Pursuing a career in graduate accounting is a smart decision because job prospects in the accounting industry are thriving. If you enter the job market with a specific master’s degree in accounting, you will be in high demand and prepared for leadership and management positions for innovation in the UK. The demand for accounting degrees, such as the Master of Accounting (MAcc), is so high that many students are hired by financial accountants and accounting firms before they graduate! Read on to learn how to advance your accounting career.
What Is The Employment Accounting Outlook?
According to the official U.S. Bureau of Labor Statistics (BLS), Graduate Accounting Jobs are in high demand. On average, approximately 135,000 job openings for accountants and auditors are expected each year between 2020 and 2030. Many of these openings are predicted to be driven by the need to replace these workers. Switch to another job or leave the labor market for innovation in the UK. Competition will be quite fierce for graduate accounting jobs in the most prestigious accounting and sales firms. Candidates with a master’s degree in accounting will have an advantage.
According to the BLS, the demand for financial accountant professionals is expected to increase by 7% by 2030 due to innovation in the UK. The reported starting salaries of graduate accounting jobs with a master’s in accounting are higher than those with a master’s in finance or an MBA. The average salary of a financial accountant is $73,560 as of May 2020.
Opportunities For Advancement In The Accounting Profession
Accounting is literally considered the “language of business,” and applying a sense of discipline is important to the success of a business. All of this adds up when you consider that professional accountants can fill almost any role, from individual owners to leadership positions within an organization. That’s why earning an online master’s degree in accounting from the University of Ottawa is a smart move for career advancement and higher earning potential.
What Can You Do With A Tech Accounting Degree?
The principles of this graduate diploma for financial accountants provide a vital foundation for careers in finance, economics, auditing, and governance in the public and private sectors. Students often ask, “What can you are doing with a bookkeeping degree?” There are several bookkeeping employments you’ll be able to seek after graduation, including budget analyst, controller, financial manager, financial accountant, and purchasing agent. Earning a 30-hour online graduate accounting job and a professional degree will open up more career opportunities while helping you meet the 150-hour educational requirements to take the Certified Public Accountant (CPA) exam ) in most states.
What Is An Accounting Career?
Jobs for accounting graduates are plentiful – and growing. With that in mind, here are the seven best accounting careers for 2022 (with salary estimates from Glassdoor):
Auditors examine a company’s financial records and check their precision and unwavering quality. The part of an inspector can change depending on the company or type of auditor – internal, external, government, or judicial. An auditor’s responsibilities may include organizing and reviewing financial statements to ensure legal compliance, making recommendations on best practices to management, and ensuring that taxes are accurately reported by innovation in the UK. Accurate and on time.
2. Information technology accounting
There is a growing demand for careers in technology and accounting. Information technology financial accountants are responsible for the systems a company uses to organize and report financial data. This role requires knowledge of accounting and information technology and is perfect for those who are problem solvers and interested in identifying technology solutions.
3. Senior financial analyst
Evaluating a company’s financial health and helping guide investment decisions is the job of a financial analyst. Specific financial analysis tasks can vary depending on the company, and so this role is much more flexible than many other Graduate Accounting Jobs. This position is for those interested in data collection, financial modeling, spreadsheet maintenance, developing investment theses, communicating with investors and management, and forecasting.
4. Forensic Accounting
It is known as one of the fastest-growing jobs in the law enforcement industry. Forensic financial accountants investigate fraud and use accounting skills such as auditing to provide expert opinions on legal issues in court. Forensic financial accountants must be extremely thorough because their reports will be reviewed in court by judges, attorneys, and juries.
5. Management Accounting
Management financial accountants are responsible for cost and profit analysis as well as financial planning and reporting for internal staff. Their primary goal is to help senior leaders make informed and financially responsible decisions in innovation in the UK. Some of the tasks include adjusting operations and cost-based planning, forecasting, monitoring product processes, establishing incremental costs, and optimizing business operations.
Controllers oversee the accounting department within the company and oversee high-level financial strategies in innovation in the UK. The main duties of a controller are to maintain financial reports, payroll, budget preparation, general ledger, tax compliance, etc. Gaining experience in business forecasting and tax management is essential if you want to become a company controller.
7. Chief Financial Officer (CFO)
The job responsibilities of a finance manager vary by company. However, there are some key areas in which all CFOs must exceed expectations. These incorporate monetary administration, execution, commerce procedure, and chance administration. CFOs are cross-functional pioneers who offer assistance to companies in making informed financial and business decisions. They execute revenue strategies, access financial risks and opportunities, and more. Many of the highest-paid CFOs have multiple degrees. Therefore, if your career goal is to become a financial manager, it is important that you consider getting a CPA, MSA, or MBA.
How Much Does A Qualified Accountant Earn?
Most accounting employers are likely to claim that their graduates’ starting salaries are “very competitive” rather than publish an exact figure. The public sector is an exception to this rule: for example, the National Audit Office sets a starting point for graduate salaries (over £25,000 in Newcastle and over £30,000 in London ); The Civil Service (Finance) Express Entry, when open, offers £28,000; and the NHS Graduate Management Training Scheme (GMTS) funding stream pays £26,382. However, you often have to turn to anonymous salary surveys to research your potential earnings.
The Institute of Student Employers (ISE) Student Recruitment Survey is one such survey, and its 2022 data indicates that the average salary of graduates in companies’ finance and professional services is £32,316. This is slightly lower than the average graduate salary across all sectors of £33,229. It’s worth noting that ISE members tend to be larger employers and often pay higher salaries. You can infer that graduate salaries at smaller companies may be less than £32,000.
Another survey, the Hays UK Recruitment and Salary Trends report, which compiles data from 23,000 employers who have recruited through them in the past 12 months, confirms this.
The 2022 report shows:
- Typical salaries for ACCA trainee accountants range from £19,000 to £25,000 (with the lowest figure in Wales and the highest in London)
- Typical salaries for CIMA trainee accountants range from £21,000 to £25,000 (with salaries lowest in Wales and highest in London)
- Typical salaries for CIPFA trainee accountants range from £18,500 to £24,000 (with the lowest figure in Northern Ireland and the highest in London)
- The typical salary for an ACA trainee accountant ranges from £18,500 to £28,000 (with the lowest figures recorded in Northern Ireland and the highest in London). The greater diversity in these figures reflects differences in salaries by location as well as the size of the employers surveyed.
How To Advance In The Accounting Profession
Ottawa’s online Master of Accounting prepares students for the above accounting careers and beyond, focusing on developing skilled finance practitioners who understand the complexities of contemporary business and can advise executives on strategic financial decisions for their businesses. Because employment prospects in the accounting field are strong, graduates will be prepared for careers as professional accountants in the public sector, industry, government, and not-for-profit organizations. With an OU MAcc degree, you will acquire the conceptual framework used to measure and report the financial position of an organization while creating solid, composed, and verbal communication aptitudes.
O.U. is glad to offer this adaptable online bookkeeping graduate degree, which is the finest, speediest, and most reasonable choice within the institution’s grown-up markets of Kansas City, Phoenix, and Milwaukee.