Finance and accounting careers for people who love counting money — and making it was originally published on College Recruiter.
Are you considering a career in accounting or finance? These fields offer lucrative opportunities and a stable job market. In this article, we’ll explore the key takeaways from a recent survey on careers in accounting and finance, conducted by invoice company Skynova. Let’s dive in and discover what these professions have to offer.
Earning potential in accounting and finance careers
According to the survey, accountants make a median annual salary of $77,000, with the highest-paid accountants earning nearly $100,000 per year. What’s more, two-thirds of Certified Public Accountants (CPAs) reported being satisfied with their current salary. It’s clear that a career in accounting can provide financial stability and a comfortable income.
The demand for accounting professionals is expected to grow by an average of 6% between 2021 and 2031, which is 1% higher than the national average job growth rate. If you’re looking for the states with the most projected accounting and auditing jobs in 2028, keep an eye on Colorado, New York, Delaware, South Dakota, and Massachusetts. These states are likely to offer promising opportunities for aspiring accountants.
When it comes to salaries, the top five states with the highest average accountant salaries were:
- New York ($68,336)
- New Jersey ($67,833)
- Massachusetts ($62,743)
- Connecticut ($62,386)
- Rhode Island ($60,990).
If you’re aiming for higher income potential, considering job opportunities in these states could be a strategic move.
Accounting and finance career path
For those interested in finance careers, a Bachelor’s degree in Accounting is typically the starting point. To advance in the field, you’ll need to pass the Certified Public Accountant (CPA) certification exam. This exam consists of four categories: Auditing and Attestation, Business Environments and Concepts, Financial Accounting and Reporting, and Regulation. To pass, you must earn a score of at least 75 out of 99 in each category. It’s worth noting that the average pass rate for each section in 2022 ranged from 45% to 61%.
Becoming a certified CPA opens doors to various job opportunities. Gaining experience at an accounting or financial firm is a common path for newly certified CPAs. After acquiring 2 to 5 years of basic experience, you can explore specialized roles within the field.
While the CPA certification is widely recognized, an alternative path is the Accredited Business Accountant/Advisor (ABA) certification. ABAs have varying regulations depending on the state, with some being designated as advisors only and having limitations on the areas in which they can practice. Exploring the requirements and opportunities associated with an ABA certification may be a viable option for those interested in a different career trajectory.
Career options in accounting and finance
Now let’s shift our focus to finance careers. The top five finance careers identified in the survey were:
- Financial manager
- Financial advisor
- Securities, commodities, and financial services sales agent
- Financial analyst
- Loan officer
These roles offer varying median salaries, ranging from $63,380 to $131,710, and job outlooks from 4% to 17% growth between 2021 and 2031.
In addition to these broad finance career paths, there are specialized roles that require further certification. For example, the Certified Management Accountant (CMA) certification prepares accounts to assess the costs and benefits of common financial business decisions. On the other hand, the Certified Information Systems Auditor (CISA) certification sets a global standard for a career in information systems, including auditing, control, and security. Lastly, the Certified Fraud Examiner (CFE) certification equips professionals to discover, investigate, and resolve fraud cases.
A rewarding future
With increasing job opportunities, competitive salaries, and interesting options for specialization, accounting and finance can be an exciting career path for mathematically-minded students. With a solid education, analytical thinking, and confident decision-making skills, this career path can offer a rewarding and financially stable future.