It has always been a challenging task to decide or plan out things for one’s future. It involves extreme analysis, thorough selection among alternatives and planning out keeping in mind the suitability of the one’s state with that of the future prospects. So, when it comes to planning and decision making it is definitely not a kid’s game. Out of the million career options if one thinks of pursuing accountancy as their carrier option then trust us your future is bright!
Basically an accountant has the fundamental function of collecting, accurate record keeping, thorough analyzing and presenting a company’s financial operations. These transactions are summarized in the financial statements like the balance sheets, income statements and cash flow statements that record the company’s financial state.
In this field of accounting there are a series of principle which the companies need to follow. So let us now discuss the wide spectrum of prospectus available for people aspiring for the job of an accountant. There can be many options like being an accountant, accountant assistant, accounting clerk, accounting manager, accounts payable clerk, accounts receivable clerk, book keeping, budget analyst, certified internal auditor, chief financial officer, tax accountant and many more. Let us throw some light on the options available.
Certified Public Accountant
The job of an accountant revolves mostly around numbers, financial records and managing the accountants. Mostly the job revolves around book keeping, keeping a close eye on the company’s financial policies and terms, its tax payment and time to time auditing. The varied number of jobs is divided amongst number of people in charge. Among the many jobs available for an accountant the most promising job is the job of a Certified Public Accountant that is a job of a C.P.A.
Essentialities for job qualification
For the post the applicant must have passed the examination of Uniform Certified Public Accountant Examination which functions under the supervision of National Association of State Boards of Accountancy that is NASBA. Apart from this the aspiring applicants need to have completed their certifications and educational prerequisites essential in their respective states.
Apart from the above requirements the aspirants should have some previous job experience in this field of accountancy. It is usual for the companies to take up the applicants who are more experienced for the job of CPA when compared with those who are completely new to the field. And accordingly the salary varies that is the pay for a previously experienced person would definitely vary from that of a new applicant.
The accounting positions require a basic graduate degree, a CPA license and definitely a few years of experience. According to the statistical reports of Bureau of Labor, the salary of an accountant can vary from $39,000 to more than $100,000 per annum with average being $62,000 salary depending upon the person in position.
Tax Accountant
Another prestigious position in the field of accountancy is the job of a tax accountant. Here the main role is keep the tax records in order for companies however big or small. For this job the applicant must be specifically tax certified. This job demands more focus of accounting methods upon the tax systems rather than public financial statements. This tax accounting falls under the supervision of the Internal Revenue Code which makes up all the rules and the regulations that a company must follow before or during the time of preparation of tax returns.
Forensic accounting
Another sphere where an accountant can get in is the field of forensic accounting. Here the forensic accountants are specially trained to conduct financial investigations in cases where doubts can arise in case of criminal transactions or in cases which focuses on proving or disproving errant and fraudulent transactions.
Chief financial officer
For any company to run successfully a Chief Financial Officer is highly essential. As the name suggests a CFO has the main role in advising the company’s board members along with chief executive officer that is the CEO of a company about the financial transactions that will directly or indirectly affect the lifeline of a company.
The applicant must have some previous knowledge in certain fields which are of a great deal in this sphere, that are needed to be fulfilled for the post of a Chief Financial Officer, they are knowledge in sphere of investment strategies, taxes, business taxes, other financial operations, business skills, knowledge in field of computer and information technology, modern accounting issues, etc.
Certain functions of a CFO involve establishing yearly financial objectives, overseeing budgeting plans, developing relationship with the investors and auditors, etc.
Essentialities for being a CFO
For applying for the post of a CFO a master degree in accounting, tax and auditing, investing or financing. Apart from this the post requires several years of working experience for a good pay. During this tenure of getting masters done, the aspirant may opt for other courses side by side like courses of applied statistics, auditing, business taxes corporate financial accounting, computers and information technology, etc. even after getting the required degrees getting a CFO post is not easy.
Before getting entitled to the post the person has to go through several intermediate posts which may include the post of senior accountant, vice president of finance and then president of finance.
So basically there is a wide spectrum of posts and job opportunities for people wanting to pursue in this field of accountancy. And basic qualification required is the master degree in accounting or tax or in auditing. Later depending upon the specific post the qualification need may vary. And certainly the salaries are fixed depending upon the post, qualification and definitely on work experience of the person applying for the post.
The job of an accountant involves many functions and accordingly there are various positions. The basic functions in financial accounting are analysis and comparison between financial health of corporations issuing securities, apart from this it helps allocating the scarce resources and it also aids the creditors to assess the solvency and creditworthiness of businesses
Top Rewarding Jobs for Students Majoring In Accountancy
The job of an accountant is one of the most rewarding positions in any industry. The accountants of the present day are well versed with cutting edge latest technologies like cloud computing to block chain technology; gone are the days when we used to expect an accountant with massive spectacles and to be a pencil pusher. As the technologies are changing and every industry is trying their best to walk with it, the accountant cannot be a noob when it comes to the latest technology.
The job of an accountant is not at all simple as it handles all the money related matter of a particular company; due to their knowledge about the money market, they help their companies to make good decisions when it comes to investment and other monetary transactions. Mathematics should be a strong forte for any quality accountant and every person holding this particular position in the company should have elementary knowledge about bookkeeping, auditing, payroll, financing, and other similar activities.
When it comes to major Multinational Companies, the accountants have to develop qualities which will help him to perform better as a team rather individually. The flexibility of a quality accountant is massive as they can find a job in any sector of the industry. It is not necessary that a good accountant will find a job as a conventional tax accountant or a bookkeeper. He can easily find work in public sectors as government officials or even an FBI agent. Every year a large number of fresh students enter the market majoring in accountancy but very few can able to reach their real potential due to lack of proper guidance. In this blog, we will try to provide our aspiring and soon-to-be accountants with a blueprint which will help them to achieve their potential.
- Tax Accountant
This is one of the most commonly heard of accounting profession one can choose from but is one of the most rewarding jobs in today’s list. We all every year require tax accountant who will take care of all our financial accounts and do the tax filing. The demand for a tax accountant always remains, and there is no chance for that demand to go south.
- Auditor
It is regarded as one of the fastest growing specializations in accounting. Now, for an auditor, there are two paths to choose. He can either for a government agency that will check the books of both profit and non-profit making firms and ensure that all their books are in order with the existing regulations in the country or he can for these organizations and maintain the books properly so that the firm does not have to face a government auditor. An auditor has the luxury to work as an independent entity.
- Budget Analyst
Every profit and non-profit making company has a budget which gets sanctioned yearly. Now, while approving any money, the board of directors of the company consults with the company hired a budget analyst who checks all the financial aspects and then gives the green light to sanction. It is one of the compelling positions in the company hierarchy which comes with both reward and respect.
- Government Accountant
One will be surprised to know, that even government bodies both local and state require an accountant to keep track of all the cash flows. It is a little different from the job of the company accountant as the government accountant is not responsible for maximizing profit; instead, they are hired to keep accountability of all the budgets.
- Certified Bookkeeper
This is probably one of the most underrated positions in the company hierarchy. A bookkeeper keeps track of all the inflow and outflow of cash from the company. A company without a quality bookkeeper will find it very hard to keep a record of all the funds they have to spend and what remains in their hand. A good bookkeeper should possess excellent mathematics and computing skills. The position is often treated as the cornerstone for bigger things by a fresh accountant.
- Payroll clerk
At the beginning of every month when our account gets debited with our salary we breathe a sigh of relief, but someone needs to be held accountable to keep tracks of the entire cash outflow from the treasury on behalf of the company. The payroll clerk keeps track of all the salary payment made by the company at the beginning of every month. It is one of the most complicated positions in any company as the person has to fill up several forms, do extensive calculations and most importantly remain discreet.
- Personal financial advisor
Just like a tax consultant, many people often hire a financial advisor who will guide them in making any financial related decisions. The PF advisor should possess a calm head and polite as it is one of those jobs where there is direct interaction with the client. Now, a personal financial advisor often gets hired by self-employed people and entrepreneurs who do not have an HR department to take care of their economic aspects.
- FBI agent specializing in accounting
This is probably one of the coolest career options for an accountant. The federal agency hires quality accountants regularly as they investigate white-collar crimes. The recent globalization and the financial boom improved the prospect of an accountant to end up at FBI. The accounting often gets regarded as a critical skill in the current scenario and usually gets preference while recruiting. The position is quite rewarding, and job satisfaction is splendidly high as not many accountants can say he is an FBI agent.
- Vice President, Finance
This is probably the ultimate goal for any aspiring accountant to become the VC of a Multinational Company. As the name suggests, it is one of the toughest and involves a lot of responsibility. He acts as the linkage between the highest executives and the management related to the finance of the firm.
Author Bio:
Nancie L Beckett is a highly experienced content writer with an MBA degree having 6 years of experience in the field. Johnson has considerable amount of experience in writing, content writing its marketing and editing for various business and nonprofit organizations. Apart from this she holds an MBA degree from the famous Harvard Business School in USA.