The major challenge faced by aspiring accountants is the possible careers for accounting majors. What exactly can I do with a degree in accounting? Where can I work with an accounting degree? These are some challenging questions that need answers and answering these questions rightly can go a long way in bridging the gap for people who wish to major in accounting.
Basically, accounting has to do with keeping a track record of inflows and outflows of resources. In other words, it is how a company’s assets are monitored to show that cash flows (credits and debits) are all correctly balanced. The work of the accountant involves inputting transactions, making ledgers and balance sheets and equally categorizing items in an establishment.
One other thing about accounting is other related questions people ask about accounting class. Questions such as Is Accounting Hard? Is accounting difficult? These and many more have been treated in our previous post about accounting. Read the full discussion below
These questions are asked based on the assumption that accounting involves mathematics and numbers. The figures encountered in accounting do not necessarily mean complex numbers or equations. Rather they are figures encountered daily in buying and selling. Accounting is based on the four basic mathematics functions – addition (+), subtraction (-), multiplication (×) and division (÷). This implies that it is not really as complex as portrayed.
The accountant’s work is majorly centred on balance sheets. This involves putting in the debits and credits in their appropriate columns.
Basic Requirements to Study Accounting
In as much as accounting is all about numbers, there is a need for good communication skills and verbal and written expressions. This is because the necessity of these skills is high. As an accountant, you will be dealing with clients and to effectively negotiate and execute a deal, you will need to communicate properly with your client.
Most of the reports/audits are weekly, monthly or annual audits will be stated in writing, so this involves a good writing skill be acquired too. You will also learn how to write for businesses and clients. Nevertheless, these communication skills will gradually improve when you begin to carry out assignments and tasks.
Signs You Will Be Good in Accounting
So many people study different programmes for different reasons, and for you to choose to study accounting means there are signs you will be good in accounting. Basically, it is assumed that people who have a knack for accounting are those who are good at mathematics. Well, accounting goes beyond mathematics and extends organisation, accuracy and carefulness. This is because it is not just figures you are dealing with, you are also dealing with peoples’ emotion
So it is easy at times to observe some signs you will be good in accounting through what goes on daily. Some of these signs are.
You Remember Numbers Easily
As stated earlier, accounting is about mathematic symbols. This means you do not need too much about calculus, algebra etc. All you need is basically to know when and how to apply each of these signs and remember the numbers accurately. You also need to know how to interpret word problems into numbers to be accurate in your dealings.
You Are Naturally Organised
Accounting is all about organisation and as such requires your utmost concentration to perform effectively as an accountant. So if you see yourself as an organised person, then you may have an edge in an accounting class. You may see yourself doing well in any of the possible careers for accounting majors below.
The Possible Careers for Accounting Majors
Having given an overview of accounting, let us delve into the major reason for this post. Here we are going to discuss the possible careers for accounting majors so you can make a choice and see what awaits you if you major in accounting. Although, it is advisable to bear in mind that you are not limited to just these options mentioned below. There is no limit to what you can achieve as long as you have set up your mind to do it.
One good thing about an accounting degree is that the holders can join any field and be assured of greener pastures from time to time. This is one reason most people see studying accounting in the university as a means of lifetime investment into their future. It also opens doors to all sorts of career options for anyone.
Considering the assorted options awaiting you, you may choose to advance your career and make waves in different sectors. This way you will not end up as just an accountant. The possible careers for accounting major include:
One good thing about having a good knowledge of accounting is the ability to take calculated financial decisions, what people may call “calculated risks”. As a professional accountant, you can be hired as a finance expert by business and cooperate bodies to aid in making good choices regarding good investment plans and areas as well as managing finances. Individuals can as well hire you to monitor their cash flow and give critical financial advice when needed.
As a financial advisor, you will be tasked to aid these individuals, businesses, cooperate entities, and government to make business plans, select perfect areas for investment, and manage retirement accounts.
Just like a financial advisor, the financial analyst looks at what is on ground in a business already, analyse it and proffer possible growth methods for a business. The financial analyst is one person that every business needs his services. Majoring in accounting will facilitate your employment as a financial analyst where you can work for the financial freedom of the firm.
As a financial analyst, you will be presented with available financial information to enable you decide the possible benefits or risks associated with any business endeavour. This information from your analysis will enable the organisation to make calculated financial decisions.
This is an insurance statistician who deals with the calculation of insurance premiums, risks, dividends and annuity rates. Their services are required to help make predictions on the outcome of variant issues by analysing data, mathematics and statistics. It is one of the possible careers for accounting majors.
Anti-money Laundering Officer
The services of professional accountants or accounting majors are required massively in the fraud detecting sector. This accountant’s responsibilities include going through the financial records of financial institutions and ascertain if they are duly reported.
He crosschecks if the financial recordings are carried out properly, debit and credits are reported properly. He also ensures that any sign of money laundering is checked and reported to law enforcement agencies who will take necessary actions in prosecuting defaulters.
This job specialty does not necessarily require an accounting major. It prepares you to make a better choice regarding the specialty which you would love to join. Bookkeeping deals with keeping records of spending, paying bills and issuance of receipts and invoices.
Due to the rapid growth pattern actualised by businesses as a result of the internet, the rate of fraud and embezzlement of funds has also increased astonishingly. This calls to mind the need for a forensic accountant for these companies, trading and banking institutions. The rate at which scams, identity theft, fraud and so on has increased recently has necessitated the employment of forensic accountants for forensic auditing, valuation, liability and fraud determination.
The accountant requires either a bachelor’s or master’s degree in accounting. He may not be certified a chartered accountant, but it’s a stepping stone to many greater opportunities. An accountant develops financial statements, prepares audit reports for companies and fixes tax documents.
Certified Public Accountant
This is quite different from a regular accountant. The Certified Public Accountants have the authority of the government to perform all-round accounting work, prepare tax returns and can represent other tax-paying agencies.