A Degree in Accounting can lead to a Career as a Financial Consultant, Business Accountant, Tax Accountant, Forensic Accountant and more!
Many freshmen students start out college undeclared; they aren’t sure what they want to major in and hope to use their first year to find something they want to study. Unfortunately, many students take up to 2 years to decide on a major, and they may even switch majors several times up into their junior year. This wastes a lot of time and money, and can significantly delay graduation.
If you have no idea what you want to major in, one option you might consider is taking time off from college. If taking a break isn’t an option for you, doing your research and finding a major you can be passionate about should be your number one priority. The sooner you declare a major that you want to stick with, the more you can focus on taking the classes you need to graduate, allowing you to stay on track to graduate on time.
Here is the third in a series for discovering majors and what opportunities each can hold.
Don’t forget the first two: Linguistics and Data Sciences!
A Degree in Accounting
While not the most exciting sounding of majors, those with excellent math skills and an affinity for finance will find a lucrative career in the accounting world. According to Pepperdine University, careers in finance are projected to grow by 17 percent through 2020.
There are so many different career paths for accountants, and each offer varying amounts of stability and flexibility — not to mention a more than a decent salary. Depending on where you work and in which sector, accountants can actually make good money. According to Salary.com, accountants can make anywhere from $50,000 to $100,000 a year — and with their financial know-how, they are likely to make the most of every dollar.
The requirements to become an accountant vary from state to state, but the overall consensus is that an accountant should hold at least a bachelor’s degree in math, finance, or accounting, as well as pass the Uniform Certified Public Accountant (CPA) Examination. While the job market for accountants is growing and CPAs are in demand, if you want one of the more competitive, high-paying positions, it might be worth your while to get a master’s degree in accounting.
Business Accountant
Whether large or small, every business is going to need their own team of dedicated accountants making sure all of their finances are in order and that everything adds up each closing cycle. Inaccurate finances can hurt businesses in several ways, such as affecting the budget, payroll, and day-to-day sales and purchases.
It’s incredibly important for businesses to have accurate finances throughout the year, and that everything money-related is documented and organized for use in tax season. Arguably, this is where accountants are most indispensable to companies, as accurate tax claims are of utmost importance to companies for getting the maximum tax return they can and for keeping themselves out of trouble.
Being a business accountant can be as comfortable or as exciting as the business you choose to work for. A local business can provide a more steady work schedule and may not require that much travel, which is great for those who are looking to stay settled in one place and start a family one day. Alternatively, working for a company with international ties or a public accounting firms could get you in the exciting realm of global accounting, where you are bound to do some traveling and become an expert in global finance.
Forensic Accountant
If you like the idea of catching criminals and upholding justice, but would rather deal with numbers than doing the actual chasing and apprehending, forensic accounting is right up your alley. Not all crime is violent; many criminals wear business suits and are guilty of “white collar crime,” which covers everything from tax fraud to embezzlement in businesses. Of course, anyone who’s watched enough crime TV knows that there are definitely instances where checking out financials can lead to solving a murder …
Forensic accountants don’t just work in crime prevention, they also work as consultants in high-stakes situations, such as high-value divorces, insurance cases, as well as business mergers, acquisitions, and litigations. Basically, anytime accounts and records need to be thoroughly checked for any funny business, a forensic accountant is needed.
Tax Accountant
In a time when there are seemingly countless websites and programs that help people to file their own taxes, it may seem like there isn’t much job security in tax preparation, but that’s far from the truth. It’s estimated that over 550,000 people become entrepreneurs every month, and you can bet that first-time business owners are going to need help when tax time comes around.
There are so many aspects to filing taxes as a small business owner, such as correctly identifying what taxes apply specifically to businesses, as well as what purchases can be written off. A misstep in taxes could mean trouble for a business owner down the road, or at the very least potentially missed returns. Worst case scenario, they could fall for tax scams and lose everything. For these reasons, many new and small business owners will seek out accountants to make sure everything gets filed correctly.
Financial Consultant
Speaking of entrepreneurs, you can also be one as an accountant. If you like the flexibility of being your own boss, and you have the knowledge and experience to give sound financial advice, you could make a career out of consulting others. This would allow you to work as much or as little as you want and give you total control of your work-life balance.
As a consultant, you could be doing anything from helping business executives better understand some accounting basics to assisting new business owners to get started on the right foot financially. It could even be as huge as giving a large corporation unbiased outsider advice on a large budget change or company merger. If the advice has anything to do with personal or business finances, you could make a living giving a valuable accounting and financial advice.
Though it may be stereotyped as boring, being an accountant can be an exciting and challenging job. It can have high stakes and often pays very well. If you are a numbers person, don’t shy away from a career in accounting just because others might think it’s mundane. Check it out and find a path in accounting you can get excited about!
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Mila Sanchez is a writer with a BA in English Linguistics. Her ambitions include traveling the world, studying languages, and taking pictures of her dog, Baymax. Connect with her on Twitter and Instagram!
