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.
If you’re interested in exploring some of the varied careers in accounting, you’ve come to the right place. This feature on careers in accounting is just one in our series, “Undeclared,” which explores potential career options in different fields, from cybersecurity to social work.
Financial Analyst
If you’re interested in pursuing an accounting career and want to focus on businesses, your options aren’t limited to company bookkeeping. The role of a financial analyst will see you guiding the overall decisions of a company. you’ll be using your accounting skills to put strategies in place to meet their goals. This is a key role in any corporation, with a stable outlook for job growth at present.
There are several sectors in which you can pursue this line of work. Industries in both the private and public spheres need financial professionals to help ensure their plans are viable, achievable, and practical. The medical field needs financial analysts to make sure facilities operate profitably. There is also the responsibility to ensure they maintain a high level of patient care. You can also work with non-profit organizations to develop donor strategies and project financial plans.
The skills you’ll need in this role begin with many of the standard abilities of an accountant. Alongside understanding the technical, regulatory, and industry software practices, there are some key soft skills you should develop. This includes solid communication and interpersonal traits. These will help make you a key collaborator in corporations. Perhaps most importantly, there is an emphasis on maintaining high ethical standards. You’ll be expected to apply these in every aspect of your day-to-day duties.
From an educational perspective, the basic path begins with gaining a bachelor’s degree — usually with a preference for accounting, finance, business, or math. From here you’ll find your route into the career isn’t rigidly prescribed. You can obtain a master’s degree in an accounting subject or even an area like science or engineering if you want to pursue jobs in those sectors. Many companies look favorably on a Chartered Financial Analyst (CFA) license. Though you can often find employers hire junior analysts straight out of bachelor’s programs and sponsor workers through certification.
Personal Financial Planner
A career working with businesses isn’t right for everyone. The good news is a path toward accountancy doesn’t limit your options to running the finances of corporations. The average citizen has financial goals they need help meeting, too. This is where a role as a personal financial planner can be rewarding.
There is a significant need for professionals with accounting expertise in this area. American citizens today face a variety of financial challenges. This includes those surrounding the rising cost of living and stagnating wages. One recent survey of over 1000 American adults found just 28.5% of respondents could be considered financially independent. Particularly among Millennials, there is difficulty meeting all the bills each month without external assistance. This is to say nothing of the ability to save money for retirement and other expenses.
As a personal financial planner, you can be instrumental in helping people find solutions to these challenges. You’ll work directly with clients. Alongside the technical aspects of accountancy, you’ll also need to develop strong communication and empathetic traits. Most professionals work as part of larger financial firms. But there are opportunities for you to strike out on your own if you have entrepreneurial ambitions.
Your first step is to gain a bachelor’s degree in accounting. This is usually sufficient to gain you an entry-level position with a larger firm and start to work your way up. Many financial planners seek accreditation in the form of Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Certified Public Accountant (CPA). These aren’t strictly necessary as a career as a financial planner doesn’t require licensing. But they can help to inform your expertise and build trust with clients.
Auditor
Careers in accountancy often attract those with a knack for problem-solving and an eye for detail. If your abilities reflect this and also find the idea of forensic investigation intriguing, you could look for opportunities in auditing. It’s a position with a significant amount of responsibility and also exercises your analytical muscles.
There is a range of employers you can target for this role. There are government positions, hired by agencies like the Internal Revenue Service to ascertain whether businesses have declared their revenue correctly. You can also work in the private sector for a firm that performs audits on behalf of businesses. In this instance, the role is to assess all company financial records to make sure standards are maintained and legal regulations have been followed.
If you’re working in the private sector, you’ll often act as a consultant. You’ll either visit businesses to perform assessments or operate from your own office. There are now opportunities to work from home here, too. If you choose to operate remotely, it’s wise to create a home office environment that supports a high degree of organization and productivity. Adopt routines to keep your space free of clutter so you don’t lose track of clients’ vital financial documents. Maintain boundaries between work and home to reduce stress and keep client confidentiality.
From an educational perspective, beyond your bachelor’s degree in accounting, many auditing companies require a master’s degree. It’s wise to also pursue opportunities to gain practical experience in auditing practices while you’re still at school. Many specialist businesses offer internships with this in mind. In most cases, you’ll also be expected to hold a Certified Public Accountant (CPA) designation, as this demonstrates a solid understanding of legal standards. You can also further specialize by gaining a Government Auditing Professional (CGAP) certification.
Conclusion
Accounting is an incredibly diverse profession. This means you can specialize in anything from financial management to auditing. For those unsure of what career trajectory to follow, it’s a wise idea to first attend college, to gain a better understanding of your passions and explore areas you might not otherwise. Choosing the right college major is a big step in building a career you enjoy. Who knows, you might just find that accounting is right up your alley!
