A Look into a Career in Accounting

Accountants and auditors are business professionals who help for-profit businesses, nonprofits, government agencies and other organizations run efficiently by examining financial records, ensuring those records are accurate, assessing an organization’s financial operations and making sure taxes are paid properly. 

The accounting professional’s specific duties may involve financial management and risk management, and will vary depending upon the type and size of organization they work for and their specific role, but according to the U.S. Bureau of Labor Statistics (BLS), their typical duties include:

According to BLS data, accountants and auditors held approximately 1.4 million jobs in the United States in 2021. Who were their largest employers? The BLS breaks it down this way:

Your career path in accounting could lead to varying roles within this industry. Some of them have overlapping areas of responsibility, while others are more specialized. Based on information from the employment website Indeed and BLS, accounting careers include, but are not limited to:

Tax accountants work with individuals and organizations to help them file annual tax returns and comply with the Internal Revenue Code. They also help individuals and business owners plan for future tax reporting by helping them understand the implications of changes in the tax code and how to avoid certain tax burdens.

Public accountants, many of whom are Certified Public Accountants (CPAs), may also work in the area of tax preparation. Combining experience and knowledge in data management, economics, financial planning and tax law, they generally provide a variety of accounting and consulting services and advise their clients on important personal financial matters. Public accountants generally have their own businesses or work for public accounting firms. The Securities and Exchange Commission (SEC) requires publicly traded companies to have CPAs sign off on the documents, such as annual and quarterly reports they submit to the SEC.

Typically concerned with the accurate reporting of financial transactions that have already occurred, this career in accounting generally involves working with revenues and disbursements, which includes managing or participating in general ledger accounting, accounts payable and receivable, payroll, grant management and fixed assets. Financial accounting is primarily concerned with the process of compiling financial information for external reporting (to tax authorities, investors and other parties) using generally accepted accounting principles (GAAP).

There are a few different types of auditors, and each may hold certain industry-recognized certifications. 

Managerial accountants, or management accountants, analyze the past performance of an organization or business unit in order to make predictions about its future performance. They work internally to monitor and assist with an organization’s financial planning. Preparing documentation that is typically meant for internal stakeholders rather than the public, managerial accountants create and analyze budgets to meet the short and long-term goals of their organizations.

Forensic accountants often work on legal cases. Their specialized skills are deployed to investigate the financial records of both businesses or individuals, which can require them to recreate information that is either missing from financial documentation or not available. The objective in forensic accounting is to gather all available documentation and accurately account for transactions in various financial statements.

Another thing you may have considered when planning for a career in accounting is the difference between public and private accounting and their respective roles and job duties. While both public and private accountants help organizations operate efficiently, according to Indeed there are some notable differences:

Whether to maintain licensing or certification or to pursue careers that require more advanced skills, a commitment to continuing professional education (CPE) is required for anyone choosing a career path in accounting. Once you’ve earned a bachelor’s degree and begun to work in the industry, you will want to consider continuing education options that will allow you to become more knowledgeable and improve your skills.

These might include the CPA certification or a graduate degree, such as a master’s degree or a Master of Business Administration (MBA). Certification is not required for every career in accounting, but the CIA (Certified Internal Auditor) and CMA (Certified Management Accountant) certifications may be helpful in making you a more qualified job candidate.

There are certain jobs in the accounting field that only a Certified Public Accountant, or CPA, can do. For example, if you plan to work with companies that are publicly traded on one of the stock exchanges, the SEC requires you to be a CPA to file their documents. To obtain the CPA credential you must study for and pass the Uniform CPA Examination. The exam is administered by the Association of International Certified Public Accountants (AICPA) and has 4 sections:

If you’re already employed in the accounting field with a bachelor’s degree and feel you’re ready to explore new career opportunities, consider earning a master’s degree. 

According to BLS, some employers prefer to hire applicants who have a master’s degree, either in accounting or in business administration with an accounting concentration. At DeVry, we offer 4 master’s degree programs in accounting, including 2 MBA degrees that are available in 100% online or hybrid formats, allowing you to pursue your degree while maintaining a full-time job and a busy personal life.

Coursework in our Master’s Degree in Accounting program covers accounting theory and practices, material needed to pursue professional licensure, advanced accounting studies, accounting regulations and standards and accounting research. It can help you prepare to pursue careers such as:

Another option for accounting professionals with a bachelor’s degree and some accounting industry experience is a Master of Business Administration, or MBA degree. The curriculum of an MBA with a specialization in accounting in particular may help as you work to build an understanding of managerial theory and financial accounting in a business environment. Graduates of our MBA with a Specialization in Accounting may consider careers such as: