The field of Accounting and Finance is a vast area with several career opportunities to work in all sorts of industries and businesses worldwide. They have gain an immense excitement among youngsters has highly chosen and career prospects, because its value gets on increasing depending to the market demands. According to the Bureau of Labor Statistics (BLS) projects 6.9 percent employment growth for accountants between 2020 and 2030. In that period, an estimated 96,000 jobs will be available.
Several are choosing the finance and accounting careers as it offer innumerable opportunities in various industries, attractive salary, various job roles and many more benefits.
In this article, let’s have a look why finance and accounting careers have become among the most lucrative option.
Industries that hire
While several finance and accounting professionals work in independent practice, according to a report from BLS the following industries employed the largest number of professionals:
◾ Accounting, Tax Preparation, Bookkeeping and Payroll Services
◾ Management of Companies
◾ Local and State Government
◾ Management, Scientific and Technical Consulting Services
Average salaries by industry
The salary in the finance and accounting field is based upon the position one is holding in the accounting department. Accountants made a median salary of USD 73,560 in 2020. The best-paid 25 percent made USD 97,530 that year, while the lowest-paid 25 percent made USD 57,110. The salary increases steadily for the employees who have more experience in a certain industry.
Let’s have a look at the average salary for professionals in various industries.
◾ Finance and Insurance — USD 78,600
◾ Management of organizations and enterprises — USD 76,230
◾ Accounting, tax preparation, bookkeeping, and payroll services — USD 73,180
◾ Government agencies — USD 72,260
Several job roles
Whether an aspiring individual makes an intention that he/she would like to work in an accounts team in a small business or finance for a big corporate or an investment bank, or as a management accountant at one of the big firms, one must have an undergraduate degree, as it is a great beginning point that will help one to learn several key skills.
A few types of roles within these areas include
◾ Mergers and Acquisitions
◾ Business Recovery
◾ Finance Director
◾ Forensic Accountant
◾ Fraud Prevention
◾ Finance Analyst
◾ Corporate Reporting
◾ Management Accountant
👉 Learn more about trends in accounting to stay updated with the industry
Employment of accountants and auditors is projected to grow 7 percent from 2020 to 2030, about as fast as the average for all occupations. About 135,000 openings for accountants and auditors are projected each year, on average, over the decade. To grow in the field of finance and accounting requires certain skills. They are:
◾ Communication skills
◾ Analytic & Interpersonal skills
◾ Knowledge of accountancy software
◾ Strong in mathematics
◾ Good computing skill
◾ Numerical aptitude
◾ Belief in ethical practice
◾ Honesty and reliability
◾ Patience and self-discipline
◾ Understanding of accounting procedure
◾ Ability to manage distraught and questioning clients
◾ Must work for longer duration in an environment of computing area
◾ Can be able to work in an office setting to review documents for longer hours
To excel in careers one must have a professional accountancy qualification, which helps to enrich and to attain more knowledge.
Management Accounting Qualification
Chartered Investment & Management Accountant (CIMA®) is the perfect management accounting qualification if a professional is looking for ways to start a global career to be an investment & management accountant professional. It is among the world’s most uniquely designed powerful accounting and finance certification.
CIMA management accounting qualification is highly reliable and consists of the distinctive validation of advanced-level competence of professionals in two of the most swiftly growing super-specialization areas in accounting — investment accounting, and management accounting.
It is a perfect qualification for professionals who want to advance in their finance and accounting careers. The CIMA® charter gives each professional with a proven promise and readiness for gathering the essential and in-demand financial intelligence that globally several firms are in demand to monitor, manage and grow their businesses and investment assets as well as portfolios.
This certification also provides the finance and accounting professionals immediate membership once they get qualified for the award of the CIMA® charter. This membership offers a vast range of opportunities and also gets covered in the CIMA® program fee for up to 10 years consists several perks such as a life-long myCIMA dashboard, which is a personalized dashboard that contains career growth and self-development resources. The membership card and certificate is included in the CIMA® credential pack sent to the qualification holders after they get qualified to all prescribed conditions for award of the CIMA® qualification and designation.