Accounting careers with a master’s degree in accounting are on the up rise. According to the Bureau of Labor Statistics, as the economy grows, the demand for accountants grows as well. It can land you mid to upper-level employment. If you’re not sure what career path to take, learn which options your masters of accounting degree can create for you.
Tax Accountant
Tax accounting consists of the implementation of various accounting methods geared towards taxes and having a thorough and keen understanding of the tax laws. This job function consists of developing tax strategies for clients during the current tax year, preparing annual tax returns, representing clients when interacting with the IRS and negotiation tax reductions on the client’s behalf. This job position also requires that the tax accountant keeps abreast of the changing tax codes that are implemented and governed by the IRS. Additionally, tax accountants are responsible for preparing local taxes, such as sales tax, city tax, and property tax.
Real Estate Accountant
Real estate accountants focuses on either or both residential and/or commercial real estate. Typically transactions consisting of the sale of real property, land, probates, leases and other real estate related activities. Developing an accounting career with a master’s degree in accounting can serve as a launching pad to practice real estate accounting. It can provide exposure to areas requiring that the appropriate journal entries are made based on real estate procedures. Real estate accountants should also be familiar with various real estate related laws so they’ll also be in a position to identify and record gains and losses from real estate transactions as well.
Non-Profit Accountant
Accountants with careers obtained from achieving a master’s degree in accounting can also perform non-profit based accounting, which is a specialized field that requires a vast understanding of the non-profit sector and its financial record keeping requirements. Accountants must be fully aware of how income is recognized and tracked and how fund accounting is structured and differs from accounting performed for the for-profit sector. Areas such as capital campaigns, fundraising, special events, endowment funds, accepting donations from board members, corporations, the government and individual giving all have an impact on the accounting functions required by the non-profit accountant.
Forensic Accountant
The forensic accountant is responsible for working in an investigative capacity where fraud or embezzlement type activities are the core focus of the job functions. All forms of fraud or the threat of fraud and embezzlement are analyzed, identified and recovered whenever possible. The forensic accountant plays a supporting role in legal litigation environments. Accounting careers obtained as a result of having a master’s degree in accounting can also lend itself to anti-fraud based compliance and regulatory issues. Anti-fraud regulations and compliance training may also be internally governed in-house by professionals that work in the forensic accounting capacity.
Governmental Accountants
The governmental accountant is responsible for demonstrating their knowledge of the government systems and procedures that are practiced in private settings. Government accountants often perform services that are associated with auditing-like procedures on behalf of local and federal governments. Duties such as regulating entities that have been awarded government contracts, as well as ensuring that various entities are adhering to fiscal responsibilities are just some of the duties of the government accountant. This practice enforces fiscal accountability and oversight of budgetary related compliance issues. Governmental accounting involves procedures that slightly differs from those normally practiced in public sectors following GAAP.
Concluding Thoughts
Finding an accounting career with a master of science accounting degree can create endless career opportunities. There are many demanding career options that can provide both financial stability and longevity for you.
Related Resources:
- Top 20 Master of Accounting Online Degree Programs
- What is the Difference Between a Master’s of Accounting and an MBA in Accounting?
