A career in accounting is a good choice that ensures professional growth and a high salary. No matter its scale, every business requires an accountant to manage and audit its finances and record all transactions. Accounting has a broad spectrum of careers to choose from. An accountant can enjoy the liberty to select any desired career path in any industry.
Accountants prepare and organize financial and tax documents for individuals, small businesses, large corporations, non-profits, and government agencies. The statistics given by the Bureau of Labor, employment in financial occupations anticipate boosting up to 10% by 2026, resulting in the creation of over 773,800 new jobs in different industries.
Here is the list of careers that accountants can pursue in different industries:
Tax advisor
Tax advisors are individuals that leverage their knowledge of tax laws and legislations to offer consultancy and advisory to their clients. They monitor the tax payments and get benefits from tax relief. Individuals, businesses, and other organizations hire tax accountants to prepare federal, state, and local tax returns.
There are two types of tax advisors: personal and corporate.
Personal Tax advisors give advisory to individual clients to ensure that they are not paying any more tax than necessary.
Whereas Corporate tax advisor works with companies with significant assets, some of whom are private clients.
Economist
Public sector organizations such as Government financial services, regulating bodies, and banks hire economists for researching and collecting vast amounts of data. That gives insight and helps design a policy, regulation, or a survey in Taxation, employment rate, interest rates to energy, health, education, and global development.
An economist uses specialized software and high-tech statistical analysis techniques to analyze the data and deliver forecasts of economic trends and recommendations for increasing efficiency.
Auditor
An auditor is a detail-oriented individual. External auditors send or invite inspect or scrutinize the accounts of an organization. Their responsibility is to ensure the records are 100% true and foolproof.
Some businesses hire internal auditors to scan for any financial risk. They also keep the company in compliance with updating and existing tax regulations. They investigate the existing working system and suggest areas for improvement. And potentially coordinate internal process improvement.
Budget analyst
In most Companies, money is spent without a planned budget or supervision, which risks fraud and overspending. A budget Analyst efficiently Monitors & distributes funds and confirms that every department is spending responsibly within the budget. They also make plans for future budgets keeping in mind that every department gets its fair share. Also, Establish guidelines for the annual budget.
Credit Analyst
A credit analyst evaluates a loan applicant’s ability to repay the loan and recommends whether the loan should be approved or denied. Banks, credit card companies, credit rating agencies, and investment firms hire credit analysts.
Accounting professor
If you have a doctorate in Accountancy and adequate experience in the finance industry, you can be an accounting professor. In addition to other sectors education sector is expanding rapidly and opening gateways to advanced business programs.
The primary responsibilities of an accountancy professor are to teach courses, publish relevant research studies and be part of educational communities.
Forensic accountant
With the alarming increase in financial fraud, the need for a forensic accountant has increased. They train financial investigators.
Forensic accountants assist investors in accomplishing due care by analyzing transactions to detect potential fraud. They investigate bankruptcies, mergers, and acquisitions to make sure everyone involved is playing fair. Forensic accountants assist law firms in divorce proceedings by uncovering any financial skeletons in the closet. They also function for insurance companies, verifying whether claims are legitimate and determining how much loss the company will take on specific clients.
Public Finance Accountants
Public sector accountants make sure that the public money is being used fairly. They are responsible for administrating & usage of public funds. For example, they work for public organizations, federal or local government, publicly funded organizations like charities.
Accountants are employed primarily by health authorities, local government authorities, and central government organizations.
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