Accounting is considered the backbone of every industry. An accountant prepares and maintains the financial statement of an organisation, gives advice on cost reduction, increases revenues and profits, ensures timely filing of taxes and secures financial data by creating backups. Accountants are in high demand, making them a highly-respected profession.
Building a career in accountancy is an intelligent choice as you are entering a world that is fast-growing and will always be in demand. But once you enter this field, you will find that the accounting field is much more diverse than expected, and opportunities are unlimited here.
Here we will discuss the various career opportunities in the accounting industry, which you can cross-check if you plan to build a career in accounting.
Career opportunities in Accounting
The general thought about the accounting industry is that it is a homogenous industry. But as you go deep inside, you will understand that there is no specific career path set here. There are several fields in accounting for you to explore, each with its area of focus and specialisation. Though all accounting jobs need some basic technical skills, you can choose your work area depending on your interests and tastes.
Below we are discussing a few career opportunities that might be helpful for you in your accounting journey.
If you are a CPA holder, you are eligible to work as a Public Accountant. Here, you will be responsible for preparing and analysing financial statements, analysing budgets for tax consulting, and making financial decisions. The job role of a public accounting firm is to provide auditing, tax consulting and accounting services to their clients who come from various sectors like businesses, individuals, non-profit organisations, governments, etc. The public accountant job will give you a 360-degree knowledge in the accounting field.
It is also a highly demanding job. A tax accountant focuses mainly on tax-related accounting work, preparing annual and quarterly tax returns for individuals and companies.
A financial accountant is responsible for preparing reports of financial statements. We mean profit and loss statements, balance sheets, and cash flow statements by financial statements. Financial accountants work for a single organisation or business like stockholders, creditors and taxing agencies.
The main job of a forensic accountant is to dig out the malfunctions and malpractice happening inside the company. They are also responsible for examining and analysing the financial statements to conduct investigations on fraud-related issues.
The job role of a managerial accountant is similar to a financial accountant. They focus mainly on internal stakeholders and prepare reports for internal review to help businesses plan budgets and improve performance.
Financial Planners help individuals with their finances, from budgeting to taxing to investing. They have the freedom to either choose an accounting firm or work independently.
The primary responsibility of an internal auditor is to ensure the company’s proper functioning. They need to ensure that funds are not misused, resources are used effectively, and the company meets all the state and federal requirements.
Government accountants are responsible for managing the financial information of the government at all levels; local, state and federal. They need to ensure that funds collected and spent strictly adhere to the laws.
Now that we have seen the various career opportunities in the accounting industry let us discuss what preparations you need to become an accountant. Even though most accounting jobs have some basic skills in common, there are slight differences in skills when we consider them individually. It would be best to consider some factors while choosing your area of interest.
It is always better to have a bachelor’s degree in accountancy or other related fields, even though it is not mandatory. An educational degree gives you the upper hand over other candidates.
Decide whether you want to become a CPA holder or not because not all accounting jobs require a CPA certificate. Even though a CPA certificate increases your job prospects and salary, it involves a lot of time and effort completing it. So think wisely before choosing it.
Before applying for an accounting job, you need to decide on the type of company you want to work for. You have to determine if you wish to work for a consulting firm, a non-profit organisation or a private company. Your interest in a specific company will also decide the type of work you will be doing. Set your goal and work for it.
Accounting is a field which is continuously evolving with unlimited opportunities. Here you have the freedom to choose your career path. Sit down and analyse your career decisions carefully and excel in your profession.