If you’re considering a career in accounting, you have a few options to consider. From the more traditional paths—like financial accounting—to gigs you may not have realized were out there.
Becoming an accountant will require at least an HND or bachelor’s degree in accounting. Many accountants also have master’s degrees in accounting, taxation, finance, business administration or another subject that is closely related to accounting and finance. Also, in Nigeria, some companies may require that you are a chartered accountant.
So, check out this rundown of six very different career paths to consider in accounting.
Tax accountants are experts in the preparation of local, state an federal taxes. They focus on the preparation, analysis and presentation of tax returns and tax payments.
Tax accounting largely follows generally accepted accounting principles (GAAP), but it is quite different. Tax accounting takes special training and education, which is why some accountants specialize only in taxes.
A Forensic Accountant analyzes, interpret, summarize and present complex financial and business related issues and can be engaged in public practice or employed by insurance companies, banks, police forces, government agencies and other organizations.
They investigate and analyze financial evidence, develop computerized applications to assist in the analysis and presentation of financial evidence, communicate their findings, assisting in legal proceedings, including testifying in court as an expert witness.
An Auditor’s job is to render an opinion on whether a company’s financial statements are presented fairly, in all material respects, in accordance with financial reporting framework. An audit conducted in accordance with relevant ethical requirements enables the auditor to form that opinion.
To form the opinion, the auditor gathers appropriate and sufficient evidence and observes, tests, compares and confirms until gaining reasonable assurance. He/she then forms an opinion of whether the financial statements are free of material misstatement, whether due to fraud or error.
A managerial accountant records financial information much like a financial accountant but for an entirely different purpose. Usually, managerial accounting professionals gather information and build reports that are aimed to help managers and executives within the organization make decisions.
If you work in a large organization, you will oversee the lower-level accountants that perform basic tasks like recording income, writing financial reports, preparing cash flow statements, and more. But if you work in a smaller firm, you might be responsible for all of these lower-level and upper-level tasks.
Financial accounting is a specialized branch of accounting that keeps track of a company’s financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
The purpose of financial accounting is not to report the value of a company. Rather, its purpose is to provide enough information for others to assess the value of a company for themselves. This is a cool accounting career path to explore.
Government accountants review financial documentation for the government and its taxpayers. The work they do ranges from the auditing of tax accounts to confirm their information’s accuracy and completeness to investigating various government agencies’ financial accounts for signs of fraudulent activity or other types of budget-related malpractices.
Government accountants ensure compliance with federal income taxation law and other government regulations at the national, state and local levels.
There you have it! Which accounting career path are you considering?