Do you ever sit back and marvel at the beautiful intricacy of financial markets and corporate organizations? Do you ever think about how simple inventions like the light bulb and the search engine grew into the vast commercial empires they are today? The answer can be complicated, but most of these success stories can be attributed to two simple things: wise financial decision-making and efficient accounting. For a rewarding, smart career that will take you places and provide you with the means to enjoy them, learn about exciting, lucrative accounting jobs and finance careers.
Careers in Accounting and Finance
If you are fascinated by the internal machinery of the business world, a career in finance or accounting may be right for you. However, accountants specialize in various sub-fields, so find an accounting path that dovetails with the functions you'd love to perform. With a degree in public accounting you can concentrate on one area of expertise, such as income tax preparation, or you can provide general consulting for corporations or individual families.
Likewise, nearly every tier of business and government relies on financial analysts and managers for the forecast of financial markets and the preparation of investment strategies. The specific duties of financial managers vary, from treasury positions to risk and insurance management.
In particular, consider these examples of positions occupied by those with advanced degrees in accounting and finance.
A Case Study: Management Accountants and Financial Management Executives
Management accountants are responsible for tracking a company's finances, performing cost and asset management, and overseeing performance evaluation. Similarly, but operating from a more prognostic perspective, financial management experts make forecasts and devise tactics to reduce risks and maximize profit. Often times, management accountants and financial managers are included on executive teams whose job it is to strategically plan the development and marketing of a product or service.
During the holiday season of 1998, management accountants and financial management executives for Tiger Electronics developed what turned out to be a remarkably successful stratagem for the marketing of a new toy. The Furby, as you surely remember, originally retailed for about $30. But with clever marketing, wise investment, and an efficient production strategy, the Furby eventually garnered prices of several hundred dollars.
In the year following the introduction of the Furby, over 27 million of the toys were sold. The combination of an inventive product and the guidance of an experienced accounting and finance team allowed the Furby to take the toy world by storm.
Educate Yourself
Most accounting positions require at least a bachelor's degree in a relevant field and a CPA, or Certified Public Accountant license. More often, employers are looking for workers with an advanced degree, such as an MBA. Potential employees with the master's in accounting will have a distinct advantage when applying for upper-level management positions. MBA programs in accounting prepare students by combining the CPA license with courses in financial analysis, capital structure, and risk management.
The US Bureau of Labor Statistics (BLS) points out that, "candidates with expertise in accounting and finance--particularly those with a master's degree--should enjoy the best job prospects." If you are considering financial management as a career, you may want to consider an MBA in finance, business administration, or risk management.
Master's programs in accounting and finance provide graduate coursework in areas such as accounting and budget management, financial analysis, international banking, and computer and information systems. The recent emergence of accredited online degree programs will also allow you to pursue a degree in accounting or finance without turning your life upside down.
Future Prospects
According to the BLS, employment prospects for those with degrees in accounting and finance are significantly rosier than most other fields over the next decade. As the economy develops and businesses expand, financial management and accounting expertise will be required to keep up with the volume of information, high levels of commerce, and changes in tax legislation.
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Finance
- Median annual earnings for financial managers: $81,880 (BLS, 2004)
- Preferred degree: MBA / master's degree in finance
- Necessary skills: Ability to think creatively and solve problems, effective communication and interpersonal skills, a thorough understanding of business principles
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Accounting
- Median annual earnings for accountants: $50,770 (BLS, 2004)
- Preferred degree: MBA / master's degree in accounting
- Necessary skills: Aptitude in mathematics, effective communication abilities, proficiency with accounting software
Oh, and One More Thing...
Did you ever wonder why accountants and financial analysts seem to glide through life without the financial turmoil that affects everyone else? With an advanced degree, you will be able to manage your personal finances with wisdom and insider knowledge that others pay top-dollar to access.
The combination of an exciting, lucrative career, and the personal financial freedom that accompanies it, may make a career in finance or accounting the right choice for you.