A person can take many career paths when they pursue a degree in accounting. These careers include auditor, accountant, tax accountant, and credit analyst. The most popular option by far is to become an accountant. When it comes to salary potential, there are also a range of salaries for each type of position, but the average is around $65k annually, with accountants averaging about $70k per year. Moreover, according to the Bureau of Labor Statistics (BLS), accountants will be among the fastest-growing occupations over the next decade, which means that now may be your best opportunity for success in this industry if you have been considering pursuing an accounting degree or certificate program. For more information on how you can get started on your corporate accounting career, Read on!!!
1. What Is Corporate Accounting?
Corporate accounting is a division of accounting that deals specifically with the tracking and reporting financial information within a corporation. This division also helps prepare budgets, manages cash flow, and prepares tax returns for corporations and individuals.
Corporate accounting is a field of accounting that deals with financial issues, including acquisition, allocation, and distribution of assets among various business units and those affecting the entity. Corporations allocate their financial resources for investment and expansion, paying for things such as research and development, advertising, or acquiring other companies. The corporation is responsible for reporting this information to its shareholders and the public through external audits performed by accounting firms outside of its management team and financial reports, which are released internally.
2. What Does a Corporate Accountant Do?
The corporate accountant performs several functions depending on the size of the company. The information is passed along to the other management team members who use this data for various reasons, including planning, staffing, and controlling expenses.
Corporate accounting provides reports to help monitor cash flow in and out of an organization, which assists upper-level managers with determining whether or not the organization has enough money to fund essential projects.
The information also helps determine when to issue dividends and how much to pay shareholders in the form of dividends. The corporation’s balance sheet is used by management to help determine whether or not it should acquire other companies, conduct share buybacks, or pursue debt financing.
Corporate accountants are responsible for the accounting activities within a corporation. To do this job well, corporate accountants need excellent financial analysis skills and work with data in spreadsheet programs such as Microsoft Excel. Corporate accountants must also have strong communication skills. As companies expand and grow larger, many corporations hire staff members who specialize in specific business areas. For example, a corporation might hire a financial analyst to help with investment decisions or a tax accountant to prepare tax returns.
3. What Are the Skills Necessary to Be Successful?
The following are some essential skills you may need to become successful in your corporate accounting career:
Communication skills: As the role of a corporate accountant requires you to provide information and expertise, you must have excellent communication skills. This will allow you to work well with your colleagues and superiors and those outside of your organization, such as customers.
Math skills: Math is an essential tool in corporate accounting, as it forms the basis for all financial transactions. Without solid math skills, it won’t be easy to keep track of your numbers and ensure that you work with accurate data.
Creativity: Working in the corporate world requires using your imagination and creative thinking skills to solve problems such as how best to account for certain transactions. If you need examples of this, consider the types of questions they might ask you during a job interview or at your initial performance review. Given these circumstances, you may be presented with scenarios and asked what you would do.
Organizational skills: Good organizational skills are vital for all employees in today’s businesses. Someone in the role of a corporate accountant should be organized, multi-task, and have excellent time management skills.
Analytical skills: A large part of your work will involve analyzing information, whether sales data or cost figures. You’ll also need to analyze past business results and make projections for future growth. Thorough knowledge of financial statements will help you to make these assessments.
4. What Are the Steps Towards Becoming a Corporate Accountant?
The following are some essential steps you may need to take in your journey towards becoming a successful corporate accountant:
An undergraduate degree: A university education is essential for any professional career. Most entry-level jobs only require that you have an associate degree; however, most companies prefer to hire those who have completed their bachelor’s degree at a well-known, reputable institution.
Get your Certified Public Accountant (CPA) certification- Even though you can enter the corporate world with just an associate degree, having your CPA certainly doesn’t hurt! This certification sets you apart from others in this competitive field and allows you to enhance your career opportunities. You can take the exam when you have completed 150 hours of accounting coursework, including a practicum in which you must pass all three parts of the exam within 18 months.
Get some experience: Once you have graduated from college with an accounting degree, it’s time to gain real-world experience through internships or by taking on an entry-level position in some company. This will allow you to apply your skills and make valuable contacts along the way.
Specialized training: If you are interested in becoming a CMA, there are specific courses required before you can take the certification exam. Many companies offer their employees programs that allow them to become Advanced professionals in Accounting. This designation is the CMA equivalent and will allow you to work as a management or staff accountant.
5. How Can One Become an Influential Corporate Accountant?
Once you have followed all of the steps mentioned above, you can begin your career as a corporate accountant. Being successful in this role requires that you have strong interpersonal and communicative skills in addition to the qualities mentioned above and qualifications.
One of the main priorities in this role is to make sure that all business transactions are recorded accurately, which means you need strong math skills. In many cases, you will be required to track down missing financial records, so being thorough and organized at this stage will pay off later.
Don’t be afraid to ask questions: You may encounter situations where you are unsure how best to proceed with a particular matter. Don’t be afraid to ask your superiors for advice if this is the case.
Taking the initiative: To make a name for yourself in this role, you should strive to take on responsibilities and projects that others before you may have shied away from. For example, if you notice that a particular department has been underperforming and needs some reorganization, let your boss know and develop a plan of action.
Networking: As mentioned earlier, these positions are very competitive, so it’s essential to get out there and network! Join relevant business associations, go to industry functions, and of course, join social networking sites. This will help you build relationships that could further your career down the road.
6. What Is it Like Being a Corporate Accountant?
You will work closely with senior management, providing them with the information to make business decisions. You may be involved in purchasing or selling assets, buying or selling stock, or planning for retirement. You will also have to stay abreast of changes in tax laws and regulations that could affect your company.
Your main tools: Being a corporate accountant requires lots of quantitative skills, so having a solid understanding of math is critical to success and not getting lost in the numbers. You will also need to use some form of financial software such as SAP or Oracle Financials, which allows you to produce reports on company transactions and data that you can then present to upper management.
7. What’s Great About Being a Corporate Accountant?
As mentioned above, you will work closely with senior management and provide them with the information they need to make business decisions. This is also an advantageous and challenging position where you can affect company growth and success over the long term.
You will have a great deal of autonomy and be responsible for your projects, which many people find very rewarding. In addition, you will work closely with other financial team members, which can be both rewarding and frustrating at times but is without a doubt an experience that you will gain much from.
8. What’s Not So Great About Being a Corporate Accountant?
The job can get very detail-oriented and mathematical, requiring lots of time in front of a computer. After a while, many people find this kind of work extraordinarily dull and mind-numbing.
It’s also important to note that you may not always be working closely with other individuals on your team- Remember that the role requires strong interpersonal skills. In this case, at times, you may be required to work predominantly on your own.
In addition, the job market for CPAs is very competitive and can be particularly hard to break into if you have no experience. The other downside is that many managers in this field are only interested in hiring individuals who have years of experience under their belts.
9. What Is the Future of Corporate Accounting?
Since financial and economic transactions in today’s global markets happen in fractions of a second, companies need to have an accurate record of their business dealings to remain competitive. A qualified and experienced corporate accountant can provide valuable insight into their business activities.
As for what the future holds, it is essential to note that tax laws are constantly changing and will continue to evolve. As a corporate accountant, it’s up to you to stay on top of these changes to ensure your company is operating at its highest financial potential.
10. How Much Does a Corporate Accountant Make?
It’s important to remember that many factors determine how much you will make as a corporate accountant, including your company, location, level of experience, etc.
The median pay for all accountants and auditors is approximately $60k annually, with the top 10% making about $98k per year. Corporate accountants often start in the low six figures and makeup to $120k annually with lots of experience.
As with most careers, salaries depend on several different factors, including your education, qualifications, and experience level. Most companies are willing to pay somewhere in the ballpark of $50,000 – $60,000 annually for full-time workers as far as entry-level positions go.
11. Where Do Corporate Accountants Work?
Corporate accountants work in virtually any sector of the economy. Almost every major corporation employs corporate accountants to help with their financial records, including banks, insurance companies, healthcare providers, and government agencies.
Large corporations are often on the cutting edge of new technologies, so if you are looking for a constantly evolving career, it’s something. Many of these companies are also on the Fortune 500 list, which means they are some of the largest corporations in the United States.
Some of the top recruiting companies for corporate accountants include Deloitte & Touche, KPMG, PricewaterhouseCoopers, and Ernst & Young.
In addition to private companies, there is also a growing number of public corporations that employ corporate accountants. In this case, they are often hired by the financial department of banks or other lending institutions. Examples include J.P Morgan Chase, Wells Fargo, and Bank of America.
12. What Are the Best Schools or Colleges to Study Corporate Accounting?
There are numerous colleges and universities across the country that offer an accounting degree that can help prepare you for a career as a corporate accountant. These programs often teach students specialized skills, including how to work with specific data or software programs commonly used in business today.
It’s important to remember that every school is different- Some schools might have a more rigorous curriculum or different prerequisites, which you might need to meet before attending the school.
In addition, some schools offer degrees in accounting at the undergraduate and graduate degree level, while others only offer an undergraduate degree.
When looking for a college, it’s essential to choose one best suited for your needs and goals as a student. Here is the list of some top colleges to study corporate accounting:
- 1. DePaul University
- 2. Bowling Green State University
- 3. University of California-Davis
- 4. Oklahoma City University
- 5. Texas A&M University-College Station
13. Online Courses to Study Corporate Accounting
If you like the idea of taking courses online, several schools offer online degree programs. Here is the most popular one:
Corporate Accounting for Beginners by Udemy: This course is offered by udemy for beginners to learn accounting concepts in a simplified manner. This online course will help you understand accounting basics in just one hour. This is an ideal course for those who want to enter this sector and need a proper understanding of all the terms and concepts. The course provides compulsory knowledge about Accounting information systems, financial statements, x accounting equations, and double-entry bookkeeping systems.
If you’re interested in a career in corporate accounting, this blog post should have given you the information you need to get started. As we’ve discussed, there’s more than one path to becoming an accountant at a company or firm; if your interests lie with auditing and financial statements, for example, then go ahead and apply directly to those jobs on job boards like LinkedIn! In the meantime: start building up your resume now so that it can hold its own against other candidates who may want the same position.