Major Masters – 3 Specialities of an Accounting Degree
Accounting can seem like a very broad umbrella term for many different jobs, but specialties in accounting all stem from the same base. Once a bachelor’s degree has been started in accounting, a specialty can be chosen to focus your studies in that area, usually resulting in better pay and a more specialised career. These specialties, many of which are offered by Macquarie University, can be confusing and complex, so we’ve put together a short article to outline three such specialties.
Public accounting is fairly self-explanatory, in that it refers to accounting done in the public sector and for individuals. This is the most common specialisation, and largely deals with taxation, audits, and standard accounting. While not as in-depth and interesting (in a general sense) as things like forensic accounting, public accounting is much more reliable for a steady income and job security.
In business accounting, study load is more focussed on the needs of an organisation, and therefore educates you more on accounting for larger sums, the taxation needs of much larger entities, and the finer points of business accounting overall. This is more aimed at those wanting less to open their own firm and more to work in other organisations. Business law is a specialty that moves away from the general public and more toward the private sector, making it more suited toward people that want to move toward a 9-5 job role.
A highly interesting branch of accounting, and definitely requiring more study, is forensic accounting. When the police raid a drug dealer’s house, or a organised crime business, they call in forensic accountants to trace their ill-gotten gains and prove they have been illegally laundering money through the business. This is an important job, and it requires some decent knowledge of legal proceedings as well as accountancy, and it all results in an ever-changing job with law enforcement that involves you in some of the biggest cases police and federal investigators take on.
A specialty will not only shape your future, but help you to decide what it is you want to do, then it shows you how to get there. When opening your own accounting business isn’t for you, business accounting might be. When riffling through the taxes and financial documents of international conglomerates isn’t your speed, maybe forensic accounting will be? Whatever it is, don’t waste a single moment getting on board with your future career!