Best career options in finance and accounting- A complete Career Guide
Admin 29 Dec, 2023 Introduction
Accounting professionals have always been in demand because of the constant & inevitable need for experienced accountants in almost every business. Their demand is ever-increasing and spans many industries, including health, banking, government sector, IT, etc. Moreover, the job profiles growing around accounting are highly lucrative and well respected. There are many spheres within the domain of Finance and Accounting where individuals can make careers in accounting and finance.
This informational blog focuses on some of the best career options for accounting and finance students while recommending the shortest yet the best professional certification in accounting & management.
The blog will be helpful for you to decide on the best courses to pursue your career prospects. Lets discuss.
Career Opportunities in Accounting
The accounting field is diverse, with many skills to master and build a career. Many career fields in accounting demand their own skillset, focusing on various areas of specialization. As an accounting student from any specialization, you can develop a basic understanding of various accounting skills. Based on such skills, you can develop and pursue a specialization or skillset under the accounting domain and make a future in the direction of your interests.
While it can be confusing to choose from among the best career options in Accounting, especially if you don't have a specific interest in a particular niche, you can always rely on the job profiles of some of the best career options in the accounting domain.
Here are some best career options within the accounting and finance domain to give you an idea of the job roles and responsibilities of individuals pursuing careers in accounting and finance.
Financial Accounting
Financial accounting professionals have some of the most important career options in accounting and finance. They are an essential part of a company or organization. They are responsible for preparing reports and financial statements for stockholders and creditors of the company.
Public Accounting
A career in public accounting will help you develop skills in the many facets of the field of accounting. As a public accounting professional, you can provide financial and accounting solutions to many businesses, companies, individuals, nonprofits, and governments. It is one of the best career options in accounting if you want to develop and apply multiple skills in accounting.
Managerial Accounting
Managerial accounting professionals also have one of the most lucrative careers in accounting and finance. It is one of the best career options for accounting students. For this, you can pursue the CMA USA certification, the best career option in this field of professional expertise. As managerial accounting professionals, they will be required to prepare reports and statements for internal review, planning, budgeting, and improvement.
Tax Accountant
In Tax related accounting, you will be responsible for providing tax-related accounting work, consultation, and preparing tax returns for individuals or companies.
Internal Auditor
Internal auditors form an important part and parcel of a company. Internal auditing is one of the best career options for accounting students, as every company is in need of internal auditors to keep track of finances and budgets.
Chief Financial Officer (CFO)
A Chief Financial Officer holds one of the managerial positions at an organization or company. Students from the accounting community can become a CFO through vertical promotion, and it is one of the best career options for accounting students who are willing to build a career in the accounting sector.
Accounting in Public Sector
Working in the government sector can also be a great career for accounting students. Government accounting professionals are responsible for managing funds for government expenditures.
Salary of Accounting Professionals
After having discussed some of the highest paying accounting jobs, let us talk about the Accounting job salary so that you know what to expect further ahead.
The salary of an accounting professional will depend on the job profile. Accounting professionals with USA CMA certification earn an average of INR 8 lakhs per year. The salary compensation increases with growing work experience in the field of finance and accounting. Government accounting professionals earn a starting package of INR 3.5 lakhs, an extensive list of allowances, and an increased salary with promotion.
Simply knowing about the salary and the career fields in accounting is not sufficient unless you are well aware of how to become eligible for such job roles. In order to become eligible for making such lucrative and growing careers in accounting and finance, you can opt for professional certification in the relevant fields of expertise. One of the best career options is provided by the USA CMA certification for students of the finance and accounting community. Pursuing the USA CMA will not only help you become eligible for such job roles but also help you make a steady career in the desired path with a high-paying salary.
Let us understand the USA CMA certification in detail so that you can decide which path to pursue with the help of the USA CMA credentials.
What is USA CMA?
The USA Certified Management Accountant (CMA) is a globally recognized professional credential offered to individuals validating their credentials as professionals expert in the field of financial management and business accounting. It is one of the popular professional certifications in the world and is highly sought after by students of the finance and accounting community. It is counted among the best career options in the field of finance and accounting.
The USA CMA is a valued credential. Professionals certified as USA CMA is in high demand across several industries in the world and are hired by the top multinational companies. This is why pursuing the USA CMA is one of the best career options for accounting students.
Perks of having the USA CMA credential, which make it one of the best career options, include:
- Getting recruited by top management companies and organizations.
- A wide range of job opportunities to choose from in the top MNCs.
- Steady career growth and high demand for professional CMAs.
- Lucrative salary packages and other benefits of certified USA CMA professionals.
How can you get US CMA Certified?
Accredited by the IMA, the CMA USA certification can be achieved by clearing the exam for USA CMA. The US CMA exam is held in the following months via the Prometric testing center on behalf of the IMA:
- January/February
- May/June
- September/October
On successfully passing the USA CMA exam with a minimum of 75%, the USA CMA certification is awarded to the candidates by the IMA.
Let's learn about the USA CMA exam in detail.
Eligibility Criteria for the USA CMA Exam
Applying for the USA CMA exam comes with some requirements that you need to fulfill as specified by the IMA. The eligibility requirements for applying for the USA CMA exam are as follows:
- The candidates must hold Bachelor's degree from a renowned college or institution.
- The candidates should possess a minimum of two years of full-time professional experience in financial management and business accounting.
- Instead of full-time experience, candidates can apply for the USA CMA exam by accumulating four years of part-time work experience.
- If someone does not fulfill the criteria mentioned above, candidates can still gather the required work experience within seven years of clearing the USA CMA exam.
- The US CMA aspirants are also required to have an active membership in IMA.
- Follow the Statement of Ethical Professional Practice.
Syllabus of the USA CMA Exam
If you want to apply for the CMA USA certification exam, you need to be well aware of the syllabus of the exam so that you have all the information about what you need to study for the exam. If you enroll in US CMA coaching, you will learn the same topics as in the syllabus as prescribed by the IMA. So let's look at the US CMA exam syllabus.
The exam is held in two parts, namely, Part-I and Part-II. The syllabus is also set according to the two parts of the exam.
Part-I of the syllabus consists of "Financial Planning, Performance, and Analytics," which contains the following subtopics:
- External Financial Reporting Decisions (15%)
- Planning, Budgeting, and Forecasting (20%)
- Performance Management (20%)
- Cost Management (15%)
- Internal Controls (15%)
- Technology and Analytics (15%)
Part II of the syllabus comprises "Strategic Financial Management," containing the following subtopics:
- Financial Statement Analysis (20%)
- Corporate Finance (20%)
- Decision Analysis (25%)
- Risk Management (10%)
- Investment Decisions (10%)
- Professional Ethics (15%)
Exam Pattern of the US CMA
Knowing the CMA USA exam pattern will help you prepare well for the exam. As already discussed, this exam is divided into two parts. The exam pattern of the USA CMA exam is as follows.
| Exam Name | Type of Questions | Time Duration of Exam | Total Marks Allotted | Passing Marks |
| Part-I: Financial Planning, Performance, and Analytics | Multiple Choice Questions (100) + Essay (2) | 4 hours; including 30 minutes for each Essay | 500 | 360 |
| Part-II: Strategic Financial Management | Multiple Choice Questions (100) + Essay (2) | 4 hours; including 30 minutes for each Essay | 500 | 360 |
Now that everything has been summed up for you, you should also know how you can make your preparation for the CMA USA exam easier and highly effective. Enrolling in US CMA coaching can help you get comprehensive guidance for all-inclusive preparation for its exam.
Now is your time to decide on a successful career in accounting and finance with the help of the USA CMA certification.
FAQs
1. What is the highest-paid job in accounting?
In the field of accounting, a professional certified USA CMA has one of the highest-paying accounting jobs in the world, with an average annual salary of $60,000.
2. What is the best field in accounting?
One of the best career fields in accounting is Financial & Management Accounting. You can become a certified auditor with the USA CMA certification, which you can get after clearing the USA CMA exam.
3. What is the easiest job in accounting?
Becoming a Budget Analyst or a Public Accountant are great entry-level easy jobs and are one of the best career options in the field of Finance and Accounting.
4. How difficult is accounting?
Accounting is considered to be one of the most difficult subjects to master. But at the same time, it leads to some of the most rewarding career fields in accounting. With ample dedication, practice, and sincere effort, you can become a certified professional in your desired path within the accounting domain.
5. Which course is best for an accountant job?
The CMA USA offers some of the best career options in the field of Finance and Accounting to students from relevant backgrounds. The US CMA certification makes candidates eligible for some of the highest-paying accounting jobs.
Conclusion
The best career options have been summed up for you if you wish to pursue a career in Accounting. While studying accounting is certainly a difficult task, it offers lucrative and rewarding salaries with handsome benefits and salary packages, along with the most high-profile jobs within the accounting and finance industry. Your dream to make a career in Accounting can be made easier with the help of the US CMA certification. NorthStar Academy provides USA CMA coaching to make it easier for you and make you eligible for the best career options in accounting.
You can enroll yourself at NorthStar Academy for all-inclusive guidance and thorough support. They provide a streamlined CMA USA training course for candidates aspiring to make careers in accounting and finance. Expert guidance from mentors like M. Irfat sir, who has helped more than 15000 students to crack the exam thus far, will help you ace it gracefully in just one attempt within a year!
If you enroll in the CMA USA certification course at NSA, you can avail yourself of the Bundle discounts. So don't wait; join NorthStar Academy today and start your preparation for making a career as a successful USA CMA!
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