The job title of accountant carries the stigma of a person who does your taxes who may (or may not) show characteristics that are better associated with the terms geek, nerd, dweeb, or dork. What many do not realize is that accounting is actually a vast field with job opportunities that range far beyond that of the CPA working at the local tax office. The opportunities for accountants are so broad that the word itself loses significant meaning as a descriptive term. Here, we will take a look at the various roles that are often filled by accountants and how they can use their education and expertise to be successful in them.
Public Accountants/Bookkeepers - Let us get the stereotypes out of the way first. These are the roles most commonly associated with individuals who have an accounting degree. They balance the books, create balance sheets and income statements, and keep track of assets vs. liabilities, accounts payable, and accounts receivable. They also track receipts and income in order to do personal and company taxes each quarter (or year for individuals). Most stereotypes that people pin on an accountant's job fit into these roles. They are extremely important jobs without a doubt, but now it is time to show how accountants can spread their wings and function in other job areas.
Auditors - Most people recognize that auditors are accountants, but many do not realize exactly what they do. The prevailing opinion is that they go through every aspect of an individual's life trying to find ways that they can pin them with more taxes. While this may fit (albeit exaggerated) the role of an IRS audit, most auditors work internally for the company that they are auditing. That's right - many companies want to audit themselves. The auditors for these companies do not have a primary role of looking for malfeasance or outright theft (although that would have served the public well in some of the scandals last decade). Instead, they are checking primarily for discrepancies - typically honest ones - to ensure accuracy of operations and eventual tax payments.
Managerial Accountants - A managerial accountant does not accumulate the numbers. They use the numbers available to actually make decisions. While accountants are often viewed simply as reporters, it is often ignored that their great understanding of the data also often puts them in the best situation to use it. The primary aspect of their role would be that of a manager with the accounting serving more as a necessary supplement.
Financial Analysts - Most financial analysts serve roles similar to managerial accountants. However, while managerial accountants typically base decisions off internal data, financial analysts take a greater look at the external markets and try to determine how their company/organization can best take advantage or avoid market trends, downturns, etc. In addition to making recommendations to upper management, they often run sections of a firm's portfolio making frequent buy and sell decisions.
CEOs - You bet that a large number of accountants make it to the very top. In fact, of the current fortune 500 company chief executive officers, thirty five hold a background in accounting.
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