Career Opportunities in Accounting Profession

"The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof." - Definition of Accounting by the American Institute of Certified Accountants (AICPA)

Accounting is a very essential field in the industry. This process helps in smooth running of a company in terms of financial management. A lot of people have a misconception about the career opportunities in accounting profession. They think that this profession only consists of a financial expert known as an accountant. You need to know that this career has many branches according to specializations in financial management. Moreover, the salary ranges are also considered high for most accounting job opportunities. In the following, you will get to know some major types of accounting careers.

Popular Career Opportunities in Accounting Profession

Forensic Accountants
A forensic accountant is a financial expert who is well versed in carrying out investigative procedures regarding any fraudulent activities in a company. He generally deals with two things, first of which is the crime involved, and the second being a detailed financial analysis. He has to investigate matters while working with other personnel such as auditors and business lawyers. Sometimes, forensic accountants also render assistance to company management with regards to avoiding fraudulent practices. This professional can get paid around $80,000 on a yearly basis.

Auditors
Auditors are professionals who are handed over the responsibility of thoroughly assessing the accounting and financial processes of a company and check their effectiveness. They do a detailed check by abiding with certain audit policies and processes. They even focus on finding out if there is any fraud or mismanagement in the company. The services of auditors help organizations to develop their financial management systems effectively. The per annum average income of auditors is reported to be about $75,000.

Payroll Accountants
Payroll accountants are important executives in a company, who oversee complete processes of the payroll department. They have to keep detailed records of all employees along with their salary logs for payroll processing. A payroll accountant directly works with other personnel from departments like HR, accounts, and admin. The data that he deals in is concerned with salary, bonus, commission, and other benefits to employees. The median earnings of these experts is believed to be about $50,000, which is pretty decent.

Tax Accountants
As the name portrays, a tax accountant is an individual who performs all tasks associated with taxes. He can be employed at a corporate or a commercial level, working for a company or just for individuals. He is adept in working as per federal, state or local tax rules and regulations. He mainly helps clients reduce their tax liability and know about changing tax variations if any. A tax accountant has to devise tax data collection systems for proper records of his clients. He also has to coordinate work with tax authorities and entities. These professionals may draw an annual salary of about $70,000 on an average.

Corporate Accountants
A corporate accountant is a person who does the job of managing company accounts. His daily duties may include documenting all financial details of the company, recording data in the books of accounts, budgeting, and presenting reports to company management. He may even be given the responsibility of handling assets of the organization. In this role too, a corporate accountant needs to make sure about correct recording of all financial details. The median income of these full-time employees comes to around $70,000 per year.

Accounting Directors
An accounting director is a top management position in an organization. He is responsible for overseeing overall functions of the accounting department, which primarily includes the daily work of other accountants and finance executives. He particularly has to carry out year-end procedures for the company. He normally reports to the Chief Financial Officer (CFO) or directly the board of directors. Besides, he also has to execute annual budget procedures and formalities. Owing to a post at the top management level, his annual average pay is considered to be around $90,000.

These are few of the most notable career opportunities in accounting profession. In order to work in any of the above mentioned jobs, you need to have educational qualifications in finance and accounting fields and other skills in data and accounts management. There are certain certifications present to excel in a career as an accountant. Some of the most recognized ones are Certified Public Accountant (CPA), Certified Financial Manager (CFM), Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), Certified Management Accountant (CMA), Certified Quality Auditor (CQA), Certified Payroll Professional (CPP), and so on. Accounting career certifications like these certainly add up to your resume and help you move forward in your career.