A Deep Dive Into The Accounting Career Path: Mapping Success
To become a public accountant, you’ll typically need to become a CPA and have a four-year degree in accounting from an accredited college or university. In addition to passing the CPA exam, public accountants must also meet continuing education requirements set by state boards of accountancy. Most accounting jobs will generally require at least a bachelor’s degree in accounting or a related field. Many employers also require accounting candidates to have professional certifications, such as the Certified Public Accountant (CPA) designation.
- The American Institute of Certified Public Accountants (AICPA) reports that fewer people are graduating with accounting degrees, and the number of people taking and passing the CPA exam is declining.
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- On the other hand, accountants with CMA licenses may need some leadership skills and a stronger understanding of corporate finance.
- Explore the details to see if this profession aligns with your personal goals.
- CFOs evaluate the company’s fiscal strategies, seek avenues for improvement, and act as the primary financial spokesperson for the organization.
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Each level of education enhances your skill set and qualifies you for more advanced and specialized positions in the accounting field. Now that we’ve covered the most common accounting career paths, you might be asking yourself what the pay range is for each role. At this level, professionals are responsible for overseeing complex accounting projects, guiding junior accountants, and ensuring compliance with financial regulations. Accountants are invaluable to the organizations and individuals they serve.
All this equals higher demand for accountants and more ways for you to pursue accounting as a career. You could be a financial expert, systems professional, management consultant, managerial accountant, budget analyst, or forensic accountant, among other exciting roles. At a minimum, a bachelor’s degree in accounting is required, with some employers desiring a master’s degree. Often taking four years, a bachelor’s degree in accounting usually requires a minimum of 120 credits to graduate.
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This role requires deep expertise in accounting practices and is responsible for managing the financial reporting and compliance of the company. So, if you’re thinking about which accounting career path you should pursue, it might be a good idea to first consider what kind of company you would like to work for. The CGMA designation is a globally recognized accounting designation that adds credibility to your resume by demonstrating your accounting and finance skills and establishing you as a strategic leader.
Who Can Become an Accountant?
To qualify for senior-level or specialized roles, you’ll likely need a master’s degree in accounting, business administration, or a related field. Acquiring a master’s degree strengthens and expands your skill set, enhancing your employability and increasing your earning potential. Professional certifications also add value to your résumé and help you stand out from the competition.
- Every year, the IRS updates the tax code, which provides new challenges for tax accountants.
- An accounting degree is a solid foundation for numerous career roles, including auditing, certified public accounting, business analysis, financial management, and more.
- Entry-level or junior accountants focus more on balance sheets, budgeting, and expense tracking.
- The Cornell SC Johnson College of Business offers a suite of career resources tailored to students’ needs.
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Most forensic accounting positions require a few years of experience in general accounting. Tax accountants can work inside an organization as part of their finance function or independently for various clients and businesses. A staff accountant is a mid-level position between junior and senior accountants. A few years of experience as an accountant is generally all you need to progress to a staff accountant. Educational requirements for accountants depend on the specific nature of the job and the company doing the hiring. As they gain experience, they are given more responsibility and are often put in managerial roles.
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That level of responsibility and attention to detail can become tiresome. Financial statements are fairly standardized, so there isn’t a lot of variety in the day-to-day work. Ultimately, accounting involves working with a lot of numbers, constantly.
How to Choose an Accounting Career Path
All Integrity Network members are paid members of the Red Ventures accounting careers Education Integrity Network. For example, you can work as a budget analyst, reviewing a company’s spending habits and finding ways to make the budget more efficient. This can be a great choice if you enjoy autonomy and being your own boss, but it can also mean that you’ll need to spend a lot of time finding new clients and building your client base,” Sharpe says.
The highest-paying sectors for accountants during this time were finance, insurance, and corporate management. Management accounting is a challenging and rewarding career that can offer opportunities for advancement and high earning potential. With education, certification, and experience, management accountants can become financial controllers or even chief financial officers (CFOs) of companies. As a management accountant, you may also choose to open your own accounting practice or become a consultant.
There are four main sectors that offer a wide variety different jobs and careers. Here’s a list of each main sector and the jobs commonly found in that sector. The specific certifications required for government accounting positions vary depending on the position level and the jurisdiction in which it is located. Typically, management accountants have at least a bachelor’s degree in accounting or a related field. Many management accountants also have a master’s degree in accounting, business, finance, or a related field.
Private Accounting vs. Public Accounting
Roles include Accounting Manager, Corporate or Finance Controller, VP of Finance, and Chief Financial Officer. The strategy element of management accounting is what differentiates it from public accounting. The Association of Certified Fraud Examiners (ACFE) offers a Certified Fraud Examiner (CFE) credential that provides you with the technical knowledge necessary for forensic accountants. Forensic accountants investigate fraud, bribery, money laundering, and embezzlement by analyzing financial records and tracing assets. Accountants can choose FP&A as entry-level employees and will usually be called FP&A Analysts. Later in your career, you could be an FP&A Manager, which requires more experience and comes with a higher salary.