Accounting is the practice of recording and analysing financial information for making financial decisions. Accounting standards improve the reliability of financial statements. The standardised reporting allows all shareholders and stakeholders to assess the performance of a business. There are many job roles in the field of accounting which are highly reputed and well paid. This blog explains the top 10 In-demand Accounting careers which offer higher salaries.
How To Attain Career Advancement In Accounting?
Accounting is the language of business. Most people think of accounting as a homogenous industry, but the fact is there are various fields you can pursue, each with its own area of specialisation. Recent data indicate that the hiring of accounting and finance professionals is trending upwards. In order to attain career advancement in accounting, follow these simple steps:
Enroll for courses in Accounting ( Certification)
Upskill yourself in Accounting
Network with people successful in the field of accounting
Stay updated with the latest information about Finance & Accounting
What Are The Top 10 in-demand Accounting Jobs?
The accounting profession is constantly evolving and incorporating the latest practices and trends. Following are the top 10 in-demand accounting jobs you can think about pursuing.
Have a look into the detailed explanation of sought-after roles in the Accounting field
A financial manager is responsible for providing financial guidance and support to clients and colleagues in order to develop plans for long-term financial goals. The roles of financial managers can vary enormously based on the company's size. Financial managers work in various industries, including banks, investment firms, insurance companies, etc.
There are courses in Finance & Accounting which will help you excel as a financial manager.
Management consultants work with businesses to enhance their performance by providing expert advice and solutions to everyday business problems. They work across a wide range of sectors, including Finance, Human Resources, and Marketing.
The required skill set varies depending on the different industries and the specific client base that a particular management firm targets and works with. Management consultants have opportunities to work with the senior teams and top executives within the organisation, which helps to cultivate good relationships and build up a supportive network.
Soft skills are necessary for this profession. There are many ways to develop your soft skills. Have a look at the management courses which you can think of pursuing to upskill yourself.
3. Financial advisor/ Financial Consultant:
Financial advisors help the clients understand their current financial situation and develop plans accordingly to meet the short and long-term financial goal of their clients. A financial advisor can help an individual or a company attain its financial objective.
In the case of an individual, a financial advisor can provide insight into how they can save more and attain financial security. Whereas, in the company setting financial advisors can provide a neutral perspective on corporate development projects.
4. Tax Accountant:
A Tax accountant works with the client to produce tax return documents that follow laws and regulations. The client could be an individual or company for which the tax accountant performs audits, gives asset management advice and helps in making investment decisions and financial plans.
5. Accounting Manager:
An Accounting manager supervises accountants and creates a system to ensure the smooth flow of organisational/ business activities. Depending on the sector, the accounting manager analyzes & reports financial information, tracks financial data, and makes recommendations on financial decisions. Besides accounting skills, an accounting manager must possess strong leadership, management, and communication skills.
Financial analysts research micro-and macroeconomic conditions and make relevant predictions about businesses & industries and recommend a course of action based upon overall performance & outlook. A Financial analyst must be aware of current developments in the field they specialize in, as well as should know, to prepare an effective financial model
7. Budget Analyst:
A budget analyst prepares and implements budgets for organisations & companies and helps them plan and distribute their financial resources. Budget analysts keep track of expenditures regularly and assist them in the achievement of financial targets and preservation of long-term profitability.
8. Credit Analyst:
A credit analyst analyses the creditworthiness of individuals, securities, or companies and determines their potential risk for investors and lenders. Credit analysts are also known as credit risk analysts, as they also evaluate risk in investment and determine credit limit and interest rate for the borrower.
A Treasury analyst monitors the financial activity of an organisation, including cash flow statement, managing assets & liabilities, assessing income and other obligations, etc. Treasury analysts are primarily concerned with internal matters of the organisation and should possess the excellent analytical ability.
An Auditor is an individual who deeply examines the accuracy of the recorded financial transactions by verifying financial records and financial reports. Internal auditors work for the organisation that he or she audits. Meanwhile, an external auditor is independent of the clients that he/she audits and works mostly for the government.
Average global salary of different accounting professionals:
The table below shows the average salary earned by different experienced accounting professionals globally and the projected global employment growth rate for the respective profession.
Estimated global employment
growth by 2030
Salary of Accountant based on years of experience:
The table below shows how the average salary of an accountant in Abu Dhabi changes based on the years of job experience. The salary could differ based on Education level, skills, and other certifications.
Highest-paying Industries for Accounting Professionals:
The Big 4 which includes Deloitte, KPMG, E&Y, PwC, are the top largest accounting firms that provide various financial services and employ lakhs of Financial and accounting professionals worldwide with high-salary.
Following are the various industrial sectors that pay high salaries for various accounting professionals
Oil & Gas
Shipping & Logistics
Tourism & Hospitality
How to attain growth in an accounting career?
The field of accounting will always be in demand, as accounting is the backbone of every commercial entity. Accounting is a stable profession that provides a great deal of job security and which has less gender pay gap compared to other professions. If you are interested in this field, all you have to do is follow some tips to build a career in accounting.
Every profession comes with its own perks and challenges, the accounting profession is no exception. In order to tackle these challenges, it is very necessary to work upon the Accounting skills in demand, which will definitely upskill you and help you excel in your accounting profession.