An accounting degree holds significant value in today’s complex and ever-changing job market. With a combination of technical skills, an understanding of business operations, and the ability to make data-driven decisions, accounting graduates are uniquely positioned to secure fulfilling roles across various industries. Whether you choose to work for a multinational corporation, a non-profit organization, or even start your own business, your accounting degree can be your ticket to success.
In this article, you will explore eight diverse and promising career paths to embark upon with an accounting degree.
1. Certified Public Accountant (CPA)
The role of a Certified Public Accountant (CPA) is perhaps the most recognized in the field of accounting making it a popular choice for graduates of accounting degree programs. CPAs play a critical role in an organization’s financial management, including auditing, tax planning, financial reporting, and consulting. They are trusted financial advisors who help businesses make strategic financial decisions.
A bachelor’s degree in accounting is a minimum requirement to become a CPA, although many professionals also pursue a Master’s degree for further advancement. To become a licensed CPA, one needs to pass the Uniform CPA Examination and meet specific state licensing requirements.
The annual wage for accountants and auditors was $77,250 in May 2021. However, CPA salaries can be significantly higher, especially for management positions.
2. Management Accountant
Management accountants, also known as corporate or private accountants, are integral to strategic decision-making within a company. They analyze and interpret financial data to help the company’s leadership understand the financial impact of business decisions.
While a bachelor’s degree in accounting is typically required, an MBA with a concentration in accounting can significantly enhance your chances of landing a good job. An accounting MBA program enhances financial knowledge and also equips one with broader business and leadership skills that are highly prized in managerial roles. Furthermore, acquiring a Certified Management Accountant (CMA) certification can further improve professional standing in the field.
According to the Institute of Management Accountants, CMAs earn 28% more in the U.S. than non-CMAs. The demand for these professionals is expected to grow, especially in multinational corporations, given their pivotal role in strategic decision-making.
3. Financial Analyst
Financial Analysts are the financial navigators of businesses, helping them to steer their financial course effectively. They are involved in scrutinizing financial data, spotting trends, creating financial models, and helping decision-makers understand the potential impacts of their decisions on the organization’s bottom line.
A bachelor’s degree in accounting can get your foot in the door, but for more advanced positions, additional certifications such as Chartered Financial Analyst (CFA) or a master’s degree may be required.
Financial Analysts are expected to see a 5% job growth from 2021 to 2031, as per the U.S. Bureau of Labor Statistics, with a median annual wage of $95,570 in May 2021. This job can be particularly rewarding for those who enjoy problem-solving and have a keen interest in market trends.
4. Forensic Accountant
Forensic accountants sit at the exciting crossroads of accounting, investigation, and law. These professionals analyze financial information to uncover fraud, embezzlement, or other irregularities that might lead to legal disputes or financial loss for businesses.
At a minimum, a bachelor’s degree in accounting is required to become a forensic accountant. However, obtaining Certified Fraud Examiner (CFE) or Certified in Financial Forensics (CFF) credentials can significantly enhance career prospects.
The U.S. Bureau of Labor Statistics does not provide separate data for forensic accountants, but their earning potential can be compared to accountants and auditors. Additionally, forensic accountants often command higher salaries due to the specialized nature of their work. Job prospects are promising, given the rise in financial crimes and the increasing complexity of the business environment.
5. Internal Auditor
An Internal Auditor serves as a company’s financial watchdog, scrutinizing the organization’s financial processes to ensure they are efficient, effective, and compliant with regulations. They assess financial risk, identify areas of improvement, and recommend measures to enhance the organization’s overall financial health.
A bachelor’s degree in accounting is a typical entry requirement for this role, but an internal auditing certification such as Certified Internal Auditor (CIA) can be beneficial.
According to the U.S. Bureau of Labor Statistics, the demand for internal auditors is expected to grow 6% from 2021 to 2031. The median annual wage for auditors was $77,250 in May 2021, with senior or specialized auditors potentially earning more.
6. Government Accountant
Government accountants have a critical role in the public sector, maintaining and examining records of government agencies and auditing private businesses or individuals subject to government regulation or taxation.
Most government accountant positions require at least a bachelor’s degree in accounting. However, supplementary certification, such as a CPA, can enhance career progression.
Although government jobs may not offer salaries as high as the private sector, they provide substantial job security and benefits. The U.S. Bureau of Labor Statistics reports that the federal government is one of the largest employers of accountants and auditors, with a competitive median wage and a promising job outlook.
7. Corporate Controller
A Corporate Controller, often considered the financial backbone of a company, oversees all the accounting operations. Responsibilities include producing financial reports, maintaining up-to-date accounting records, and ensuring that reported results comply with generally accepted accounting principles or international financial reporting standards.
This role usually requires a bachelor’s degree in accounting, finance, or a related field and significant experience. However, an advanced degree or CPA certification could improve job prospects and salary potential.
The average salary of a Corporate Controller in the United States is approximately $98,070, although this can vary greatly based on the size and nature of the company.
8. Budget Analyst
Budget Analysts play a crucial role in organizations by developing, analyzing, and executing budgets. They work closely with project managers and department heads to review spending requests, estimate future financial needs, and help ensure financial operations stay within the budget.
A bachelor’s degree in accounting, finance, or a related field is typically required for this role. Having strong analytical skills and knowledge of budgeting software can provide a competitive edge.
According to the Bureau of Labor Statistics, Budget Analysts earned a median annual wage of $79,940 as of May 2021. The job outlook for this profession is stable, with a 3% growth rate projected from 2021 to 2031.
Conclusion
An accounting degree can open the door to various fulfilling, rewarding, and high-paying jobs. Whether you are interested in forensic science, academia, corporate finance, or government service, there is a niche for you in the accounting world. Given the universal and ever-present need for financial expertise, the demand for skilled accountants remains high in nearly every industry.
