Accounting is an exciting field of commerce and career prospects in this get on increasing depending on the market requirements. According to the Bureau of Labor Statistics (BLS) projects 6.9 percent employment growth for accountants between 2020 and 2030. In that period, an estimated 96,000 jobs will be available.
Several finance and accounting professionals are choosing a career in this field as it offers innumerable opportunities in various industries, attractive salaries, and many more perks.
In this article, let’s have a look at why being an accountant has become among the most lucrative finance and accounting careers.
The job role of an Accountant
An Accountant’s main job is to keep a track of past, present, and future financial accounts and economic activities that are related to a particular enterprise. The accountant plays a vital role in auditing and preparing annual reports, assets by gathering related information from Investors by taking help from several tools to analyze the essential data.
The job role also demands to reconcile discrepancies, verifies, and allocates to produce error-free accounting reports to higher officials. It takes a rightful skill for the accountant to prepare management reports with the right amount of accuracy, detail, and illustration. A few essential elements that an accountant must be well-versed with are:
- Tax Compliance
- Industrial Accounting
- Financial Accounting
- Cost Accounting
- Business computer application software such as SAP, Tally, etc.
- CA, CS, CPA
Essential skills to be an Accountant
The profession in accounting is one of the top finance and accounting career choices, which are preferred by several individuals. The employment of accountants and auditors is projected to grow 7 percent from 2020 to 2030, about as fast as the average for all occupations. About 135,000 openings for accountants and auditors are projected each year, on average, over the decade. To grow in this field requires certain skills. They are:
- Communication skills
- Analytic & Interpersonal skills
- Knowledge of accountancy software
- Strong in mathematics
- Good computing skill
- Numerical aptitude
- Belief in ethical practice
- Honesty and reliability
- Patience and self-discipline
- Understanding of accounting procedure
- Ability to manage distraught and questioning clients
- Must work for longer duration in an environment of computing area
- Can be able to work in an office setting to review documents for longer hours
Accountant salary by industry
The salary in the accounting field is based upon the position one is holding in the accounting department. Accountants made a median salary of USD 73,560 in 2020. The best-paid 25 percent made USD 97,530 that year, while the lowest-paid 25 percent made USD 57,110. The salary increases steadily for the employees who have more experience in a certain industry.
Let’s have a look at the average salary for finance and accounting professionals in various industries.
- Finance and Insurance – USD 78,600
- Management of organizations and enterprises – USD 76,230
- Accounting, tax preparation, bookkeeping, and payroll services – USD 73,180
- Government agencies – USD 72,260
Industries that hire accountants
While many accountants work in independent practice, according to a report from BLS the following industries employed the largest number of accountants:
- Accounting, Tax Preparation, Bookkeeping, and Payroll Services
- Management of Companies
- Local and State Government
- Management, Scientific and Technical Consulting Services
Advance your accounting career with CIMA India qualification
Chartered Investment & Management Accountant (CIMA®) is the perfect management accounting qualification if a professional is looking for ways to start a global career to be an investment & management accountant professional. It is among the world’s most uniquely designed powerful financial accounting certifications.
CIMA India qualification is highly reliable and consists of the distinctive validation of advanced-level competence of professionals in two of the most swiftly growing super-specialization areas in accounting – investment accounting, and management accounting.
It is a perfect qualification for professionals who want to advance in their finance and accounting careers. The CIMA® charter gives each professional a proven promise and readiness for gathering the essential and in-demand financial intelligence that globally several firms are in demand to monitor, manage and grow their businesses and investment assets as well as portfolios.
This certification also provides the finance and accounting professionals immediate membership once they get qualified for the award of the CIMA® charter. This membership offers a vast range of opportunities and also gets covered in the CIMA® program fee for up to 10 years consists of several perks such as a life-long myCIMA dashboard, which is a personalized dashboard that contains career growth and self-development resources. The membership card and certificate are included in the CIMA® credential pack sent to the qualification holders after they get qualified to all prescribed conditions for the award of the CIMA® qualification and designation.