Welcome to the Accounting Community!

Here you will learn about entry-level, mid-level, and senior-level career paths that you can pursue with your degree in accounting. You will also find information here such as jobs, resources, courses, videos, and events specific to your major. Embrace your career and academic journey and get ready to embark upon career exploration that will lead to a more meaningful and informed career plan as you complete your education and beyond.

What Can I Do With My Degree? Accounting

Accounting opportunities are available in all industries and within all organizations! Explore the types of roles you can pursue at various professional levels. This will help you devise a long-term career plan.

Bookkeeper, Accounting Assistant, Accounts Payable Clerk, Accounting Clerk: Get your foot in the door with a great company and the accounting industry with these careers.  Learn More

Staff Accountant: Prepare and review financial statements, accounting for transactions through journal entries and maintaining a ledger. Public accountants work for an outside consulting firm as opposed to just a single organization, juggling priorities and working many hours. Learn More

Forensic Accountant: Provide investigative services for consulting firms, law firms, banks, insurance companies, the government, or other financial institutions in order to detect fraud. Learn More

Budget Analyst: Prepare forecasts for revenues and expenses based on historical data to create proforma financial statements. Analyze financial reports and assess variances of actual performance to what was budgeted. Learn More

External Auditors: Ensure organizations are compliant with Generally Accepted Accounting Principles or International Financial Reporting Standards, preventing error or fraud. Learn More

Compliance Professional: Monitor other staff members to ensure compliance to internal policies and procedures as well as laws and regulations. Learn More

Internal Auditors: Take a bird’s eye view perspective on risk management, compliance, and governance within an organization. Internal Auditors help to suggest improvements to financial reporting and internal operations. Learn More

Grant Accounting: Grant accountants work for the government, research institutions, universities, nonprofits, or healthcare organizations in order to ensure that grant money is properly calculated and allocated. Learn More

Accounting Manager: Direct a team of accountants and make recommendations on risk management, compliance, and budgets. Learn More

Controller: Direct financial activities related to investments and procurement in order to generate revenue or increase ROI for financial decisions. Learn More

Differentiating Accounting From Finance

Finance

Finance professionals “are responsible for ensuring that there is adequate funding (capital) for the needs of the situation and that the funds are allocated as optimally as possible.”

(Corporate Finance Institute, 2022)

Accounting

Accountants “are responsible for ensuring that all financial transactions are correctly entered into the general ledger, account balances are correct, and financial statements are accurate.”

(Corporate Finance Institute, 2022)

FinanceAccounting
Management of moneyAccounting for the money
StrategicTactical / operational
Future focusedFocused on current and past
Gray areas, less preciseAccuracy, exactness necessary
Flexibility in approachFormal structure, rules
Analytical, insightsStructured, details
Planning and directingRecording and reporting
Acquiring needed fundsTracking the funds
Impact on profitabilityAnalyze, measure profitability
Uses / analyzes financial info and reportingCreates the financial reporting
Relevant terms: time value of money (TVM, PV, FV), weighted cost of capital, debt-to-equity, cost-benefit analysis (including net present value or NPV), capitalization, leverage, cash flow analysis, borrowing, investing, budgeting, forecastingRelevant terms: balance sheet, income statement / P&L, cash flow statement, statement of shareholder equity, general ledger, assets, liabilities, debits, credits, accrual, generally accepted accounting principles (GAAP)

Similarities

  • Operate in the same sectors and industries (government, corporate, non-profit)
  • Need broad, comprehensive knowledge of the industry and specific business or organization
  • Work with data and financial information
  • Need to understand what the components mean on financial statements
  • Ability to identify financial discrepancies
  • Focus on regulations and ethics
  • Depending on role, they both have internal and external contacts/interactions

Professional Associations

The following professional associations cover a broad range of specialties within the accounting profession, and membership in them can offer valuable benefits for professional development and networking.

American Institute of Certified Public Accountants (AICPA): A leading organization for CPAs in the United States, providing resources, education, and advocacy.

Association of Chartered Certified Accountants (ACCA): A global organization for professional accountants, offering qualifications and support for members worldwide.

Institute of Management Accountants (IMA): Focused on management accounting and finance professionals, offering certifications like the Certified Management Accountant (CMA).

Chartered Institute of Management Accountants (CIMA): A UK-based professional association for management accountants, providing education and qualifications.

National Association of State Boards of Accountancy (NASBA): A U.S.-based organization that supports state boards of accountancy in the regulation of the accounting profession.

The Institute of Internal Auditors (IIA): A global organization for internal auditors, offering certifications like the Certified Internal Auditor (CIA).

Association for Financial Professionals (AFP): Focuses on treasury and finance professionals, providing education and networking opportunities.

International Federation of Accountants (IFAC): A global organization representing the accounting profession worldwide, setting international standards.

Financial Planning Association (FPA): A U.S.-based association for financial planners, offering education and resources for certified financial planners.

Association of Certified Fraud Examiners (ACFE): Specializing in fraud prevention and detection, providing certifications like the Certified Fraud Examiner (CFE).

Society of Certified Senior Advisors (SCSA): Focuses on professionals who work with seniors, including accountants specializing in senior financial planning.

National Society of Accountants (NSA): Represents tax and accounting professionals in the United States, offering education and advocacy.

Association of Government Accountants (AGA): Focuses on government financial management professionals, providing education and resources.

The Chartered Institute of Public Finance and Accountancy (CIPFA): A UK-based organization for public finance professionals, offering qualifications and support.

Association of International Certified Professional Accountants: A global association that combines the strengths of AICPA and CIMA, providing resources and support for accounting professionals worldwide.

Recommended Certifications & Micro-Credentials

Accountants can enhance their skills and marketability by obtaining certifications and micro-credentials that align with their career goals and the evolving needs of the industry. Before pursuing any certification or micro-credential, it’s essential to assess your career goals, industry trends, and the specific skills you want to develop. Additionally, staying informed about emerging technologies and industry best practices is crucial for accountants seeking continuous professional growth. Here are some recommended certifications and micro-credentials for accountants:

Certified Public Accountant (CPA): Widely recognized in the U.S., the CPA designation is essential for public accountants, auditors, and tax professionals.

Certified Management Accountant (CMA): Offered by the Institute of Management Accountants (IMA), the CMA is focused on management accounting and financial management.

Chartered Global Management Accountant (CGMA): Granted by the Association of International Certified Professional Accountants, the CGMA designation is for management accountants with a global perspective.

Certified Internal Auditor (CIA): Offered by The Institute of Internal Auditors (IIA), the CIA designation is valuable for internal auditors and assurance professionals.

Enrolled Agent (EA): Granted by the IRS, an EA is authorized to represent taxpayers before the IRS and is beneficial for tax professionals.

Certified Fraud Examiner (CFE): Offered by the Association of Certified Fraud Examiners (ACFE), the CFE is for professionals specializing in fraud prevention and detection.

Certified Information Systems Auditor (CISA): Issued by ISACA, the CISA is suitable for auditors focusing on information systems and technology.

Certified Information Systems Security Professional (CISSP): Offered by (ISC)², the CISSP is relevant for accountants involved in cybersecurity and information security.

Certified Government Financial Manager (CGFM): Issued by the Association of Government Accountants (AGA), the CGFM is for professionals in government financial management.

Certified Financial Planner (CFP): Granted by the Certified Financial Planner Board of Standards, the CFP is beneficial for accountants offering financial planning services.

Data Analytics Certifications: Consider certifications like Microsoft Certified: Data Analyst Associate or SAS Certified Data Scientist for accountants interested in data analytics.

Blockchain and Cryptocurrency Certifications: Explore certifications such as Certified Blockchain Professional (CBP) for those interested in emerging technologies.

Micro-Credentials:

Xero Certification: For proficiency in Xero, a popular cloud-based accounting software.

QuickBooks Online Certification: Recognizes expertise in QuickBooks Online accounting software.

Microsoft Excel Certifications: Microsoft offers various certifications, such as Microsoft Office Specialist (MOS), focusing on Excel skills.

Digital Transformation Micro-Credentials: Explore micro-credentials related to digital transformation and automation in accounting.

Ethics and Professional Conduct Training: Consider courses on ethics and professional conduct to enhance ethical decision-making skills.

Recommended Software & Skills

Accountants today require a mix of traditional accounting skills and proficiency in modern accounting software to stay competitive and efficient. Here are some top recommended software and skills for accountants:

Software:

QuickBooks: A widely used accounting software for small to medium-sized businesses, offering features for bookkeeping, invoicing, and financial reporting.

Xero: A cloud-based accounting software known for its user-friendly interface and collaboration features, suitable for small businesses and accountants.

Sage Intacct: An advanced cloud-based accounting solution, particularly beneficial for larger enterprises with complex financial needs.

FreshBooks: Designed for small businesses and freelancers, FreshBooks provides invoicing, expense tracking, and time tracking features.

NetSuite: An integrated suite of cloud-based business management applications, including accounting, ERP, and CRM functionalities.

Microsoft Excel: Proficiency in Excel is crucial for data analysis, financial modeling, and creating complex spreadsheets.

QuickBooks Online Accountant: A platform designed for accountants, allowing them to manage multiple clients, access client files, and collaborate.

SAP ERP: Commonly used in larger enterprises, SAP ERP provides comprehensive solutions for financial management and enterprise resource planning.

Wave: A free accounting software suitable for small businesses, freelancers, and entrepreneurs.

Tally.ERP 9: Popular in some regions, Tally is an accounting software that offers features for bookkeeping, inventory management, and statutory compliance.

Skills:

Accounting Principles: Strong knowledge of accounting principles, including GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards).

Financial Analysis: The ability to analyze financial statements, performance metrics, and trends to provide valuable insights.

Taxation Knowledge: Understanding tax regulations and staying updated on changes in tax laws is essential for tax planning and compliance.

Audit and Assurance: Skills in auditing procedures and assurance services for maintaining financial integrity.

Budgeting and Forecasting: Creating and managing budgets, as well as forecasting future financial performance.

Data Analysis: Proficiency in data analysis tools and techniques, including Excel, for interpreting financial data.

Communication Skills: Effective communication is crucial for explaining financial information to clients, colleagues, or management.

Ethical Judgement: Adhering to ethical standards and making ethical decisions in financial reporting and analysis.

IT and Technology Competence: Familiarity with accounting software, ERP systems, and emerging technologies impacting the accounting profession.

Adaptability: The ability to adapt to changes in technology, regulations, and business environments.

Accountants should aim for a balance between traditional accounting knowledge and modern technological skills to thrive in today’s dynamic business landscape. Continuous learning and staying informed about industry trends are key to maintaining relevance in the field.

Impact of AI (Artificial Intelligence) on Accounting

AI is expected to have a significant impact on accounting over the next five years in several key areas:

Automation of Routine Tasks

AI will increasingly automate repetitive and time-consuming tasks like data entry, reconciliations, and invoice processing. This will reduce the workload on accountants, allowing them to focus on more complex and strategic activities. Automation tools will be able to handle large volumes of transactions quickly and accurately, reducing errors and increasing efficiency.

Advanced Data Analysis

AI and machine learning algorithms will enhance the ability to analyze large datasets, providing deeper insights and more accurate forecasts. This will enable accountants to offer more strategic advice and make data-driven decisions. Predictive analytics powered by AI can help identify trends, risks, and opportunities, improving financial planning and risk management.

Improved Fraud Detection and Compliance

AI will enhance fraud detection and compliance efforts by monitoring transactions in real-time and identifying unusual patterns or discrepancies. Machine learning models can learn from past fraud cases and continuously adapt to detect new types of fraud more effectively. This will also support compliance with evolving regulations by automating the monitoring and reporting processes.

Enhanced Decision-Making and Advisory Services

AI tools will allow accountants to provide more valuable advisory services. With access to real-time data and AI-driven insights, accountants can offer more proactive financial advice, scenario planning, and strategic decision-making support. AI will help transform the role of accountants from record-keepers to strategic partners.

Greater Accuracy and Reduction in Errors

By automating routine and complex calculations, AI can help minimize human error, leading to more accurate financial statements and reporting. This will enhance the overall reliability and credibility of financial data, which is crucial for stakeholders and regulatory bodies.

Personalization and Customization

AI will enable the development of customized accounting solutions tailored to the specific needs of businesses. This could include personalized financial dashboards, real-time reporting, and AI-driven financial health checks that can adapt to the unique requirements of each organization.

Integration with Other Technologies

AI will increasingly integrate with other emerging technologies like blockchain, IoT, and cloud computing to create more secure, transparent, and efficient accounting processes. For example, AI and blockchain can work together to enhance data security and provide immutable records, which are critical for auditing purposes.

Changing Roles and Skill Sets

As AI handles more of the routine tasks, accountants will need to develop new skills, particularly in data analysis, strategic planning, and technology management. The focus will shift from traditional bookkeeping to higher-value activities that require critical thinking and interpretation of AI-generated insights.

Overall, AI will reshape the accounting profession by streamlining processes, improving accuracy, and enabling a more strategic role for accountants in business decision-making.

AI is likely to change the nature of accounting jobs rather than simply reducing the workforce. While some routine and repetitive tasks will be automated, leading to a potential decrease in the demand for certain entry-level or transactional roles, AI is also expected to create new opportunities and shift the focus to higher-value tasks. Here are some key points to consider:

Automation of Routine Tasks

AI will automate many manual, repetitive tasks such as data entry, transaction processing, and basic reconciliations. As a result, the demand for roles that primarily involve these tasks, such as bookkeepers or junior accountants, may decline. However, this doesn’t necessarily mean a net reduction in the workforce but rather a shift in the types of skills and roles needed.

Evolution of Roles

As AI handles more routine tasks, the roles within accounting will evolve. Accountants will increasingly be expected to take on more strategic, analytical, and advisory roles. These new roles will require a different set of skills, such as data analysis, strategic planning, and technology management, rather than the traditional focus on bookkeeping or transactional work.

Creation of New Roles

AI will create new roles related to managing and implementing AI systems, ensuring data integrity, interpreting AI-generated insights, and providing strategic guidance based on AI-driven analytics. Positions like data analysts, AI specialists, and technology managers in the accounting field will grow in importance.

Focus on Higher-Value Activities

Accountants will have more time to focus on higher-value activities like financial planning, risk management, and strategic decision-making. This shift could make the profession more attractive to those interested in being more involved in the business strategy rather than routine tasks.

Upskilling and Reskilling

To stay relevant, accountants will need to upskill in areas like data analytics, cybersecurity, AI, and strategic thinking. Organizations are likely to invest in training and development to help their accounting teams adapt to new technologies. Those who embrace continuous learning and skill development will have new opportunities in the evolving job market.

Impact Varies by Firm Size and Sector

The impact of AI on the accounting workforce may vary depending on the size of the firm and the sector. Larger firms with the resources to invest in AI may see a faster reduction in lower-level roles, while smaller firms may adopt AI more slowly. In some sectors, such as those with complex regulatory environments, human expertise will remain crucial for interpreting regulations and providing tailored advice.

Enhanced Job Satisfaction

AI’s ability to reduce mundane tasks could improve job satisfaction by allowing accountants to focus on more meaningful work, like problem-solving, advising clients, or supporting business strategy. This shift could make the profession more rewarding and reduce turnover.

Conclusion

AI will likely reshape the accounting profession by changing the types of roles and skills that are in demand rather than causing a straightforward reduction in workforce numbers. Those who adapt to these changes and develop new skills will find new opportunities, while some traditional roles may decline or require transformation.

Bookkeepers and Data Entry Clerks

  • Current Role: Traditionally responsible for recording daily financial transactions, maintaining ledgers, and processing invoices and payments. Much of this work is manual and repetitive.
  • Change with AI: These roles are expected to see the most significant impact due to AI-driven automation tools that can handle tasks like data entry, transaction matching, and reconciliations. As a result, the demand for these roles may decline, but individuals in these positions could transition to roles that involve overseeing automated processes, managing exceptions, or supporting data quality.

Accounts Payable/Receivable Clerks

  • Current Role: Handle billing, payment processing, and collections, including managing vendor relationships and resolving discrepancies.
  • Change with AI: AI will automate invoice processing, approval workflows, and payment tracking, reducing the need for manual intervention. These roles may evolve into more analytical positions where the focus is on vendor management, relationship building, and exception handling rather than routine processing.

Tax Accountants

  • Current Role: Prepare tax returns, ensure compliance with tax laws, and provide tax planning and advisory services.
  • Change with AI: AI can automate much of the data gathering, calculation, and compliance checking required for tax preparation. Tax accountants will increasingly focus on strategic tax planning, interpreting complex regulations, and offering personalized advisory services. AI tools will aid in identifying tax-saving opportunities and managing risks in real time.

Auditors

  • Current Role: Conduct audits to verify the accuracy of financial statements, assess internal controls, and ensure compliance with regulations.
  • Change with AI: AI will enhance audit processes by analyzing vast datasets more quickly and accurately, flagging anomalies, and identifying patterns of potential fraud. Auditors will focus more on interpreting AI-generated results, investigating flagged issues, and providing assurance and strategic insights. The role will shift from manual checking to more judgment-based assessments and advisory functions.

Financial Analysts

  • Current Role: Analyze financial data to support business decision-making, forecast trends, create financial models, and provide insights to management.
  • Change with AI: AI will enhance financial modeling and forecasting by processing larger datasets and providing more accurate, real-time insights. Financial analysts will increasingly interpret AI-generated analytics, provide strategic advice, and focus on higher-level tasks like scenario planning, risk management, and guiding investment strategies.

Management Accountants (Cost Accountants)

  • Current Role: Provide financial information to internal management for decision-making, including budgeting, performance analysis, and cost control.
  • Change with AI: AI will automate many aspects of budgeting, forecasting, and variance analysis, providing more dynamic, real-time insights. Management accountants will focus on interpreting AI-driven data to support strategic decisions, optimize business operations, and advise on cost-saving opportunities. The role will become more strategic, with an emphasis on collaboration with other business units.

Internal Auditors and Compliance Officers

  • Current Role: Assess internal processes, ensure compliance with laws and regulations, and mitigate risks.
  • Change with AI: AI tools will monitor transactions and controls in real-time, quickly identifying compliance issues or deviations from policies. Internal auditors will focus more on managing AI systems, conducting deeper investigations into flagged issues, and ensuring the organization adapts to evolving regulatory landscapes.

CFOs and Senior Financial Executives

  • Current Role: Oversee all financial operations, provide strategic guidance, manage risks, and ensure financial stability and growth.
  • Change with AI: AI will provide CFOs with deeper insights into financial data, enabling more informed decision-making and proactive strategy development. These roles will increasingly focus on leveraging AI-driven insights for growth, optimizing financial strategies, and leading digital transformation initiatives within the organization. CFOs will also need to manage ethical considerations and data governance related to AI use.

Forensic Accountants

  • Current Role: Investigate financial discrepancies, fraud, and misconduct, often requiring deep analysis of complex data.
  • Change with AI: AI will significantly enhance the ability to detect unusual patterns and potential fraud faster and more accurately. Forensic accountants will focus on interpreting AI findings, conducting deeper investigations, and developing prevention strategies.

Payroll Specialists

  • Current Role: Manage employee compensation, including calculating wages, taxes, and deductions, and ensuring compliance with labor laws.
  • Change with AI: AI will automate payroll calculations, tax withholdings, and regulatory compliance checks. Payroll specialists may shift to roles that focus on overseeing the AI systems, handling exceptions, and providing more strategic insights on compensation strategies and employee benefits.

Financial Controllers

  • Current Role: Manage the overall accounting operations, including financial reporting, budgeting, and internal controls.
  • Change with AI: Financial controllers will increasingly leverage AI to improve accuracy and speed in reporting, forecasting, and compliance monitoring. Their role will expand to include interpreting AI-generated insights, guiding strategic financial decisions, and implementing AI technologies across the finance department.

Data Analysts in Accounting

  • Current Role: Analyze financial data, generate reports, and provide insights to support decision-making.
  • Change with AI: With the rise of AI, data analysts will focus more on interpreting complex AI-driven analytics, integrating data from multiple sources, and providing advanced insights that support strategic decisions. The role will require a deeper understanding of AI tools and how to leverage them effectively.

Summary

While some traditional roles may diminish due to automation, AI will create new opportunities and require new skills. The roles in accounting will become more strategic, analytical, and advisory, focusing on interpreting data, managing technology, and providing insights for business growth.

Would you like to know how to prepare for these changes or which skills to develop for the future of accounting?

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