4 Popular Career Paths for CPAs in 2020
There are jobs out there that are always sought after no matter where you are in the world. Businesses wouldn’t be able to run as smoothly without hiring certain individuals who have earned their degrees and have gained licenses to be able to practice their profession. Lawyers, doctors, nurses, teachers and accountants have to go through rigorous years of studies, and after earning their coveted degrees, they must review and take the bar or board exams to earn their licenses. This is the norm for these degrees across the globe.
The ultimate goal of an accountant’s career path is to be a Certified Public Accountant (CPA). This profession enables you to work in areas such as tax, management consulting, and audit if the field of public accounting is preferred. In the corporate or business world, CPA’s can work specifically in certain areas such as management accounting, financial accounting, financial analysis, and many more.
As long as there are companies or organizations that exist in the world, CPA’s will always be able to utilize their hard earned licenses.
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2020’s global crisis, due to the onslaught of a pandemic, changed the course of everyone’s lives. People lost their jobs and businesses, especially those whose business structure no longer conforms to “new normal” policies.
One of the jobs that are still standing strong, though, is a CPA. Whether you’re still deciding what profession you’ll pick, or just making final preparations before taking your CPA exam, here’s 4 Popular Career Paths for CPAs in 2020 to help you make a decision.
When you come across the word “forensics,” what usually pops in your mind is crimes and law enforcement,so it’s quite puzzling for some when you put that word and accounting together.
So what exactly is forensic accounting??
Think of those crime drama TV series when an accountant is hired to check on financial records to investigate embezzlement or fraud... That’s exactly what this job is about. Forensic accountants also appear in court to testify as expert witnesses and attest/confirm that their records are either accurate or inaccurate.
They are also hired as consultants when a company decides to create strategies in preventing financial anomalies like fraud.
Salary Range per annum: $69,000 and $102,000.
With this type of accounting, there are two types of positions: Internal Auditors and External Auditors.
Internal auditors help to ensure that companies are in financial compliance. They also aid in developing a company’s financial controls and make sure they’re operating effectively.External auditors look into a business’ financial information on behalf of the government and other taxing firms. Ultimately, they make sure that a client’s financial statements are presented fairly and resonate with the Generally Accepted Accounting Principles (GAAP).
Simply put, these accountants assess the status of a company’s financial records and make sure they’re all legal and binding.
Average salary per annum: $65,940
Supervisory auditors’ average salary per annum: $92,000
If you own a business, this type of an accountant comes in handy during tax filing season. They organize and file income tax information for individual entities as well as those in corporate and government sectors.
Tax accountants help decrease their client’s tax liabilities by thoroughly studying the information and making sure it complies with tax laws and policies. They also educate their clients in understanding how taxes can affect their future businesses.
Salary Range per annum: $51,000 to more than $75,000
Accounting managers oversee the accounting department and create systems and processes to ensure businesses are meeting all legal and regulatory requirements to operate. As an accounting manager, you would have responsibilities ranging from examining and reporting the financial status of a business to maintaining internal accounting policies that are already in place, and creating new ones when needed.
Typically, the accounting manager works with other departments heads and the Chief Financial Officer to develop the necessary standards and procedures a business needs to operate and works to ensure those standards and procedures are being followed.
Salary Range per annum: $45,000 and $65,000
Whatever career path you choose to take in accountancy, it will always be beneficial to you to stay updated on any new changes or updates in the area you choose. Doing so will help you better serve your clients and help you become a better leader to the accountants you’re overseeing.