Accounting is a dynamic and rewarding field that plays a vital role in the success of any business. A degree in accounting opens up a plethora of job opportunities in various sectors. Pursuing a degree in accounting not only provides you with a strong foundation in accounting principles and practices but also equips you with essential analytical, problem-solving, and communication skills that are highly valued in the business world. In this blog, we will explore ten jobs you can pursue with a degree in accounting and the qualifications required for each.
1. Public Accounting
Public accounting is the most traditional accounting career path. Public accountants provide various services to businesses, individuals, and government agencies, including auditing, tax planning, and consulting. They work for public accounting firms, such as the Big Four (Deloitte, PwC, EY, and KPMG) and other accounting firms. Some common job opportunities in public accounting include audit associate, tax associate, and advisory consultant. The career growth of public accountants is expected to grow faster than average, with an expected salary of a median of $73,464.
If you’re interested in a career in public accounting, you’ll need to obtain a bachelor’s degree in accounting. Depending on your job responsibilities, you may also need to obtain a CPA license. However, if you’re currently working a 9-to-5 job and finding it hard to balance your studies, an online accounting degree program can be a great option. Several universities now offer online programs that allow you to earn your degree at your own pace and easily transition to a fulfilling career.
2. Corporate Accounting
Corporate accounting involves working in-house for a company or organization. Corporate accountants manage the company’s financial records, prepare financial statements, and analyze financial data to help management make informed business decisions. Therefore, they must be able to interpret complex financial data and possess strong analytical skills. Moreover, they should be familiar with accounting principles and ensure the company’s financial statements adhere to accounting standards.
Corporate sector jobs require a bachelor’s degree in finance, accounting, economics, or a related field. Median salaries for corporate accountants vary depending on the job title within each category, education, certifications, additional skills, and years of experience in the field.
3. Nonprofit Accounting
A nonprofit accountant works for nonprofit organizations, such as charitable foundations and charities. They manage the financial records of nonprofit organizations, prepare financial statements, and ensure compliance with accounting regulations. They also manage grants the organization receives and ensure that the funds are used appropriately.
Job opportunities in nonprofit accounting include grant accountant, development associate, and finance manager. A bachelor’s degree in accounting or finance is required for not-for-profit accountants. In some cases, nonprofit accounting jobs require CMA or CPA credentials for certain positions, plus several years of related experience. The average pay for a Nonprofit Accountant is $60,910 per year.
4. Forensic Account
A forensic accountant uses accounting principles and techniques to investigate financial crimes, such as fraud and embezzlement. They work for government agencies, law firms, or private investigation firms. An accountant who specializes in forensic accounting looks into financial crimes, assists lawsuits, and gives testimony in court. They also investigate illegal activities and gather evidence to support a legal claim.
Job opportunities in forensic accounting include forensic accountant, fraud investigator, and litigation support specialist. The minimum educational requirement for becoming a forensic accountant is a bachelor’s degree in accounting or a related field, and obtaining a Certified Fraud Examiner (CFE) certification is preferred. Forensic accountants have a positive career outlook, with predicted job growth of 6% between 2019 and 2029 with a median average salary of $77,250.
5. Financial Planning and Analysis
Financial planning and analysis involve analyzing financial data to help companies make informed business decisions. They work for companies or financial institutions. They analyze financial data to provide insights and recommendations for management. Their goal is to research the best investment opportunities and make recommendations to clients based on their research.
Job opportunities in financial planning and analysis include financial analyst, investment analyst, and portfolio manager. A bachelor’s degree in finance, accounting, economics, or a related field is the minimum educational requirement for a financial analyst role. Analysts’ job prospects are favorable, with a projected job growth of 9% from 2021 to 2031. The median annual wage for financial analysts is $95570.
6. Academic and research
Academic and research opportunities involve teaching accounting courses at universities or researching accounting topics. Some accounting professors work at universities, while others work for academic institutions, think tanks, or government agencies. They teach accounting courses and assist students with accounting issues. Sometimes they also research accounting topics for academic institutions, research centers, or government agencies.
Accounting professors are generally required to hold a master’s degree in accounting or a related field, such as finance or business administration.
7. Tax Accounting
Tax accounting is a specialized field of accounting that involves working with clients to prepare tax returns and minimize their tax liabilities. Tax accountants can work for public accounting firms, corporations, or government agencies. They prepare tax returns for individuals and businesses. Additionally, they assist their clients with tax planning and compliance.
Job opportunities in tax accounting include tax associate, tax manager, and tax director. Tax associates prepare tax returns for individuals and businesses.
8. Risk management
Risk management involves identifying, analyzing, and managing risks that could affect a company’s financial performance. Risk management accountants work for companies, financial institutions, or consulting firms. They develop strategies to mitigate those risks and ensure compliance with regulations. They also oversee risk management operations and advise senior management on risk-related issues.
Job opportunities in risk management accounting include risk analyst, risk manager, and chief risk officer. As a risk management accountant, you’ll need a bachelor’s degree in accounting, along with strong quantitative skills. The recent global economic downturn and uncertainties have heightened the demand for risk management accountants, making it a lucrative and rewarding career path.
Conclusion
Pursuing a degree in accounting can provide you with a wide range of job opportunities in various sectors. From public accounting to risk management to academics and research, there’s a career path for everyone with an accounting degree. However, it’s important to note that obtaining a degree in accounting requires a strong understanding of accounting principles and practices, and depending on your job responsibilities, you may also need to obtain a CPA license.
Therefore, you should take time to explore your options, find the career that suits your interests and skills, and begin your journey toward a fulfilling and rewarding career in accounting.
