What Can You Do With an Accounting Degree?

Author: University of North Dakota
May 28, 2024

In the complex machinery of modern business, accountants are essential gears that keep operations running smoothly.

Without their expertise, businesses can quickly find themselves amid financial chaos, from inaccurate profit margins to unmanaged cash flows, leading to disastrous decision-making and compliance issues. To imagine a world without accountants, you need to think about a company unwittingly overspending due to poor financial tracking or facing legal penalties for incorrect tax filings. No business wants that, right? 

Accounting, however, is not just a singular path but a broad field encompassing various specialties and roles. This diversity allows professionals to tailor their careers to specific interests and skills, from forensic accounting to financial analysis. So, what can you do with an accounting degree? Discover the opportunities that such a degree offers and see if any spark your interest.

10 Jobs You Can Do With an Accounting Degree

An accounting degree equips students with a deep understanding of financial reporting, taxation, auditing, and budget management, alongside critical thinking and analytical skills—essential skills for various roles. Today, we will explore some of the most common jobs you can do with an accounting degree.

1. Finance Manager

Finance managers oversee an organization's financial health. They produce financial reports, direct investment activities, and develop strategies and plans for the organization's long-term financial goals. Their work spans across industries, however, you find most of them working in banks, investment firms, and large multinational corporations.

Average Salary: $124,326 per year

Main responsibilities of a finance manager are:

• Preparing financial statements and business activity reports
• Reviewing company financial reports and seeking ways to reduce costs
• Ensuring compliance with legal requirements
• Helping management make financial decisions
• Managing investment strategies by considering cash and liquidity risks

2. Management Accountant

Managerial accountants, also known as corporate or private accountants, handle a company's internal financial processes. The knowledge they accumulate from their work is essential for managers and executives as it helps them make informed decisions. They work in diverse sectors, including manufacturing, services, and not-for-profits.

Average Salary: $115,738 per year

Main responsibilities of a management accountant are:

• Preparing financial statements and other reports
• Advising management on financial decisions and the financial implications of business activities
• Managing budgeting processes, including preparing detailed annual financial reports and forecasts
• Monitoring and evaluating financial information systems
• Performing cost analysis and assisting in price-setting

3. Financial Advisor

Financial advisors provide personalized advice to help clients manage their finances. They work in finance and insurance firms, self-employment, or private wealth management, assisting clients with investment decisions, estate planning, and retirement strategies.

Average Salary: $102,134 per year

Main responsibilities of a financial advisor are:

• Assessing clients' financial needs and helping them with investments, tax laws, and insurance decisions
• Developing financial plans to help with financial goals
• Advising on investments, estate planning, risk management, and other financial matters
• Educating clients on investment options and potential risks
• Helping clients plan for specific circumstances, such as education expenses or retirement

4. Financial Analyst

These analysts use their financial expertise to guide businesses and individuals in making investment decisions. They work primarily in banks, insurance companies, pension funds, mutual funds, securities firms, and other financial enterprises.

Average Salary: $88,111 per year

Main responsibilities of a financial analyst are:

• Analyzing financial data and trends
• Evaluating investment opportunities and recommending individual or portfolios of investments
• Developing financial models to simulate financial scenarios
• Preparing written reports and presenting findings to clients or internal management
• Assessing the economic performance of companies to determine their stability

5. Forensic Accounting

Forensic accountants combine their accounting knowledge with investigative skills in litigation support and investigative accounting settings. They often work for public accounting firms, law offices, law enforcement agencies, and insurance companies.

Average Salary: $85,177 per year

Main responsibilities for a forensic accountant are:

• Investigating financial evidence
• Assisting in legal proceedings as an expert witness
• Examining financial documents and transactions to detect instances of fraud, embezzlement, or other financial crimes
• Advising lawyers and law enforcement agencies on the financial details of cases
• Performing due diligence on financial statements in corporate transactions

6. Management Analyst

Management analysts use their extended financial knowledge to advise managers on how to enhance an organization’s efficiency. They do so mainly by providing calculated information on ways to improve profits through reduced costs and increased revenues. 

Average Salary: $84,961 per year

Main responsibilities of a management analyst are:

• Gathering and organizing information about the problem to be solved or the procedure to be improved
• Interviewing personnel and conducting onsite observations
• Analyzing financial data and employment reports to develop solutions or alternative practices
• Recommending new systems, procedures, or organizational changes
• Helping to implement changes and providing training and coaching

7. Auditor

Auditors are at the top of the accounting profession as they help ensure the accuracy and legality of financial records and statements. They work in various settings, including public accounting firms, government agencies, corporations, and nonprofits. 

Average Salary: $82,682 per year

Main responsibilities of an auditor are:

• Examining financial statements for accuracy and compliance with laws and regulations
• Assessing financial operations and making best-practices recommendations to management
• Performing audits of internal controls, operations, and financial systems
• Preparing audit reports and presenting findings
• Ensuring that taxes are calculated, filed, and paid correctly

8. Tax Accountant

Tax accountants, as the name implies, specialize in preparing and submitting tax documents for businesses. Their clients range from private individuals to corporations. Their work is to ensure compliance with taxing authority regulations. Typically, you find them working in accounting firms, large corporations, or as independent consultants.

Average Salary: $82,406 per year

Main responsibilities of a tax accountant are:

• Preparing federal, state, and local tax returns for businesses, organizations, and individuals
• Advising clients on tax strategies and planning to minimize tax liabilities
• Staying updated on changes in tax legislation
• Representing clients in tax audits and negotiations with tax authorities
• Ensuring compliance with taxation regulations

9. Budget Analyst

These professionals help organizations organize their finances by preparing budget reports and monitoring institutional spending. Their primary goal is to ensure financial efficiency and informed budgeting decisions. They work in various sectors, including government agencies, universities, and private companies.

Average Salary: $81,698 per year

Main responsibilities of a budget analyst are:

• Reviewing budget proposals and funding requests
• Conducting cost-benefit analysis to determine value
• Collaborating with project managers to develop a consolidated budget
• Ensuring compliance with laws and regulations in budget practices
• Explaining and defending recommendations to stakeholders and budget committees

10. Financial Examiner 

Financial examiners are responsible for ensuring compliance with laws governing financial institutions and transactions. Their work is essential for maintaining the stability of financial systems. You can usually find financial examiners working for government agencies, banks and financial institutions, consulting firms, or corporate auditing departments.

Average Salary: $70,035 per year

Main responsibilities of a financial examiner are:

• Assessing the financial health of banks and other financial institutions
• Evaluating loan risks and assessing the financial health of borrowers
• Reviewing balance sheets, expense accounts, and loan documentation
• Ensuring that banks and financial institutions are adhering to laws and regulations concerning financial solvency, consumer protection, and risk management
• Preparing reports for regulatory bodies highlighting audit findings and recommending actions

Which Accounting Job Should I Choose?

Choosing a career in accounting is fundamentally a personal decision deeply rooted in your own values, lifestyle choices, and professional goals. The first step in this process is to evaluate which aspects of accounting truly capture your interest. For instance, if you thrive on analyzing data and predicting market trends, a career as a financial analyst could be immensely satisfying. On the other hand, if you possess a sharp eye for detail and a passion for investigative work, forensic accounting might be the ideal role for you, offering the opportunity to explore financial discrepancies and expose fraudulent activities.

As you go through your career options, it's important to keep in mind factors such as personal interests, inherent skills, potential earnings, job market trends, work-life balance, and opportunities for professional growth. Each accounting role highlighted in this article comes with its own set of challenges and rewards, and understanding these can help you make a well-informed decision about your future. 

Keep in mind that while your journey begins with obtaining your degree, it ultimately unfolds through how effectively you utilize and enhance your skills and interests over time. By aligning your career choice with your personal aspirations and the practical realities of the job market, you can find your path to success and fulfillment in accounting.

Conclusion

All in all, deciding on a career path in accounting, thanks to the versatility it offers, is a significant step that merits thoughtful consideration and exploration of all available options. Take your time to understand each role, its demands, and its benefits.

The University of North Dakota is equipped to support your educational journey, regardless of the path you choose. With programs including a Bachelor of Accountancy, Bachelor of Finance, and Managerial Finance & Accounting degree, UND has you covered across all areas.

Whether you're certain of your path now or prefer to explore your options as you advance in your studies, UND will be with you every step of the way, ensuring you're well-prepared to account for your future success. At UND, the best accountants are never at a loss when it comes to finding value—both in their careers and for the businesses they serve.

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