The relationship between accounting and finance is an old one. Both fields, although distinct, have their sights set on the same target, money! The subject matter is the same; to make, save, spend, or create more money.
The role of money is intertwined with an organization’s goals and strategies which plays a large role in shaping the global economy. Due to this connection, the importance of money managers, the financial and accounting services, is evident. As a result, the world has a vast, diverse, and dynamic range of careers to offer in this profession. Below are 4 top accounting and finance jobs you might want to look out for in 2022.
Controller
A Controller (or Financial Controller) is a very senior level position in an organization primarily in charge of the accounts and related functions. The accounts’ function may include but is not limited to budgeting and planning, payments and receivables, payroll, financial statements preparation, and reports. It also involves dealing with external stakeholders such as auditors and tax consultants. In several instances, additional functions such as taxation and compliance are also given under the responsibility of the Controller’s office. The Controller plays an important role in the strategic financial direction of the company, so their services are essential to the company’s financial health. The position of Controller is among the top in the accounting ladder and may not be suitable for everyone. However, there are several other types of accounting jobs you can check out that are important and fulfilling, career-wise and money-wise.
How much do they make?
As per Salary.com, a Controller’s average salary in the USA is USD 233,467. This income range is similar to that of a psychiatrist!
How to become one?
In general, at least a bachelor’s degree in accounting and finance or related area is required for controller positions. With the increase in competition, big corporates may also require a master’s degree or certification such as ACCA, CPA, CMA for that position. As the Controller is a senior-level post, education qualifications alone will not guarantee the position, but relevant experience and leadership qualities will play a more important role. Do check out this piece in ACCA’s student e-magazine on the role of a Controller.
Investment Banker
An Investment Banker is mainly concerned with raising funds through securities, or debt, for businesses, governments, and other public entities. A financial institution employs an investment banker who conducts the valuation of companies to figure out their worth. That is done to aid in the issue of public offerings, bonds, mergers, and acquisitions and work out complex deals for large projects.
How much do they make?
According to the US Bureau of Labor, the median salary for Securities and Financial Service Agents (category under which Investment Banker falls) is USD 89,740. It highlights that the required services of Investment bankers will continue to be in demand as the economy grows.
How to become one?
To become an Investment Banker, a bachelor’s degree in a finance-related field (or equivalent banker certifications) is the minimum requirement for entry. Several investment banks and commercial banks with Investment bank arms offer internships and job opportunities to fresh graduates. Build your network accordingly. Go for an advanced degree (such as MBA) or do CFA to improve your chances. This last one is especially true for career changers who may not have a relevant undergraduate degree or experience.
Financial Advisor
A Financial Advisor’s role is to help build and manage wealth for their clients while adhering to the set-out risk management strategies and principles. A financial advisor aims to educate their clients to plan and execute strategies to safeguard their financial future. It is important as the financial advisor guides their clients to make important decisions regarding their savings, investments, estate planning, mortgage, taxation, and retirement planning.
A Financial Advisor can be employed at a financial services firm, such as a bank or a wealth and investment management firm, or they can be self-employed as well.
How much do they make?
As per the US Bureau of Labor, the median salary of a Financial Advisor in 2020 was USD 89,330 per year.
How to become one?
Financial advisors typically need a bachelor’s degree to enter the occupation. You may start in an assisting role before you are trained and experienced to manage your clients. A master’s degree and investment-related certifications will greatly improve chances for advancement.
Auditor
The role of an auditor is to review and verify the correctness of financial records and ensure their compliance with applicable accounting laws.
An auditor’s job is critical because it lends credibility to a set of financial statements and offers shareholders trust that the information is accurate and fair. It can also aid in the improvement of an organization’s internal controls and procedures.
The scope of the audit function is now no longer limited to the financial aspect of a company. Audit now encompasses vast functions such as tax, operations, compliance, and payroll, among others. Auditors usually work as internal auditors for corporations or as external auditors to audit various firms. Auditors are also hired by government agencies, regulators, Central banks, and revenue and taxation services (such as IRS).
How much do they make?
According to the US Bureau of Labor, the median pays for an Auditor in 2020 was USD 73,560 per year and has a projected growth rate of 7% over the next decade.
How to become one?
A bachelor’s degree in accounting and finance is typically essential to enter this field. In some parts of the world, certifications such as the ACCA is usually preferred. Higher qualifications such as Certified Public Accountant (CPA), Chartered Accountant (CA), and Chartered Management Accountant (CMA) will help improve career prospects.
Conclusion
The profession of accounting and finance is extremely broad, with wide-ranging roles, skillsets, and education levels. While the above-mentioned jobs are not even a fraction of the roles that are out there, the above positions will give you a fairly accurate picture of the scope this industry has to offer.