The role of accounting is one that is highly valued across all different kinds of businesses and markets. Accounting experts are relied on by governments, nonprofit organizations, public firms, and private organizations alike to ensure compliance with legislation, accurately disclose financial information, and make strategic decisions for their respective businesses. Jobs exist in the subject of accounting for individuals with varying levels of education, ranging from an associate’s degree to a master’s degree. In this article, we will discuss the business, finance, and salary of accounting degree jobs.
What Is a Degree in Accounting?
U.S. News & World Report states that students who pursue a bachelor’s degree in accounting learn the fundamentals of the field as well as the legal and ethical framework within which accountants operate. Macroeconomics, microeconomics, audits, and taxation are just a few of the other topics that could be covered. In addition, several schools provide preparation courses for the CPA exam.
According to the BLS, most states mandate that CPAs have at least 150 college credits, which is 30 more than the median bachelor’s program. This is why many universities provide accounting majors with a minimum of 150 credits so that students can sit for the CPA exam. To achieve this need, some schools offer accelerated bachelor’s/master’s programs. The master’s degree in accounting includes further study and builds on topics covered in the bachelor’s degree, such as financial accounting and business IT.
Accounting Degree Levels
Listed here are the various accounting degree tiers:
#1. Bachelor’s Degree
In order to get started in accounting, most people get their bachelor’s degree in the area. This degree provides students with the knowledge and skills necessary to perform entry-level accounting duties such as filing tax returns and financial reports, learning about financial regulations, and evaluating an organization’s financial records. This degree is also usually the minimum requirement for many types of accounting jobs.
#2. Certificate
Completing a brief academic program leading to a certificate in accounting is a great method to transition into the field of accounting from another field. Most certificate students in accounting have already earned a bachelor’s degree in a different discipline; completing a certificate program is faster and cheaper than getting a master’s.
#3. Master’s Degree
Certified accountants who already have some work experience can benefit from further education in the industry by pursuing a master’s degree in accounting. The majority of students pursue this education with the goal of moving up the accounting career ladder.
#4. Associate Degree
Earning an associate’s degree in accounting can get you into the field quickly and easily, usually in two years or less. After getting it, you can go into the financial and accounting fields or continue your study at the bachelor’s level.
#5. Doctorate
Those with a master’s degree or MBA in accounting typically seek doctoral degrees because they have substantial knowledge and expertise in the industry. Typically, they do so with the goal of expanding their knowledge base, especially for academic reasons.
What Is an Accountant and What Do They Do?
Professional accountants help people, businesses, nonprofits, and governmental organizations with their financial and tax documentation needs.
Accounting is the systematic recording of economic events with the objective of facilitating the communication of those summaries along with the analysis, verification, and presentation of financial results to interested parties. Accounting can also be thought of as a set of procedures and tools for gathering and disseminating accurate and consistent data about a company’s financial transactions and operations.
Only monetary transactions are recorded in an accounting system. It is the goal of accounting, sometimes referred to as “the language of business,” to assist those who use its output in decision-making.
For their clients, accountants do a wide variety of work, including the following:
- Keeping tabs on money and recording transactions
- Assessing current financial procedures and suggesting changes to management
- Verifying the accuracy and completeness of financial records and ensuring that they adhere to established accounting practices.
- Tax return preparation and related work
- Verifying the accuracy and conformity with regulatory standards of financial statements
- Advising on how to boost earnings by increasing sales and decreasing expenses
In the United States, accountants can choose to further their education and become Certified Public Accountants (CPAs). Certified Public Accountants undergo screening and approval by their respective states’ regulatory agencies. There is no universally agreed-upon minimum number of college credits needed to sit for the CPA exam, however, most states do demand at least 150. In addition to meeting the educational requirements, candidates must also demonstrate competence in the field by passing the Uniform CPA Examination.
CPAs are uniquely qualified to provide audited and reviewed financial statements in accordance with SEC requirements, a service that is not available from non-CPAs.
Common Accounting Concentrations
While any accounting degree will provide you with a solid grounding in the field, the following specializations might help you focus your studies and prepare for specific jobs. Schools offer a wide range of subjects for concentration.
- Auditing. Accounting policies and best practices, as well as the accuracy of financial data, are checked by auditors. An audit helps find mistakes and stop them from happening again. This degree prepares students to serve as internal or external auditors.
- Forensic Accounting. Instead of conducting an audit to bring clarity and make recommendations, forensic accountants investigate if an individual or corporation has committed a crime. Embezzlement, money laundering, tax evasion, and other forms of fraud fall within this category.
- Business Administration. Accounting is included as a concentration in business administration degrees rather than in accounting-only degrees. In addition to accounting abilities, students who pursue a degree in business administration have a solid grounding in general business practices and learn to lead others effectively.
- Data Processing Systems. Students who choose to focus on information systems gain expertise in areas such as data management and system design in addition to the more traditional accounting knowledge. A master’s degree in information systems is another way to expand your knowledge base.
- Public Accounting. Many different types of enterprises and individuals utilize the services of public accountants. Students who major in accounting are frequently well-suited for public accounting because of the breadth of the field. Enroll in a CPA exam prep course if you want to work in public accounting.
- Managerial Accounting. Instead of focusing on tax returns and audits, a managerial accounting specialization trains you to evaluate, understand, and explain data to aid top management in making informed financial decisions. You might decide to go for the CMA credential if you choose this concentration.
Top Accounting Degree Jobs
The field of accounting is highly respected and is present in a wide variety of businesses. Most businesses need to hire accountants because keeping tabs on money coming in and going out is essential to running smoothly. A degree in accounting may also be useful preparation for jobs in areas other than accounting. Here are some of the top accounting degree jobs you can consider.
#1. Accounting Assistant
Professional accountants often rely on accounting assistants to help them with the many tasks that must be completed each day. For the accountant, accounting assistants may be responsible for document review, report creation, or spreadsheet completion. Since gaining job experience under a licensed accountant is a prerequisite to sitting for the Certified Public Accountant exam, an accounting assistant position can be ideal for recent accounting majors. Working as an account assistant can help you gain the work experience needed to sit for the CPA exam.
Salary: $28,621 per year on average in the United States
#2. Financial Planner
Professional financial advisors help their clients create long-term monetary plans. Financial planners serve both businesses and individuals, yet their work for each is essentially the same. They are experts in the financial sector who advise clients on matters such as where to invest, how to minimize taxes, how to save money, and what the future holds. After hearing their client’s financial objectives, financial planners offer advice on how best to proceed.
The average yearly salary in the United States is $69,737.
#3. Accounting Clerk
Accounting clerks are responsible for preparing the financial records used in accounting processes. They conduct company-wide audits and produce reports for management. In order to gain the job experience necessary to sit for the CPA exam, recent accounting major graduates may want to consider becoming accounting clerks, who often work under a certified public accountant. This position would satisfy the criterion so long as the accounting clerk collaborates closely with another CPA.
Annual pay averages $44,465 in the United States.
#4. Account Manager
In the field of customer service, account managers are in charge of keeping tabs on their client’s accounts. Account managers are in charge of a number of accounts and act as a point of contact for their respective clients, identifying their needs and fielding their inquiries. It’s not uncommon for account managers to get in touch with potential customers to talk about the services their business offers. A background in accounting may set you up well for a position as an account manager serving clients in the accounting field.
In the United States, a typical annual salary is $54,294.
#5. Financial Adviser
A financial adviser is a consultant who helps clients with their finances. Most financial advisors are employees of consulting firms serving businesses and the rich, however, some work independently. In order to help their clients achieve their financial objectives, financial advisers are knowledgeable and experienced in a wide range of investment and savings vehicles. A background in accounting can be helpful for those seeking a career as a financial advisor, as it can provide knowledge of how businesses handle their money and how to cut costs.
The average salary in the United States is $74,129 per year.
#6. Actuary
As risk managers, actuaries are essential members of the financial community. In order to generate actuarial tables, actuaries use a wide range of analytical tools, including computer modeling and data assessment. These tables provide an evaluation of the dangers associated with commonplace actions. In the insurance industry, actuaries are responsible for providing quantitative examples of how policies should be graded based on the level of risk associated with each client.
The annual median income in the United States is $114,430.
#7. Investment Adviser
Investment advisors collaborate with their clients to provide light on potential financial moves. An investment adviser is a consultant who provides companies and people with advice on financial investments. They usually work for a consulting firm and advise businesses that are unsure of where to put their funds.
Annual wage average, all 50 states: $78,463
#8. Business Analyst
Business analysts serve as consultants to their clients, for whom they provide in-depth analyses of their businesses. Many businesses employ the services of business analysts, who are considered experts in their sector, to compile studies on how to boost profitability and streamline operations. Business analysts frequently work as part of a bigger advising firm with a wide range of personnel, each with their own unique set of skills and areas of specialty within the business sector. There are also business analysts who work independently, lending their analytical expertise to companies in search of guidance.
The median annual salary in the United States is $74,167.
What Else Can I Do With an Accounting Degree?
With a degree in accounting, you can do a wide variety of jobs. However, jobs in this field might range from budget analyst to financial examiner to finance manager to management analyst to personal financial advisor.
An accounting degree can provide you with the foundational knowledge and practical experience for a successful financial career if you have an interest in or aptitude for financial management, budgeting, and strategic planning.
Numerous sectors need qualified accountants and analysts, and those with accounting degrees can find work in both of these roles. Accounting training can help prepare you for a wider range of occupations than you might believe, thanks to the analytical and critical thinking abilities you acquire.
According to Ann McLaughlin, associate dean of business degree programs at Southern New Hampshire University (SNHU), “There is a high demand for accountants with skills in business analysis and reporting, tax compliance and planning, information systems and controls, management, and forensic accounting” due to technological advancements and shifts in the accounting industry. It is possible for accountants to acquire these abilities through formal training, practical experience, and professional certification.
Business Accounting Degree Jobs
Don’t worry about what you can accomplish with an accounting degree; just know that it’s a wonderful asset no matter what you choose to do with it. Accounting has been referred to be the “language of business” on more than one occasion by famous billionaire investor Warren Buffet.
If you pursue a career in accountancy, auditing, sales management, advising, or any of the numerous other accounting-related fields of work, having a degree in accounting will prepare you to speak and understand the language of accounting. While a degree in accounting may seem like a surefire ticket to jobs as an accountant or auditor, there are actually a wide variety of fields where such expertise can be put to use. Here are jobs you can get with a business accounting degree. Also, read BUSINESS ACCOUNTING: What It Is & How to Set It Up
#1. Financial Analyst
The work of a financial analyst is broad. Their ultimate objective, however, is to help companies or people increase their capital through careful investing. A financial analyst’s primary area of expertise might range from securities and risk management to rating agencies and portfolio management.
Typically, entry-level employment requires a bachelor’s degree, preferably in business. A master’s degree could be required by some companies. Gaining the Chartered Financial Analyst (CFA) designation from the CFA Institute is one way to position yourself favorably for promotion when the time is right.
Average Income: $77,300 Per Year.
#2. Financial Manager
A financial examiner will look at a company’s finances and give an opinion, but it is the job of the financial manager to keep those finances in good shape. Their responsibilities include supervising a team of staff, preparing financial reports and forecasts, and advising leaders on how to save expenses and increase revenues.
To become a financial manager, you need to have a bachelor’s degree in business or a related discipline and at least five years of work experience in the financial sector. You can set yourself apart from the competition by getting a CPA license or a CFA designation.
Annual Mean Income: $131,710.
#3. Sales Manager
A sales manager’s responsibilities often include managing the inner workings of either business-to-business or business-to-consumer sales. The duties of a sales manager may include compiling and evaluating sales data, establishing sales targets, formulating pricing and promotional tactics, and arranging for the training of sales staff.
A sales background and some management expertise can get you hired as a sales manager even if you only have a high school graduation. A bachelor’s degree is usually necessary, though.
Associate Accounting Degree Jobs
An associate degree in accounting will do much more for you than only make it possible for you to qualify for entry-level jobs, regardless of whether your goal is to work in private industry, the nonprofit sector, or even for the government. It will equip you with the abilities necessary to quickly adapt to any work environment, allowing you to advance professionally when new possibilities arise in your chosen field. The following is a small selection of the many fascinating jobs open to graduates who have earned an associate degree in Accounting:
#1. Payroll Clerk
You deserve to be paid promptly for the work you’ve done. Everyone else does, too, which is why payroll clerks are so important. To ensure that all employees are paid at the conclusion of each pay period, it is your job as a payroll clerk to collect, organize, and double-check employee time sheets. Direct deposits for workers who opt for them will be handled by you. Your expert understanding of the tax code will also allow you to ensure that employees are having the correct amount of tax taken from their paychecks.
#2. Accounts Payable or Accounts Receivable Administrator
A vendor is a company or organization from which a buyer acquires products or services. Administrators of accounts payable are responsible for ensuring that all suppliers are paid in a timely manner and in accordance with legal standards.
Sometimes the company you work for will be the one purchasing goods or services from another business. The role of the accounts receivable manager is to ensure that the company is paid on time. You will be responsible for creating invoices and billing customers for goods and services as an AR administrator. You’ll also check in on overdue payments and make sure there are no hiccups in the accounting.
In addition, administrators of both accounts payable and accounts receivable will maintain detailed records of all business transactions on the company’s behalf and make these available to managers, accountants, and government auditors upon request.
#3. Tax Preparer
People who require assistance in preparing their tax returns are never in short supply. Also, being a Certified Public Accountant isn’t something everyone needs. When this occurs, they go for the assistance of a qualified tax preparer who is also registered. As a tax preparer, you will be responsible for calculating, filing, and signing the income tax returns of both people and businesses, so ensuring the tranquility of all parties concerned.
Accounting Degree Jobs Salary
Jobs in accounting include anything where taxes, financial statements, and other forms of formal documentation are prepared. When you’re an accountant, it’s your job to keep meticulous records and always pay on time, whether it’s taxes or other bills. If you’re an accountant, you might focus on personal finances, but you might also get requested to audit a company’s books to make sure everything’s in order. If issues are identified, you report them and recommend solutions to improve efficiency within the company or organization. It’s also possible to investigate financial crimes like tax evasion and theft by working in the field of “financial forensics.”
Depending on your area of expertise, you may need different skills to succeed in the accounting field. A bachelor’s degree in finance, accounting, or a related discipline is required for all jobs. This degree can be used in any field of study with the correct amount of work experience. However, forensic accounting is a field that can be studied in and of itself. Get an internship at a relevant company while you’re still in school.
The typical salary of accounting degree jobs is conditional on the candidate’s field of specialization and level of education. For instance, accountants can expect to earn a median salary of $53,604 a year, with that number increasing to $61,717 for those with more than ten years of experience. In contrast, the average income for an accounting manager is $76,341 per year. An accounting department manager with more than ten years of experience can expect an annual salary of $86,113.
Finance and Accounting Degree Jobs
Both accounting and finance jobs place a premium on analytical skills, such as number crunching and detail-oriented thinking. The preceding comparisons highlight certain similarities but also highlight some important distinctions.
Students and working professionals should consider the aforementioned factors while deciding between a degree in finance and a degree in accounting.
For instance, compared to finance, accounting seems to be a more secure profession due to its standardized nature. A degree in finance and accounting can give graduates the freedom to switch jobs in the future if they so want. Earning a degree in finance may be the best option if one wants to improve their ability to manage their own finances, make important business decisions, or shape the financial policies of an organization. Accounting may suit those who like to focus on a company’s financial activity rather than its future.
Choosing between a degree in accounting and finance is a matter of what is most important to you. However, a degree in finance or accounting can serve as a solid foundation for success in the ever-changing financial services sector.
What Are the Difference Between Accounting and Finance?
When deciding between a job in finance or accounting, students and working professionals can think about the distinctions between the two fields. These distinctions are outlined briefly below as a reference. They aren’t necessarily universal or appropriate to every industry or location.
- Experts in the financial sector frequently utilize data analysis in order to develop plans for efficient capital accumulation and distribution. Daily, accountants compile and report on historical and current financial data to ensure that a company’s spending is proportional to its profitability.
- Professionals in the financial sector make decisions according to the study of market conditions and past performance. To maintain accurate financial records and ensure that all available funds are being used effectively, accountants pay close attention to day-to-day business activities.
- Accountants play a crucial role in making sure taxes are paid and rules are followed. The information provided by accountants also gives some finance professionals, including financial managers, more say in the decision-making process.
- Certified public accountants (CPAs) are accountants who have met the educational and experience requirements set by the state and federal governments to represent their clients before the Internal Revenue Service and the Securities and Exchange Commission. Although those with a degree in finance can take the CPA exam, many will not be eligible to do so due to a lack of accounting courses. Also, read ACCOUNTING CERTIFICATIONS: Best 2023 Accounting Certifications Programs You May Need
- Return on investment (ROI) and risk management are within the purview of finance experts, whereas balance sheets and income statements are the bread and butter of accountants.
- There are more job opportunities in finance, but there is also less stability. Jobs in the financial sector may occasionally pay better than average. A career in accounting may provide greater job security and stability but with a lower salary.
Overview of the Best Finance and Accounting Degree Jobs
Jobs in accounting and finance typically require managing someone else’s money, be it their own or someone else’s business. Consulting clients to help them learn the ropes of personal finance is another common aspect of these roles. Listed below are jobs that require an accounting or finance degree.
#1. Conveyancer
Conveyancers are professionals that aid with the legal and financial aspects of transferring property from one owner to another. They investigate the property, complete and submit paperwork, and make sure the owners stick to the terms of the contract. Conveyancers can also be present during settlement negotiations and can help negotiate tax rates.
Salary: $41,798 annually on average in the United States.
#2. Credit Analyst
Credit analysts are used by financial institutions to evaluate borrowers and assess the risk involved in lending them money. They investigate applicants’ credit records and compile risk assessments before making lending decisions. Also, they collect information on each client by coordinating with credit bureaus.
Salary: $52,983 annually on average in the United States.
#3. Treasury Analyst
Treasury analysts keep tabs on the money coming in and going out of a company, bank, or other large organization with extensive financial demands, such as a government agency. They examine all financial dealings, suggest ways to improve processes and analyze data to develop budget projections for their organization. Treasury analysts monitor the company’s finances and investments and report on their findings to top management.
The annual median income in the United States is $70,729.
#4. Cost Estimator
To gain a ballpark figure for how much a new building would cost, contractors may use cost estimators. They determine an approximate total cost by investigating the prices of all necessary components (materials, labor, and equipment). Estimators of project expenditures might also offer advice on how to reduce expenses.
The yearly salary averages $66,206 in the United States.
#5. Mortgage Adviser
Financial institutions frequently employ mortgage consultants to assist clients in identifying the most suitable mortgage products. In consultation with clients, they explain the options available to them in the mortgage market. Mortgage brokers collaborate with borrowers to ascertain their priorities in a loan and provide product recommendations accordingly.
The average annual salary in the United States: $53,351.
Is It Better to Get a Degree in Finance or Accounting?
The field of finance provides a wider variety of employment options; nevertheless, it is also less predictable. Careers in finance could potentially give higher salaries under certain circumstances. In many instances, jobs in accounting offer more stable and predictable work, but remuneration that is far lower.
Bottom Line
In conclusion, the area of accounting is constantly being transformed by technological advancements. However, during the entirety of human history, there has never been a period in which businesses did not require the services of accounting specialists, and it does not appear that this situation will alter in the near future. With a degree in accounting under your belt, you’ll be ready to contribute to any organization’s success.
Frequently Asked Questions
Is Accounting a Good Degree to Have?
Yes. Earning a bachelor’s or master’s degree in accounting is highly advantageous for anyone seeking employment in the accounting, finance, or business sectors.
Are Accounting Majors in Demand?
Accounting is one of those rare professions that is in demand in good times and bad. With an accounting degree, you can find fulfilling work in a wide range of industries and specializations, and your salary could approach six figures.
Is Accounting Major Hard?
Due to the complexity of its principles and formulas, accounting is widely regarded as one of the most difficult majors to pursue in college. For effective account regulation, you’ll need a solid grounding in both the theory and practice of accounting.
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