Career Outlook: Master of Accountancy
If you’re considering pursuing a Master of Accountancy degree, you may be wondering what kind of career opportunities you can expect after graduation. First and foremost, it’s important to note that the demand for accountants is high and only expected to grow. According to the BLS, employment for accountants is projected to grow 6% from 2021-2030, faster than the average for most other occupations. So let’s look at what career opportunities are available for graduates of a master’s degree in accountancy.
1 Public Accounting
Public accounting is one of the most popular career paths for graduates of a Master of Accountancy program. Public accounting firms offer a range of services to clients, including tax preparation, auditing, and consulting. This can be a challenging but rewarding career path, with opportunities for advancement and high earning potential.
A massive advantage of working in public accounting is the variety of work you’ll do. You’ll work with clients from various industries, exposing you to different types of businesses and financial situations. This can be a great way to build your knowledge and skills and stay engaged in your work.
However, public accounting can also be a demanding career path. You’ll likely work long hours, especially during busy periods like tax season. You’ll also need to work well under pressure and manage competing priorities.
2 Corporate Accounting
If you’re a graduate of an accounting masters program, corporate accounting is one of the most popular career paths to consider. Corporate accounting is a career path that involves working within a company’s accounting department. This can include managing financial records, preparing financial statements, and analyzing financial data to help the company make informed business decisions. Corporate accounting can offer a stable and lucrative career path with ample growth opportunities.
One of the main benefits of working in corporate accounting is the stability of the role. As a member of a company’s accounting team, you’ll be an integral part of the company’s financial operations. This means that even during economic uncertainty or recession, there will always be a need for skilled corporate accountants to help manage finances and ensure the company’s financial health.
In addition to stability, corporate accounting can also offer high earning potential. As you gain experience and move up the ranks within a company, you’ll be eligible for promotions and salary increases. Additionally, many large companies offer attractive benefits packages to their accounting employees.
3 Forensic Accounting
Forensic accounting is a specialized field within accounting that involves investigating financial crimes such as fraud, embezzlement, and money laundering. Forensic accountants work to identify and track financial discrepancies, analyze financial data, and provide expert testimony in legal proceedings. This can be a thrilling and highly rewarding career path for accounting graduates with a passion for justice and problem-solving.
The best part about working in forensic accounting is the opportunity to be creative. You’ll work with clients from various backgrounds, and each case will present unique challenges and opportunities for creativity. You’ll need to be able to think critically and analytically to identify potential financial irregularities and uncover evidence to support your findings.
In addition to the excitement of the work itself, forensic accounting can also offer high earning potential. As a highly specialized field, forensic accountants are in high demand and can command higher salaries. As of Feb 2023, the average salary for a forensic accountant was $71,647 per year.
4 Government Accounting
Government accounting is a specialized field within accounting that involves managing financial operations for government agencies and organizations. This can include budgeting, financial reporting, and managing government grants. Working in government accounting can offer a fulfilling career path with opportunities for public service and making a real difference in your community.
One of the benefits of working in government accounting is the opportunity to serve the public. As a government accountant, you’ll be directly involved in managing government agencies’ financial resources and contributing to important public initiatives such as education, healthcare, and public safety. You’ll be able to see the impact of your work on your community and feel a sense of pride in your contributions to society.
In addition to the sense of fulfillment that comes with public service, government accounting can offer stability and job security. Many government agencies provide attractive benefits packages, including retirement plans and healthcare benefits. Additionally, government accountants often enjoy greater job security than private-sector ones.
However, government accounting can also be a challenging career path. You’ll need to be able to navigate complex regulations and compliance requirements. You’ll also need to be able to work collaboratively with multiple stakeholders, including elected officials, government agencies, and community organizations.
If you’re considering a career in government accounting, you should research agencies that align with your values and offer the types of opportunities and challenges that interest you. Additionally, consider obtaining specialized certifications such as the Certified Government Financial Manager (CGFM) designation to enhance your credibility and marketability as a government accountant.
5 Non-Profit Accounting
Non-profit accounting is a specialized field within accounting that involves managing the finances of non-profit organizations such as charities, foundations, and social service agencies. This can include fundraising, grant management, and financial reporting. Working in non-profit accounting can offer a challenging and fulfilling career path for people who want to make a difference in the world.
One of the main benefits of pursuing non-profit accounting is the opportunity to contribute to a cause you’re passionate about. Non-profit organizations often work to address social or environmental issues and have a strong sense of purpose and mission. As a non-profit accountant, you’ll be able to see the direct impact of your work on the organization’s ability to achieve its targets and make a positive difference in the world.
If you’re considering a career in non-profit accounting, consider obtaining specialized certifications such as the Certified Non-profit Accounting Professional (CNAP) designation to enhance your credibility and marketability as a non-profit accountant.
In conclusion, pursuing a Master of Accountancy can open up several career opportunities within the field of accounting. Whether you’re interested in public, corporate, forensic, government, or non-profit accounting, there are countless paths you can take to build a fulfilling and successful career.