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Friday, December 9, 2022

Four high-paying career options for those in Accounting

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Everyone has a list of goals waiting in line when building a successful professional life. For instance, some have their eyes set on a specific role; for many, it’s making a difference in society.

For others, the opportunity to travel the globe without jeopardizing their career.

If you have similar goals, a career in accounting is the key to getting what you want. You must be thinking, how that’s possible? We will discuss how Be sure to check out Liston Newton Advisory for more information about financial advisors in Melbourne.  

Though the corporate world has evolved throughout the years due to innovative technology, deep down, the core functionality hasn’t changed, which is understanding and analyzing cash flow.

Technological advancements haven’t displaced an accountant’s role in tracking a business’s expenditure or offering financial management strategies.

Besides the corporate world, an accountant is valuable to every industry since every sector requires cash flow supervision.

Nobody likes being stuck in a position over the years on a low pay scale which is what accounting is not about, as many think it is. Choosing accountancy as a field of interest means you will have a high earning potential.

Besides high earning potential, the accounting industry offers a wide range of progressive career opportunities like CPA.

Certified public accountants are equipped with the skills to provide financial-related services to organizations.     

Becoming a licensed CPA is not a small feat; it requires immense knowledge to beat the competitive exam. However, completing CPA state requirements is crucial to qualify for the exam.

Apart from knowledge, accountancy is the key to learning strong leadership and communication skills which are also vital to success.   

Accounting is a lucrative career with vast opportunities to explore, so if you are interested in studying accounting, look at some of the roles worth considering.

1.  Financial Analyst

Every organization is prone to seeing loss, given the lack of qualified professionals to oversee financial matters.

This is where financial analysts play a significant role by analyzing and offering guidance regarding the company’s state of economic affairs and the risk factors.

Businesses grow when they invest in opportunities that lead to fruitful outcomes. As a financial analyst, your goal is to understand the market trends that add up to the future forecast and analyze the financial data to grab investment opportunities in the company’s best interest.

Going through an organization’s financial performance from time to time is critical in determining which practices to adopt and which to leave behind.

A financial analyst’s role comes into play with the use of research skills and vast knowledge regarding statistical analysis and spreadsheets in planning strategies that ensure success.

Strong communication skills and understanding of current tax laws promise success in this role. The pay scale is based on education, years of experience, and company size. On average, the salary of a financial analyst is $76,000.

2.  Chief Accounting Officer

As a chief accounting officer, you are the supreme head of the accounts department that oversees day-to-day operations.

These professionals also brainstorm strategies to increase the company’s profits, find investment opportunities and assist CEOs in devising financial plans.

Among the list of responsibilities, a CAO is expected to supervise every employee’s payroll, bonuses and healthcare privileges.

Individuals working as chief accounting officers are also responsible for keeping in check the organization’s cash flow and managing liquidity risks.           

To take the role of chief accounting officer, you must work in a managerial account position for at least ten years.

Apart from managing the organization’s finances, a chief accounting officer ensures that the company complies with local, state, and federal laws.

The salary of chief accounting officers varies depending on their designation or the company they work in.

Individuals working in large corporations are likelier to earn high salaries than those working for startups or small companies.

A qualified CFO must have a graduate degree, certifications, and accreditations to help get hired.

3.  Corporate Controller

Working in small companies, these professionals have a list of duties to go through, including giving the final verdict on every financial decision, such as budgeting, reporting, and risk management.

An individual working as a corporate controller ensures the maintenance of accounting records, which is paramount to a company’s success.

The primary role of the corporate controller is to formulate the organization’s budget and ensure the expenses align with the project’s revenue.

In most companies, the job of these professionals is to ensure that payments are made on time and that no unpaid debts are left. While allocating expenses, a corporate controller keeps track of the incoming cash flow.

Like the chief accounting officer, a corporate controller is knowledgeable about the local and federal laws and ascertains the company they work for is in regulation with these laws.

Unlike other job positions, no specific accreditations are required except for a bachelor’s degree to become a qualified company controller.

A few attributes of an exceptional corporate controller are strong numeral proficiency, good analytical and sound reasoning skills.  

4.  Anti-Money Laundering Compliance Officer

These officers ascertain that every corporation follows the rules and regulations set forth by the Bank Secrecy Act.

They review transactions to pinpoint any suspicious activity and take immediate action when necessary.

When multiple employees have access to sensitive information, an AML compliance officer is delegated to train these individuals on identifying and reporting suspicious activities to avoid consequences later.

As an anti-money laundering compliance officer, you keep an eye on whether large cash deposits or wire transfers across multiple countries are carried out within the corporation.

Aside from tracking the organization’s money laundering activities, you can also make relevant changes to the AML procedures to ensure more efficient work.

Along with years of experience, educational background, and job location, AML officers have a high earning potential due to bonuses.

Ultimately, it comes down to the more time you spend working as an AML officer, the more you are likely to earn.

Conclusion

An organization’s state of financial matters is no doubt in the hands of an accountant. Many choose to pursue a career in accounting because businesses require experts that oversee financial transactions and develop strategies to acquire as many clients as possible, which is the goal of every organization.

Unlike other professions, where the concept of work-life balance doesn’t exist, the field of accounting ensures that you don’t compromise any of the two.

Apart from flexibility, an individual with extensive knowledge of financial management, mathematical skills, and analytical skills has numerous career options to explore with high earning potential in the accounting industry.

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