Accountants are responsible for providing the data required to make an assessment of the current and future economic activities. They work for government agencies, businesses, non-profit organizations and individuals among others. Accountants perform a variety of tasks or duties, apart from preparation of financial statements. They also perform duties like calculating the computing cost, planning tax strategy, taking part in business acquisitions, calculating efficiency gains for upcoming technology, developing information technology systems to measure financial performance.

 

The field of accounting offers a host of career possibilities. Most of the final year students think that they would become an accountant after completing an accounting degree program. You can definitely choose the career path of a general accountant, but this is just one of the many careers that accounting offers.

 

Major Career Paths in Accounting
There are many specialization careers that candidates can choose from. Aspiring candidates should make their career choice depending on their skills, aptitude and interests. Given below are the key areas that an aspiring candidate can choose to specialize in.

 

Audit
Auditing is the core work area in the field of accounting. An auditing career involves completing tasks like checking ledgers and financial states for a wide range of businesses and organizations. The work in this occupation of accounting has become increasingly computerized. Auditors are, therefore, responsible for reviewing the financial statements of businesses to ensure the latter is accurately and relevantly presented.

 

Budget Analysis
Candidates who have a keen interest in accounting can also consider becoming a budget analyst. The accounting career of a budget analyst involves making financial plans for businesses, government agencies and non-profit organizations among others. These professionals work both in private and government sectors. Those who aspire to become a budget analyst should also possess excellent people skills for completing negotiating successfully.

 

Financial
Another career option that accounting offers is to become a financial accountant. These accountants are responsible for preparing the financial statements of businesses and enterprises. When there are acquisitions and mergers in businesses, financial accountants play a crucial role in making important financial decisions. Candidates choosing this career should have a strong combined knowledge of accounting and finance.

 

Management Accounting
Major job duties of management accountants include capital budgeting and business analysis. These accountants perform activities like contract analysis, cost analysis and controlling the expenses of a business or an organization. They work in close contact with marketing managers and financial managers and help in making business decisions.

 

Tax
Candidates who have a strong passion in taxation can choose to become a tax accountant. These accountants work both for businesses and individuals. They are responsible for preparing the income tax statements for corporate and personal income. To become successful as a tax accountant, candidates should possess a strong knowledge of economics, tax code and legal procedures involved.

 

Employment Opportunities
Accounts have plenty of employment opportunities awaiting them in different organizations and at different levels. Given below are different types of employment options available to accountants.

 

Public Accounting Firms
Joining a public accounting firm can give your career a good start. These firms work for different types of businesses, government agencies and individuals. A career in this field would help you gain the knowledge that you need to build a solid foundation in a specialist area of accounting.

 

Government
Employment in government agencies is available at different levels. Government accountants hold job responsibilities like preparing the budget, tracking the cost and analyzing the government initiatives. Though bureaucracy can be a downside in government agencies, candidates can of course benefit from advanced career opportunities in this sector.

 

Corporations
Employment in corporations offers a dynamic work environment and excellent career prospects. Businesses have their own accounts department where accountants are employed to prepare financial statements, work on major business transactions, prepare tax returns and track costs among others.

 

Independent
Apart from making a career in other areas of accounting, you can also choose to become self employed. Becoming self employed means you own your own business and need to work around your own schedule. If you are really proficient and have the capability to establish a large client base, good returns await you in this career. This career option will definitely require you to have excellent skills and several years of work experience.

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Private industries, non-profit organizations and the public sector - budget analysts have their requirement in almost all large organizations. The duties of a budget analyst include the development, analysis and execution of budgets. Analysis of the budget helps an organization in the assessment of its future financial requirements and allocation of current resources. After an expert examination of the budget, the budget analysts finds out new ways so as the increase the company's profits. While working for organizations that have nothing to do with profit, these analysts perform the task of distributing funds among multiple departments. The career of a budget analyst happens to be one of the most profitable as well as demanding.

 

Over the last few years, the roles of budget analysts in the private sector have broadened. Private organizations hire these analysts not only to manage their budget, but also assist them in the evaluation of program performance and policy analysis. When new budget procedures are introduced into an organization or a government agency, these analysts have the task to conduct trainings to make the procedure clear to the organization personnel.

 

While examining budget estimates, it is the responsibility of analysts to ensure completeness and accuracy. The procedures also need to conform to the standards set forth by the organization. Finding alternative funding methods, assessment of program trade offs are the other duties that analysts need to perform. Analysts need to consider the organization's rules and regulations and its objectives to perform their budget management task accordingly. Budget analysts do not only examine an organization's current budget but also review the past budgets. Further, analysts figure out what financial developments should be made in terms of organization's expenditure, financial resources and other priorities.

 

Analysts keep a constant eye on the organization's expenditure throughout the year. They keep on reviewing accounting reports of the organization on a regular basis. They have the responsibility to ensure that the actual performance goes exactly well with the approved budget. In case they find any kind of discrepancy, they must prepare a report explaining the deviations. In addition, analysts also provide useful recommendations that could fix the issues.

 

Educational Background & Training
A bachelor's degree is all that candidates need to kick start their career as budget analysts. To make the most of your career, however, you should possess a master's degree. Most of the employers these days prefer candidates with a master's degree. To become a budget analyst, candidates can obtain a bachelor's degree in subjects like accounting, public administration, economics, finance, statistics, sociology etc. Strong analytical skills are a prerequisite to becoming a budget analyst or establishing one's career successfully. Degrees obtained in majors like political science, public finance and economics can equip students with strong analytical capabilities.

 

Not only analytical skills, but even quantitative skills are equally important to excel in the budget analysts career. Many companies, therefore, also look for candidates that possess a degree in business. Statistics and accounting courses or degrees form the foundation of such careers. Previous work experience in a budget or finance-related field may help candidates a lot in the advancement of their career. The occupation requires budget analysts to adhere to strict ethical principles, objectivity and confidentiality. No personal interests or conflicts should ever come into the work of a budget analyst.

 

Analysts working with the federal, state or local government are eligible for the Certified Government Financial Manager (CGFM) certification awarded by the Association of Government Accountants. For other government financial officers, the eligibility criteria include a bachelor's degree, 24 credit hours of study in financial management and 2 years of financial management working experience.

 

Earning from Budget Analyst's Career
Job opportunities are excellent in the field of budget management and analysis. The median annual salary of a budget analyst is $61,430. The growth rate of employment is also quite good, with the addition of 66,000 jobs by the year 2016. Around 44% of all the budget analysts are employed at Federal government, state government or local government organizations. As candidates become more efficient and gain more experience, they can look forward to acquiring higher ranking positions and a higher salary. Working hours for most of the analysts vary between 35 and 44 hours a week.