Career In Accounting And Finance

Accountant Career Path Vs Finance Career Path

Accounting Vs. Finance. Which Career Choice is better?

A career in accounting and finance can be a lucrative one with great growth potential. But where do you even start? And then where do you go from there? It may seem a little overwhelming, but when you consider a career path, think about where you would like to be in five, 10 or 15 years. Believe it or not, 15 years will go by quickly, so be sure to intentionally seek out finance or accounting job opportunities and experience that will help you achieve your career goals.

What Initially Interested You About The Field Of Financial Accounting

The ability to work on challenging and interesting projects. I started my career as an auditor like many folks do, but auditing eventually felt repetitive and I didnt feel challenged enough. Im a lifelong learner with lots of interests, so I tend to get restless if I feel like Im not learning something new or worthwhile.

Over time, I noticed that I really enjoyed digging into the more technical areas of my audit engagements, and I even started working on valuation and litigation support projects, which is also highly technical work. It all finally clicked once I learned about financial accounting advisory job openings with the Big 4 and realized theres an entire field of accounting that does exactly what I enjoy doing. That, and they dont tend to have the grueling busy-season hours that I grew tired of.

The History Of Accounting

It is believed that the very origins of writing itself may have developed out of early marks used to keep account of goods at ancient warehouses more than 5,300 years ago. The notion that pre-numerical counting systems pre-dated even written language didnt come as a surprise to many historians and archeologists who have long since recognized that the history of human civilization is largely indistinguishable from the history of commerce.

The story of the origins of monetary systems and commerce help provide a historical account of the origins and progression of accountancy, as commerce and accounting have run parallel to each other since their respective beginnings. For this reason, the history of accounting is often seen as indistinguishable from the history of finance and business.

Ancient Accountants of Egypt, Mesopotamia, Greece and Rome

Ancient Egyptian bookkeepers kept meticulous records of the inventory of goods kept in royal storehouses. The accuracy of these records was assured by the swift and severe penalty that came if mistakes were ever discovered.

Archeologist Dr. Gunter Dreyer of the German Institute of Archaeology discovered 5,300-year-old bone labels inscribed with marks and attached to bags of oil and linen in the Abydos, Egyptian tomb of King Scorpion I.

14th Century Double-Entry Bookkeeping

19th Century The Beginnings of Modern Accounting in Europe and America

20th Century The Development of Modern Accounting Standards

Looking to the Future

Don’t Miss: Career Starter Loan Navy Federal

Which Career Should You Choose

Accounting and finance are complex fields and deciding which career path to take can be daunting. So, which is better, accounting or finance?

Blue Shield of Californias CFO Sandra Clarke she went through six different industries during her career.

Some of the best things that happened in my career were opportunities that I never could have planned, Clarke said. And when they presented themselves to me, I decided to take a chance and it worked out. So be open to that.

There are many factors to consider when making this decision. Both accounting and finance careers offer opportunities for growth and advancement. Both require financial acumen and mathematical ability. Ultimately, the best career choice depends on a persons skills, interests and goals.

Careers In Accounting With High Salaries

View these #jobs and more by clicking the link. #Careers #Finance # ...

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed’s data and insights to deliver useful tips to help guide your career journey.

Related: A Day in the Life of an Accountant

In this video, we follow Ektaa, a tax accountant working for a family-owned accounting firm, as she shares the skills and education needed to be a successful accountant.

An accountant works with financial records and can find a career in almost any specialized field. Aside from being widely available, jobs in accounting pay well and offer stability in terms of employment and salary. If you’re looking for a change in careers or if you’ve always been interested in numbers and bookkeeping, a career in accounting might be ideal for you. In this article, we review 22 careers in accounting along with their salaries and primary job duties.

Read Also: Career Paths For Biology Majors

Audit Consultant Private Equity

Can work as independent audit consultant or as an accountant specialized in private equity business. You can use the investment accounting expertise to focus on areas like fund organization and structuring, Valuations and FAS 157/ASC 820, income, loss and carried interest allocations, distribution computations, financial statement preparation and disclosures, specialized private equity services for SBICs and BDCs and custody audit.

Watch Our Accounting Virtual Session

Bachelor of Business Administration major in accounting, minor in finance & economicsInteresting fact: moved to St. Johns Newfoundland for first NHDP rotationThroughout my eight-month work-term with Imperial, I was provided with an abundance of challenging assignments that contributed immensely to my learning, development, and skill set. It was exciting to be relied upon to complete important deliverables and present to management on a monthly basis in a student position. Imperial is truly an organization that contributes to your personal and professional development, while you contribute to the success of the company. I look forward to starting my career in the New Hire Development Program as part of the East Coast team.

Lianne Delarosbil,Bachelor of Commerce degree major in accountingInteresting fact: obtained CPA in 2019 while working at ImperialI was attracted to Imperial because of the organizations commitment to long-term employee development. The opportunities I was presented through the New Hire Development Program allowed me to gain strong skills within the first years of my career.

We are a CPA Pre-Approved Program Provider in Alberta and Newfoundland and Labrador, with proven success in developing CPAs over the years.We offer a high quality structured training program for new graduates pursuing their CPA that involves:

Recommended Reading: Fastest Training For New Career

What Kind Of Company Do You Want To Work For

Accountants are needed in almost every type of business, from small to large, across all sectors. That means that it’s up to you to decide where you think you’ll fit best. Think about your goals: do you want to work for a consulting firm, where you’ll have a number of clients, or would you prefer to be on the accounting team in a private company or nonprofit organization? Your interest in specific account fields will also dictate the types of businesses you can work for – if you’re interested in internal auditing, chances are you’ll need to look at larger corporations. If you’re an independent worker, perhaps you’d do well as financial consultant.

Career Paths For Corporate Financial Policy Analyst Manager/director And Chief Financial Officer

A career in accounting and finance | Career-ready in Business #5

Evaluate effectiveness of government wide accounting policy, research and develop changes and improvements
Provide expert advice, tools and training to financial professionals
Prepare government financial statements

Manage the provision of accounting services for a ministry

Develop and execute the financial management strategies and financial service delivery framework for the organization.

Accounting Career Path Planning

Now that you have a sense of some of your career options in the accounting field, it’s time to decide which direction you want to go in. While most accounting positions will require the same general skillset – which typically includes being analytical, being good with numbers, and being able to interpret data, among other key competencies – each accounting career path will require a slightly different set of skills and training. Here are some of the things you’ll want to consider.

Fintech/ Banking App Developers

App Developers are also in high demand across industries. The move digital was always coming, but it was greatly accelerated by lockdowns which further pushed a lot of business activity online. The salaries for talented app developers has gone through the roof and it represents one of the better opportunities in finance/ tech.

Manager/ Vp/ Head Financial Planning & Analysis

CIMA® charter-holders working the role of FP& A typically report to the CFO in companies having multi-country and multi-currency operations. They are responsible for finalizing and implementing corporate strategies that focus on investment profitability and cost containment. In addition, they ensure that strategic priorities and decisions are built into the planning processes across the company. Executives in this position will also play a central role in analyzing business cases for developing new markets, products, investments and services.

The Work Can Seem Dull

Types of Accounting Jobs: A Review and Information

How many world-famous accountants do you know of? If youre struggling to think of one, theres a reason for thataccounting isnt usually seen as a glamorous field. But recognition and glitz arent everything. The day-to-day work requires a lot of investigating and math, which can be boring to some but interesting to others.

Lets be honest, it can be boring, Hanson says. There will definitely be times where youre doing tedious or mindless number crunching in Excel®, but there is also a lot of problem solving and evaluation involved, which can be stimulating and interesting.

This is one of those questions in which youll need to look within yourself and answer honestly about what works for you. Learning more about what accountants do on a daily basis will help you determine whether or not the work appeals to you. Check out What Do Accountants Do? A Look at Life Behind the Ledger for additional perspective.

Recommended Reading: Career Horoscope By Date Of Birth

Accounting And Finance Career Fair

Join us for the 2022 Accounting & Finance Career Fair.

Saint Mary’s University will host Atlantic Canada’s top Accounting and Finance employers providing both formal and informal networking opportunities with Saint Mary’s University students and recent graduates.

The event starts on Monday, September 12 with a wine and cheese reception followed by the Career Fair on September 13.

Wine & Cheese Reception: Monday, Sept 12th 5:30-7:30pm

Career Fair: Tuesday, Sept 13th 9:00am-12:00pm

Are you an exhibitor looking for information on booth prices, registration, sponsorship, and fair details? Click here

Are you a student looking for more information about the fair? Click here

The Accounting and Finance Career Fair Guideprovides you with important information about each exhibitor ahead of the fair.

For 2022’s Exhibitors list, click here

What Is The Entry

The National Association of Colleges and Employers lists an expected average first-year salary of $60,695 for business and finance-related majors in 2022. The jobs and compensation-tracking website Glassdoor indicates that for 2022, the average entry-level finance position is paid a base salary of around $46,000 plus bonuses and additional compensation of $48,000, for a total of $94,000.

What Is An Accountant And What Do They Do

Accountants work with individuals, small businesses, large corporations, non-profits and government agencies to prepare and organize financial and tax documents.

Accounting is defined as an organized way to keep records of business and financial transactions, summarize those transactions, and analyze, verify, and report financial results. Another way to look at accounting is that its an information system designed to identify, measure, record, and communicate reliable, relevant, and consistent information about the economic activities of an organization.

Accounting involves only transactions that can be expressed in monetary terms. Some people call accounting the language of business, and its purpose is to help users of accounting information make better decisions

These are among the many tasks that accountants perform for their clients:

Organizing and maintaining financial records
Evaluating financial operations and making recommendations to management about best financial practices
Examining account books and accounting systems to make sure they are efficient and conform to accepted standards and accounting procedures
Preparing tax returns and related tasks
Examining financial statements to make sure they are accurate and meet legal requirements
Suggesting ways to increase revenue, reduce costs, and improve profits

What Skills Should I Include In My Resume

Accounting, finance and property graduates share their stories | Career-ready in Business #1

Some of the basic skills helpful to include on resumes for accounting and finance careers include an understanding of math and common business practices. However, there are other, more specialized skills that can help improve your resume when applying for a career in this field. Some helpful skills for improving your accounting and finance resume include:

Understanding of the generally accepted accounting principles
Proficiency in accounting software
Knowledge of business intelligence software
Understanding of local and national tax laws
Ability to prepare financial statements
Proficiency in data management and analysis

Don’t Miss: Medical Career Academy Highland In

Career Path Toward Financial Accounting

A career in financial accounting requires a bachelor’s or master’s degree in a relevant field such as accounting, finance, business, or economics. A bachelor’s takes four years of full-time study to complete. A master’s usually takes an additional two years of full-time study. Entry-level job opportunities usually require 0-5 years of related experience.

Though not a necessity in every workplace, some financial accounting jobs require candidates to hold CPA certification. In most states, becoming a CPA requires 120-150 credits of college coursework and completion of an exam. Some states also require a minimum age limit, U.S. citizenship, and an ethics exam.

Accounting And Finance Degree Jobs To Consider

Related: A Day in the Life of an Accountant

In this video, we follow Ektaa, a tax accountant working for a family-owned accounting firm, as she shares the skills and education needed to be a successful accountant.

Financial services is a fast-growing industry. This means that earning a degree in accounting or finance offers many options for potential careers in the field. Understanding what jobs you can get with a degree focused on accounting and finance can help you plan what career you might choose after graduation. In this article, we list 21 jobs in the field to help you decide which career might be best for you.

Also Check: Different Career Paths In Business

Creating Accounting And Finance Career Objectives

Your career objective should be specific, measurable, achievable, relevant and time-bound . This means that it should outline what you want to achieve in your finance accounting career, and how you plan on achieving it.

Some examples of career objectives for accounting and finance roles include:

â To become a certified public accountant

â To earn a master’s degree in accounting or finance

â To become a financial analyst

â To work in corporate finance for a Fortune 500 company

â To become a partner at an accounting firm.

Once you have your career objective, you can start looking for jobs in accounting and finance that will help you achieve it. Use job boards, networking and your personal network to find open positions. When you find a job that interests you, be sure to tailor your resume and cover letter to the position.

In your career objective, you should also mention the type of company you want to work for. Do you want to work for a small accounting firm or a large corporation? Do you want to work in the public sector or the private sector? Your answer to this question will help you focus your job search.

When applying for jobs, remember that your career objective is just one part of your application. You’ll also need to have the right qualifications and experience for the role. Be sure to highlight your relevant skills and experience in your resume and cover letter.

A Comprehensive Guide To Accounting And Finance Career Paths

There are many accounting and finance career paths you can take in the job market. In this comprehensive guide, we will explore all of them! We’ll start with the most common career paths and move on to more specialized roles.

Whether you’re just starting out in your career or you’re looking to make a change, this guide will help you find the perfect role for you. So what are you waiting for? Let’s get started!

You May Like: Career Diploma Vs Career Certificate

Financial Accounting Vs Management Accounting

Financial accounting is done for the purpose of producing external financial statements for external decision-makers, such as investors and creditors, and is required by law for all publically traded companies. Financial accounting must adhere to Generally Accepted Accounting Principles , with an emphasis on providing reliable, general-purpose, high-level information about the past performance of an organization.

Management accounting is for internal reporting and decision-making purposes and includes designing information systems that create many detailed reports for specific internal users to monitor and control an organizations activities. It looks to the future, rather than at the past, and can include subjective, detailed estimates and predictions of future events and transactions.

GAAP doesnt apply in management accounting and organizations are mostly free to develop their own management accounting systems and measurement rules, most of which are proprietary. However, the Sarbanes-Oxley Act of 2002 did establish minimum standards for the internal reporting systems used by publically traded companies.

Types Of Finance Degrees

Here are the different types of finance degrees that you can choose, depending on your objectives and skill level.

Bachelor’s degree in finance: The most basic degree that is required for a career in finance is a bachelor’s degree. Earning a bachelor’s degree typically takes four years and provides students the fundamental knowledge required to be a finance professional. Graduates will gain finance skills, but also communication and leadership skills. Earning a bachelor’s degree qualifies you for entry-level finance-related positions and allows you to pursue higher types of financial degrees.
Master’s degree in finance: Students who graduate with a bachelor’s degree in finance can opt to continue their financial education with a master’s degree, which generally takes two years to complete. Unlike a bachelor’s program that teaches students generalized financial information, the master’s focuses on more specialized financial fields, such as investments, trading or risk management. Having a master’s can also distinguish you from other candidates who only have bachelor’s degrees.
Doctorate degree in finance: Earning a doctorate degree in finance allows you to pursue a career as a financial instructor or financial researcher and gives you the credentials to apply to most finance-related jobs at all levels. A doctorate in finance takes four to five years to complete and requires that you first earn bachelor’s and master’s degrees.