What is Accounting Career?
A career in accounting has always been in demand as it offers you opportunities to grow both within an organization and across companies. An accounting career starts as early as the entry-level position of Junior Analyst which goes up to the executive level position like Finance Director.
Top Career in Accounting
In this article, we will discuss some of the career paths in the field of accounting:
1. Personal Financial Advisors
As a personal financial advisor, you will be advising clients on various financial instruments that include investments, mortgages, insurance, estate planning, college savings, tax planning, retirement funds, and more, utilizing an accounting guides to ensure accurate and comprehensive financial planning.
Responsibilities
- Understand the client’s financial goal or objective and capability to absorb risk
- Explain to the client the different available investment options and the potential risks associated with them
- Recommend appropriate investment opportunities to the client or invest in them on behalf of the client
- Help clients build the perfect financial asset catering to their specific requirements, such as retirement fund or educational expenses
- Monitor and update the client’s investment portfolio in accordance with its financial performance or change in financial goal
Educational Requirement
In order to become a personal financial advisor, you will need a bachelor’s degree in finance, accounting, economics, business, or mathematics. Further, courses in investments, estate planning, taxes, and risk management can also be handy.
Salary
As per the US Bureau of Labor Statistics, the median compensation of personal financial advisors in the US was $88,890 in May 2018, with the bottom 10% earning less than $41,590 while the top 10% earning more than $208,000.
Source Link: https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm#tab-5
Job Outlook
The job opportunities for personal financial advisors in the US is expected to grow from 271,700 in 2018 to 290,800 in 2028, at a CAGR of 0.68%.
Source Link: https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm#tab-6
2. Tax Examiners/Collectors/Revenue Agents
As a tax examiner or collector or revenue agent you have to assess the tax liabilities of businesses and individuals and then collect them on behalf of local, state, and federal authorities.
Responsibilities
- Evaluate tax returns in order to assess whether the claimed credits or deductions are permissible under the applicable tax law
- Follow-up with taxpayers for additional documentation required for tax filing
- Carry out field audits to investigate information pertaining to income tax returns
- Keep track of changes in tax laws and regulations
- Maintain records for all the assigned cases
- Inform taxpayers in case there is over-payment or under-payment of taxes
Educational Requirement
In order to become a tax examiner, you will need a bachelor’s degree in accounting or specialized experience in auditing or tax compliance. On the other hand, to become a revenue agent you will need a bachelor’s degree in accounting, economics, or business administration. To become a tax collector you will require both relevant college education and specialized experience.
Salary
As per the US Bureau of Labor Statistics, the median compensation of tax examiners, collectors, and revenue agents in the US was $54,440 in May 2018, with the bottom 10% earning less than $32,500 while the top 10% earning more than $101,120.
Source Link: https://www.bls.gov/ooh/business-and-financial/tax-examiners-and-collectors-and-revenue-agents.htm#tab-5
Job Outlook
The job opportunities for tax examiners, collectors, and revenue agents in the US are expected to decline from 58,200 in 2018 to 56,800 in 2028, at a CAGR of -0.24%.
Source Link: https://www.bls.gov/ooh/business-and-financial/tax-examiners-and-collectors-and-revenue-agents.htm#tab-6
3. Financial Analysts
As a financial analyst, you will be guiding both individuals and businesses in making investment-based decisions, such as stocks, bonds, etc.
Responsibilities
- Build portfolios investment catering to each individual’s requirement
- Regularly appraise the financials of the entities in the portfolio
- Keep track of the ongoing business and economic trends
- Evaluate the company’s financials in order to determine its enterprise value
- Prepare a detailed report for the companies
Educational Requirement
In order to become a financial analyst, you will need a bachelor’s degree in accounting, finance, economics or statistics.
Salary
As per the US Bureau of Labor Statistics, the median compensation of financial analysts in the US was $85,660 in May 2018, with the bottom 10% earning less than $52,540 while the top 10% earning more than $167,420.
Source Link: https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm#tab-5
Job Outlook
The job opportunities for financial analysts in the US are expected to grow from 329,500 in 2018 to 349,800 in 2028, at a CAGR of 0.60%.
Source Link: https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm#tab-6
4. Budget Analysts
As a budget analyst, you will be advising both public and private institutions on how to manage their financials. You will prepare their budgets and track their operational expenditure.
Responsibilities
- Help project managers in developing the organizational budget
- Check whether the budget proposals are complete, accurate, and compliant with the applicable laws and regulations
- Consolidate the budget of all the departments to build the organization-wide budget
- Advocate and justify the funding requests to other stakeholders of the organization
- Continuously monitor organizational expenditure and ensure that it doesn’t exceed budget
- Update all the project managers regarding fund availability
- Forecast upcoming budgetary requirement
Educational Requirement
In order to become a budget analyst, you will need a bachelor’s degree in accounting, economics, finance, business or statistics. However, the requirement might vary across local, state, and federal governments.
Salary
As per the US Bureau of Labor Statistics, the median compensation of budget analysts in the US was $76,220 in May 2018, with the bottom 10% earning less than $49,860 while the top 10% earning more than $116,300.
Source Link: https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm#tab-5
Job Outlook
The job opportunities for budget analysts in the US are expected to grow from 56,900 in 2018 to 59,400 in 2028, at a CAGR of 0.43%.
Source Link: https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm#tab-6
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