Career Explainer: What Does an Accountant Do?
Accounting is an attractive career path due to its high stability, practical and transferable skills gained, and a myriad of exit opportunities. The salary of an accountant will vary depending upon his or her exact specialism, level of experience, location, industry and employer. While applying online can absolutely be the next step in your job search, the truth is, it will only get you so far. In fact, only 2% of resumes submitted for the average open role end up reaching the interview stage. Senior-level roles involve greater strategic oversight and leadership, often requiring professionals to guide larger teams and make high-level decisions. This role generally requires proficiency in tax laws and the ability to assist in preparing tax returns and audits.
In the current environment, companies are looking to streamline their operations, improving their profitability by enhancing operational efficiency and/or increasing revenue. An accountant’s job scope is likely to increase in breadth due to this trend. Accounting degrees are a path to this type of salary; these are not entry-level or to be expected immediately after getting a Cornell degree. Accounting offers many different types of lucrative career opportunities. Accounting careers offer diverse paths for undergraduates and graduate students. Let’s make sure the updates you made to your bullets are aligned with the specific jobs you’re applying to.
VPs of Finance typically work in mid-size to large corporations with extensive budgets, cash flow, and financial responsibility. An accounting manager’s primary goal is to lead their team in meeting the company’s objectives. A professional certification, like the CMA, covers everything you need for proficiency in FP&A. As you climb the ladder, you may progress from junior to staff accountant. Explore how an accounting certificate can give you the skills you need without a large upfront commitment. Obtaining a CIMA could therefore represent an excellent choice for those who already possess a significant amount of experience within the accounting sector.
- Tax accountants use their knowledge of tax laws and regulations to ensure that their clients comply with the law and minimize their tax liability.
- Pursuing an affordable bachelor’s degree program can begin your accounting career on the right financial foot.
- Generally, you’ll need around a decade of accounting experience to earn a spot as a VP of Finance.
- Learn about day-to-day duties, overall responsibilities, and areas of expertise for certified public accountants.
How to Become a Cost Accountant
- Cost accountants often work in large organizations with complex costing requirements.
- There are tons of job and career opportunities out there for accountants as long as you have the proper education.
- The salary of an accountant will vary depending upon his or her exact specialism, level of experience, location, industry and employer.
Great pay, advancement opportunities, and overall job satisfaction make this a dream job for many new accounting professionals. Becoming a cost accountant is similar to pursuing other types of accounting roles. A bachelor’s degree will open doors to a cost accountant role, and a CMA certification can make you more desirable to potential employees.
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They may also provide tax, advisory, and consulting services to their clients. The most common certification for tax accountants is the Certified Public Accountant (CPA) designation. Other popular certifications include the Chartered Financial Analyst (CFA) and Certified Management Accountant (CMA). Each of these certifications requires the completion of specific education and experience requirements, as well as passing an examination. A bachelor’s degree, preferably in business, is often required for entry-level positions.
Job Outlook for Accounting Graduates
To become a CPA, you need more education, experience, and credentials, which makes it more time-consuming and costly than becoming an accountant. However, CPAs can pursue higher salaries and more advanced professional opportunities than accountants. CPAs require licensure and can accounting careers perform specialized roles, which may earn them higher wages and more career opportunities. However, becoming a CPA takes longer and costs more than it does to become an accountant. CFOs set a financial direction for organizations, including creating financial plans, policies, and practices for everyone to follow.
You’ll need at least a few years of experience working alongside other accountants to gain the skills necessary to lead a team. Many controllers have MBAs, and others have professional certifications like the CMA or CPA. Management accountants can work inside the finance function of companies, non-profits or within government agencies.
Management Analyst
An accounting degree prepares you to speak and understand that language, whether you pursue accountancy, auditing, sales management, advising or one of the many other accounting career paths. You may know accountants as the people who handle your taxes—and ask if you can deduct your home office or claim your dog as a dependent—but they’re much more than that. It’s a highly skilled, tech-centric profession that’s evolving fast and offers lots of opportunities to work for any type of company, in any industry, and in any location. Key academic qualifications include degrees in accounting, taxation, and/or tax law.
WGU offers an online, accredited bachelor’s program in accounting that can teach you the skills you need to earn your CPA license, prepare for a master’s degree, and enter the job market. Even more, you can access WGU accounting courses anytime day or night, with no set log-in times. There’s no better time than today to start—or continue—your path to a fulfilling accounting career. According to the BLS, the average annual salary for accountants and auditors in May 2023 was $79,880. The lowest 10% earned less than $50,440 while the highest 10% earned more than $137,280 (note that this data does not represent starting salaries).
Accountants are often pigeonholed as introverted number-crunchers, but this stereotype doesn’t reflect everyone. Plenty of entry-level staff accountants have only bachelor’s degrees, and a few have even less. High-end management consultants tend to have a Master of Business Administration (MBA) or Master of Accountancy (MAcc) degrees. Tax accounting focuses on compliance and planning for individuals and corporations. Tax accountants navigate the complexities of the Internal Revenue Code and stay informed about changes in legislation.
Is the CPA exam hard?
If you have an accounting background, or even an accounting credential like a CPA or CMA license, that doesn’t mean you need to stay in accounting. In fact, the skills utilized by accountants every day are highly transferable to other careers in finance. With so many different paths to take in accounting, it can be difficult to know which one is right for you.
