You have two dependants, non-taxable interest, dividends, education credits, two incomes, and a Schedule A that doesn't agree with your Schedule C. Learn how a finance or accounting degree can help you put your finances in order even after the big April deadline.
Sure, accounting and finance degrees have a number of uses. Accountants can work in state and local governments or in the private sector, managing payroll services or bookkeeping. Financial managers in securities and commodity contract brokerage make an average $129,770 a year, according to the Bureau of Labor Statistics. But even with all the possibilities inherent in accounting or finance degrees, wouldn't it be nice to just know how to figure out the itemized deduction form?
Accounting Careers: A Day in the Life
April is a busy month for some accountants, as tax specialists work long hours in the weeks and months leading up to Tax Day. Taxes aren't going away, so employment of accountants and auditors is expected to grow faster than average through 2014, according to the BLS. And certainly, the tax professionals filing your 4868 may be the first image that springs to mind when you consider accounting, but there are a surprising variety of careers possible for graduates of accounting programs. Here are a few:
Forensic Accounting
When fraud is charged against a company, these specialized accountants come in to find the truth. Like forensic pathologists, forensic accountants use evidence at the scene (in this case, financial evidence like bank transactions and inventory reports) in order to determine the existence and level of company-wide fraud.
- Skills Required: High attention to detail, ability to process data with scientific precision
- Specializations: Bankruptcy cases, divorce, company-wide transaction reconstruction
- Education: As most typical accounting programs don't include forensic accounting courses, a specialized accounting degree can be useful. Some forensic accountants choose to obtain a Certified Fraud Examiner or Certified Public Accountant (CPA) in addition to an associate's or bachelor's degree in accounting.
Venture Capital
When a business has a great new idea but no funds to make it happen, venture capital professionals are there with the money. Finance and investment professionals like accountants can do a lot in venture capital, where assessing a company's growth potential and financial acumen are essential aspects of the job.
- Skills Required: Strong business sense, ability to determine financial need based off a business plan.
- Specializations: Technology, life sciences, biotechnology fields
- Education: Accountants in venture capital can benefit from a typical accounting school associate's degree. Many accountants in venture capital choose to obtain a CPA.
Finance Careers: Analysis and Guidance
While an accounting degree can result in a specialized career like the ones above, a typical education in finance can offer a broader application. Financial managers work in any business or government agency that deals with finances in any form. A financial manager's specific title offers more insight into their individual responsibilities:
- Controller: Forecasts a company's financial position and future
- Treasurer: Oversees the present-day financial dealings of a company
- Credit manager: Manages a company's credit accounts, determining credit ratings
- Cash manager: Monitors cash flow, insuring proper investments and growth
No degree or training program can guarantee a certain career or salary, but for any of these careers in finance, hiring managers typically prefer or require a bachelor's degree in finance, accounting, or business administration. According to the BLS: "Financial analysts and personal financial advisors who have earned a professional designation are expected to have the best opportunities." Some financial analysts also choose to complete three examinations and meet other requirements for Chartered Financial Analyst (CFA) designation.
Benefits of Training in Accounting and Finance
The earning potential is strong for accounting and finance graduates. Financial analysts earned an average $61,910 in 2004, while personal financial advisors made an average $62,700. Bachelor's degree candidates in accounting received starting offers of $43,269 a year in 2005, according to a salary survey by staffing services firm Robert Half International.
In the highly competitive fields of accounting and finance, obtaining related training and education can be a smart investment. With training, you'll be laughing in the face of your itemized deductions in no time. Learn about other careers in business >>>