In simple words, accounting involves handling financial accounts. It is the process of estimating a company’s economic activities. It involves forwarding gathered data to a creditor, investor, or regulator. The accounting field is always in high-demand as it is the driving force of every company. Furthermore, accounting is one of the most reputable professions in the entire world. The individuals who practice accounting are known as accountants. An accounting-based job ranges from an executive-level one to an entry-level one.
Suppose you are keen on the accounting field and consider earning a degree in such a business-related field any time soon. In that case, you have more options than what people tell you. According to the BLS, the accounting field’s jobs will rise by 10 percent from 2016 to 2026. Add to that the expansion of global businesses and changes in law and taxes. Demand for accounting professionals is at an all-time high, and now is the time that you use this to your advantage. Today, we will share some of these accounting options with you. Some are executive level, while some entry levels. Keep on reading to know what these career options are.
A financial accountant has the responsibility to run the accounting and financial operations of a business. They provide financial statements by analyzing a company’s economic stability, allowing it to make sound investment and financial decisions. Also, they report on various other accountant practices such as costs, margins, productivity, and expenditures.
To work as a financial accountant, you will require a degree in accounting, finance, economics, business studies, mathematics, and some previous work experience. According to the BLS, a financial accountant’s salary is approximately 71,550 dollars per year. However, the high ten percent earners can make around 124,450 dollars per year on average.
A managerial accountant’s role is to analyze and record financial data via collecting and interpreting financial information. They then present to the administrative team of a company. The administration department then uses this data to make better, more informed financial decisions that promote its growth. When talking about financial accounting vs managerial accounting, the processes may seem the same. However, they are worlds apart from one another. The difference is that a financial accountant collects data to create financial statements. In contrast, a managerial accountant looks after a business’s internal transactions and has nothing to do with making financial reports and statements.
To become a managerial accountant, you will have to acquire a bachelor’s degree in the accounting or finance field and then follow it with a CMA(certified management accountant) certification. According to the BLS, a managerial accountant’s average salary is about 53,748 dollars per year, with the high ten percent earning around more than 100,000 dollars per year on average.
Violating laws and regulations that range from local ordinances to federal laws will bring down even the wealthiest businesses. It is the reason why most companies employ a compliance officer to ensure that they are following all relevant rules and regulations, whether it be financial or environmental ones. Their roles include communicating principles, standards, and laws to employees, executives, and managers while educating them to maintain ethical and legal practices.
You will need a master’s degree in accounting, finance, or business law for a compliance officer. Companies usually require compliance officers to have a master’s degree because laws and regulations change regularly. A master’s degree will educate you about such changes. According to the BLS, a compliance officer’s average salary is around 75,830 dollars per year.
Though a financial analyst has the same responsibilities as a managerial accountant or a financial accountant, they are vital for every business. Their duties include reviewing a company’s finances and giving suggestions and recommendations to allow the company to reduce business-related costs and improve its overall financial situation. They are detail-oriented, accurate, and diligent while handling a company’s finances. To become one, you will need to have both a bachelor’s and master’s degree in finance, economics, and accounting. According to the BLS, the average salary of a financial analyst is around 77,720 dollars per year. However, a higher position such as a senior financial analyst will allow oy to earn upwards of 100,000 dollars per year on average.
International Tax Manager
Businesses were always spreading their operations globally, but there are no borders anymore due to the internet’s inception. A company based in the UK may end up manufacturing products in China using raw materials from another country. While using manufacturing machines from Germany, international tax managers are a valuable commodity for organizations everywhere. It is their responsibility to determine changes in exchange rates, record losses and profits, review tax laws from different countries.
To work as an international tax manager, you will need to have a bachelor’s’ degree in accounting, finance, or business, followed by a master’s in international tax, finance, or accounting. According to the BLS, an international tax manager’s average salary is around 112,000 dollars per year. It will be more if you already have previous work experience.
In the end, the availability of jobs in the accounting field will always depend on a country’s economic state and political situation. However, whether the case is bad or good, one thing is a certainty, organizations will need accountants to tackle their accounts. Whatever the case may be, you can rest assured that you will not go roofless with an accounting degree in hand.