Previously accounting used to be a cumbersome job with bundles of paperwork and neverending calculations. Today, it is miles away from the old stereotype. It is one of the most advanced professions with high-tech tools and software to facilitate the accountants. But this doesn’t undermine their value in any way. They remain among the highest-paid professionals in every realm, whether IT, Supply Chain, Manufacturing, or any other sector.
An accountant’s responsibility is to ensure that the organization’s money gets utilized in the best profitable way. But there is a lot more besides money for an accountant to deal with at his job.
Around 125,000 job positions for accountants are estimated each year from 2020 to 2030. These positions mainly result from the necessity to oust the workers who are not passionate about their jobs as accountants or are prone to jump ships when a new opportunity shows up. There is increasing competition in the industry, especially amongst the prestigious business and accounting companies. Those with at least a master’s degree in the accounting field will have the edge over the undergraduate and graduate students. The projected figure for the starting salary for accountants with a master’s degree surpassed that for graduates with a master’s in marketing or finance. A BLS report estimated the mean annual income for graduate auditors and accountants to be $71,000.
Accounting is considered the official language for business operations. Thus it is essential to employ the person with the right understanding for the organization to succeed. Individuals hailing from accountancy backgrounds possess diverse skills, making them eligible for positions ranging from proprietors to top management within a firm. It is one reason why earning a degree in accountancy is a smart move for career development.
Some of the most significant careers in economics, finance, administration, and auditing can be pursued with an accountancy degree online, both in the private and public sectors. Graduates in finance and accountancy can secure reputable and highly lucrative jobs such as budgets analyst, public accountant, controller, financial manager, purchasing agent, etc. Students with a thirty-four graduate degree from online platforms unlock more positions and career opportunities in this field. Furthermore, these credit hours also help students meet the hundred and fifty-hour credits requirement for the Certified Public Accountant (CPA) examination.
TOP CAREERS FOR ACCOUNTING GRADUATES
There are many career options for graduates in accountancy, thanks to the surging demand for accountants and finance officers in business and auditing firms. Let us look at the seven most promising careers for students with a Master’s in Accounting.
1 – AUDITOR
Auditors are the quality assurance managers in any business organization who inspect the financial records and look for any fallibility and errors. An auditor’s duties vary, depending on the organization’s requirements, such as internal and external governance and financial operations. An auditor’s job is to analyze the financial statements and ensure their compliance with the laws. Furthermore, they are responsible for recommending management strategies to ensure the timely filing of taxes. The mean annual wage for an auditor is $58,000.
2 – INFORMATION AND TECHNOLOGY ACCOUNTANT
There is a soaring demand for information and technology experts in all industries, including the accounting services market. The IT accountants are responsible for analyzing the systems and procedures that a firm uses to organize its financial information. Individuals are required to possess adequate knowledge of technology and data management to succeed as IT accountants. It is a well-suited position for those who are enthusiastic about identifying technological solutions for financial problems on organizational levels. The estimated salary for IT accountants is $76,000.
3 – FINANCIAL ANALYSTS
Financial analysts are responsible for examining organizations’ current financial status and offering plans and strategies for better investment decisions to improve financial health. These analysts tend to perform various jobs, depending on the organization’s requirements and status. It makes this one the most flexible positions in the field. This job is ideal for those passionate about financial modeling, data gathering, and developing strategies for investments, including communication with the investors and the management. The projected income for financial analysts is $77,000.
4 – FORENSIC ACCOUNTANT
It is one of the rapidly growing spots both in financial management and law enforcement fields. These individuals are responsible for investigating financial cons and frauds using their accounting skills like data gathering and auditing. Forensic accountancy helps them draw a conclusion supported by the economic laws on legal matters. Forensic accountants must be highly skilled in financial analysis procedures and detail-oriented to form infallible reports to be presented before legal experts like judges and attorneys. The estimated salary for forensic accountants is $80,000.
5 – MANAGERIAL ACCOUNTANT
Managerial accountants are responsible for examining the costs to profit ratios and gathering the financial data to prepare reports. Their primary goal is to form financially responsible plans to help the businesses with their growth. One of their tasks is to adapt cost-based strategies and forecast the overall enterprise optimization provision processes. The estimated salary for managerial accountants is $83,000.
6 – CONTROLLER
A controller is responsible for supervising the accounting processes and present high-level financial strategies. Their main tasks include maintenance or financial statements, developing monthly and annual budgets, managing tax compliance, payrolls, ledges, etc. It is critical to gain tax management and business forecasting experience if you want to succeed in accounting. The average income for corporate controllers is $130,000.
7 – CHIEF FINANCIAL OFFICER
The duties of a CFO in an organization vary, depending on the firm’s nature and procedures. However, there are some critical areas that all CFOs need to excel in, such as business strategy, financial management, risk management, etc. These individuals are integral parts of an organization’s leadership. They play a crucial role in overall business optimization by developing informed financial plans. These offers assess the risks related to financial processes, implement revenue strategies. If your goal is to become a successful CFO, you must have multiple credentials like passing MSA, CPA, and MBA exams. The average estimated salary for CFOs is $321,500.
There is no doubt that the pandemic has impacted the international job market. In such a situation, business firms prioritize the roles of accountants and financial experts. Regardless of their industries, all businesses are dreading another market recession like that of 2008. It justifies the soaring demand for financial experts in all sectors to ensure that they remain financially sound and stable.
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