11 Accounting Careers for Those with an Accounting Degree
An accounting bachelor’s degree opens up a variety of career opportunities outside of traditional accounting roles like staff accountant or auditor. In fact, one in four Fortune 500 CEOs come from a background in accounting. With financial systems and analytics becoming increasingly relevant in today's business world, many employers value hiring accounting majors. A degree in accounting is versatile and provides many options when choosing a meaningful career path to pursue.
Is an Accounting Degree Worth It?
Having a degree in accounting can be an asset to any career. Not only will you gain the knowledge to accurately prepare, analyze, and audit financial documents, but you'll also develop essential skills such as interpersonal communication, problem-solving, leadership, and strategic planning. An accounting degree grants students an understanding of vital business principles in budgeting, taxes, economics, and financial data analysis.
It's no surprise, then, that accounting degrees are highly sought after. Accounting and financial principles hold tremendous value in nearly all industries, from finance and real estate to the nonprofit sector. Accountants can apply their skills at various career levels and make informed decisions that have a lasting effect on companies and organizations.
What Do You Learn in an Accounting Degree Program?
Many—if not all—accounting degree programs focus on foundational concepts and conventions of management, taxation, cost accounting, managerial accounting, auditing, and more. Throughout their coursework, students learn the importance of business and financial ethics and practice using dedicated accounting software to analyze data and make reports.
Accounting students cultivate soft skills like strategic thinking, collaboration, and time management in conjunction with technical skills such as budget planning and financial risk assessment. These skills can be applied to a variety of accounting careers and even other adjacent fields.
Should You Quit Accounting?
Not only are plenty of accounting career opportunities available to graduates with an accounting degree, but there’s also ample room for career growth. Since degrees specializing in financial management often have highly transferable skills, earning an accounting degree can unlock a range of opportunities for those who choose not to pursue a career in accounting.
Knowledge of accounting terminology and protocol is often useful when reconciling reports, bookkeeping, and performing audits. This means that individuals with accounting degrees can thrive as financial advisors, business operations managers, loan officers, and in many other similar positions. Additionally, professionals educated in finance are highly regarded in industries like banking and investment management.
11 Alternative Careers for Accounting Degree Holders with Salary Information
An accounting degree can be an excellent foundation to help you obtain roles outside a traditional accounting career. Accounting programs require individuals to look at both the major and minor influences of numerous scenarios to better understand complex problems from different angles. Additionally, legal and business ethics are central to accounting. This understanding can give you a base for ethical decision-making within an organization, which is vital for companies looking for long-term success.
Accounting also emphasizes communication skills and critical thinking that can be useful for any career. Most notably, professionals with accounting degrees are equipped with the financial analysis knowledge required to assess business growth in almost any industry.
Below are 11 alternative career paths available to accounting majors:
1. Financial Advisor
A financial advisor helps people manage their money. They offer a wide range of services for those exploring financial options, including giving advice about investing, retirement planning, saving for the future, and budgeting. Most of all, financial advisors help provide clarity and understanding to individuals when making financial decisions. The average annual salary for financial advisors in May 2023 was $99,580, with the bottom 10% earning less than $48,730 and the top 10% earning more than $239,200.
2. Financial Analyst
A financial analyst works in the finance sector, providing services related to investments and finances. They specialize in markets, assets, and stocks to help organizations maximize their profits and reduce their losses. Financial analysts continually monitor market trends while keeping up with pertinent news and economic developments. The average annual salary for financial analysts in May 2023 was $99,010, with employment expected to grow by 9% from 2023 to 2033.
3. Consultant
A financial consultant helps individuals and organizations understand their financial situations and make strategically sound financial decisions. They provide advice to clients on a variety of topics, including budgeting, taxes, retirement planning, investments, insurance, and estate planning. Skilled in financial management and analysis, consultants can help create ideal conditions for clients to achieve their financial goals. Consultants earned an average annual salary of $99,580 in May 2023, not including commission or bonus pay.
4. Data Analyst
A data analyst uses their accounting knowledge and expertise to derive meaning from data. They analyze high-level patterns and provide market insights that can be used to inform and drive strategic decision-making. As a result of efficient data analysis, organizations can take advantage of hidden opportunities and experience exciting growth outcomes. In May 2023, data analysts earned an average annual salary of $83,640.
5. Investment Banker
An investment banker advises clients on investments, helps companies and other entities raise money in capital markets by issuing stocks or bonds, and provides financial assistance for large transactions. Investment bankers are also known to facilitate mergers and acquisitions by finding potential buyers or sellers. The average annual salary for investment bankers in May 2023 was $76,900, with employment expected to grow by 7% from 2023 to 2033.
6. Entrepreneur
An entrepreneur with an accounting degree has the foundational knowledge to manage their finances more effectively. When an entrepreneur has a thorough understanding of financial practices, they waste less money and resources, develop the ability to track expenses and create accurate budgets, and keep their business and customers compliant with applicable laws. As such, obtaining an accounting degree can help entrepreneurs take their business ventures to the next level. The annual salary for entrepreneurs can vary widely, depending on the industry.
7. Finance Manager
A finance manager is responsible for budgeting, forecasting, and preparing financial reports. Their goal is to ensure that an organization or individual client uses their monetary resources efficiently and effectively. A good finance manager uses their expertise to maximize profits and minimize losses, stimulating long-term stability and possibilities for corporate expansion. The average annual salary for financial managers in May 2023 was $156,100, with the bottom 10% earning less than $82,870 and the top 10% earning more than $239,200.
8. Cost Estimator
Cost estimators are important professionals in the construction, engineering, and finance industries. They are responsible for keeping track of the estimated costs associated with any given project using advanced financial models and techniques to account for both fixed and variable costs. They provide a range of services, from the early budget planning stages of the process all the way through to selecting suitable contractors or subcontractors and identifying ways to reduce labor expenses. Cost estimators earned an average annual salary of $74,740 in May 2023.
9. Stockbroker
A stockbroker is a type of financial professional who has the expertise, knowledge, and qualifications to buy and sell stocks and other securities on behalf of individual or institutional clients. Stockbrokers use their resources and market analysis skills to give advice on stock investments and recommend buying or selling decisions based on their clients’ investment goals. The average annual salary for stockbrokers in May 2023 was $76,900, with employment expected to grow by 7% from 2023 to 2033.
10. Budget Analyst
A budget analyst is a financial professional who scrutinizes an organization's budget and makes recommendations to help the organization accomplish its goals in the most cost-effective way possible. These professionals analyze an organization's financial operations to ensure that it stays within allocated budgets. The average annual salary for budget analysts in May 2023 was $84,940, with the bottom 10% earning less than $56,760 and the top 10% earning more than $131,630.
11. Fraud Investigator
Also known as “forensic accountants,” fraud investigators determine whether organizations have engaged in financial misconduct. Fraud investigators typically work in the insurance industry but may be employed in any number of other similar fields. Most have formal training as Certified Public Accountants (CPAs) and spend considerable time examining financial records for evidence of wrongdoing. According to Indeed.com, the average annual salary of fraud investigators is $85,182. This figure may vary depending on the industry and the nature of the crimes they investigate.
Ready to Earn Your Accounting Degree?
Ultimately, when you earn an accounting degree, you not only possess a specialized set of skills but also develop important business capabilities that are transferable to myriad professional settings. Pursuing a bachelor’s degree in accounting from WGU will provide a strong foundation in business ethics, sales, taxation, management, and more, setting you up for success in many types of accounting careers.
Plus, since WGU is completely online and competency based, you can gain work and leadership experience while earning your degree and use your current skills and knowledge to help you move on to your next course as soon as you’ve proven mastery. Learn more today.
