The state pension age for women in the UK is 63 years, which is also roughly the same age when women retire. For someone that started working in their mid-20’s for example, those are almost 40 years of service. For you to spend almost four decades on a job, it’s key to find something that aligns with your passions. If you love numbers, accountancy is one of those careers that offer a variety of fields to narrow into. Here are eight exciting career options in accountancy for you to explore.
1. Environmental accountant
This is one of the younger fields in accounting. Environmental Accountants combine finance and accounting skills with environmental science expertise, regulation, and public policy. Their main role is calculating compliance costs and cost of environmental impact on business operations. While businesses previously saw environmental implications as unnecessary overhead, today, compliance and environmentally friendly policies are getting more thought.
Working as an environmental accountant is not as common as other career paths, so if you’re planning to work as one, it’s best if you start doing research as early as possible. You should know what is the required education, training, and experience before you can work as an environmental accountant.
Moreover, you should also determine what organizations you will work for with this career. Are you going to work with a private organization? Or will you have to apply to government agencies?
2. Forensic accounting
Forensics refer to any investigative methods that are acceptable by law. There are two types of forensic accounting. One is litigation support and the other is investigative accounting. In litigation support, a forensic accountant is called in as an expert witness, or as a consultant to one of the parties in a case. On the other hand, investigative accountants use quantitative methods and auditing to reconstruct financial records and make determinations on the possibility of fraudulent or otherwise illegal activity to have occurred. This brings together sleuthing and love for numbers. You can contact your local Colorado Fractional CFO company to figure out more about what this position entails.
3. Tax accountant
They say taxes and death are the only sure things in life. For a tax accountant, that means work and more work. This is another field taking finance courses online can prepare you for. Tax accountants understand tax reporting guidelines and prepare compliant tax reports. These reports range from simple individual returns to more complex services for multinationals. In addition to tax reports, tax accountants oversee tax planning and decision making.
When you work as a tax accountant, expect that you will have to work with different types of clients. Since paying tax is a requirement for every citizen, working as a tax accountant will enable you to work with busy homeowners, new entrepreneurs, and even sickly adults.
Aside from having the hard skills relating to accounting, you should also have the patience and commitment to help a wide variety of individuals if you want to succeed as a tax accountant.
4. Chief financial officer
The CFO position is among the highest accounting positions there is. This comes with its fair share of authority and responsibilities. To become a CFO, one must have a mix of attributes, including academic, proven hands-on experience in accounting and a stellar record in leadership. The larger the organisation, the more critical this role becomes. Where money is concerned, the buck stops with a CFO. If you are one for challenges, this is where to set your eyes.
5. Payroll accountant
Payroll accountants play a central role in companies with many employees. Both small and big business must comply with compliance regulations and payroll reporting. In this regard, they act as a go-between between employees, the organisation and the government. Their main roles are ensuring the integrity of employee paychecks and tax documents.
Before applying as a payroll accountant, spend some time to research about the company you want to work with. Different companies will have different payroll protocols, which is why researching before applying is always a must.
Regardless if you’re shifting from one career to another or work in the accounting industry for the first time, it’s essential that you know the background of the company you will work for in the future.
6. Actuarial accountants
This is a statistics-based science mainly in the insurance industry.
Aside from the insurance industry, actuarial accounting methods are also applied in assessing financial investment risks and government-run pension funds. Essentially, actuarial accountants apply statistical methods to assess risk and make recommendations to companies and government that allow them to maintain a sound financial footing.
7. Internal auditors
Government, nonprofits, public and private organizations hire internal auditors periodically. Internal auditors study and evaluate an organization’s information security controls, compliance and operational efficiency. Another huge part of their role is detecting, investigating and deterring fraud within an organisation. Internal auditors work autonomously and provide objective recommendations to the company’s board.
The CIA (Certified Internal Auditor) is a specialized certification for internal auditors. Earning a CIA certification is worthwhile because it is recognized internationally and gives you a wide range of career opportunities. In order to get it, you need to have a bachelor’s degree, a minimum 2 years of work experience and pass a CIA exam, which is not so difficult if you choose the appropriate preparation materials.
8. Cost accountant manager
Cost accountant managers essentially serve as financial gatekeepers. Their role focuses narrowly on analysing the costs of production, and pricing. These two factors are key for businesses to realise a profit. These accountants are required to have strong analytical abilities and expert knowledge in economic forces that are key price determinants.
In conclusion
Accounting is a fulfilling, multi-pronged career that directly places you at the core of an organization’s success. If you are analytical, love numbers and are detail -oriented, this could be a long, satisfying career path for you.
However, if you want to succeed with a career in accounting, it’s important to spend time and effort to hone skills that are necessary from the industry. Aside from being comfortable in dealing with numbers, you should also possess time management and communication skills, along with the ability to collaborate with other individuals.
Look for training opportunities that can equip you with these skills. The sooner you do this, the better chances you’ll have in working in the accounting industry.
