A job in accounting may be suitable for you if you love dealing with statistics, are detail-oriented, and are organized. Individuals or companies may employ accountants to interpret and preserve their financial records, as well as to produce and evaluate financial records and provide financial advice.
Accountants come in a variety of shapes and sizes, including:
- Certified Public Accountant (CPA)
- Management Accountant (including “cost” and “staff” accountant)
- Chartered Accountant (CA)
- Forensic Accountant
- Government Accountant
- Tax Examiner
- Investment Accountant
- Project Accountant
- Financial Advisor
A CPA is an accountant who has completed the Uniform CPA Examination and is thus certified to practice public accounting. AUD, BEC, FAR, and Regulation are all included in this exam’s four parts that cover the foundations of accounting as well as more advanced subjects such as financial accounting and reporting (REG). It is common for CPAs to have a four-year degree in accounting, as well as a few years of professional job experience, prior to completing the Uniform CPA Examination. 1
CPAs guarantee that organizations and people adhere to the Financial Accounting Rules Board’s (FASB) collection of accounting concepts, standards, and processes (FASB). Accountants might specialize in a single topic or specialize in a wide range of accounting duties, such as tax planning, financial planning, audits, and more.
Most CPAs work in public accounting, business and industry, government, not-for-profit, and education sectors, although they may also work in private practice. CPAs have the opportunity to rise up the ranks to roles such as chief financial officer because of their experience.
Management Accountant/ Tax accountant
With the aid of management accountants, organizations may better budget and perform by evaluating and conveying information to managers, who can then make better decisions. Preparing information for a company’s use includes setting budgets and estimating cash flow.
Executives rely on the advice of management accountants when it comes to making financial choices. As well as overseeing a staff of entry-level accountants, they may also manage the company’s financial system. As a result, a bachelor’s degree is often necessary.
For those who practice accounting outside of the United States, the term “chartered accountant” (CA) may be used to describe a worldwide accounting credential. CAS specializes in four areas of accounting: taxes, financial accounting and reporting, applied finance, and management accounting.
An auditor is someone who examines financial records to ensure that they are accurate and in conformity with relevant tax laws, rules, and accounting standards. As a result, they point out any inconsistencies and provide advice on how to fix them. Additionally, auditors aid in the prevention of fraud and the improvement of operational efficiency.
Internal and external auditors are the two most common categories of auditors. Internal auditors are employees of the company and are responsible for ensuring that the financial and commercial procedures of the organization are being followed. Unlike internal auditors, external auditors do not work for the firm or person they are auditing. Instead, they review financial data and provide an opinion on the financial accounts of the organization.
A wide range of businesses, including both public and private, use internal and external auditors. While most auditors work in teams or departments, some auditors operate from home, and others go to their customers’ locations.
Financial and commercial documents must be studied meticulously by forensic accountants to establish if they are accurate or relevant to the case at hand. They may also design computer apps to handle and disseminate the information obtained to customers.
Insurance firms, banks, government organizations, and even public accounting companies use forensic accountants. In judicial procedures, forensic accountants may offer expert testimony due to the financial analyses they provide.
Accountant for the government
Federal, state, and municipal governments employ government accountants to manage public monies and investigate white-collar offenses, as well as undertake system audits. As a result, they must have a thorough understanding of both public and private sector laws and regulations.
Accountants at the state level may be able to assist cities in budgeting and assessing the practicality of utilizing public monies to support community infrastructure projects. They may collaborate with federal and state tax authorities, such as the Internal Revenue Service (IRS). It is common practice for government accountants to have either an undergraduate degree in accounting or an MBA or CPA to get employment.
Investment accountants are employed by brokerage and asset management companies to keep track of their customers’ investments. Investment accountants work with asset managers and brokers to handle investments and give financial advice. Additional duties include assisting in the development of the firm’s financial strategy and preparing tax returns on investment accounts.
Investment accountants often need a bachelor’s degree in accounting or a similar field in order to get employment. As a result, the position demands a deep understanding of state and federal rules governing how investments should be held and handled.
As a project accountant, you’ll be responsible for the financial aspects of a project, such as monitoring, reporting, and assessing the project’s outcomes. Every time a company’s project exceeds or falls short of budget, project accountants send frequent updates to management and executives. Additionally, they may write project proposals to help teams understand how much a project may cost or generate.
Procurement and supply chain management are only some of the areas in which project accountants interact. However, they may find work in any area of the economy, including commercial, public, non-profit and educational institutions.
A bachelor’s degree in accounting and some work experience is necessary to get a position as a project accountant in any industry.
A tax examiner examines small companies and individuals’ federal, state, and municipal tax returns. On behalf of the government, they assess how much tax is due and collect this tax.
This includes reviewing and coding the returns for processing and identifying any problems that need to be corrected before they can be processed. If there is a problem with the information provided by a taxpayer, they may address it with them.
All three levels of government employ tax inspectors. Some tax examiners conduct field audits at taxpayers’ homes or businesses, while others operate in an office.
A financial adviser helps people make short and long-term choices about how they would use or invest their cash and creates customized financial plans that attempt to assist clients in accomplishing their financial objectives. These professionals provide advice to their customers on a variety of financial matters.
In order to become a financial adviser, you must have at least a bachelor’s degree and pass a number of tests sponsored by the Financial Industry Regulatory Authority (FINRA) (FINRA). So, if you want to become a financial counselor, a bachelor’s degree in accounting or finance is a good starting point.