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Accounting is a diverse profession that encompasses workplaces ranging from the private to governmental to publicly held. Finding the right job in accounting after you graduate means knowing your job options now. It also means knowing which accounting specializations offer the best return on investment. Here are five specialization areas that often lead to high-paying jobs.
Consulting Accountants
An ideal career path for those who want to run their own businesses, consulting demands a high level of accounting knowledge and professional discipline. Consultants handle a wide variety of tasks that include preparing and reconciling financial statements, ensuring legal compliance, developing organizational accounting systems and providing specialized financial advice. Consulting accountants are expected to have broad, general knowledge of business finance topics ranging from taxes to transparency to legal compliance. Consulting accountants in most states hold CPAs and have business licenses.
Forensic Accountants
The term forensics is often associated with crime scenes and corpses, but accountants play vital roles in legal and intercompany investigations too. Accountants who specialize in forensics are skilled in analyzing and tracing financial records to help discover embezzlement or identify breaches of the law. The data that they prepare is designed to be used as part of arbitration or court proceedings. Professionals in this field are employed by large corporations, government agencies and consulting firms, but they also have opportunities to work on a freelance basis. Students who are interested in forensic accounting can take specialization one step further by learning to analyze foreign financial documents.
Technical Accountants
True to their title, technical accountants specialize in meeting the rigorous demands of today’s regulatory environment. In the business world, they’re often referred to as compliance officers. Whether they’re employed on a permanent or short-term basis, technical accountants review a company’s accounting infrastructure and procedures to ensure that all legal requirements are being met. If they find that an organization isn’t in compliance, these accountants are able to provide targeted advice to help address the error. This is an excellent field for those who have an eye for technical details but want to set accounting policy too.
Tax and Auditing Accountants
Both individuals and businesses are required to pay taxes, which means that accountants who specialize in tax accounting and auditing are always in demand. Many large organizations employ full-time tax and auditing accountants to prepare the many forms and statements that must be submitted with taxes every year. Other organizations hire tax accountants on a freelance basis during certain times of the year. Of course, many tax and auditing specialists run offices where they work with both individual and small-business clients. In addition to knowing the intricacies of state and federal tax laws, these accountants may also provide some financial guidance to their clients.
Accounting Professors
It may come as a surprise to many students, but working as an accounting professor can have big returns. After all, not everyone is good at communicating the complex and sometimes-dull information found in accounting programs. Professionals who do have that gift are recruited by universities around the world. One of the biggest benefits of working as an accounting professor is that you’ll be able to participate in research and shape accounting policy as part of your regular day job. Of course, accounting professors also get to impact the lives of their students and celebrate in their professional success.
Finding success in the field of accounting means being a master of numbers. It also means following your professional passions. Choose a specialization area that appeals to your interests and will offer a solid foundation for your future.
See also: Top 10 Best Online Master of Accounting Degree Programs