Careers In Accounting

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 basics, financial analysis, financial reporting, 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 certification or other relevant certifications.

A career in accounting can be considered to have a good financially rewarding and a professionally fulfilling experience. People who work in the accounting field play a very important role in streamlining and managing the financial resources of the organization in order to facilitate decision making.

There is a huge list of opportunities available in the careers in accounting and finance for the candidate to explore, which offer great career prospects and a high potential to earn. But at the same time, it is also crucial to keep oneself updated regarding the different changes in accounting standards, regulations and new avenues of working so that they can be accounted for while pursuing an accounting profession.  

Globally, this career careers with a degree in accounting is continuously growing over the years and have good future prospects. This is a field that is required in every business in the form of accountant, tax expert, auditor, finance manager, public accountant etc. With growing number of startups and new avenues of business, the demand for candidates who are experts in managing finance and accounting is also on the rise.

A career in this field may attract a lot of candidates who aspire to have a lucrative job in finance and accounting and plan to rise up the corporate ladder within a short period of time. But it is necessary to understand one’s own strength and weaknesses in order to identify the right area of work for themselves in this field so as to achieve success, because even though it is a great career option, the candidate needs to be a right fit for it.

It is necessary to have a good grasp over the various pros and cons of careers in accounting and finance profession, take time, do research, prepare and then decide about it.  

Below are some of the best careers in accounting options that you can opt for.

Finance & Accounts Manager takes care of complete Accounts Payable, Accounts Receivable, preparation of financial statements and other statutory reports for audits.

Among different careers in accounting, 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.

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 VAT inputs are taken, refunds are processed, and various tax filing with the government are done promptly. Complex regulatory requirements due to cross-border functions are met.

Certified Public Accountant provides different careers in 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. The 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.

These are some of the major areas where the person with accounting knowledge can work. However, various other careers with a degree in accounting like Forensic accounting, Valuation, Arbitration, Data Science, etc., are emerging and have a great scope for a person with an accounting background. With recent developments globally, IFRS being implemented worldwide, there will be many changes in the way books are prepared. Accountants will be in great demand to keep pace with changes and ensure that financial requirements are met.

From the above, we come to know of different areas which provide best careers in accounting. Each type in the above list gives an overview about the basic roles and responsibilities the professional has to have, top companies who hire such experts including how much they pay, the educational requirements to get it and its pros and cons. It is necessary to study the same to get a clear idea of each.

Thus, we can summarize that 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 them 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 birth to SOX 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 an accounting career also imposes a moral obligation for accountants towards society and country.

This has been a guide to what are Careers In Accounting. We explained the concept along with the top 4 career option in this field. You may also have a look at these finance career articles below -

• Top Careers in Bookkeeping
• Financial Accounting Career Options
• Career Options in Commerce
• Corporate Finance Jobs