Accounting has been called the "language of business" because of its encompassing application in every industry; where there's money, there's accounting. The American Institute of Certified Public Accountants (AICPA) defines the industry as: "Accounting: The One Degree with 360 Degrees of Possibilities. Accounting opens doors in every kind of business coast to coast. It can give you the foundation you need to go on and become a CPA. It can prepare you to become a partner in an accounting firm, to pursue a career in finance or corporate management, to work in government, or even to become an entrepreneur. In fact, no matter what you decide to do, having an accounting background can open doors wide."
Below is a breakdown of nine interesting careers in accounting, employers and industries that hire accounting professionals and resources for further career information. Some careers may require addition skills or further education. For more information on qualifications, jobs and career specifics consult the Bureau of Labor Statistics Occupational Outlook Handbook.
ACTUARY
MEDIAN PAY: $105,900/YR
JOB OUTLOOK: Growing at 24% (much faster than average)
JOB DESCRIPTION: Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.
CERTIFIED PUBLIC ACCOUNTANT
MEDIAN PAY: $77,250/YR
JOB OUTLOOK: Growing at 7% (as fast as average)
JOB DESCRIPTION: Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently.
BUDGET ANALYST
MEDIAN PAY: $79,940/YR
JOB OUTLOOK: Growing at 5% (slower than average)
JOB DESCRIPTION: Budget analysts advise various institutions on how to organize their finances. They prepare annual and special reports and evaluate budget proposals. They analyze data to determine the costs and benefits of various programs, and they recommend funding levels based on their findings. Top executives rely on the work of budget analysts to prepare the information for decisions.
FORENSIC ACCOUNTING
MEDIAN PAY: $70,556/YR
JOB OUTLOOK: Not listed
JOB DESCRIPTION: Forensic accountants work to detect fraudulent activities. They conduct forensic auditing, identify discrepancies in funds for corporations, government entities and private groups, prepare expert witness testimony for criminal or civil cases, and review statements from both large and small firms.
MANAGEMENT ANALYST
MEDIAN PAY: $93,000/YR
JOB OUTLOOK: Growing at 14% (much faster than average)
JOB DESCRIPTION: Management analysts, often called management consultants, recommend ways to improve an organization’s efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.
SECURITIES BROKER
MEDIAN PAY: $62,910/YR
JOB OUTLOOK: Growing at 4% (slower than average)
JOB DESCRIPTION: Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.
TAX ACCOUNTANT
MEDIAN PAY: $56,780/YR
JOB OUTLOOK: -4% (decline)
JOB DESCRIPTION: Tax examiners and collectors, and revenue agents are responsible for ensuring that individuals and businesses pay the appropriate amount of taxes they owe, as prescribed by laws and regulations. In addition to verifying that tax returns are filed properly, they follow up with taxpayers whose returns are questionable or who owe more money.
BENEFITS ADMINISTRATOR
MEDIAN PAY: $127,530/YR
JOB OUTLOOK: Growing at 4% (slower than average)
JOB DESCRIPTION: Some managers administer both the compensation and benefits programs in an organization, other managers specialize and oversee one or the other. All compensation and benefits managers meet with senior staff, HR departments, and financial officers. They use their expertise to recommend compensation and benefits policies, programs, and plans.
COST ESTIMATORS
MEDIAN PAY: $65,170/YR
JOB OUTLOOK: -1% (little or no change)
JOB DESCRIPTION: Cost estimators collect and analyze data in order to estimate the time, money, materials, and labor required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular product or industry.
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