Alternative Career Paths for Accountants, What Jobs Can Accouting Majors Do?

Many people think an accounting degree leads to only one career path, but this isn't true. Accountants learn a whole set of skills, like: money management, communication, bookkeeping, statistics, and math. They can be equipped for many careers in both business and government. While many accounting majors go into accounting and auditing, there are many other career options for those willing to look. Here are alternative career paths for accounting majors:

Financial Manager (estimated salary: $125,080)

Financial managers oversee an organization’s financial plan and ensure its stability - creating and reviewing financial reports, developing forecasts, and devising strategies to improve financial health. They analyze markets and seek growth opportunities through investments, mergers, and acquisitions. They also manage the financial reporting and budgeting staff.

To become a financial manager, one needs a bachelor’s degree and at least five years of experience in a lower-level financial role, such as an accountant or financial analyst.

Actuary (estimated salary: $101,560)

Actuaries use math, statistics, and financial data to evaluate the costs of risk and uncertainty. They work for businesses, especially financial consultancies, insurance agencies, and banks. A bachelor's degree in a finance or business-related field, including accounting, is usually enough to start in this field.

Aspiring actuaries must also pass a series of exams for certification. Actuaries should be certified by the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA), each with its own set of exams. If you've recently graduated and want to be an actuary, begin preparing for these exams now, as they require extensive study.

Financial Examiner (estimated salary: $81,690)

Financial examiners check the finances and transactions of organizations to ensure they follow laws and are financially stable. They assess risk in loans and transactions and monitor lending to protect borrowers from unfair practices. They work for financial or insurance companies or the government. They must stay updated on new regulations and set policies to comply with them.

Budget Analyst (estimated salary: $75,240)

Budget analysts help businesses, governments, universities, and other organizations manage their finances. They work with management to make budget reports and review proposals. They analyze costs and benefits of programs, assess financial requests, and evaluate funding methods.

Based on their findings, they recommend budgets and funding to managers or legislators but don't make final decisions. They also ensure budgets follow laws and regulations.

Auditor (estimated salary: $69,350)

Auditors review the financial records of organizations to ensure they comply with regulations and internal policies. They check the work of accountants to find any errors or rule violations. Large organizations may have internal auditors who review records and suggest ways to reduce waste and detect fraud.

Most auditors, however, are external auditors. External auditors work for accounting or auditing firms and are hired by client companies to review their financial records periodically or in cases of suspected fraud or misconduct.

Tax Examiner (estimated salary: $53,130)

Tax examiners work for government tax authorities like the IRS to review tax returns and conduct audits. They ensure that individuals and businesses are paying their taxes correctly by verifying reported financial information and legal deductions or credits. If taxpayers underpay, examiners issue penalties, interest, or fees; if overpaid, they issue refunds. A bachelor's degree in accounting or a related field is usually needed to become a tax examiner.

Conclusion

In summary, while many accounting graduates pursue traditional roles in accounting and auditing, their skills open up numerous alternative career paths. From financial management and budgeting to tax examination and actuarial science, accounting majors have a wide range of opportunities in various sectors. By exploring these diverse roles, accountants you can find fulfilling career outside of pure accounting.