5 Career Opportunities to Pursue with an Accounting Degree
Students with a Bachelor’s degree in accounting have a wide variety of career options available to them. It all depends on the interests of the students. In fact, the number of jobs in accounting is expected to increase by 10%. This is largely due to expansion of global businesses and an increase in financial controls. Changes have also occurred in the regulatory environment as well as the tax laws. The following are 5 career opportunities to pursue with an accounting degree.
Tax accountants prepare tax returns for business owners as well as individuals. Due to their extensive research on tax laws, they understand tax reporting requirements. Therefore, they are able to assist with decision-making and planning, with regards to taxes, throughout the year. Tax accountants also focus on complex issues, such as large estates, trusts, and even tax shelters. They are able to offer sound and strategic advice based on the objectives of businesses. The median salary for tax accountants is $70,000.
Financial advisors assist clients in planning for short-term as well as long-term financial goals. This includes retirement, purchasing their home, cash management, and college savings accounts. Additionally, they also offer life insurance, tax, and investment advice. Financial advisors analyze any available investment opportunities. This is because they spend a great deal of time researching investment strategies. Financial advisors also prepare and interpret financial documents, to ensure clients are progressing in meeting their financial goals. The median salary of financial advisors is $89,000.
Cost estimators are useful in the construction industry. They estimate the costs of completing a project and the length of time it will take. They take into account the materials, equipment, and labor. Cost estimators obtain the pricing of materials and organize the project information, in order to produce and submit a proposal to clients. To accomplish this, detailed spreadsheets are often used as well as company-approved formulas. Cost estimators also review product specifications and blueprints. This enables them to accurately determine the amount of materials needed. Cost estimators also assist with contract negotiations and work along with all involved parties. This includes the architects, designers, general contractors, and owner’s representatives. The median salary for cost estimators is around $59,500.
Forensic accountants identify financial inaccuracies and prevent financial fraud. They review financial documents, analyze financial data, and trace any discrepancies. Forensic accountants also identify potential business revenue loss. They also assist attorneys and law officials, by compiling and organizing financial data into detailed reports. If deemed necessary, they assist with conducting internal investigations. Furthermore, forensic accountants keep files organized, for all legal cases. If necessary, they also attend court, to provide courtroom testimonies.
In order to work as a forensic accountant, you must be very knowledgeable about accountant procedures. This includes all financial accounting practices. This ensures that the law is being followed accurately. Additionally, you must have keen investigative skills, in order to identify discrepancies that may arise. The median salary for forensic accountants is $86,267.
Chief Financial Officer
Chief financial officers play a significant role in the financial planning of companies. They analyze liabilities and investments of companies. They also perform risk management and implement investment strategies that will benefit the company. Chief financial officers do so, by considering liquidity risks as well as cash. Chief financial officers ensure that cash flow meets the company’s operations. They also manage relationships with vendors and prepare forecasting and current financial reports. Not only that, chief financial officers manage a team of financial analysts and financial controllers. The median salary for chief financial officers is $127,780.