How to Become an Accountant

As of December 2022, the average annual salary for a CFO is $146,473, according to ZipRecruiter data. Additional compensation like bonuses and profit-sharing can add substantially to a CFO’s yearly earnings. According to December 2022 data from ZipRecruiter, the average salary for a senior auditor is $84,359 annually, with top wage earners taking in over $119,000. SNHU is a nonprofit, accredited university with a mission to make high-quality education more accessible and affordable for everyone. Although there are many avenues you can take with an accounting major, Conticchio recommends “gaining experience in the branch you feel confident,” either through internships or interdepartmental moves.

• From internal controls to tax documentation, a company’s CFO is successful when their work integrates seamlessly with every department’s day-to-day functions.
• The advantage here is, you likely have a career path firmed up and from there can decide whether the educational pursuit is worth the investment.
• For example, the Association of Certified Fraud Examiners released a study in 2016 that found businesses lose 5 percent of revenues annually because of fraud, for a total worldwide loss of $6.3 billion.
• An accounting manager blends people skills, analytical skills, and accounting skills to provide a professionally run department.
• An MBA makes the most sense for people who want to pursue business ownership, management, or executive positions.

While an accounting bachelor’s degree is commonly listed as the minimum degree, auditors often hold master’s degrees in accounting or MBAs because they bring well-developed skills to the workplace. You can use your MBA in accounting to move up the ranks from an auditing job to a project or departmental management position. Whether you are finishing your undergraduate degree in accounting or wish to further your existing accounting career, an online MBA from USI can propel your career forward while preparing you for the comprehensive CPA exam. In addition to learning key leadership skills, this program cultivates students’ ability to navigate complex business problems from a global perspective. The courses in this 100% online program can give you the knowledge you need to take your accounting career anywhere you want to go in the field. Chief financial officers (CFOs) oversee a business’s administrative and financial operations.

What is the job description of a tax accountant?

Students who pursue an MBA in Accounting can expect to be exposed to a number of various topics, such as balance sheets, cash flows, and financial reporting, for instance. Additionally, the best MBAs in Accounting will also help students develop their soft skills, such as leadership, teambuilding, and negotiation, providing graduates will a well-rounded skillset. Plus, interestingly, GMAC reports the median starting salary for Master of Accounting grads to be $95,000, still falling $20,000 short of the versatile, management-focused part time accounting MBA. Thus, an MBA with a concentration in accounting could be the best of both worlds, offering the potential MBA wage premium, advanced accounting studies and well-rounded management and leadership skill-development. If you are preparing for a rewarding career in accounting, you may want to consider the benefits of earning a Master of Business Administration (MBA) in accounting. A graduate degree can open the door to high-paying CPA (Certified Public Accountant) positions and competitive starting salaries.

Candidates can bypass some experiential learning by obtaining a specialized master’s degree in tax accounting or an accounting MBA. Adding optional tax-focused professional certifications further strengthens a professional profile, paying dividends in the form of accelerated career advancement and increased earning potential. In some cases, tax accountants work in client-based settings, visiting individuals in their homes or interfacing with enterprise customers in their places of business. As the economy continues to move toward globalization, international taxation continues to grow as a niche specialization. Tax-exempt entities such as charities do not need to pay taxes, but most need to post financial statements and tax returns each year. As such, these entities often hire tax specialists to ensure their operational activities adhere to tax-exempt status requirements.

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Many states require individuals to fulfill upper-level courses such as Accounting Regulation & Compliance or Financial Statement Analysis. Those courses are not available at the undergraduate level, but they are often taught as part of an MBA program in accounting. An MBA, especially one with an accounting specialization, may also help you prepare to take the CPA Exam1. The CPA Exam requires candidates to have 150 credit hours of education in an accounting-related field. Earning an MBA in accounting may help you meet the 150 credit hour requirement while also giving you insight and the chance to acquire more complex accounting skills that may prove useful when you take the CPA Exam1. As a management analyst, you’ll often work as a consultant to a variety of businesses.

Studies how the accounting system, the independent auditor’s examination of the accounting system, and other supporting evidence serve as a basis for the auditor’s expression of an opinion on a client’s financial statements. Studies audit methodology through the conceptual framework within which specific programs are designed. Covers professional ethics, internal control evaluation, evidence gathering, statistical sampling, auditing and EDP, operations auditing, internal auditing and audit reports. Accountants who work in this field combine their accounting expertise with the investigative skills of a detective.

Tax-Exempt Entities [22:010:625]

Continuing on to earning such a designation makes you a more attractive candidate for the jobs listed below, as well as putting you in position for the best salaries and highest positions in the field. Auditors usually work for government agencies like the IRS, performing thorough reviews of personal and business tax returns to ensure their accuracy, compliance, and legal validity. Tax accounting experience provides a valuable background, https://www.bookstime.com/ as auditors typically work on cases of suspected tax evasion. Auditors require a specialized certified internal auditor license, obtained by passing a standardized examination. Many other factors impact actual salaries, including experience, job function, and level of responsibility. Location also plays a major role, with professionals based in major cities tending to command an earnings premium that reflects their higher living costs.

Whether you follow a traditional path as a public accountant or choose a specialty like financial accounting, you can’t go wrong with an accounting degree. A degree can also help you meet or work toward the credit hour requirements needed to earn professional industry designations, such as a Certified Public Accountant (CPA) or Certified Management Accountant (CMA) certification. Provides in-depth coverage of the federal consolidated group regulations. Emphasis placed on consolidated issues arising from acquisitions and dispositions of members, including the ramifications of section 338 and section 338(h)(10) elections. Examines the principles and components governing management information systems with strong emphasis on the importance of internal control within the system. According to BLS data, the U.S. jurisdictions with the highest average pay rates for accountants and auditors are, in descending order, the District of Columbia, New York, New Jersey, Massachusetts, and California.

What is the difference between a CPA and a tax accountant?

Earning a master’s degree in public administration can open the door to many rewarding jobs in government agencies or nonprofit organizations. View schools and degrees from across the country.Find the right program to advance your career. Tax specialists live and work in every U.S. state, but location-specific factors can significantly affect their earning power and career opportunities.