Becoming a Financial Accountant: Salaries & Career Outlook

As a financial accountant, one can take up various roles by choosing this as a career path, but before doing so, the fundamental question would be – how to become a financial accountant? 

Financial accountancy is considered one of the stable and in-demand jobs that one can seek. To pursue the career path of a financial accountant, you must follow the following steps: 

1. Step 1: Attain a bachelor’s degree in accounting or related fields such as finance, economics, or statistics. You can also have a degree in business studies or business management. 
2. Step 2: Before graduation, it is a must to complete at least one internship. 
3. Step 3: It is an excellent choice to enroll as an apprentice and start working in the field to gain experience. 
4. Step 4: If you are looking forward to advancement in education, you can opt for a master’s degree in accountancy and apply for the Certified Public Accountant (CPA) examination. This exam will help advance your accounting career besides providing licensure. 
5. An alternate to Step 4 can be Step 5: If you have already attained a bachelor’s degree and are looking forward to a financial accounting career, you may also want to sit for the Certified Management Accountant (CMA) exam for better benefits in the job. An internship or work experience adds to successful career growth. 

Variations of Financial Accountancy

With businesses growing, financial accounting jobs are in demand in various disciplines, and with that comes different types of roles/titles one can start a career with or choose from. Following are the alternative roles you can consider: 

1. Controller:
   As a Controller, one must prepare financial statements and reports encapsulating a business or organization’s economic activities and positions. The controller can also create internal policies and processes to streamline and manage an organization’s budget and other account-related activities.
2. Financial Manager:
   A financial manager maintains the financial health of an organization. As part of their responsibility, they create financial reports and develop plans for maintaining and meeting long-term financial goals. 
3. Management Consultant: 
    Management consultants or management analysts, as the name suggests, analyze the organization’s financial situation, consider the operational efficiencies, prepare business proposals, and present different solutions to the client for maintaining a profitable organization.
4. Personal Financial Advisor: 
   A personal financial advisor is an individual who will analyze the health of their client’s finances and help them in making the right investment decisions. They also closely monitor their client’s investments, finances, and other fiscal processes and assist in maintaining a healthy financial routine.  
5. Senior Tax Accountant:
   Senior tax accountants are responsible for maintaining and managing finances for the organization or company. Most senior tax accountants work for federal, state, and other banking institutions.  
6. Financial Analyst:
   A financial analyst regularly monitors an organization’s financial data. They consider the company’s old or past financial records and estimate the entity’s future revenues and expenditures accordingly. They provide proper guidance concerning investments and financial decisions taken by the organization.  
7. Accounting Manager:
   Every organization has an Accounting Manager who administers the accounting department. The individual is responsible for financial data, tax processes, and other organizations’ financial statements for the stakeholders or audit purposes. 
8. Budget Analyst:
    Planning and maintaining a budget is considered one of the pivotal steps in an organization. The budget analyst is responsible for organizing finance, planning budget reports, and closely examining expenditures. They are involved in reviewing the completeness and accuracy of the organization’s financial aspects.  
9. Credit Analyst:
   Credit analysts play a crucial role in approving or denying loan applications. For this process, the credit analyst evaluates the viability of loan requests based on the information shared by different fiscal resources such as credit bureaus, banks, and other institutions. 
10. Accountant:
    An accountant primarily oversees a company’s financial accuracy and maintenance. They are involved in ensuring all financial records/statements comply with federal laws and regulations and adhere to Generally Accepted Accounting Principles (GAAP). An accountant should actively identify fiscal records/statements discrepancies and clarify them. 
11. Auditor:
    An internal auditor or audit manager helps identify and assess a business or an organization’s financial risks and compliance and verifies their adherence to government regulations. They appraise a company’s internal controls, advise the stakeholders/board members on the areas of improvement, and ensure the application of these points for the betterment of the organization. 
12. Treasury Analyst:
    The treasury analyst’s role is like an accountant/auditor where the individual investigates the commercial aspects of the organization, such as the cash flow, assets, etc. They are also responsible for budgeting, tracking expenses, and planning future investments. The treasury analyst is also responsible for deciding if the company’s monetary transactions are adhering to guidelines and being processed diligently. 

Finances are a crucial part of any organization, and to maintain them, there is a definite requirement for an expert, namely the financial accountant, who understands the subject better, analyzes data, and foretells the future of the organization’s monetary status. A financial accountant’s duty involves handling monthly, quarterly, and annual closures, tracking, and recording financial statements, planning budget forecasts, calculating tax returns, and diligently keeping up an organization’s financial records. They play a crucial role in strategizing the financial aspects of a business and aiding the entity to run efficiently. 

Although books and websites provide information and guidance on how to be a financial accountant, one must also use resources that help network with financial experts worldwide.

Understanding newer or trending accounting practices is crucial, as is staying up to date in the field. Here are a few resources financial accountants and accounting students can explore: 

1. Association of International Certified Professional Accountants (AICPA) – The American Institute of CPAs (AICPA) is a house for more than 689,000 members comprising students and professionals who help individuals, organizations, and businesses in management accounting, advocating the new fiscal trends and providing new members with resources and recognition to grow in the field. 
2. American Accounting Association (AAA) – The American Accounting Association (AAA) is a community for accountants that allows representatives to attend regional meetings, collaborate with robust networks and job boards, and teach and connect with thought leaders in the financial field.  
3. Association of Chartered Certified Accountants (ACCA) – The Association of Chartered Certified Accountants (ACCA) allows members to participate and join online and in-person communities. ACCA annually hosts International Public Sector and Alternative Finance conferences to increase its network. 
4. National Society of Accountants (NSA)  – The National Society of Accountants (NSA) is a hub for professionals from the tax and accounting fields. NSA provides discount programs and benefits to its members, including educational opportunities, information on advocacy, access to publications and surveys, etc.