Careers in accounting involve more than numbers and spreadsheets. If you work in this field, you already know that what you can do with an accounting degree includes making an impactful difference in the lives of others. In the jobs you can get with an accounting degree, you might be responsible for anything from helping a small business maintain a healthy bottom line to assisting a nonprofit in allocating funds to maximize its impact. And if you’re just getting started in accounting or considering the field as part of a career switch, you’ll soon learn that it has much more to offer than many people realize.
As part of the wider finance industry, accounting has a reputation for offering job security and above-average salaries. For each year between 2022 and 2032, the business and finance field is projected to usher in about 911,400 job openings1, and 126,500 of those will go to accountants and auditors.2 The median salary for accountants ($79,880/year) also outpaces the national average, and accounting professionals tend to widen this gap with additional years of experience – the top 10% of accountants earn $137,280 or more per year.2
Becoming a public accountant is a solid career choice that works well for many people. However, it’s important to remember that there are plenty of other jobs you can get with an accounting degree – especially if you pursue a master’s. For example, many employers value the level of expertise that comes with a master’s degree when making difficult decisions regarding promotions to management roles.
If you’re interested in advancing to management occupations (median salary: $116,8803), a master’s in accounting might be a worthwhile investment. At Saint Mary’s University of Minnesota, you can earn an online Master of Science in Accounting (MSA) whether or not you have an accounting background. You’ll build expertise in finance and business principles and have the option to stack multiple graduate certificates to gain specialized knowledge for the career you want.
For a better understanding of what you can do with an accounting degree, explore the careers below.
Careers in Accounting
Financial Manager
One of the top-earning jobs you can get with an accounting degree is as a financial manager. Professionals who work as financial managers may also be called controllers, finance officers, or treasurers. Their job is to maintain the overall financial health of a business or organization by closely monitoring financial reports and making strategic investment decisions. Financial managers pay attention to market trends and have a solid grasp of effective leadership and management practices. Required skills for this position include:
- Critical thinking
- Data analysis
- Decision-making
- Effective communication
- Employee management
- Market analysis
- Strategic planning
Salary and Career Outlook
Financial managers earn a median salary of $156,100 per year, according to the latest data provided by the Bureau of Labor and Statistics (BLS). This occupation is also projected to grow faster than average between 2022 and 2032 at a rate of 16% – about 69,600 job openings per year.4 Professionals working in this occupation are known to be employed in a range of environments, with those in professional, scientific, and technical services earning the highest salaries.
Required Education
Financial managers need at least a bachelor’s degree, but in many cases, a master’s degree is preferred. Professionals in this role tend to have several years of experience in finance, and many have previously worked as accountants or financial analysts. While not always required, many financial managers also have one or more of the following certifications:
- Certified Public Accountant
- Certified Government Financial Manager
- Chartered Financial Analyst Certification
Find out how the online MSA program at Saint Mary’s University of Minnesota can help you prepare for the Certified Public Accountant Exam.
Accounting Director
Accounting directors lead a team of accountants in accurately monitoring the financial transactions related to an organization’s functioning. Responsibilities for those in this occupation include supervising employees, ensuring adherence to financial regulations, auditing financial data, and more. To do their job well, a professional in this role must possess expertise in:
- Accounting software
- Auditing
- Billing
- Cash flow management
- Data analysis
- Financial reporting
- Oral communication
- People management
- Process improvement
- Project management
- Written communication
Salary and Career Outlook
Accounting director is another high-paying career in accounting, with Payscale reporting a median income of $113,478 per year. Further, the top 10% of experienced professionals in this occupation earn $168,000 or more annually. As of 2024, salaries for accounting directors tend to be most significantly boosted by skills in mergers and acquisitions, auditing, process improvement, and project management.5
Required Education
Earning a master’s in accounting is generally recommended for professionals who hope to become an accounting director. This level of education will prepare you with the technical and leadership skills you need to succeed in this role. Passing the CPA exam and maintaining your license is also required for this occupation.
Are You Ready to Move Forward in Your Accounting Career?
Develop advanced expertise in both finance and business with an online MSA from Saint Mary’s University of Minnesota.
Personal Financial Advisor
The occupation of personal financial advisor can be one of the most rewarding careers in accounting. Financial advisors use their expertise to assist individuals in planning for significant life events, such as marriage, children, home buying, and retirement. By breaking down complex financial and investment information, these professionals empower clients to make decisions to increase wealth and impact families for generations. It’s essential for personal advisors to possess the following skills:
- Data analysis
- Investment evaluation
- Goal setting
- Oral communication
- Marketing
- Portfolio assessment
- Retirement planning
- Risk management
- Written communication
Salary and Career Outlook
The BLS reports a median salary of $99,580 per year for personal financial advisors, and the top 10% of experienced professionals in this occupation earn $239,200 or more. Due to the growing population of people 65 and older, this occupation is also expanding at a faster-than-average pace to meet an increased need for retirement and investment planning. Demand for personal financial advisors is expected to grow 13% between 2022 and 2032, resulting in about 25,600 openings per year.6
Required Education
Common degrees for personal financial advisors include business, accounting, and mathematics. A master’s in accounting can help you both get started and advance in this career by delivering the financial expertise and business acumen that lead to success. You may also need one or more of the following licenses and registrations based on the specific position you pursue:
- State regulator registration (varies by state)
- U.S. Securities and Exchange Commission (SEC) registration
- North American Securities Administrators Association (NASAA) license
- Certified Financial Planner designation
Budget Analyst
Organizations rely on budget analysts to plan and monitor their finances. To keep a business financially healthy, people in this occupation collaborate with other team members and departments to create the budget, plan for future expenses, review proposals, analyze plans, and manage spending. Budget analysts must be well-versed in the following areas:
- Budget development
- Budget monitoring
- Cost-benefit analysis
- Financial planning
- Financial reporting
- Oral communication
- Regulatory compliance
- Spending analysis
- Written communication
Salary and Career Outlook
The budget analyst occupation is a typical career in accounting, with these professionals working across a range of industries. Budget analysts earn a median annual salary of $84,940, with the top 10% of earners making $131,630 or more per year.7 Professionals in this occupation work in a variety of environments, but the five highest paying employers of budget analysts include7:
- Professional, scientific, and technical services
- Federal government
- Local government
- State government
- Education services
Required Education
A degree in accounting, economics, or statistics is typically required for a career in budget analysis, and many employers prefer candidates with a master’s degree. Earning a master’s in accounting can help you move to a career as a budget analyst or move up the ladder if you already work in this or a similar occupation.
Explore the Human Side of Accounting
At Saint Mary’s University of Minnesota, earning an accounting master’s degree means more than becoming an expert in the latest economic trends. As a student in the online Master of Science in Accounting program, you’ll gain the soft skills and business acumen needed to become a trusted and ethical leader. This program is also ideal for career switchers, as it prepares graduates with the financial expertise they need to enter the top master’s in accounting jobs.
No matter where you are on your journey, you can take the next step toward your ideal accounting career today. Learn more about the online master’s in accounting from Saint Mary’s.
Sources
- Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Business and Financial Occupations.” April 17, 2024. Retrieved May 6, 2024 from https://www.bls.gov/ooh/business-and-financial/home.htm.
- Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Accountants and Auditors.” April 17, 2024. Retrieved May 6, 2024 from https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm.
- Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Management Occupations.” April 17, 2024. Retrieved May 6, 2024 from https://www.bls.gov/ooh/management/home.htm.
- Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Financial Managers.” April 17, 2024. Retrieved May 6, 2024 from https://www.bls.gov/ooh/management/financial-managers.htm.
- Payscale. “Average Accounting Director Salary.” Retrieved May 23, 2024 from https://www.payscale.com/research/US/Job=Accounting_Director/Salary.
- Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Personal Financial Advisors.” April 17, 2024. Retrieved May 7, 2024 from https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm.
- Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook. “Budget Analysts.” April 17, 2024. Retrieved May 7, 2024 from https://www.bls.gov/ooh/business-and-financial/budget-analysts.htm.
