Accountants perform the integral function of organizing and analyzing financial data to support profitability and growth. They collect, organize, analyze, and utilize financial data to help businesses and clients. They specialize in designing budgets, managing financial resources, filing taxes, and making fact-based future predictions.
In simpler words, accountants are responsible for analyzing and driving the financial performance of businesses. There are various career paths that professionals can explore after a bachelor’s or master’s degree in accounting. It depends entirely on the interests and specializations of the professional. For instance, many pursue the career path of a certified public accountant (CPA), while others pursue tax accounting.
Accountants are one of the highest-paying professions in the United States. On average, they earn over $55,000 a year, and experienced professionals even pursue executive financial positions. For instance, executives, finance directors, and CFOs make over $100,000. Some of the most in-demand careers with accounting specialties given below.
Here, take a look:
VICE PRESIDENT OF FINANCE
An accounting specialty and years of experience can land you directly to the C-suite. You can join the executive leadership of an organization, and make significant contributions towards financial growth. Talented and experienced professionals climb up to the top of the organizational ladder after cultivating a desirable skill set and formidable experience.
The vice president of finance is leading the financial planning and budgeting efforts of an organization. He/she coordinates all financial planning and analysis and assists the executive leadership in decision-making and spending. Professionals with accounting specialties have to work their way to the top, driven by ambition, passion, and persistence.
Taxation can be an overwhelming grey area for organizations and small businesses, and it requires meticulous and diligent attention. If you want to enjoy a lucrative and well-paying career as an accountant, tax accounting might be the right path. Tax accountants are responsible for a myriad of financial documentation and procedures.
They meticulously prepare tax documentation, financial records, and perform other accounting functions throughout the year. There are various roles in this niche, starting from entry-level positions to more advanced tasks for seasoned professionals. Preparing accurate tax return documentation and ensuring timely tax payments is a big responsibility.
Tax accountants are indispensable for organizations to ensure their compliance with all financial and tax regulations. Their contributions are instrumental in maintaining accuracy, efficiency, financial compliance, profitability, and transparency.
CHIEF FINANCIAL OFFICER
A chief financial officer (CFO) commands respect and significance as the principal financial leader of an organization. The CFO entrusted with planning, forecasting, and preventing financial risks to ensure sustainability, profitability, and growth. He/she is responsible for devising short and long-term goals based on fact-driven financial projections.
A CFO supports the organization through research-driven financial strategies that allow growth, success, and expansion. They are also responsible for securing funding for business ventures and projects. It is also one of the highest-paying jobs for professionals with accounting specializations.
Much as the name implies, this critical job role is immensely significant for the financial success and profitability of an organization. A controller, much like a CFO, is responsible for budgeting, financial planning, tax filing, and much more. It is a leadership position that focused on the financial health and wellbeing of a corporation. A corporate controller assists the executive leadership in decision-making, strategizing, and maintaining the financial integrity of an organization.
ESTATE & TRUST ACCOUNTING
Despite being one of the most in-demand accounting career paths, estate, and trust accounting, they often overlooked. It allows a vast potential for growth, financial stability, flexibility, and independence. As an estate and trust accounting specialists, tax professionals can work with investors, families, and wealthy estate owners. They advise and assist clients in financial compliance and regulations on wealth and asset distribution.
They entrusted with the distribution of inheritances, life insurance policies, investment management, estate planning, and more. They aid investors and estate owners in avoiding tax-related complexities and penalties with meticulous planning. As an estate and trust accounting specialist, you can open your practice and set your hours.
Tax professionals in this field enjoy greater flexibility, independence, and they choose their rates. Naturally, this allows for greater financial freedom and convenience. However, to get here, professionals need to cultivate a unique skill set, experience, and a flourishing network of professionals. The reputation of a tax specialist goes a long way in opening opportunities and attracting a lucrative clientele.
Modern-day accounting career paths and responsibilities are rapidly evolving, given the heightened pace of technological innovation. Today, accounting career paths are no longer limited to jobs that accompany dainty cubicles and endless piles of files. Professionals with accounting specialties and experience can build lucrative careers based on their professional interests.
There is a wide array of certifications and career paths that accounting professionals can choose to define and redefine their specializations. They can cultivate diverse skillsets and experience to work towards executive leadership positions.