Despite the preconceived notion that accounting is boring, it plays a critical role in an organization’s financial matters.
Without an accountant on board to oversee an organization’s financial matters, the business will likely end up in debt leading to a permanent shutdown. Still, if you love mathematics, are good with money, and are interested in a successful career, you can consider pursuing a career in accounting.
The benefits of a career in accounting are many. They include a flexible work schedule, work-life balance, and career advancement opportunities. When discussing career advancement opportunities, there are plenty of options within the accounting industry.
After gaining experience in a particular role, you can steadily grow and apply for management positions, lead teams, mentor juniors and even play a part in the hiring process for your company.
Every organization, irrespective of size, needs an accountant, which means you will have the opportunity to work closely with the companies you’ve yearned for.
For instance, pursuing higher education opens a pathway to earning financially rewarding positions like a director of accounting or a chief financial officer. With multiple options for an accountant to choose from, securing high-level jobs with high salaries entails acquiring professional certification or enrolling in programs like an online Master in Accountancy.
Even as technological advancements put an accountant’s role within an organization in doubt, the fact remains that to interpret complex tax laws and regulations, a qualified accountant will always stay in demand.
That said, if you are still considering pursuing a career in accounting, we’ve highlighted a few high-paying career options for you to look into.
1. Chartered Accountant
A chartered accountant is a qualified individual who has achieved the highest level of credentials in the accounting field. With several years of experience under their belt, these individuals work for high-end businesses or corporate firms.
Chartered accountants conduct many client duties, including auditing financial accounts, analyzing budgets, and preparing tax forms. When discussing budgets, chartered accountants play a massive role in helping organizations cut down costs and increase profits.
CA’s track income and expense, generate financial reports and help clients develop effective financial goals. To be a chartered accountant, several years of experience, training, and certification are required.
2. Director of Finance
A finance director is the senior executive team member who monitors the corporation’s financial health and ensures long-term financial growth. They are responsible for devising the corporation’s financial strategy and ensuring financial operations run smoothly.
Although a finance director’s duties might vary depending on the organization they are working for, the job typically involves several tasks. Finance directors work closely with the director of facilities to ensure the funds are being used for the right purposes.
Moreover, from time to time, they conduct a thorough analysis of the financial risks and benefits within an organization.
Being a Finance Director is a full-time job with a salary depending on several factors, from the education level to the company size. One of the perks of working as Director of Finance is that you also earn additional compensation in bonuses or profit-sharing.
3. Financial Analyst
Behind every investment decision and uncovering investment opportunities is a financial analyst’s years of experience. By gathering and analyzing industrial data, they predict the investment performances of stocks and bonds.
Financial analyst work in different settings, from insurance companies to banks and pension funds. Financial analysts are further classified into two types based on their role, buy and sell-side analysts. While the former establish investment strategies for various corporations, the latter offers advice on selling bonds or other investments
A career as a financial analyst is professionally as well as personally rewarding. After working for years as a financial analyst, you can open your own analysis firm. Besides that, a financial analyst can secure higher positions like investment manager or chief financial officer.
4. Bookkeeper
Seeing a bookkeeper on the list might be a surprise, but they do more than just maintain a complete set of books or keep account records in order.
Bookkeeping is a safe option for those unsure about entering the accounting field. They make sure that the company’s finances are not only effectively managed but also spent wisely. Every aspect of a business’s financial transaction, from expenses to sales revenue, is in the bookkeeper’s hand.
Their significance in the accounting field can be determined by the fact that they oversee the first six steps of the accounting cycle, whereas the other two are under an accountant’s control. Technology plays a key role in ensuring that bookkeeper does their job efficiently.
That is because bookkeepers must manage hundreds of financial transactions, a task only accomplished with various software systems. The highest-paying bookkeeper jobs are bookkeeping manager, head bookkeeper, and booking clerk.
5. Investment Banker
There are several reasons why a career in investment banking is considered fulfilling, from high earning potential to abundant networking opportunities. Besides that, one of the biggest perks of working as an investment banker is that you set up large complex financial models right at the beginning of your career.
As an investment banker, you get to do plenty of stuff. For instance, one day, you will work with international clients, whereas the next, you will oversee the financial aspects of your company’s investment venture.
Though work might be stressful, the payoff is worth all the hard work and sleepless nights. You start with an analyst role at an entry-level position and work up to the job. Individuals are provided training covering financial risks, financial modeling, and accounting to succeed in their roles.
Conclusion
Though it might seem like the accounting field is only for those good with numbers, any individual with strong critical thinking skills and an understanding of finances must give it a go.
Moreover, another reason a career in accounting is appealing is the flexible work schedule and the freedom to enjoy a work-life balance. We hope this article convinced you to choose a career in accounting, despite it being known as boring.
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