Accounting Career: What Can You Reach In The Field?
Choosing accounting as a career might sound boring at first, but what most people don’t realize is that stereotypes don’t always match reality. In this article, we’ll explain everything about accounting as a career, including qualifications, required skills, salary expectations, and more.
Introduction To Accounting As A Career
A common perception about accountants is that they are merely math nerds who spend their days tabulating unending streams of numbers in dimly lit offices.
Although they certainly require strong math abilities, the work entails much more than simple computation. Today's accounting requires a combination of analysis, problem-solving, and sleuthing. In addition, you need to be able to interact with people rather than simply statistics to accomplish your work well.
As a result, the duties of the job are far more varied than most people think. Continue reading to learn more about the duties of the position and how to apply if you're considering a career in accounting or auditing.
- Accountants guarantee that businesses function effectively, that records are maintained current, and that taxes are paid on behalf of individuals, businesses, and governments.
- Accountants typically work from nine to five. However, at busy times they could put in more hours.
- There are up to four accounting specialties, each offering its own professional path.
- You need at least a bachelor's degree to become an accountant, and further qualifications are beneficial.
- Prior to moving ahead, be prepared to start as a junior accountant.
The Daily Routine Of Accountants
Accountants make sure businesses function smoothly, records are kept properly, and taxes are paid for businesses, private individuals, and governments.
They can thus be used both within and externally as consultants. Additional responsibilities include budget analysis, financial planning, information technology consulting, and some legal services.
Although extended hours are frequent during hectic times, such as tax season or when businesses and governments must file financial reports for their fiscal year ends, accounting typically is a standard nine-to-five office job.
The Bureau of Labor Statistics (BLS) reports that 24% of accountants were employed by companies that provided accounting, tax preparation, bookkeeping, and payroll services, while 4% worked for themselves. The remaining experts worked for both the government and the commercial sector.
Read more about The Differences Between Bookkeeping And Accounting
How Can You Become An Accountant?
A college degree in accounting, economics, finance, or a similar discipline is required if you wish to work as an accountant.
However, keep in mind that many junior colleges and correspondence schools for business provide degrees that can enable graduates to start out as junior accountants and develop with time.
Additionally, earning additional certificates can help accountants develop their expertise. These financial designations with specific training include, but are not restricted to:
- Certified Information Systems Auditor (CISA)
- Accredited Business Accountant (ABA)
- Certified Management Accountant (CMA)
- Certified Fraud Examiner (CFE)
Important Qualities Of Accountants
Avoid this job if you have a laid-back nature and a tendency to let things drift. Accountants need to be meticulous and strive for excellence.
Considering that you can be making decisions that have a financial impact of millions of dollars, any errors in your analysis could have extremely negative consequences.
Accountant Salary 2023: How Much Does An Accountant Earn?
The median annual salary for accountants in 2021 was $77,250, according to the BLS. In their industry, the top 10% made $128,970 per year, compared to the lowest 10%'s $47,970.
Where you fall in the wage scale is totally based on a variety of variables, such as:
- Your place of employment and your background
- Your training and credentials
- The type of work you select
- The accounting field you choose
What Accounting Fields Are There?
The four main areas of accounting and auditing are as follows:
- Managers of Accounting
- Government auditors and accountants
- Chartered Accountants
- Inside auditors
Best Careers For Accountants In 2023
The American Institute of Certified Public Accountants offers some fascinating options for interesting job paths:
Forensic accountants spend their days looking for financial wrongdoing and prosecuting the offenders. Fraud costs businesses billions of dollars annually, making it one of the fastest-growing industries.
As the green movement gains traction in business, employers are looking for environmental accountants to evaluate the costs of pollution control in manufacturing and contrast it with potential alternatives like lost tax credits, penalties, and strained relationships with neighbors.
Show Business Accounting
If you're lucky, you could find yourself offering studios, production firms, artists, and technicians financial services in the world of show business. This position would cover the specific aspects of tax, audit, and financial analysis, but working in Hollywood would give it that extra buzz some of us like.
Trustee During Bankruptcy Cases
In bankruptcy court proceedings, the U.S. Department of Justice appoints these accountants as trustees. They are appointed in every Chapter 7, Chapter 12, and Chapter 13 bankruptcy case to ensure that unsecured creditors, like stockholders of a business, are represented so they can get a part of the proceeds of a corporate liquidation if there are any.
People have a preconceived notion of accountants as introverted geeks—those who sit down with calculators and complete tax returns or ensure that financial accounts are balanced. As we can see, this can’t be further from the truth.
A broad range of employment choices is now available in accounting. If you have the necessary skills, you may use them in a way that complements your preferences, personal qualities, and personality, along with a hefty salary to boot.
Did you know that you don’t even have to be an accountant to keep your own records, file your taxes, and prepare financial statements? With Wafeq’s accounting software, you can do all that like a professional with a few clicks—launch your trial now, and start saving time and resources from day one!