How Are Accountants Classified?

Cost Accountant

A cost accountant is similar to a project accountant in that their purpose is to help assure cost efficiency. A cost accountant, on the other hand, is frequently employed on a per-project basis by firms that need help managing their supply chain profitability and budgets. Cost accountants examine labour costs, material costs, shipping costs, production expenses, and other supply chain costs. The goal of their work is to find areas that might be made more efficient.

Individuals interested in becoming cost accountants should study cost accounting, auditing, corporate accounting, risk management, supply chain management, and managerial accounting. According to PayScale.com, the average income for a cost accountant is $55,710. They may be eligible for profit sharing and bonuses as well.

Management Accountant

A management accountant examines an organization's financial situation and how it may affect the business. The management account may then provide specific advise on how to improve the organization's financial health. Management accountants are directly involved in budgeting, external financial reporting, risk management, and profitability analysis. A management accountant must also have the interpersonal and professional abilities required to deliver information to executives in an understandable manner.

Individuals interested in becoming management accountants should study risk management, managerial accounting, cost accounting, auditing, corporate finance, taxation, and interpersonal communications. Individuals must take and pass the certified management accountant (CMA) exam after earning a bachelor's degree. According to PayScale.com, the average compensation for a management accountant is $59,405 per year. They may be entitled for incentives and profit sharing as well.

Accountant for the Prosecution

A forensic accountant examines financial records to see whether they contain errors, omissions, or fraud, as well as to guarantee that the records are in accordance with both state and federal regulations. Forensic accountants may work for firms that specialise in this type of accounting service, be self-employed, operate in the legal industry, or work for the government. In addition to evaluating financial records to guarantee accuracy, forensic accountants must conduct additional study and investigation into the information supplied. Because they are excellent at unravelling and explaining complex financial issues and big sums of money, those with this speciality are in high demand as expert witnesses in litigation.

Auditor

Auditors guarantee that firms record their financial data appropriately. Many sectors demand that firms operating inside them do at least one external audit every year, conducted by someone who is not an employee. Auditors examine financial statements, account books, accounting systems, and fiscal records to ensure that the company is in compliance with all applicable financial regulations. They also generally give recommendations to the organisation if there are issues that need to be fixed or ideas to assist prevent future concerns.

Individuals interested in becoming auditors should study auditing, risk management, forensic accounting, managerial accounting, corporate finance, and corporate accounting courses. They may wish to pursue certification as an auditor after completing their degree programme. According to PayScale.com, the average income for an auditor is $55,748.

Financial Adviser

Individuals who want to pursue something new with their accounting degree may find a rewarding and successful job as a financial advisor. Individuals and corporations can use financial advisors for investing and financial planning. A financial advisor's purpose is similar to that of a CPA: they want to enhance their client's financial situation. Financial advisers consult with their customers, develop strategies to assist them in attaining their financial objectives, and follow up with them over time to change plans as needed. Financial advisors who work for businesses will examine the company's financial statements and other information to determine how best to enhance the company's financial status.

Individuals interested in becoming financial advisors should study risk management, taxation, supply chain management, financial management, corporate finance, and managerial accounting. They may also be necessary to earn particular licences in order to function as a financial counsellor. According to Best-Accountants-in-London, the average income for a financial advisor is $58,078. They may also be eligible for commissions and incentives.

Financial Advisor

A financial consultant is a person who specialises in money and can assist individuals or businesses in making wise financial decisions. A financial consultant may be self-employed, employed by a specific organisation due to their skill set, or employed by a company that provides financial consulting. They may compile and review financial reports, analyse financial statements, and assist in ensuring regulatory compliance as appropriate.