The field of financial accounting is the portion of the accounting field that is concerned with the preparation of financial statements used by those who are not a part of the day to day operations of the company. Financial accounting degrees provide the necessary education and training for graduates to generate financial statements as well as review data concerning an investment's recent performance. As the economy grows, the job outlook in this field will also grow.
A degree in financial accounting will prepare graduates to uncover areas of financial inefficiencies or maximize an investment's return. There are several education paths, but they will all include classes that include financial reporting to international macroeconomics. These programs help you hone your quantitative and analytical abilities needed to succeed in this field.
The Associate's degree in this field is the career path that can be completed in two years. These degrees generally lead to entry-level opportunities that could include an underwriter or an actuary. These clerks work with computers all day so it is imperative for financial accountants to be adept at math and computers. Often, this degree is a stepping stone to a Bachelor's degree program.
The Bachelor's degree prepares graduates to create, review, and report the financial activities of an organization. The reports are prepared for people outside of the organization so that they have a quantifiable representation of the company's financial health. A four-year degree in this field provides the education necessary to succeed as a business auditor or financial bookkeeper.
Still, other students choose to further their education by seeking an even more advanced degree, a Master's degree in this specialized field or an MBA, a Master's in business administration with a concentration in financial accounting. Graduate students study tax law, financial planning, economics as well as budget analysis. Someone who completes a degree in financial accounting can find a rewarding careers as a stockbroker, CPA - Certified Public Accountant, or tax professional.
While there are several certifications available to accountants, the most prestigious is the Certified Public Accountant - CPA. A Certified Public Accountant is appropriately licensed in his or her specific state, depending on the state's requirements. Despite the state's mandates, each CPA must successfully pass the Uniform CPA Exam. This 14 hour test is administered over many days. The test requires the candidate to demonstrate competency in high level accounting principles.
Advancement is possible for financial accountants without a more advanced degree, but it is difficult to achieve. Financial accountants who have a specific expertise for areas like law or international financial standards typically find that they have an advantage for positions with higher salaries. The average annual salary for auditors and accountants was nearing $60,000 just a few years ago.
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