This paper examines two major career pathways within the accounting profession: auditing and managerial accounting. Drawing on data from the Bureau of Labor Statistics, the paper analyzes job market growth, salary expectations, and professional certification requirements for each role. The analysis reveals strong job prospects in both fields, with employment growth exceeding the national average, though competition remains significant due to the large number of accounting students. The paper concludes that accounting offers promising career opportunities for graduates willing to pursue professional designations and specialized credentials.
An accounting education provides the basic knowledge that can serve as a useful springboard for any number of different careers within the field. The Bureau of Labor Statistics identifies several major pathways in their Occupational Outlook Handbook. Two prominent options are auditing and managerial accounting, though many others exist. Usually, a bachelor's degree is just a starting point; an accounting graduate will typically need to pursue a professional designation to establish a focused career path and advance within the profession.
An auditor is someone who understands corporate financial management and reviews financial statements and accounting data to ensure accuracy and compliance. This role requires a deep understanding of how financial records reflect the organization's actual financial condition. There are two main types of auditors: internal auditors, who work directly for the company, and external auditors, who work for independent accounting firms. Internal auditors provide services tailored to the organization's specific needs, while external auditors often review financial statements intended for public release, as required by the Securities and Exchange Commission.
The job prospects for auditors are generally favorable. According to the Bureau of Labor Statistics, employment in auditing is growing at 13 percent, compared with 11 percent for all occupations. The field is expected to add over 160,000 new positions by 2022, representing substantial opportunity for qualified professionals. Professional certification is nearly always necessary; most employers require candidates to have an accounting or auditing designation before hiring.
Compensation in the auditing field is competitive. Auditors earn an average salary of $63,550 according to the Bureau of Labor Statistics, nearly double the average pay across all occupations. Despite strong growth, however, the field remains competitive. The American Institute of Certified Public Accountants notes that approximately 225,000 students are pursuing careers in accounting—substantially more than the number of new positions expected to open, even accounting for retirements and attrition. While hiring has increased since 2009, this context is important: the economy was in severe recession in 2009, with unemployment reaching 10 percent. Nevertheless, firms continue to forecast hiring across a broad range of accounting-related positions.
Managerial accountants work within corporations to develop internal metrics used in strategy formulation and operational decision-making. Unlike financial accountants, who focus primarily on external financial statements and public reporting, managerial accountants perform analytical work that allows management to make better decisions based on internal performance data. Most managerial accountants pursue professional certification, typically a Certified Management Accountant (CMA) designation, along with membership in the Institute of Management Accountants. The career outlook for managerial accountants is favorable, with moderate job growth expected as firms increasingly recognize the value of strong internal accounting systems.
"Synthesis of job prospects and salary competitiveness across fields"
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