List of Top 4 Careers in Accounting
Below are some of the top accounting career options that you can opt for –
Accounting Career Overview
Accounting is a field where a person is involved in handling the finances of an organization. It involves a wide range of activities like bookkeeping basicsBookkeeping BasicsBookkeeping is the day to day recording of financial transactions such as purchases, sales, receipts, and payments, and it is the first step in the accounting process. It can be prepared in two ways: single-entry and double-entry; however, the double-entry approach is more widely used and recognized in most countries., financial analysis, financial reportingFinancial ReportingFinancial Reporting is the process of disclosing all the relevant financial information of a business for a particular accounting period. These reports are used by the stakeholders (investors, creditors/ bankers, public, regulatory agencies, and government) to make investing and other relevant decisions. , auditing, statutory obligations, major financial decisions, etc. The kind of work a person does depends on the years of expertise and various degrees and certifications a person has acquired. There are plenty of career options available in accounting, and qualified candidates are always in demand. Accounting is paid well, and you will need a bachelor’s degree to enter the field. However, demand increases significantly if the candidate acquires a Certified Public Accountant – CPA certificationCPA CertificationThe CPA Exam assesses accounting professionals not just on their financial knowledge, but also on their ability to review and seek out key abilities. or other relevant certifications.
Career #1 – Finance & Accounts Manager
Who is a Finance & Accounts Manager?
Finance & Accounts Manager takes care of complete Accounts PayableAccounts PayableAccounts payable is the amount due by a business to its suppliers or vendors for the purchase of products or services. It is categorized as current liabilities on the balance sheet and must be satisfied within an accounting period., Accounts ReceivableAccounts ReceivableAccounts receivables refer to the amount due on the customers for the credit sales of the products or services made by the company to them. It appears as a current asset in the corporate balance sheet., preparation of financial statementsFinancial StatementsFinancial statements are written reports prepared by a company's management to present the company's financial affairs over a given period (quarter, six monthly or yearly). These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels. and other statutory reports for audits
|Finance & Accounts Manager – Job Description|
|Responsibilities||Responsible for finance and accounting function for preparation of profit & loss and balance sheet.|
|Designation||Finance & Accounting Manager|
|Actual Role||Actively manage the daily operations of the payables and receivables and take calls on vendor/customer management for deals and negotiations.|
|Job Statistics||The Bureau of Labour Statistics of US displays that job growth for accounting managers is 10% from 2016-26, which is faster than average|
|Top Companies||USAA, Capital One Financial, One deck Capital, JP Morgan Chase, Ernst & Young, Deloitte & Touche, PricewaterhouseCoopers (PwC), KPMG, Bank of New York Mellon, Automatic Data Processing Inc, etc.|
|Salary||The base salary for an accounting manager ranges from $91,835 to $116,722|
|Demand & Supply||There will always be a good demand for this role as monthly book closing and reporting is widely accepted practice now.|
|Education Requirement||Bachelor’s degree in finance for entry-level jobs and CPA/CFA/ MBA for further progression.|
|Recommended Courses||Bachelor’s degree in finance for entry-level jobs and CPA/CFA/ MBA for further progression|
|Positives||Extensive knowledge of the different accounting functions and exposure to statutory and internal accounting requirements|
|Negatives||In the long run, the accounting function becomes a repetitive task|
Career #2 – Statutory Auditor
Who is a Statutory Auditor?
The statutory Auditor is the representative of the appointed audit firm who examines the financial statements of an organization to ensure that it complies with standards set internally and by statutory authorities.
|Statutory Auditor – Job Description|
|Responsibilities||Responsible for examining the prepared books of accounts to identify any malpractices, fraud, or deviation from set standards|
|Designation||Auditor/ Senior Auditor/ Audit Manager|
|Actual Role||Ensure the transaction is accounted as per accounting laws by doing sample checks of journals, ledgers, and any other item from the Profit & Loss and Balance Sheet. Auditors also do the physical check of assets reported in the books to ensure that they actually exist|
|Top Companies||Ernst & Young, Deloitte & Touche, KPMG, PricewaterhouseCoopers (PwC), RSM, Grant Thorton, BDO, CBIZ, BKD, and other audit firms|
|Job Statistics||The Bureau of Labour Statistics of US displays that job growth for auditors is 10% from 2016-26, which is faster than average|
|Salary||The base salary for an entry-level auditor is $ 61K which increases with years of experience and career progression|
|Demand & Supply||There will always be a good demand for this role statutory audits has become compulsory for almost all the organizations|
|Education Requirement||Bachelor’s degree in finance for entry-level jobs and CPA for further progression|
|Recommended Courses||Bachelor’s degree in finance for entry-level jobs and CPA for further progression|
|Positives||Extensive Knowledge of the various accounting functions and exposure to statutory and internal audit requirements|
|Negatives||It involves a lot of traveling as the auditors have to visit the client site for the understanding of financial statements and physical verification of assets|
Career #3 – Taxation Manager/Expert
Who is a Taxation Manager/Expert?
The taxation Manager takes care of all the Tax related work in the organization. This is a very niche profile as the companies are always looking for different ways of saving Taxes. The Tax manager also ensures that VATVATValue-added tax (VAT) refers to the charges imposed whenever there is an accretion to a product's usefulness or value throughout its supply chain, i.e., from its manufacturing to its final selling point. It is an indirect tax levied on the product consumption. inputs are taken, refunds are processed, and various tax filling with the government are done promptly. Complex regulatory requirements due to cross border functions are met.
|Taxation Manager/Expert – Job Description|
|Responsibilities||Responsible for direct and indirect tax-related matters, tax filing, and tax audit facilitation with auditors.|
|Actual Role||In most countries, the tax is payable quarterly, and there are so many details like fixed assets, debtors list, creditors list, and other information is to be provided while filing tax returns, all these are taken care of by the tax team.|
|Job Statistics||The tax professionals are very high in demand and the average salary is $105K for a tax manager.|
|Top Companies||Ernst & Young, Deloitte & Touche, KPMG, PricewaterhouseCoopers (PwC), RSM, Grant Thorton, BDO, CBIZ, BKD, other audit firms, and every organization needs at least a team for audit facilitation.|
|Salary||The base salary for entry-level tax personnel is $ 71K which increases with years of experience and career progression.|
|Demand & Supply||There will always be a good demand for this role as the tax requirements are becoming complex day by day.|
|Education Requirement||Bachelor’s degree in finance for entry-level jobs and CPA/CFA/MBA for further progression.|
|Recommended Courses||Bachelor’s degree in finance for entry-level jobs and CPA/CFA/MBA for further progression.|
|Positives||Extensive knowledge of the various tax functions and exposure to statutory and internal tax requirements.|
|Negatives||Tax rules are subject to constant change and it becomes difficult to keep pace with changes.|
Career #4 – Certified Public Accountant (CPA)
Who is a Certified Public Accountant?
Certified Public Accountant provides accounting, taxation, and other financial services to the general public. A person has to qualify for the CPA exams and then acquire a license to practice as a CPA. USA allows a CPA to provide services in any state once the person clears the CPA exam. Also, there are certain conditions to be met locally for practice.
|Certified Public Accountant (CPA) – Job Description|
|Responsibilities||Responsible for providing accounting, taxation, and various other financial services like insurance, investment, tax planning, a mortgage to the general public and small businesses.|
|Designation||Certifies Public Accountant (CPA)|
|Actual Role||CPAs provide all kinds of financial services, consulting, and guidance to the general public. From tax filing to tax planning, bookkeeping, accounts preparation, and audit of small businesses are some of the activities a CPA does.|
|Job Statistics||There are around 700K licenses CPAs in practice USA and they are highly in demand.|
|Top Companies||A CPA practices on their own at their place of choice.|
|Salary||CPA charges fees for their services and they make good money in practice per the report of Bureau of Labour statistics of US.|
|Demand & Supply||There will always be a good demand for licensed CPAs due to the increasing financial integrity imposed by governments and organizations.|
|Education Requirement||CPA – Certified Public Accountant degree.|
|Recommended Courses||CPA – Certified Public Accountant degree.|
|Positives||Over a period, a CPA becomes an expert in their field of practice and the money also starts flowing handsomely. Practicing as a CPA also gives a lot of satisfaction compared to a job as it like setting up a sole proprietorship.|
|Negatives||A licensed CPA has to keep themselves always updated with frequent changes in the accounting and taxation field.|
These are some of the major areas where the person with accounting knowledge can work. However, various other fields like Forensic accountingForensic AccountingForensic accounting employs a mix of accounting, auditing, and investigative acumen by recording accounting documents, preparing reports, and performing financial analysis for use in legal proceedings. Thus, it provides an accounting analysis from a litigation perspective., Valuation, Arbitration, Data Science, etc., are emerging and have a great scope for a person with an accounting background. With recent development globally, IFRS being implemented worldwide, there will be many changes the way books are prepared. Accountants will be in great demand to keep pace with changes and ensure that financial requirements are met.
The accounting job role is a great career field. This is not a new field, and the origin can be traced back to as early as 2000 to 3300 BC, and this field is still evolving. Accounting is not only about preparing financial statements and presenting it but about maintaining financial integrity and entrusting public faith in public limited companies. Incidents like Enron, Tyco, Worldcom, etc. posed a threat to accounting practices, and it gave berth to SOXSOXThe Sarbanes-Oxley Act (Sox) of 2002 was enacted by the US Federal Law for increased corporate governance, strengthening the financial and capital markets at its core and boost the confidence of general users of financial reporting information and protect investors from scandals like that of Enron, WorldCom, and Tyco. compliance. Accountants are viewed in very high regard as they are considered the watchdog of an economy, and they are the people who can keep a tab on money laundering and black money. So accounting career also imposes a moral obligation for accountants towards society and country.
This has been a guide to Accounting Careers. Here we provide the list of top 4 job roles in accounting, including Finance & Accounts Manager, Statutory Auditor, Taxation Manager/Expert, and Certified Public Accountant. You may also have a look at these finance career articles below –