The word accounting does not necessarily conjure up excitement for students. However, it can. If you look at it, the words bitcoin and cryptocurrency function as buzzwords for laypeople. People fail to realize what underlies these impressive technologies, much like they fail to understand how vast accounting is and what it entails.
The financial industry, like any other, is evolving. Its evolution, however, may be slow—but steady. Accounting and finance are often seen merged with other constructs. For example, there is a recently trending industry of fintech, an intersection of finance and technology. The growth of this industry means a side-by-side growth in the demand for finance, accounting, and tech professionals in various businesses. People tend to chase trends be it career prospects or fashion fads. Most students venture into a professional field without prior research; they justify this lightning-fast choice with everybody’s-going-for-it and what-else-will-I-do?
But with finance, there is no room for skipping research. It’s not for the faint-hearted—that is certain.
So, you think you want to study finance?
Even with finance and accounting, there is an overload of sub-choices. If you are thinking of careers like cashier-ing and bookkeeping, the waters are far, far deeper, friend. Are you thinking financial vs managerial accounting? Or maybe financial forensics? We have five accounting specializations and career prospects lined up for you in this blog.
1. Controller
You can be a controller or an assistant controller. A controller’s job is to prepare financial statements, reports, summaries, and forecasts for a business, painting a picture of the company’s financial position. Controllers are also, in some cases, tasked with internal policy development and administration of the budget. If you are good as a controller, promotions come in fast. However, it is not the most fun of finance and accounting jobs out there. But you will enjoy working as a controller if you are in control of what you’ll have going on.
Controllers make an average of $225,250 annually.
2. Financial Manager
Financial managers are like finance doctors to the companies they work for. Like controllers, they are responsible for generating financial reports and devising strategies for the company or business to thrive down the road. Theirs is an important responsibility; there is no room for errors. To meet the company’s long-term financial goals, you need to stick to a specific set of strategies.
This is the one doctor no one will want to keep away with apples.
Financial managers make a yearly average of $135,190.
3. Personal Financial Advisor
You can think of financial advisors as your shoulder-to-cry-on friends. They help their clients understand the gravity of the financial decisions they make. Personal advisors will be there at your beck and call, filtering any investment decision you want to proceed with. They also provide advice on insurances, mortgage, college funds and savings, retirement and taxes, planning estates, and more.
You can opt for a personal financial advisor on a part-time and freelance basis. It is perfect if you want to moonlight, pursuing some other career.
Financial advisors make an average of $100,000 annually. Those working full-time at prosperous firms make even more.
Additional certifications can lead to higher-paying job opportunities and better compensation packages. If you want to pursue a career as a financial advisor, check Career Employer’s study materials for a free Series 7 study guide to help you prepare for the licensing exam.
4. Accountant
You must be wondering why this wasn’t on top? No worries if you weren’t. Accountants were on top of the food chain of financial careers, but not anymore. The financial industry has extensively divided job roles and specifications. However, some companies still pay accountants handsomely. Accountants are praised like they were before in gulf countries and Asia.
An accountant’s role hasn’t changed—they prepare, maintain, and determine the accuracy of financial documents and records. All balance sheets, cash flow statements, and tax returns must pass the intimidating scrutiny of accountants. They have a massive responsibility on their shoulders, one they are known to carry diligently and responsible.
If you can reconcile a yearly average of $75,500 with room to learn and grow, this is the job for you!
5. Budget Analyst
Last, we have budget analyst.
Budget analysts are responsible for organizing a company’s finances, removing discrepancies, creating and filtering budget reports, and monitoring the organization’s spending. Think of budget analysts as overly-strict dads always keeping an eye on your spending, asking you to keep it down and stay within your allowance. As is the case with most dads, they can take away your allowance and ground you. Budget analysts do the same.
Their responsibilities lie in ensuring an organization’s financial plans are complete, accurate, and conform to set targets. They ascertain whether a company’s budget is compliant with local and international financial laws and in line with its objectives.
Budget analysts make a not-that-impressive $79,000 yearly. There is, of course, a lot of room to grow and advance.
Bottomline
No matter what program you choose and what financial career you specialize in, you need to learn its best-case practices, the trends that drop in, and gain the most up-to-date information about your field. Make sure you have learned all the skills required for a successful career and advancement by the time you graduate.
Finance can be fun; you just have to be wild enough to see it that way. After all, it is not for the faint-hearted. If you think you are game enough, go ahead.
