Are you planning on a career in accounting? Maybe you’re just about to graduate with a degree in accounting and wondering what the field will look like in 2020? Accounting jobs are set to grow exponentially in the coming year. The Bureau of Labor Statistics reports that entry-level accounting positions are expected to grow by 11% while higher-level positions are anticipated to grow nearly twice as much up to 21.7%. So, what will the top accounting jobs for 2020 look like? Let’s find out.
Accountant
Let’s begin with the original accounting job. Accountants are vital to businesses as they help analyze the entire business from a financial standpoint. This helps companies better prepare for their business goals and reach them.
Accountants review ledgers, reconcile accounts, and prepare financial reports regarding a business’s profits and losses. An accountant also helps make sure that a business pays its taxes on time.
Businesses of all sizes are constantly searching for accountants in cities and towns around the country. Right now there are available accounting jobs in New York City, Chicago and Los Angeles, as well as in suburbs and small towns near you.
The median salary for a lower-level accountant job is $70,500. An accountant must have a bachelor’s degree in accounting or a related field. Senior accountants average $80,500 per year.
Accounts Receivable and Accounts Payable (AR/AP) Clerk
An accounts receivable or payable clerk is more of an entry-level accounting position. While many other accounting jobs require formal education, often an AR/AP clerk position does not. However, some hiring managers prefer candidates with more experience or education.
As an AR/AP clerk, you would help maintain a company’s financial records and assist in its general financial operations. You are likely to do general bookkeeping, payroll, and accounts payable and receivable.
If you end up working specifically as an accounts payable clerk, you are more likely to focus on sending out bills and invoices for the company. You may also assist with payroll for the company’s employees or make payments on behalf of the business you’re working for.
Account receivable clerks post customer payments, receipts, and revenues, maintain debit and credit invoices, resolve account discrepancies and entries, prepare reports, and ensure that all financial information is kept in the strictest of confidence.
The median salary for an AR/AP clerk is $40,240 a year.
Financial Analyst
A financial analyst helps companies manage costs and maximize the benefits of their information systems. In a nutshell, a financial analyst helps increase the efficiency of a firm.
In doing so, this job requires that you prepare profit and loss statements, balance sheets, and other financial management reports to help predict the financial outcome for various scenarios.
You might be expected to analyze product lines, both new and existing. You would also be expected to maintain the security of the financial data on the company you work for.
To secure a job as a financial analyst, a bachelor’s degree is required. The average annual salary for the position is $85,660.
Controller
As businesses become more regulated, there is a growing need for controllers to keep businesses in check. Controllers, or financial managers, must be well-versed in analysis, management, and technology. Familiarity with SEC guidelines and accounting principles are vital to landing a job as a controller.
The controller manages the financial department of a company. A controller is responsible for managing the accounting staff. The position would require you to have a detailed list of policies and procedures to guide the department.
Controllers help assess the accounting operations of a company and make recommendations for improving the process. They evaluate internal control systems and accounting systems, and oversee the regulatory requirements.
You would also assist with audits, create financial reports, and other duties related to the financial operations of a business. You would likely bear the responsibility of reporting fraud or other abuse of the company’s assets. Finally, you would hire, train, and oversee a company’s accounting staff.
The Bureau of Labor Statistics reports the median annual salary of financial managers, or controllers, at $127,990. A bachelor’s degree and five or more years of experience in a related field are usually required to secure a job as a controller.
Payroll Managers
Payroll managers ensure that employees are paid and processed correctly. They produce necessary data for the accounting department of a business and keep records of its employees.
A payroll manager should have good managerial skills, interpersonal and communication skills, and organizational skills. While a bachelor’s degree in business administration, human resources, or a similar degree are often required, the aforementioned skills are crucial to being a payroll manager. Hiring managers will usually hire someone with those qualifying traits.
Payroll managers average an annual salary of around $75,000.
Do you have the skills to land one of the top accounting jobs in 2020?
Business Insider points out that there are plenty of jobs in the accounting industry. Nearly every business or organization needs someone as part of their accounting team.
In addition to the individual requirements of each accounting job listed here, there are a set of skills that are invaluable as an accounting professional. They are:
- Analytical skills
- Problem-solving skills
- Leadership abilities
- Good communication skills
- Management skills
- Technologically savvy
Having these skills will get you hired and help you do your job well. Plus, senior staff members are more likely to move you up in the department. So, keep your eye on the top accounting jobs for 2020 and master these skills along the way. That way, you’re sure to enjoy a long and successful career in the industry.