What Can You Do With An Accounting Degree?
Students graduating with a degree in accounting often wonder what they are going to do next. There is a lot of speculation on what people can do with an accounting degree.
This article focuses on the opportunities and careers that are associated with an accounting degree.
An accounting degree is one of the most powerful business degrees and can open many doors of opportunities for students. Accounting degrees have one of the highest return on its investment.
Most of the graduates with an accounting degree are commanding higher than average salaries in the market place.
Many people wonder what jobs can you get with an accounting degree.
The answer truly lies in what you interests are for exploring the accounting industry in the first place because there are a lot of options, jobs and stable careers available for an accounting degree holder.
- full time jobs,
- part time jobs
- as well as freelance jobs available for students with an accounting degree.
For example: Students that do not like too much social interaction can choose to work as an accountant, while students interested in more social interactions can opt for financial advisor job. The best thing about accounting degree is that there is a lot of flexibility available in the accounting industry. Accounting is referred to as “the language of business” and students that know this language are the voice of an organization which gives them a prime spot. A person who knows accounting is responsible for the most important aspect of any business which is making profit. Accounting helps you understand the value of different financial strategies their implementation.
From a statistical report of United states, it was observed that the requirement for an accounting degree holder has increased 11% from 2014 onwards. This increase rate in the requirement for accounting degree holders is much more as compared to other degrees. So, it can be assumed that the accounting degree is and will be full of opportunities in the coming future. According to reports of US, it is estimated that an average accounting degree holder earns about $67,000 per year. While individuals that have specialization and more experience in their field are earning even more. While it is clear that the pathways are wide open for accounting degree holders.
What can you do with an accounting degree?
The accounting industry is a vast field and the accounting degree is one of the most versatile degree that can be gained. The jobs of an accounting degree holder can be challenging but yet satisfying. You can have enormous success by pursuing the following jobs:
Financial accountant jobs:
One of the most fundamental career that can be pursued by an accounting degree holder is to become a financial accountant. Most of the organizations today need a financial accountant. The requirement for financial accountants is increasing day by day with the growth in the corporate sector. The minimum accounting degree that is required by most of the organizations today is bachelor level. There is also high demand and increased salaries for individuals that have specializations like certified public accountant, CPA or accountant license. The job of financial accounting is major target for most of the accounting degree holders. Usually the major job requirements for a financial accountant includes analyzing financial statements, auditing, handling and dealing with taxes and balancing the financial data. The average yearly income of a financial accountant is around $60,000.
Accounting and finance jobs:
Apart from being accountant there are other opportunities for the accounting degree holders available in the corporate sector. Another typical accounting and finance job available is that of a financial manager. Today major organizations look for individuals with a bachelor’s degree in accounting for the position of financial manager. However, global organizations that are willing to pay high salaries often look for individuals that have a master degree in accounting along with some previous job experience. Many organizations prefer to make their own accountants as financial manager for which they offer an on-job training for the accountants. The major job requirement of a financial manager is to analyze employees working as accountants or in financial reporting and budgeting of the organization. With a bit of previous experience in the industry, accounting degree holders can earn high income working in accounting and finance jobs.
The job of forensic accountant is a newly introduced job field in the accounting industry. There is high demand for the job while the supply of candidates is still new. With the increase of E-banking in the recent years, the threat of identity theft, money laundering and fraud is much higher than ever which creates a high demand for the forensic accountants. The job of forensic accountants is to provide audit of an organization’s profit and non-profit transactions and records to evaluate it for the liabilities, valuation and possible fraud. The forensic accountants are very important because they provide evidence to courts about organizations that falsify their company books and accounts and try to evade taxes. There is also high requirement for forensic accountants in insurance companies. With the increasing demand of the forensic accountants, major universities and colleges have started to add related subjects to the accounting degree. The requirement for a forensic accountant is to have a license of Certified fraud examiner. The average salary that a forensic accountant gets paid is around $79,000.
Personal financial advisor:
Students who are still wondering what can I do with an accounting degree can now make a very smart investment into their future by becoming a persona financial advisor. Individuals and families will always require someone with a better understanding of finance, accounting and investment to give them professional advice on their present as well as the future. Majority of the people are looking for planning to achieve their future goals for which, they need a personal financial advisor that helps them in their planning. There is also high demand for personal financial advisors when people are subjected to major changes such s tragic deaths, divorce, birth of a child or marriage. The requirements to become a personal financial manager is easy. You just got to have an accounting degree and preferably have a certificate of professional financial planner. The best thing about this job is its high demand and flexibility. You don’t need to be an employee of an organization to become a personal advisor rather you can choose to work with anyone anywhere. The average yearly salary that a personal financial advisor can earn is around $65,000.
Arguably the most important position in an organization is that of an actuary. The requirement of this job is to use accounting knowledge and statistical tools to analyze the organizational data in order to predict the most probable outcomes of a set of actions or strategy. There was a time when only insurance companies offered the jobs of Actuary where one had to analyze the future risks and rewards. But today this job is offered in almost every major organization from health organizations to banks and from government institutes to technological organizations. The demand for certified actuaries is very high, it is because the number of skilled actuaries is very low. There is very high demand for individuals that are skilled in the field of accounting and can use statistical tools to analyze data for the organization. Also the position is key for the organizations which means you will have a special position. However, many accountants argue that this is also the toughest of jobs in the accounting industry, which is the reason of lack skilled workers. The annual pay of Actuaries is around $65,000.
If an accounting degree holder has good communication skills, high accounting skills, high analytical skills and high-pressure handling capabilities than the job of a stock broker can the best option for you. The major responsibility of a stock broker is to help individuals or companies in investing money in the right stocks. There are three major types of stock broker required in the accounting industry. They first one is a discount broker whose job is to recommend those stocks that can be availed on a discount price and can generate profits in the coming future. The second type is online broker which has very high demand these days. You will have to deal with clients online by providing them with investment NEWS, market predictions, charts and statistics. The third type is a full-service broker whose job is to provide a full time assistance to the clients. Usually, the stock brokers receive income on commission basis when the client invests his money in your recommended stocks. The job responsibilities of stick brokers include keeping up to date with the stock prices, being up to date with latest taxes and legislation and being able to assess both the associated opportunities and threats. The average yearly income of professional brokers can increase to be as high as $100,000 depending on their own set of skills.