The world is growing at a fast pace and with several career options available, we are witnessing the growth in the accounting sector and the graduates from this particular realm are in high demand in the global market. Accounting basically refers to the act of making sure that the money generated by the organizations be its private firms, public institutions or any other sort of setup are being used in the best way possible. So this gets us to the conclusion that until and unless money suddenly vanishes from the face of earth accounting and its related professions are here to stay. This also brings to reflect on the fact that accounting can be considered as one of the safest businesses considering it deals with money and money is found in almost all sectors so we do need accountants everywhere!
What skills do I need to possess as an accountant?
As an accountant, the very basic skills that you need to possess are the skills of bookkeeping, financial reporting, auditing, and taxation. Mostly some or all of these skills are taught in college if you pursue accounting as a career or by taking a master’s degree in accounting to the most. It is essential that you are clear with the above mentioned basics of accounting if you want to rule even on the higher executive levels so make sure that you have your roots intact when you think of making it big.
Both bachelors and master’s degree is available in accounting in most of the universities and students can choose according to their willingness to drive their career to the paths they want it to go. Students with a master’s degree in accounting get better jobs than the ones with a bachelor’s degree in the same but it doesn’t mean you can’t land good jobs as a bachelors in accounting. With the advent of modern accounting, the job has become collaborative and requires you to interact and work in teams for which you need to develop you’re interpersonal as well as your management skills.
- 5 Hot-shot jobs for accounting graduates
As an accounting manager, you will have to look after a whole accounts department of the organisation and since it is a managerial position you need to possess good leadership skills. Mostly accounting managers are the people who have been accountants in the past they know how it all works, what needs to be done and how, which makes them great at their jobs, so in case you are wondering about climbing the corporate ladder from an accountant, accounting manager is one position you can look up to.
- Major responsibilities:-
-Leading accounting teams
-Preparing financial reports on a weekly and monthly basis
2. Compliance Officer:-
As a compliance officer, you need to make sure that you are abiding by all the rules and regulations of the government such as environmental laws, discrimination laws etc. The accounting background can help you at this job profile as apart from the managerial skills you are also required to be well versed with government accounting. As a compliance officer, you are supposed to make sure that the company is working ethically on all grounds. For this job position, a masters in accounting is a must and you need to specialize in business law, government accounting etc.
- Major Responsibilities:-
-Be able to communicate all the laws, regulations to all the employees clearly from time to time.
-To be able to manage a compliance team from time.
3. Financial Analyst:-
As a financial analyst, your job is to help the company lower down its costs and make bigger profits and improve their financial situation. A financial analyst should have an accounting background in order to review the finances correctly and make recommendations to the company. As a financial analyst, you need to be detail oriented, smart and visionary so that you can find the loopholes correctly and lead the company towards the correct financial decisions. You can also get promoted to the post of a senior financial analyst and lead the team of financial analysts with time.
- Major responsibilities:-
-To make financial reports and publish them when required.
-Make financial forecasts and recommend future plans on the basis of them.
4. Accounts Professor:-
With the boom in need of accounts graduates, the need for accounts professors has also increased which makes it a good profession for someone with a good knowledge of accounting and who do not wish to enter the corporate world. At times some leave their corporate jobs and enter into the teaching department with real-world experiences. Accounts professors need to be well versed with the basic of all accounting topics and only the best are chosen as there are only so many jobs. But you need to have a masters or doctorate in order to reach in into this profession.
- Major Responsibilities:-
-Teach accounting courses to students.
-Give their service on committees and other service roles.
5. AML Officer (Anti Money Laundering Officer):-
An AML officer is one who takes care that the financial institutions such as banks etc. Record their transactions in the way they are required to according to the bank secrecy act, which also requires the banks to report any kind of money laundering if they exist and that is what you will be required to do as an AML officer. Good knowledge of accounting is the basic criterion for this.
- Major responsibilities:-
-Monitor the transactions of the institution and the way they are recorded.
-Make sure the institution follows compliance.
Accounting can bring you great career opportunities and vast job options. You just have to be proficient with your work. That is it and you will have plenty of options available with you!
The above mentioned jobs are just a few jobs you can land as an accounting graduate, there are several others too which you can get if you have the knack to make it big, so grab it guys!
The Future of Job Opportunities for Accounting Graduates
You’re Expectations from Accounting as a subject
It is in great demand lately, in the U.S. and numerous students from other countries are flocking to the states to study the subject. It is considered to be one of the most difficult subjects at graduation level. The subject needs thorough study and meticulous preparations. Students who are inclined towards Mathematics, Economics and Business should take up this subject.
If you are taking courses in accounting, you will need to study Algebra and Statistics as well. Calculus is also included in the first two years of study. Expect to learn about mathematical concepts, which you may not have studied at the school level.
It is one of the oldest occupations in the world. With humble beginnings, the subject and profession have come a long way, with recent innovations in cloud computing and blockchain technology. It entails communication of the financial health of an organization or business to all important stakeholders.
Accounting aims to find out the balance or restore the balance between assets, liabilities, cash flow and investment opportunities in an organization. With accounting, no business and profession around the world can exist.
The Different Types of Accounting
There are various types of accounting procedures. It comprises of taxes, payroll, payables, receivables, bookkeeping and other related transactions. In this century, accounting is done mainly through the help of computers. Gone are the days, when accountants used to maintain manual books of accounts. This was related to Accounting Information Technology.
If we go by definition, Accounting is the measurement, processing and communication of financial information relating to business or corporations. Without accounting, all businesses cease to exist. There are various types of accounting – financial accounting, management accounting, auditing, tax accounting, cost accounting and many more.
- Financial Accounting refers to communication of a company’s financial information, like statements and bank transaction details to external stakeholders or suppliers.
- Management Accounting is relevant to the internal directors of the organization. The managers or heads of the organization make use of the information for internal strategic purposes.
Financial transactions are recorded on a daily basis and are referred to as bookkeeping.
- Accounts audit is done by internal and external agencies, to study the financial viability of an organization. It is the verification of the ongoing accounting process in an organization and it is an unbiased activity.
- Accounting Information systems are also there and is an irreplaceable part of accounting. It processes information based on artificial intelligence systems. Banking and financial industry are heavily reliant on accounting information systems, to perform fraud detection.
- Tax accounting is another important and specialized accounting system that helps with tax returns and payments.
- Another new genre of accounting is doing the rounds lately, called Forensic accounting. These accounting procedures can be presented in court of law. It relies on actual or anticipated disputes.
Accounting Profession in the New Decade
The accounting profession is going through massive changes. The main and first change is the introduction of digitalization, and then comes global upheavals in various industries and lastly changing rules and regulations. The challenge that lies ahead of professional accounting is the introduction of smart technologies.
Accounting is getting integrated into social media and artificial intelligence, leading to shedding of traditional accounting methods. Likewise, globalization is bringing forth challenges for the profession, in more ways than one. There is free flow of money from one market to the other, accounting services are being outsourced and so is a technical and professional skill. This is leading the big shots like US, UK and Australia to outsource accounting work to smaller countries. There has been a shift in the employment scenario. This is negatively impacting the accounting industry.
Next comes, increased and changing rules and regulation. All accounting professionals need to keep abreast with the changing norms. So, constantly educating oneself, has become a challenge. Citizens are getting into the habit of avoiding taxes and utilizing other modes of tax avoidance.
Future of the accounting profession depends, on the constant delivery of education. There has to be a free flow of knowledge and education, to keep all accountants updated. For those undergoing education, need to keep abreast of changing situations in the financial arena.
Accounting Professions in the 21st Century
After completing your accounting degree, you can get into a number of professions like:
- Budget Analyst
- Public Accountant
- Tax Accountant
- Cost Management Accountant
- Financial Accountant
It is a word of encouragement for you. According to the Bureau of Labor Statistics, a bachelor’s degree can get you something around $ 65,000-$ 70,000 annually. If you consider a flat increment rate of 13%, that is not bad.
The future is very bright for accounting professionals. The fundamentals which are mostly covered are financial reporting and analysis, managerial accounting, cost accounting, tax accounting, auditing and financial management.
- As a Budget Analyst, you will be typically organizing and finances for various institutions. You need to prepare budget reports and monitor organizational spending.
- As, Public Accountant you will be providing accounting services to other firms. It may include auditing and tax services. You will be preparing financial statements and audit the statements. You can also prepare tax returns. Litigation support is an important part of the profession.
- Tax accountants work with companies or as independent freelancers. You will be in charge of tax preparation and fulfilling the statutory tax obligations of clients.
- Cost Management Accountants will create budgets and manage costs for institutions. A bachelor’s degree is sufficient for this profession and subsequent specialization in the field.
- Financial Accountants provides services to commercial and non-commercial organizations. They look after the financial and legal requirement of the organization. The job involves performing external audits, internal audits, various financial returns and implementation of IT systems.
So, with such a wide range of opportunities, accounting surely is a coveted stream to engage in this century.
Maja Kazazic is an experienced industry professional, with 6 years of experience in academics. He has experience in current teaching methodologies and has a very nice rapport-building mechanism with his students. He is adept at a variety of subjects, including accounting. He has Masters from one of the renowned U.S universities, Stanford University. He is now a professional tutor at helpmeinhomework.com.