New for 2021, Industry Spotlights will focus on different sectors of the job market each month. The goal of the Industry Spotlights is to give readers and job-hunters alike some examples of the best careers out there and explain why they are considered top tier. Industry Spotlights will also encourage and help readers to choose a career path that is right for them as each spotlight will take an in-depth look at all of the ins and outs of that career. Stay tuned for a new Industry Spotlight every month! First up… Accounting!
The Accounting Industry covers an array of services that businesses need. From Auditing, bookkeeping, and payroll, to taxation, management consultancy, and risk assessment, Companies in the accounting sector do it all.
Since there are so many services that Accountants are responsible for, there are different types of accounting within the industry. Any position in accounting begins with a bachelor’s degree, but the requirements past this level will vary.
Public Accounting covers handling tax affairs of individuals and businesses. The requirement to be a public accountant is a passing score on the CPA (Certified Public Accountant) exam. The same goes for management accounting which deals with analyzing financial information and providing a financial strategy for internal use. Advanced knowledge of excel is also key for positions in management accounting. After two years of work, these types of workers can sit for the Certified Management Accountant exam.
On the other side of the sector, government accounting holds far less emphasis on business and more so on legality. These types of accountants provide financial information related to government regulations and taxation. The exam required for a position in government accounting is the Certified Government Auditing Professional (CGAP) exam.
Finally, there are internal auditors. These workers require a bit more post-grad education as they focus on the reduction of waste and fraud. Internal auditors are the risk management experts of a company. Passing the Certified Internal Auditors exam is also a requirement to hold this type of position.
Although the road to becoming a certified accountant of any type requires hard work and dedication, the result is oftentimes worth it. Any of the positions in the accounting industry offer a comfortable salary. While earning a master’s and focusing on something specific like government, security, or investment leads to a higher than average salary, the median still stands strong at $51,700 according to Payscale.com.
Of course, salary is a huge, and important, part of everyone’s job search, but the flexibility that the accounting industry has to offer should also be looked at as a pro. From the different types of accounting positions to all of the industries that need these jobs fulfilled, accountants can find jobs virtually anywhere they may have an interest. Professional sports teams, Clothing companies, Law firms, and even the FBI hire accountants. Collide your passion with a career in accounting!
Working in accounting also provides a multitude of high-demand, transferable skills. Analytical abilities, communication skills, quantitative reasoning, detail-orientation, leadership, problem-solving proficiency, and software experience are some skills accountants use that can be transferred to many industries if a career change ever comes into play. This is especially true for those who may want to pursue other careers in business as an accounting background already opens the door to this.
Last but not least, the job security that the accounting industry has to offer is unmatched. No matter what happens in the world, people still need their taxes filed. Businesses still need to bill clients and account for spending. Audits still need to be completed. So for anyone looking for stability in a career, accounting is a great bet.
Accountants are some of the most vital people within the business world and every other part of the world. The demand for accounting will never go away and neither will the skillset or salary that come with these positions. For those looking to break into a career in accounting, get started with a bachelor’s degree and decide where you want to bring your career. Is it management? Is it a government? Auditing? Whatever it may be, after taking and passing the certification exam, you will be set for success!
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