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While some people might think that all accountants perform the same job duties, the duties that accountants do on the job depend on the accounting degree specializations they picked in college. Most colleges offer a basic accounting degree program at the undergrad level that looks at simple accounting topics and principles. Once you apply to graduate school though, you’ll have the chance to choose from a number of different specializations.
Certified Public Accounting
Maintaining accurate financial records for corporations, looking at ways that companies can save money and doing simple bookkeeping are just some of the duties that a certified public accountant does on the job. According to Payscale, these professionals make more than $60,000 a year. When you select a specialization in certified public accounting, you’ll take classes that teach you about the CPA exam in your state. You may have access to practice tests, sample questions and tips from professors who took and passed that same exam. At the end of your first year in the program, you qualify to sit for that exam.
Tax Preparation
One of the other specializations available to accounting grad students is tax preparation. Tax preparation, also known as tax prep, refers to the field of accounting that deals with the preparation and filing of taxes for both individuals and businesses. The courses that you take in one of these programs teach you how to follow all state, local and federal regulations regarding tax filing. You’ll also learn how to identify tax credits your clients can take advantage of and deductions they can take to reduce the total amount owed. Some tax prep graduates work in their own firms, but others work for major companies like H&R Block.
Forensic Accounting
Forensic accounting is still a relatively new field of accountant but one that is on the rise. Accountants working in this field often work with government agencies like the Department of Homeland Security or the Central Intelligence Agency. They follow the electronic trails that criminals left behind and gather evidence that those agencies can use when charging individuals with crimes. You might follow financial trails to help capture a terrorist, a drug trafficker or an embezzler. Forensic accounting jobs are available with independent agencies and with the state and federal government.
Internal Auditing
Internal auditing is another specialization for accounting students. You may think of the term audit in terms of the Internal Revenue Service and how it looks over financial documents and information to ensure an individual or company filed taxes properly. Internal auditing is similar but deals with one specific company. As an internal auditor, you can responsible for going over tax and financial statements to make detailed reports regarding profits and losses. You can use those reports to show companies where and how they can save money.
Financial Analysis
Another concentration or specialization option is in financial analysis. Financial analysis specialists are the ones who go over financial documents, analyze the information available to them and explain that information to others. You might work for a company that needs help creating profit and loss statements for its board or for a nonprofit organization that needs help determining where its donations go. Financial analysts can also help individuals decide how to invest their money.
Accounting professionals do more than just crunch numbers and assist those who need help filing their taxes. They can also help track criminals, create financial statements and audit corporations. You can choose from accounting degree specializations in a number of topics, including financial analysis, forensic accounting and tax preparation, that will better help you on the job.