Types of Jobs Within the Accounting Field:
Accountants are responsible for ensuring that individuals, organizations, governments, and corporations spend their money wisely, pay their taxes on time, and maintain accurate and lawful financial management systems. While employment requirements differ by occupation, the majority of accounting professionals deal with financial records in some way, shape, or form.
Accountants and auditors’ employment is expected to expand by 6% between 2018 and 2028, about the same rate as the average for all occupations. A complicated regulatory and tax environment, a developing economy, and globalization are all projected to drive a high need for these specialists. Whether you are certain you want to pursue an accounting profession and are seeking for high-paying accounting jobs, or you simply want to learn more about the various types of accountants available, continue reading below.
Below are the types of Jobs within the accounting field:
1. Bookkeeping, Accounting, and Auditing Clerks
Bookkeeping, accounting, and auditing clerks are in charge of producing financial records for organizations. They verify financial records, amend statements, and document financial transactions. These specialists work with profit and loss statements, accounts payable, accounts receivable, receipts, and expenditures. Bills, receipts, and other information are entered into databases, spreadsheets, and specialist computer accounting software. Most bookkeeping, accounting, and auditing clerks require some level of postsecondary education and can improve their skills through moderate-term on-the-job training. Although a formal degree is not required, most people in this field have some college-level education and obtain experience through on-the-job training.
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2. Tax preparer
Tax preparers are responsible for preparing tax returns for small firms and individuals. However, they may not have the same educational background or level of responsibility as certified, registered, or public accountants. Tax preparers are defined broadly by the IRS as anyone who is paid to prepare income tax returns for others, which includes public accountants, individuals working at walk-in tax preparation centres, owners of independent tax preparation services, registered or public accountants, and even certified public accountants. The top five highest-paying states for tax preparers are the District of Columbia, Massachusetts, New York, Colorado, and California.
3. Tax examiners, collectors, and revenue agents
Revenue agents, tax examiners, and collectors determine how much a business or individual owes in taxes and then collect those taxes on behalf of the local, state, and federal governments. They review filed tax returns, contact taxpayers to resolve issues and request documentation, conduct investigations and field audits, evaluate financial information, maintain case records, notify taxpayers of underpayments or overpayments, and request additional payments or refunds as needed. A bachelor’s degree is the average entry-level education necessary for these occupations, and the majority of employees receive moderate on-the-job training.
4. Appraisers and Assessors of Real Estate
Before land or buildings are developed, insured, taxed, mortgaged, or sold, real estate appraisers and assessors must produce a value estimate. These specialists ensure that real estate properties reflect the legal descriptions recorded in public records, inspect existing and new properties, and photograph both the exterior and interior of the property. Appraisers and assessors also look at similar properties nearby to help offer valuations, prepare and keep current data on each property, and create written reports on property values. They often work in regions where they are familiar so that they are aware of any issues that may affect the property’s value. A bachelor’s degree is usually required for these positions, and appraisers and assessors benefit from extensive on-the-job training.
5. Cost Estimator
Cost estimators assist organizations and enterprises by gathering and evaluating data to determine the labour, materials, money, and time required to deliver a service, build a structure, or produce a product. They usually specialize in a specific product or industry, such as manufacturing or building. To create estimates, cost estimators collaborate with contractors, clients, architects, and engineers while also examining technical documentation and drawings. They identify cost drivers such as labour, materials, and production time. Cost estimators keep track of actual and estimated expenses, suggest ways to save costs, and collaborate with sales teams to generate bids and estimates for clients. A bachelor’s degree is the standard entry-level education requirement.
Salary of $64,040
6. Budget Analyst
Budget analysts help corporate and public institutions organize their finances by monitoring institutional spending, analyzing budget ideas, and creating budget reports. These specialists also examine data to determine the benefits, costs, and hazards of various initiatives and make financing recommendations based on the findings. Although the top executive or government official usually makes the final decision on an entity’s budget, they rely on budget analysts to provide them with accurate, clear information so that they can make the best decision possible. A bachelor’s degree is all that is required to work as a budget analyst.
Salary: $76, 220
7. Financial Examiner
Financial examiners are responsible for ensuring that corporations and organizations follow the laws governing financial transactions and institutions. They are typically used in one of two areas: consumer compliance or risk assessment. Financial examiners in consumer compliance ensure that banks treat their clients fairly by monitoring loan activities. Those in risk assessment are in charge of assessing the health of financial institutions to ensure that they are not making dangerous loans and that they have sufficient funds on hand to cover any unexpected losses. Financial examiners must hold a bachelor’s degree and have had extensive on-the-job training.
8. Financial Analyst
Financial analysts advise individuals and organizations on investment and financial decisions. These specialists are classified as sell-side analysts or buy-side analysts, and they have the abilities and knowledge to effectively evaluate the performance of bonds, stocks, and other types of investments known as portfolios. Financial analysts must be able to research business and economic trends, evaluate historical and financial data, and investigate a company’s financial statements to determine its strengths and shortcomings. Financial analysts, also known as investment analysts and securities analysts, work for insurance companies, brokerage firms, mutual funds, pension funds, banks, and other organizations. Financial analysts can be classified as risk analysts, ratings analysts, fund managers, or portfolio managers. The majority of financial analyst professions require a bachelor’s degree.
9. Personal Financial Advisor
Personal Financial Advisor Accounting Jobs: What They Do
Personal financial advisors assist individuals in managing their budgets and money by offering guidance on retirement, taxes, estate planning, college funds, mortgages, insurance, and investments. They monitor their clients’ accounts to see whether they need to make any modifications to accommodate life changes or improve financial performance. Although most personal advisers help with a variety of issues, some specialize in areas like risk management or retirement. Wealth managers and private bankers are two types of personal financial consultants who work with individuals with large sums of money to invest. A bachelor’s degree and extensive on-the-job training are required for this employment.
10. Financial Manager
Financial managers are among the highest-paid accountants. These individuals create plans and strategies, direct investment activities, and generate financial reports to support an organization’s long-term financial objectives. Their responsibilities also include tasks related to their industry or organization. For example, financial managers in healthcare must be specialists in healthcare finance, but government financial managers must be well-versed in budgeting processes and government appropriations. Financial managers must be familiar with the industry-specific rules and tax legislation that their clients face. Financial managers might be insurance managers, risk managers, cash managers, credit managers, treasurers and finance officers, or controllers. A bachelor’s degree and at least five years of experience in the field are required for this position.