Majoring in accounting can provide a variety of career opportunities not only in the finance world but also in many other industries. Having a major in accounting makes you qualified for a variety of accounting jobs or other positions in the financial industry.
Accounting degrees prepare you with a variety of tools and skills that can be used in different professions hence understanding your career options can be useful. In this article, we discuss the different career opportunities you could get by majoring in accounting. Don’t forget to check out our Accounting Homework Help Online
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10 Careers Opportunities for Accounting Majors
Accounting is a profession represented in many different industries. With the need to track finances and expenditures, most companies employ some type of accountancy.
The essential nature of accounting roles combined with strong growth prospects makes accounting an attractive long-term career path. It’s no wonder the demand for an accountant is only anticipated to grow. The following are some of the careers for accounting majors:
1. Auditor
An auditor is someone who inspects a company’s financial status and checks for accuracy and reliability in order to verify that processes are functioning as planned and that the financial statements produced by an organization fairly reflect its operational and financial results. Their role can vary depending on the company or the type of auditor- internal, external, government, and forensic.
The core responsibilities of an auditor can include ensuring taxes are properly filed, organizing and examining financial statements to comply with laws, and making best practice recommendations to the management.
Annual salary: $58,083.
2. Financial Analyst
This is someone who asses the financial health of a business and may focus on corporate or investment financial analysis. In corporate financial analysis, they work in accounting departments to help make decisions about which projects are worthy of investment.
Specific financial duties can vary depending on the company and as a result this role is much more flexible when compared to many other accounting jobs. This role is right if you are interested in data gathering, financial modeling, spreadsheet maintenance, developing investment theses, communicating with investors and management
Annual salary: $77,280
3. Forensic Accountant
This is one of the fastest-growing jobs in law enforcement. It is the practice of investigating fraud and using accounting skills like auditing to provide an expert opinion on legal matters in a court of law hence one must be extremely detail-oriented as their reports will be scrutinized in court by judges, attorneys, and juries.
Forensic accountants perform in-depth financial analyses by applying specialized skills like the collection of evidence and reconstruction of transactions which serve as key evidence in civil and criminal proceedings along with helping organizations identify and mitigate fraud risks.
Annual salary: $80,066
4. Managerial Accountant
A managerial accountant is in charge of planning and preparing financial reports for internal employees. Their main goal is to help high-level executives make informed and financially responsible decisions so as to reduce the business’s operational and production costs
Some core responsibilities include gathering and interpreting information to evaluate the efficiency of financial procedures, developing and implementing cost-effective financial policies and procedures as well as mitigating financial risks, and monitoring auditing and taxation practices together with evaluating benefits and compensation packages
Annual salary: $83,240
5. Information and Technology Accountant
One of the major advancements in information technology is the use of IT tools to perform accounting functions and processes. As an information and technology accountant, you use traditional accounting principles with software systems to centralize, organize and protect an organization’s financial data. This allows organizations to identify weak internal control, correct human errors, and reduce process inefficiencies.
This role requires knowledge in both accounting and financial technology and is perfect for someone who is a natural problem solver and interested in identifying technological issues
Annual salary: $76,146
6. Corporate Controller
A corporate controller is a professional responsible for supervising the overall daily accounting operations of an organization. Integral to the financial health of the organization, corporate controllers are required to help the organization with strategic financial decisions through forecasting reports and financial statements. They oversee maintaining accounting records by keeping and storing them in an operable system.
They are also required to manage the accounting operations of the organization’s subsidiaries including collection, analysis, and consolidation of financial data. Although the controller doesn’t always maintain the annual budget, the controller position monitors variances and investigates budget deficiencies.
Annual salary: $156,371
7. Financial Adviser
Financial advisers are professional consultants who provide insight into financial dealings for their clients. They work for companies or wealthy individuals as members of a consulting firm but some offer their services as part of a solo practice. Financial advisers are experts in investing and saving strategies and are able to assist their clients with their financial goals.
Annual salary: $74,129
8. Business analyst
Business analysts work in advisory roles for a variety of different clients and provide expert analysis into their business models. They are experts in their particular field of business so many companies hire them to run reports on what they can do better to improve corporate structure.
They often work as part of a larger advisory firm with many different employees each with different areas of expertise in the business world. Some even work as freelancers offering their analytical skills to businesses that are in need of advice
Annual salary: $74,167
9. Accountant
Accountants are financial professionals who track, monitor and report on a company’s financial dealings. Accountants track reports and certify that any financial documents produced by their company are accurate
Annual salary: $56,089
10. Accounting clerk
Accounting clerks work on the financial documents necessary for accounting procedures; they generate reports and perform audits of company departments. They often work under certified public accountants hence this can be a good position for freshly graduated accounting majors trying to fulfill their experience requirements.
Annual salary: $44,465
Hence there is a multitude of career opportunities for accounting graduates who are considering their first job in accounting or finance or want to change jobs in search of a more rewarding career.