In the term of choosing your college major, “Don’t know what is the right step?” , “Whether the particular major will be right for you or not?”. If these questions rose in your mind, then you’re amongst the most normal students around your age. Questioning your decisions is the best way to know whether you are choosing the right path or not. So, all the people who have a good sense of numbers and are fascinated by the flow of money, then choosing an accounting degree is the right decision for you.
While you take a firm stand on what's right for you, you must also be aware of the career through different perspectives. At this point comes the alternative career opportunities available to you as you hold an accountant degree in hand. This blog defines various careers you could take up after pursuing this career path.
What is Accounting?
Accounting is referred to as the language of business, an apt description because much of the work revolves around communicating information by using numbers.
As an accounting student, you'll come to know how businesses measure, process, and exchange financial information.
Along with that, you'll gain an understanding of the roles played by corporations, investors, regulators, and other key players in a complex global financial system.
Example of institutions that offer an accounting degree are -
American Intercontinental University
Pennsylvania State University
Levels of Accounting Degrees
An associate’s in accounting degree is typically a two-year degree with full-time study and can provide a good introduction to the stream. Most degrees in accounting require students to have a high school diploma or GED. An associate's degree program, the coursework includes the fundamentals of accounting, taxation, personal finance, accounting management, and others.
A bachelor's degree in accounting is a 4-year degree that teaches basic and intermediate accounting skills. Accounting undergraduate programs also allow students to choose a specialization subject in the field, that is considered as a minor. it offers about 120-128 credits to complete courses such as auditing, financial statements, and cost accounting.
Confused between the two degrees? Learn about Associate Vs Bachelor's Degree
A Master’s in Accounting degree is an advanced level of accounting education, and for most professionals, it’s the last stop. Requiring an additional 1-2 years beyond a bachelor’s degree, students in a master’s program will learn advanced accounting skills, theory, and practice. It also includes researching, thesis writing, and specialization in concepts you are interested in such as advanced managerial accounting, tax strategy, information system control, and others.
Ph.D. in Accounting
A Ph.D. in accounting is referred to as the highest level of accounting degree that is offered. Almost all the students who pursue an accounting degree at the doctoral level are interested in conducting research or teaching at the university level. It may take about 3-5 years to earn this degree depending on your research work.
Careers in Accounting
Different occupations are available after graduation from an accounting degree program. Some of them are listed below -
Certified Public Accountant
Median salary: $66,000
Certified public accountant (CPA) is the job most people with an accounting degree joins. Their main responsibilities often consist of preparing financial records, assessing record accuracy, and ensuring that taxes are paid properly.
Learn the key differences between CMA vs CPA
Median salary: $70,751
An actuary is a business proficient who reduce the money related risks through probability, statistics, and information on business and financial matters. They utilize predictive analysis of statistics and patterns to tell the probability of an event happening. It is somebody who endeavors to value the future.
Median salary: $88,610
Financial Analysts use data to determine the potential risk and benefits of investments, helping their company or client making informed financial choices. They prepare reports and make recommendations based on analyzed data and market trends on whether clients should engage in purchasing or selling an investment holding.
Read our detailed guide on how to become a financial analyst.
Personal Financial Advisor
Median salary: $263,8021
Financial Advisor help individuals and families choose investments, set up retirement accounts, and navigate their finances in major life changes. Advisors will guide by looking at the current market trends and advise to make investments in the proper basket of investments.
Median salary: $86,267
The work of a forensic accountant is to continuously audit the transactions of concern, whether governmental or non-governmental, to verify frauds, transactions, liabilities, and taxation. Their main responsibility is to determine if a company or person falsifies their bookkeeping, provides evidence for court cases, produces calculations for insurance companies to determine amounts owed, and computes estate tax valuations.
Median salary: $123,491
They develop and monitor departmental budgets to make financial forecasts for their company.
Financial managers can participate in creating financial reports, directing investments, coordinating staff activities, cultivating relationships with clients, evaluating data, and developing strategies to achieve organizational goals.
Median salary: $880,544
Cost Estimator uses accounting, mathematics, and engineering knowledge to analyze how much a construction or manufacturing project will cost. To become a cost estimator, you have to get a bachelor’s degree in accounting with a double major in an area like engineering, construction management, public policy, or something similar.
Accounting degrees provide numerous job opportunities. Depending upon your interests, one can choose the best among them. Apart from the ones discussed above, other career options in the accounting field include management accountant, chartered accountant, stockbroker, bookkeeper, company secretary, and many more.
So step onto one, you think is right for you!