Financial and accounting positions offer excellent pay and other benefits. It explains why they are so popular among the masses. That said,getting into the industry is not always easy because the qualifications requirements might be as high as the salaries. Most roles require a bachelor's degree, while others require postgraduate degrees in math, business, economics, or statistics. But the investment yields a substantial return over time.
Considering a broad array of job prospects in finance and accounting, it could be challenging to narrow the options. So if you are not sure where to begin, here is a rundown of the most popular career paths:
1. Certified Public Accountant
A certified public accountant (CPA) helps businesses develop and achieve financial objectives. They oversee their clients' expenses, taxes, investments, assets, and audits. These experts can work full-time, part-time, or under contract. CPAs are often employed by accounting or CPA firms. However, they can also operate independently.
A bachelor's degree, preferably in accounting, is a prerequisite for this position. However, many CPAs also have a master's degree in business administration or accounting as a secondary qualification. Besides, becoming a CPA necessitates passing a test and completing continuing professional education (CPE). Also, you have to consider CPA state requirements as well.Most states have accounting boards that monitor the profession and set criteria to grant CPA licenses. Therefore, obtaining a license to practice in one state may not allow you to do so in another. Fortunately, you can get away from many such complications if you work for a big company with a strong footprint in multiple states.
CPAs make an average of $119,114 annually. Due to increased economic activity and the requirement to keep accurate financial records, the demand for CPAs is only expected to increase.
2. Financial Manager
Financial managers play an important role in organizational decision-making. Organizations can benefit from their data analysis and advice on profit-maximizing strategies, which can be used to improve investment and spending strategies. Put another way; they are responsible for keeping an organization's finances in order and ensuring its long-term viability and sustainability.
A financial manager collaborates with various individuals and teams within an organization. In most cases, they coordinate with the chief financial officer to establish financial objectives and assess the company's financial performance. However, sometimes they also share information with financial controllers and analysts.Since a financial manager interacts with multiple decision-makers, the role requires them to stay on top of their communication skills.
One typically requires a bachelor's degree in finance, business administration, and accounting to work as a financial manager. The median annual salary for financial managers is $129,890. According to BLS, there will be a 15% increase in demand for financial managers between 2019 and 2029.
3. Auditor
An auditor can analyze the accuracy of financial documents and ensure that organizations comply with tax regulations.Apart from that, they also serve as consultants to help corporations find ways to improve operational efficiency by pointing out anomalies in accounting methods.
Acquiring a college degree is the first step toward a future in auditing. Most employers prefer candidates with a bachelor's degree in accounting or a closely related field. Thanks to your undergraduate studies, you will have a strong business and technical accounting foundation. But you will probably need to beef up your r̩sum̩ with job experience in junior-level accounting and audit positions. As of 2022, auditing professionals' median annual pay is $81,164 Рwell above the $45,760 national average for all jobs.
4. Insurance Advisor
Insurance is a complex topic that must be fully grasped to make the most of it. That is where insurance advisors come in handy. Clients benefit from their assistance in understanding and selecting the appropriate insurance coverage. They may also advise clients on how to maximize the value of their policies. Most insurance advisors specialize in a single line of coverage, such as health or life insurance. When deciding which insurance policies are the best for customers, they frequently collaborate closely with underwriters.
Bachelor's degree is the minimum requirement for this role. The most popular majors for this profession include finance, business, economics, and actuarial science. In addition, employers typically provide on-the-job training for new insurance advisors. This training normally lasts a few weeks and teaches new employees about the company's products and services.
An insurance advisor's pay ranges from $40,676 to $92,361, with an average compensation of $63,426. However, their earnings are influenced by various factors, including the level of education, years of experience, and the type of insurance they sell. In addition, depending on their performance, they may be eligible for incentives and commissions.
Conclusion
There are several perks to working in finance and accounting. These include a comfortable work atmosphere and the opportunity to earn good wages. Anyone wishing to pursue a rewarding career can find countless options in the financial and accounting industry. You can easily find a job that goes with your skillset from entry-level positions and leadership roles.
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