5 Best Career Paths for Accountants in 2023

10^th
Jun

Accounting is no longer a one-dimensional field, as many people assume. Today, accountants are much more than just number crunchers. They have become strategic advisors, playing a prominent role in shaping the direction of businesses. Technological advancements are transforming the accounting profession, making it more dynamic as businesses become more complex. As a result, the demand for accountants is skyrocketing, and this trend is expected to continue. According to leading employment market analytics firm, EMSI, there were over 1.3 million accounting jobs in 2021, and this number is projected to grow to over 1.4 million in the next 10 years. This impressive growth is attracting many professionals into this exciting and diverse field.

Accountants are no longer mere number crunchers; they have emerged as significant deputies responsible for major business decisions. It is surprising to many that accounting is now a broad field with multiple verticals. This article aims to explore these verticals and the various career paths that are open to accountants. By the end of this article, you will gain a clear picture of various career possibilities and opportunities available in the accounting field.

Attractive Career Paths for Accountants in 2023

1. Tax Accountant

Tax is the backbone that determines the stability of an economy and the regulatory norm that controls the overall operations of any financial system. This makes tax accounting a crucial vertical of the accounting field. Accountants employed in this domain are expected to assist individuals and organizations in filing their taxes, provide taxation advice to help them leverage tax deductions and credits, avoid audits, and receive maximum tax returns. Pursuing a master’s degree with a specialization in taxation can be an excellent way for individuals to establish themselves in this sector. Additionally, certification programs such as CPA or EA are also valuable assets for a career in taxation. These globally recognized certifications attest to an accountant's skill set and expertise and make their professional journey smoother.

2. Financial Accountant

Financial accounting jobs are primarily concerned with evaluating a company's financial performance. Tax accountants, on the other hand, are responsible for ensuring that financial operations comply with regulatory norms. Financial accountants are the driving force behind financial operations and help their accounting firms create financial reports and statements for analyzing the financial status of their organization. They also play a crucial role in advising senior managers on financial management. A Bachelor's or Master's degree in accounting or finance, or completion of a finance training course, is ideal for pursuing a career in financial accounting. This will provide individuals with opportunities to develop expertise in managing enterprise resource planning, advanced auditing, and conducting corporate financial risk analyses. In addition to these professional programs, globally recognized finance certifications such as Certified Financial Analyst can help professionals advance their careers. The CFA designation acts as a professional badge of excellence that validates holders' knowledge and skills in portfolio management, investment analysis, economics, and ethical and professional standards.

3. Government Accountant

Government accounting is a specialized field within public accounting, where professionals take responsibility for the functions and operations of the public finance management system. They manage financial records of local, state, and federal government agencies and ensure that the financial operations of these bodies comply with laws and regulations. Government accountants also extend their services to audit private accounting companies and individuals subject to tax regulation. To excel in government accounting jobs, professionals need a strong educational background, including a master’s or bachelor's degree in public finance accounting or a specialization course. Additionally, obtaining the globally recognized CPA credential can significantly benefit professionals seeking to become government accountants. 

4. Management Accountant

Management accounting is a highly sought-after and commonly heard sphere in accounting. Management accountants are key players who help organizations make better financial decisions. These professionals create budgets and plans for business costs, supervise investments, and develop strategies to enhance the overall financial performance of accounting companies. Unlike other verticals of accounting, this discipline doesn't place a strong emphasis on educational background, but earning professional credentials is considered vital for a career in management accounting. The two popular certifications for landing management accounting jobs are CMA and CGMA. The Certified Management Accountant is the world leader and gold standard in the field of management accounting. Issued by the IMA, this credential is a life-changer for management accountants as it validates their competency in forecasting, cost management, internal control auditing, decision analysis, and more. 

5. Auditor

Auditing is a crucial element and a sought-after vertical in accounting. As auditors, professionals are responsible for examining their organization's financial activities to ensure that revenue is properly managed and internal policies and regulations are adhered to. Auditors also help their organization create strategies that can minimize risks. Similar to management accounting, a strong educational background is not always required, although basic knowledge is considered necessary. Instead, the sector places a strong emphasis on professional credentials such as the Certified Internal Auditor (CIA) and Financial Services Audit Certificate (FSAC). These are the two most popular certifications in the sector and can help professionals deepen their understanding of auditing while validating their domain competency to work efficiently in the financial services, insurance, and banking industries.

In a field like accounting, there are abundant opportunities for progression. With a wide range of accounting disciplines, professionals who are employed or looking to build a career in this field have multiple options to choose from. This blog has outlined 5 popular career specializations for accountants and provided other beneficial information for growing expertise in the field of accounting. Thanks to the new learning and upskilling culture embraced by individuals and corporations worldwide, getting these career opportunities has become super convenient through comprehensive training programs. Nowadays, there are numerous accounting training courses available that can help professionals achieve their accounting career goals and establish their position in the world's top accounting companies. 

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Looking for ways to explore and flourish in career paths in accounting? Then, take a look at our accounting courses and choose the one that is the most suited for your career goals. 

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