Are there more topics affiliated with Accounting? If yes, do you receive more money then usual?

Hi Aijah,

Lots of great advice from Jared...wanted to quickly chime in with a few additional thoughts based on my experience working as a consultant who regularly advises people who work in finance and accounting.

First of all, you are spot on with your question...there are a lot of different types of accountants, each with different specialties...and different salaries.

The most 'traditional' (and arguably most successful - though that could be debated) long-term path in Accounting that I'm seeing these days (by no means the only one though) is completing a four-year degree in Accounting, followed by a Masters of Science in Accountancy (which provides you with the credits required for you to take your Certified Public Accountant Exam) and joining a public accounting firm, specializing in either Audit or Tax. The competition for public accounting jobs is always toughest at the 'Big 4' (PwC / Ernst & Young / Deloitte / KPMG); however, there are many other mid-size / smaller public accounting firms that also offer great jobs and work experience.

Should mention that, while competition for jobs at the 'Big 4' is challenging, many companies will also be competing for you as an Accounting Major...you'll be an in-demand resource, which is a great feeling!

If you don't see yourself in public accounting and would rather work as an accountant in a business / 'in industry' as public accountants call it...there are many opportunities. You could focus on 'external reporting' which is the work required to produce financial statements for investors (oftentimes this is where ex-auditors end up working), or you could work as a management accountant, someone who focuses on providing accounting information to internal audiences, in order to help them make better business decisions.

Should you be interested in management accounting, I'd encourage you to obtain your Certified Management Accounting Credential (CMA), as it is highly relevant to the work that you'd be doing in such a role.

Overall, to answer your question about money, I'd argue that going through the 'Big 4' for at least a few years will result in higher long-term salaries in accounting, given the knowledge and specialized skills that you gain when working at those types of firms...in general, the more specialized and technical you are in a particular area of accounting, the more you will likely be able to command for your experience / knowledge.

Hope this helps...keep up the good work!

Thanks,

Geoff

Hi Aijah. I went to college and took many accounting classes, and I have worked with accountants in several capacities. Accounting is a huge field with many specialties. Depending on what kind of accounting work you get, your compensation could be anywhere from $40,000 to over $100,000 assuming you get steady work. Being an accountant for small businesses is going to mean helping them keep their finances in order, track their expenditures, and handle their taxes. Working with individuals will usually mean helping them with taxes, handling investments, and perhaps dealing with insurance payments or personal bankruptcies. But you can also get a job working in accounting at a large company in the accounting department (you might need to spend extra time in school learning accounting specialties to be competitive for these roles). If you work in professional services, then you'll be an advisor to companies, helping them deal with complicated accounting tasks involving international transactions, mergers and acquisitions, and auditing their financial statements to ensure that they are trustworthy and reliable. In short, there are a lot of different types, and some of them certainly do pay well. The best way to get started in accounting is to get comfortable with numbers and rule-based systems. It's important to practice being organized (it's NOT okay to lose track of things as a professional accountant). A bachelor's degree would be adviseable, although associates degrees may also work for many accounting jobs. You will want to try to go to a school that offers a degree or certification in accounting, and you may want to try to take the CPA exam to get certified as a Certified Public Accountant.

I hope this helps! Good luck!