In a world where the services of a financial accountant are required by every organization, learn the education details, skills, the job growth rate and salary information for professionals in this career before you can decide if you should pursue the degree program.
Financial Accounting Overview
In most cases, financial accounting is offered as a subsection of accounting to students in Master’s degree level. The program is meant to equip students with important knowledge regarding accounting methods, financial statements and tax documents.
Career Options for those in Financial Accounting
Some of the common career choices that a graduate of financial accounting can pursue are certified public accounting, tax examination as a career or become a stockbroker.
Certified Public Accountant
A certified public accountant does auditing for companies, individuals, government organizations and nonprofit groups. In most cases, certified public accountants specialize in a specific area while in college. These areas may be financial analysis, tax preparation or financial auditing. As a general requirement, certified public accountants are expected to meet specific state licensing requirements before they can look for a job. Besides this, CPAs are also expected to pass the Uniform CPA Examination, which is often in four lengthy parts organized by the American Institute of Certified Public Accountants. After passing the exam, a CPA can then be licensed by the State Board of Accountancy.
The U.S. Labor of Bureau Statistics estimates that the average annual earnings for a professional in this area was $65,080 in 2013 while the job growth rate is expected to be around 13% up to the year 2022.
Tax examiners are the people who check for accuracy and validity of tax documents submitted to them by individuals or groups. They can often be found in local, state or federal government bodies. The basic education requirement before you can join this profession is a bachelor’s degree and some experience in accounting. They are also expected to be well conversant with the tax codes for the institutions that they work for. As for their salary, the BLS estimate that in 2013, a tax examiner earned an average annual salary of $50,610 while their job is likely to grow at a rate of 4% within the next few years (up to 2022).
They help traders who deal with stocks, bonds and other securities. At times, stockbrokers are required to give investment advice to individuals and businesses that are new to such markets. The main employers for stockbrokers are individual business persons and business corporations.
While formal education is not a compulsory requirement, most stockbrokers now have a degree in accounting or a related field. To be specific, stockbrokers may consider pursuing degree programs in business management, economics, mathematics or as mentioned earlier, financial accounting. After graduation, most stockbrokers also seek attachments for at least four months in a recognized brokerage firm if they want to get meaningful employment. Additionally, a license from the General Securities Registered Representative might also be a necessary requirement before looking for a job. Finally, the BLS estimates that an average stockbroker earned $72,640 in 2013.