with tax planning, return preparation, and IRS disputes. The ability to analyze complex situations and pay close attention to detail are two of the most important skills for tax experts to have. They need to be able to explain financial concepts clearly to customers of all stripes.

As tax rules and regulations become more convoluted, there is a high demand for tax experts. The Bureau of Labor Statistics predicts a 5% drop in tax examiner, collector, and collection agent jobs from 2020 to 2030 as a result of technological advancements and the rise of outsourcing. However, tax experts still have a number of potential employers to choose from, including corporations, legal firms, and accounting firms.

A bachelor's degree in accounting or a closely related field is usually required for entry into the field of tax preparation and planning. Experts in this field need not only excellent conversation and analytical skills but also the ability to keep up with the ever-evolving tax code.

Internal Auditor

Internal auditors are experts in making sure a company is following all of its own guidelines as well as any applicable laws or rules. They might look over the books, do some risk analysis, and suggest some changes to the internal procedures. Internal auditors need expertise in accounting and finance, as well as knowledge of risk management and auditing. They need to be able to deal with a wide range of people and have excellent analytical and communication skills.

Internal accountants are in high demand because of the consistent need for businesses to ensure they are operating legally and efficiently. Employment of internal auditors is expected to increase by 6% from 2020 to 2030, which is about as fast as the average for all professions, according to the Bureau of Labor Statistics. Internal accountants may find employment in the private sector, nonprofits, or governmental agencies.

A bachelor's degree in accounting or a related field, along with relevant work experience, is usually required for entry-level positions as an internal auditor. Internal accountants need excellent communication and analytical skills, as well as the ability to keep up with the ever-evolving regulatory landscape. They need strong interpersonal and communication skills and the ability to collaborate with executives, section heads, and external auditors. Internal accountants can advance their careers by earning credentials like the Certified Internal Auditor (CIA) or the Certified Public Accountant (CPA).

Financial Advisor

Financial advisers help people and businesses make the most of their money and progress toward their financial objectives. It is possible for them to assist clients with risk management, financial planning, and the creation of investment portfolios. In addition to a deep familiarity with the markets and risk management, a solid set of skills in financial planning and investment strategy is essential for financial advisers. They also need communication skills to explain complex financial concepts to clients from various walks of life and with different financial objectives.

As more people realize they need help handling their money, the demand for financial advisors is high. Employment of personal financial advisers is expected to increase by 7% from 2020 to 2030, which is faster than the average for all occupations, as reported by the Bureau of Labor Statistics. Financial advisors may be employed by or work as independent consultants for either investment companies or banks.

A bachelor's degree in finance, accounting, economics, or a related subject is usually required for entry-level work as a financial advisor. Strong analytical skills, meticulous attention to detail, and the ability to clearly convey complex financial information to a wide range of clients are essential for financial advisers. They need to have the ability to operate quickly and efficiently under stress. In addition, the Securities and Exchange Commission (SEC) or state securities regulators require financial advisers to be registered with FINRA and licensed by FINRA.

IT Accountant

Financial management of information technology is the domain of IT accountants. They ensure all IT costs are accounted for and allocated correctly, as well as manage budgeting, financial planning, and analysis related to IT. Accountants working in the field of information technology should be well-versed in both general accounting and the administration and analysis of IT budgets. They frequently interact with IT managers and other stakeholders, so they must be outstanding communicators and team players.

As businesses become more and more reliant on technology to accomplish their objectives, the need for qualified IT CPAs is high. The Bureau of Labor Statistics predicts a bright 11% increase in demand for IT accountants and other managers of computer and information systems between the years 2020 and 2030, which is significantly faster than the average for all professions. Financial, healthcare and tech companies are just a few of the many that could benefit from the services of an IT bookkeeper.

To work as an IT accountant, you'll need a background in IT financial management and analysis in addition to a bachelor's degree in accounting, finance, or a related area. They must be critical thinkers and communicators with a firm grasp of accounting fundamentals and financial management practices. In addition, they need to know how the newest innovations in technology are influencing the world of finance. The Certified Information Technology Professional (CITP) credential is one option for IT CPAs interested in specializing in IT financial management.

The Bottom Line

In summary, CFOs, internal auditors, and tax specialists aren't the only positions open to those with accounting degrees. An accounting education can open doors in a wide range of fields and careers, from investigative accounting to financial planning. Graduates of accounting programs can find satisfying and financially rewarding jobs that play to their interests and strengths by investigating these alternate options.