If you have a head for numbers and a heart for helping businesses operate with precision, becoming an accountant can add up to a gratifying and worthwhile career. Broadly speaking, accountants are specialists who analyze and report on financial transactions for individuals or businesses. There are many types of accountants, spanning all sorts of industries including the public sector, nonprofits, private industry, and local, state, and federal government. A job in accounting brings plenty of opportunity to a candidate with the skills and motivation to take their career far. A Bachelor’s in Accounting can help you pursue a variety of careers in the field. Let’s dive in and see which type of job in this industry interests you the most!
Types of Accounting
Financial Accounting
Financial accounting is one of the most recognizable types of accountants, who are typically responsible for preparing financial statements for their clients. These financial statements can include reports on tax documents, financial performance, cost and revenue forecasting, audits, and more. Financial accountants can be found in practically every industry and environment, most often working within public accounting firms, financial institutions, and government agencies.
Forensic Accounting
Forensic accountants apply their practical skills to help solve crimes. This type of accountant typically works with law enforcement, insurance companies, or financial institutions to identify instances of embezzlement, fraud, theft, and other financial crimes. Forensic accountants must have sharp skills to analyze complex data and compile reports of their findings. It isn’t unusual for a forensic accountant to have a hand in criminal investigations or provide expert testimony in the courtroom.
Auditing
Whether working internally or externally, an auditor plays an important role in financial quality assurance. An auditor thoroughly reviews and cross-checks an organization’s every transaction to ensure money was spent appropriately and from the correct source. In the event of mishandling, an auditor is responsible for alerting the proper authorities and ensuring that the business has taken action to correct the issue.
Managerial Accounting
Managerial accounting is one of the many types of accountants that are focused on helping businesses and organizations reach their financial goals. Working closely with executive leadership, managerial accountants analyze financial planning and performance, guide decision-making through the lens of finance, create budgets and forecasts, and find ways to improve operational performance.
Government Accounting
Government accounting takes the same general principles of financial management and applies them to local, state, and federal agencies. Because government operations are largely funded by taxpayer dollars, it’s critical that money is tracked and reported on accurately. Government accountants monitor spend and revenue for public goods and services and also play a role in tax collection.
Corporate Accounting
Instead of working at an accounting firm, this type of accountant is usually directly hired by a corporation to lead financial decision-making. This is similar to managerial accounting in terms of the duties performed, which include creating budgets, analyzing financial performance, working closely with leadership, and evaluating the overall financial health of the company. Corporate accountants may also lead investment efforts for their organization, and determine the plan of action in times of acquisition or merger.
Careers in Accounting
Chief Financial Officer
The chief financial officer is the most senior financial role an organization can have. In this job, the CFO is responsible for ensuring the company reaches its financial and growth goals. The CFO sets and oversees budgets, identifies areas to save and spend, ensures the company is above board financially, and much more. This is a high-paying career with a great deal of responsibility, and the ability to flex into many different sectors, from private organizations to multinational corporations.
Certified Public Accountant (CPA)
CPAs are one of the types of accountants that are almost universally needed and necessary for a successful business. This is a highly sought-after position because of its high earning potential as well as its relative stability — no matter what the economy, taxes must be filed. CPAs also play a hand in setting budgets, future planning, and preparing audits, and are business-critical in ensuring companies remain in good financial health.
Payroll Accountant
Businesses won’t last long if employees aren’t paid, and that’s where payroll accountants come in handy. On top of sending out checks to staff, payroll accountants make sure that everything is on the up and up when it comes to employee taxes and government policies. Having an eye for detail is important for this job, and many of these types of accountants work closely with their company’s CFO or director of finance.
Investment Accountant
Trading on the stock market isn’t totally risky business when there’s an investment accountant on hand. These types of accountants help businesses and individuals make sound decisions when investing or trading on the stock market. Investment accountants handle millions of dollars in stocks, bonds, and other portfolio assets, and may work in a brokerage or asset management firm.
Tax Accountant
Tax accountants know local, state, and federal tax laws by the book. Working with individuals and businesses, these types of accountants have a job that’s quite similar to a CPA. However, CPAs are certified and may have other credentials as well. Tax accountants are responsible for helping clients tackle a number of tax-related needs outside of filing quarterly or annual taxes, including helping with audit disputes, licensure, and more.
Credit Manager
Credit managers help determine whether a business or individual can open or extend a line of credit or a loan. This type of accountant uses credit scoring models to see if a candidate is a risk or not, and is responsible for approving or denying credit requests. Credit managers can also work internally to help a business collect payments, issue credits or loans, and analyze the company’s financial risk.
Cost Accountants
By setting a company’s budget, cost accountants help guide decision-making and spending control. This role is similar to many of the other types of accountants previously mentioned, in that they have several responsibilities when it comes to numbers: auditing, reporting, analyzing, and more. Cost accountants generally work with senior leadership and across departments to ensure that the company is financially in sync.
Pursue a Bachelor’s Degree in Accounting
Whether you’re learning online or on campus, Tiffin University’s Bachelor’s in Accounting program provides valuable, experiential learning that successfully prepares students to launch a rewarding career in accounting. You’ll gain relevant instruction on financial problem-solving, strategic thinking, and skill building that proves priceless in the real world.
Our faculty brings years of expertise from CPA firms and major corporations and has the professional know-how to lead and shape the next generation of all types of accountants. Learn more about how the program can help you reach your academic and professional goals!