8 Types of Accounting: Careers, Degrees, and Salaries
In this article, we overview what an accounting degree is, review various accounting concentration areas and explore ten jobs you can get with an accounting degree. If you’re wondering what you can do with an accounting degree, rest assured it’s a valuable asset. In fact, renowned billionaire investor Warren Buffet once called accounting the language of business. “I think in the long run, accounting provides the highest earnings potential and I know the greatest array of opportunity,” Smith says. My advice would be to talk to as many people in the career as possible and don’t be afraid to put yourself out there and make yourself feel uncomfortable, as that is how you learn and grow. Additionally, I’d say that your career path doesn’t have to be the same as someone else’s, so follow your passions and you can build the career you want.
Salary Report
In the current environment, companies are looking to streamline their operations, improving their profitability by enhancing operational efficiency and/or increasing revenue. An accountant’s job scope is likely to increase in breadth due to this trend. Accounting degrees are a path to this type of salary; these are not entry-level or to be expected immediately after getting a Cornell degree. Accounting offers many different types of lucrative career opportunities. Accounting careers offer diverse paths for undergraduates and graduate students. Let’s make sure the updates you made to your bullets are aligned with the specific jobs you’re applying to.
Accountants are often pigeonholed as introverted number-crunchers, but this stereotype doesn’t reflect everyone. Plenty of entry-level staff accountants have only bachelor’s degrees, and a few have even less. High-end management consultants tend to have a Master of Business Administration (MBA) or Master of Accountancy (MAcc) degrees. Tax accounting focuses on compliance and planning for individuals and corporations. Tax accountants navigate the complexities of the Internal Revenue Code and stay informed about changes in legislation.
Assuming that the individual progresses through the hierarchy of all other accounting positions, it will normally take between years to obtain this title. Barring an entire career change, managing directors will often retain this title until they retire or break out on their own. Responsibilities can therefore vary significantly between organizations and area of specialism.
- Accounting degrees are a path to this type of salary; these are not entry-level or to be expected immediately after getting a Cornell degree.
- In this role, you will use these systems to track a company’s financial transactions, generate reports, and help decide where to allocate resources.
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- He serves as the chair of the Massachusetts Society of CPAs Tax Committee and holds an LLM in taxation from Georgetown Law.
- He is originally from western Massachusetts and currently resides in Boston, Massachusetts.
- Additionally, gaining work experience and getting certified as a CPA or a Certified Management Accountant (CMA) can set you apart as an expert in your field and demonstrate your level of commitment.
How much do accountants make?
The qualifications for a staff accountant job typically include a bachelor’s degree, several years of experience, technological proficiency, and a solid understanding of finance principles. Staff accountants have ample opportunities to grow their skills in account management, reporting, regulatory compliance, collaboration, and time management. Accounting careers that require a bachelor’s degree at a minimum can be worth it. Many accounting career paths boast attractive median salaries above $75,000.
What Can You Do With An Accounting Degree? 10 Career Paths To Consider
Government accountants specializing in tax-related issues develop tax policies, optimize collection strategies, and advise government officials regarding asset management. A tax accountant job typically requires at least a bachelor’s degree and many years of experience. As the title suggests, accounting managers and supervisors oversee the day-to-day operations of accounting departments. They provide strategic direction and guidance to accounting teams while coordinating large-scale projects and aligning financial strategies with broader organizational goals.
- In fact, many forensic accountants are called to testify as expert witnesses in court cases.
- These roles are often critical for a business to operate, and as such, companies are often unwilling to outsource or eliminate them.
- While an accounting degree often leads to jobs in accountancy, auditing and taxation, some roles outside of accounting include financial manager, financial advisor and budget or financial analyst.
- Here’s a list of each main sector and the jobs commonly found in that sector.
Projections indicate that there will be 130,800 job openings in the field each year during this period. They manage many positions we’ve discussed today, like auditors, staff accounting careers and junior accountants, and other finance professionals. Tax law knowledge, accounting best practices, account software competency, asset and time management, attention to detail, and comfortability with numbers should all be part of a tax accountant’s repertoire. Public accounting focuses on providing financial services to various clients, including individuals, businesses, and government organizations. Analytical skills are critical, as accountants must interpret financial data to provide insights that drive business decisions.
How to Become a Management Accountant
It’s important to keep in mind that the world of accounting and finance is huge. According to Yahoo! Education, the accounting profession is the number one fastest growing field for recent college graduates. The demand for accountants has increased every year for last decade and there are no signs of this trend changing. With new tax laws, public company oversight regulations, and a more complex business environment, accountants will always be needed in increasing numbers. It’s no wonder why more college students are changing career paths and graduating with accounting degrees. You may also have various work tasks and responsibilities, including auditing, tax, or consulting projects.
Having a CPA license signifies industry knowledge and credibility, making it a popular career path for accountants. Emerging technologies such as cloud-based solutions, AI, and finance software are used to streamline many accounting processes and make complex tasks more manageable. There is a growing demand for accountants who can leverage these technologies efficiently. The accounting field is also shifting in response to economic fluctuations and world events such as the COVID-19 pandemic. Individuals and businesses continuously seek ways to manage their finances more efficiently, make wise investment decisions, cut expenses, and reduce tax burdens. They should also be familiar with general business principles such as organizational behavior, cost-benefit analysis, cash flow management, and strategic planning.
Accounting is an attractive career path due to its high stability, practical and transferable skills gained, and a myriad of exit opportunities. The salary of an accountant will vary depending upon his or her exact specialism, level of experience, location, industry and employer. While applying online can absolutely be the next step in your job search, the truth is, it will only get you so far. In fact, only 2% of resumes submitted for the average open role end up reaching the interview stage. Senior-level roles involve greater strategic oversight and leadership, often requiring professionals to guide larger teams and make high-level decisions. This role generally requires proficiency in tax laws and the ability to assist in preparing tax returns and audits.
Accounting Career Paths To Pursue
WGU offers an online, accredited bachelor’s program in accounting that can teach you the skills you need to earn your CPA license, prepare for a master’s degree, and enter the job market. Even more, you can access WGU accounting courses anytime day or night, with no set log-in times. There’s no better time than today to start—or continue—your path to a fulfilling accounting career. According to the BLS, the average annual salary for accountants and auditors in May 2023 was $79,880. The lowest 10% earned less than $50,440 while the highest 10% earned more than $137,280 (note that this data does not represent starting salaries).
Accountants are now keen to develop a specialized set of industry-recognised skills which can be used as professional benchmarks. Thus, we are witnessing a much greater emphasis being placed upon qualifications outside of standard university settings. Those who hold an ACCA are generally work in public practice, financial services, charities, corporate sector etc and are more able to transfer their qualifications internationally.
In addition, I can’t overstate how critical soft skills like organization and good communication are for accountants. Accounting can take you from entry-level positions to the top of your field, with plenty of exciting stopovers along the way. Accounting is a straightforward career – it’s a reliable option with plenty of potential for career development, increasing salaries, and job security in most industries. Becoming an accountant is a long process that takes hard work and dedication, but the work can be satisfying. A crucial credential is the CPA exam, but the requirements don’t stop there.