Whenever you think of an accountant, you imagine a person tirelessly working in filing taxes for businesses and individuals. Accounting and taxes go well with each other. There are many opportunities when it comes to accounting as a whole. Whether you decide to do an online accounting degree or enrol yourself in an actual physical school, this field has a broad scope in the market. You will be surprised that there are other types of accounting out in the world that does not only deal with filling taxes all day long. If you are an aspiring accountant who does not want to do taxes all day, then you are in luck. You can take advantage of many other sub-fields in accounting that offer the same job security and job growth. If an organization is working with money in any way, there is a high chance it has an accou8nting department of some sort. Today, we are going to discuss with you some different types and fields of accounting that you can take advantage of if you are looking to divert away from the norm and want to avoid doing taxes all day. These types of accounting are listed as follows;
CERTIFIED PUBLIC ACCOUNTING (CPA)
CPAs are high-level certified accountants recognized as experts in handling an organization’s taxes, financial records, and overall financial standing. However, some of the accounting work CPAs do does involve some level of taxes, and they have a more in-depth role rather than just filling or handling tax return of an organization. When you are a CPA, your main job is to be a trusted advisor and help out your clients to accomplish their financial goals, while providing a helping hand with their fiscal matters. Fiscal matters include consultation, financial advice, audits, reviews or forensic accounting. If you want to go into chartered accounting, you must first complete a bachelor’s degree in the field from an accredited accounting school or university and become certified by passing the Uniform CPA Exam.
Auditors are accountants that deal with financial accuracy in an organization, company, or business. Ranging from commercial businesses to non-profit organizations, every single one of these organizations has to conduct a yearly audit to make sure that their financial records are accurate and precise. To achieve this, auditors brought from the outside meaning, that they will always remain biased and are going to analyze the finances without giving any leeway. This type of accounting involves inspecting financial books, maintaining fiscal records, examining financial statements, and analyzing the financial operations of an organization so that changes can be made to ensure better operation and management of a business’s finances. If you want to apply for a job as an auditor, you would first have to obtain a bachelor’s degree in the field of accounting. However, an accounting certification is not a requirement for this career path, but it will increase your chances of having better pay if you have one.
Forensic accounting considered as the detective’s department of the accounting world. This type of accounting deals with assessing an organization’s financial records to make sure if they are up to standards and follow the rules of financial law. Also, it deals with correcting any financial error or even eradicating any fraud within an organization. A forensic accountant should have the know-how of how to read the numbers and have an investigator’s mind at the same time. They usually work as litigators or investigative supporters. There have been many cases where forensic accountants have also served as fitnesses in different fraud-related court cases. To apply in this field of accounting, you would first have to earn a degree in the field of accounting and get yourself certified. You will also have to give and pass a CFE (Certified Fraud Examiner) exam.
Businesses are always finding ways to save money and improve their financial status. It is exactly what cost accounting deals with. The process of cost accounting involves dealing with expenses associated with an organization’s chain of supply and prepare a budget that is related to it. Cost accountants asses every little financial detail that is associated with labour, shipping, material, productions and everything related to it. The information gained with this process is then compiled and then shared with other business leaders to improve their financial efficiency. To get a job in the field of cost accounting, you must have a bachelor’s degree in the field of accounting or finance and have really good mathematical and statistical knowledge. It is also good that you acquire a CPA accreditation, or it would be even better to pass a CCA (Certified Cost Accountant) exam, to have a better chance of getting a job in this specific field of accounting.
The field of investment accounting deals with well, investments and finance related to them. If you want to work as an investment accounting, you would probably get employment at a brokerage or an asset management firm. Investment accounting deals with handling and learning about bonds, stocks, EFTs, precious metals, currencies, and other related investments. The main job of an investment accountant is to maintain and protect their client’s investments and ensure they are up to state regulations. To become an investment account, you must hold a degree in either accounting, finance, business, or economics. You can improve your chances of getting hired in this field if you also hold some accreditation, like a CPA.
Management accounting deals with making smart and sound decisions regarding a business’s future. These decisions involve knowing the status of a business’s financial health and how it can be affected if the right financial choices and decisions are not made. It is the job of a management accountant to plan budgets, financial reporting, analyzing profitability, risk management, and other related things. Other than having great financial assessment skills, management accountants must possess great organizational skills which will allow them to present financial information to people in a way that they can comprehend and understand. The first step to take before applying for a job in the management accounting field would be to earn a finance degree or some sorts. After that, you will need to get a license as a Certified Management Accountant (CMA).
Project accounting requires working on a project to project basis. A project accountant looks after all the things regarding a project that might affect the costs which include collecting and preparing invoices, giving the go-ahead for expenses, verifying billable hours of employees, maintaining and planning a budget in regards to the project, and making sure that everyone is delivering things on time and following deadlines. Ranging from a product launch to an inaugural of a facility, there are different projects that a project accountant can deal with and work on. To work as a project accountant bachelor’s degree in accounting is required. You have a better chance of getting hired by a good accounting firm if you also have some accreditation, like a CPA OR CFA.
THE FINAL WORDS
Whatever subfield of accounting or career path you decide to invest your time in, you should rest assured that there are many opportunities out there in the field of accounting and you won’t be sitting around filing taxes for your clients for the rest of your life. It is all about what you feel the most comfortable doing and give the most effort to. Today, we have made you aware of some of the types of accounting fields that you can consider if you hold a degree in the field of accounting.