Is there mobility and opportunity for advancement in the accounting field?
I am considering majoring in accounting, but I am unsure if there will be opportunities for me to move up in a given company with that particular degree. #accounting #accountant
7 answers
Matthew D.’s Answer
Absolutely. Not only are there many opportunities for advancement in the field of accounting, but there are also many options for your initial starting role. The major, which typically complements a full business degree, can equip you to join companies in their accounting departments, as well as financial planning and analysis departments. You could also start as an auditor, who checks the books of multiple companies. Not a big fan of the bookkeeping side of things? No problem. Your major in accounting will also allow you to start in the field of tax accounting. From all of these positions, there are many higher roles that you can advance to, such as Accounting Manager, Finance Manager, or Tax Manager, just to name a few. Beyond these roles there are opportunities to advance to Controller, or other Director level positions. Advancing up the ranks will depend on your interest, experience, as well as opportunity within the company you work for. Typically, small companies may only employ one accountant, but as the companies get larger, so do their accounting and finance teams, opening the path to many opportunities for advancement.
Source: 6-7 years of experience in the field.
Thanks so much for your answer.
Loren
Vicki’s Answer
Accounting has many great opportunities, and is also a great way to get to other areas of interest if you should decide at some point that day to day accounting is really not for you.
Within accounting there are specialized areas like audit, payables, receivables, reporting, tax, etc.), and a variety of industries - technology, retail, government, utilities, insurance, really just about anything you can think of. Add those two together and the possibilities are endless.
Depending on the company(ies) you choose, there are also opportunities to move into other areas based on the accounting knowledge you have, and the likely systems and/or company experience that you have learned in that role. That can include things like supporting finance systems - whether that is from the business side or information systems side, working on finance system projects - upgrades of existing systems or spearheading new software installation to help with user pain points, financial analysis, financial planning/budgeting.
Personally I have gone into several areas with my accounting degree. I have been a public auditor, internal auditor, temporary controller for a real estate division, lease accounting manager, IT analyst, business systems analyst, and in project management. It's really hard to go wrong with an accounting degree as it gives you a good basis for many jobs. Plus you should be able to balance your checkbook - which many people can't!
Thank you 😊
Loren
Kenneth’s Answer
Great question! I would say an accounting degree opens a lot of doors for you. At a public accounting firm, similar to the one that I work, there is a pretty set career ladder with promotions from associate, to senior associate, to manager, to senior manager / director to partner.
Even then, if you want to leave, people are always looking for accountants to help. Depending on the size of the company you are looking for, an accounting department can have many different functions from payables, receivables, reporting, etc.
In fact a large number of CFOs and CEOs have accounting degrees!
Don't count accounting out just yet!
James Constantine Frangos
James Constantine’s Answer
Are you curious about the scope for growth and mobility in the accounting sector?
The accounting sector indeed provides substantial mobility and a plethora of growth opportunities. Accounting is a flexible profession, offering a broad spectrum of career trajectories and potential for advancement. Here are some crucial aspects to ponder:
1. Variety of Career Routes: Accounting isn't confined to a single role or sector. An accounting degree opens doors to diverse career paths such as public, corporate, government, forensic accounting, auditing, tax planning, financial analysis, and more. This variety grants mobility within the field, allowing you to shift between roles based on your aspirations and objectives.
2. Professional Certifications: Acquiring professional certifications like Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA) can significantly boost your career prospects and pave the way for advancement. These certifications validate your expertise and dedication to the profession, making you a desirable candidate for senior positions.
3. Opportunities for Advancement: The accounting sector offers clear progression routes based on experience, skills, and performance. Starting as a staff accountant, you can ascend to roles such as senior accountant, accounting manager, controller, CFO (Chief Financial Officer), or even partner in a public accounting firm. Progression typically involves assuming more responsibilities, leading teams, managing financial operations, and making strategic decisions for the organization.
4. Continuous Learning: The accounting sector is dynamic and continually evolving due to regulatory changes, technological advancements, and shifts in business practices. To remain competitive and progress in your career, it's vital to engage in continuous learning through professional development programs, seminars, workshops, and staying abreast of industry trends.
5. Networking: Establishing a robust professional network within the accounting community can also foster opportunities for advancement. Networking with peers, mentors, industry professionals, and attending networking events can keep you informed about job vacancies, promotions, and other career progression opportunities.
In conclusion, the accounting sector offers remarkable mobility and advancement opportunities for individuals equipped with the right skills, qualifications, and commitment to their profession.
Top 3 Authoritative Sources Used:
American Institute of CPAs (AICPA): A leading professional organization for certified public accountants in the United States, offering valuable resources, research insights, and guidance on career development in the accounting sector.
Bureau of Labor Statistics (BLS): Provides comprehensive data on employment trends, job outlooks, salary information, and educational requirements for various occupations, including accountants and auditors.
Association of International Certified Professional Accountants (AICPA): A global association offering resources for accounting professionals worldwide, providing insights into career advancement opportunities and industry trends in the accounting sector.
Stay blessed!
James Constantine Frangos.
Simeon’s Answer
Alice’s Answer
In addition to the great answers you have received already, I would encourage you to obtain a license or certification after receiving your accounting degree. There are so many choices as my colleagues have already pointed out. The license or certification shows everyone that you have spent a little additional time and focus on accounting and that through a licensing board, you have achieved a level of excellence. Some of these licenses and certifications might be CPA - Certified Public Accountant, CMA - Certified Management Accountant, CIA - Certified Internal Auditor, CFE - Certified Fraud Examiner, CFP - Certified Financial Planner or CISA - Certified Information System Auditor to name just a few. You can Google other certifications for accountants. As you can see there is a broad area to choose from and specialize in. Be sure to intern in several of these areas during your summers while you are in college. Interning will help you decide which areas of accounting you like and are good at. Accounting is a great career. You can't go wrong majoring in accounting. Good luck!
Jason’s Answer
Hi Loren,
There is a lot of mobility and advancement opportunities for accountants. From a public accounting perspective. There is a pretty standard advancement progression within the Big 4 firms. On average you will be promoted every 3 years until reaching the Senior Manager level. Additionally the firms have locations all over the world allowing people to work in many locations. Additionally there are many different roles you could work in.