Challenging Accounting Jobs
Accounting or accountancy, often called “the language of business”, is the process of measurement, systematic recording, periodic financial statement composure, and analysis of financial information. The accounting execution is done in compliance with strong-defined rules and regulations, often referred to as GAAP (Generally Accepted Accounting Principles). Different countries use different accounting regulations, as well as different companies. For instance, all EU stock listed companies are obliged to follow the International Financial Reporting Standards (IFRS), no matter what their origin is. Smaller local companies though can follow their local standards – German (HGB), Swiss (FER), French (PCG), etc. Accountancy allows companies to analyze the financial performance of their business based on various indicators, such as net profit, operating profit, and so on. The information, which accountancy provides, serves to satisfy the needs of investors, creditors, management, and regulators.
Accounting jobs can be divided into several types – financial, management, public, corporate, fund and tax accounting, and controlling.
Types of Accounting Jobs
Financial Accounting Jobs
Financial Accounting is the field of accountancy concerned with the preparation of financial statements for the use of external users, not involved in the day-to-day decision-making – banks, investors, shareholders, employees, regulators, and suppliers. Since different users have different information needs, the accounting information needs to be structured accordingly. Therefore, the financial statements are subject to regulations, unlike the information extracted by the management accounting. The financial statements show the summarized financial data in nominal monetary units, taken from the bookkeepers’ accounting records, and presented to the external users at the end of a particular time period – monthly, quarterly, or on an annual basis, depending on the company’s size, politics, and the law regulations.
Management Accounting Jobs
The management accounting job aims at creating and analyzing information for in-house purposes. The information is used by the company’s management body in order to understand and evaluate the processes and outcomes much better, thus influencing the decision-making, planning, and controlling processes. What makes the management accounting different is the fact that it is future oriented. Although it relies on information from the past, it aims to give insights on the future. The results are usually confidential, used only by the internal management, instead of being publicly reported.
Fund Accounting Jobs
The Fund Accounting job emphasizes on accountability. As the collective investment schemes – funds – are a specific and complicated investment alternative, the goal of fund accountants is to demonstrate the accountability and stewardship of the fund, deterring its financial condition. Within fund accounting, unlike corporate accounting, it is more important to track how the organization is spending money, rather than how it earns it.
Fund accounting jobs are related to calculating, analyzing and reporting Net Asset Values (NAVs) and Yields, while adhering to policies, procedures, and regulatory guidelines (such as GAAP, HGB, IFRS, etc.). The preparation of annual, quarterly, and monthly statements and reports is also part of their responsibilities, as well as providing business relationship support, process improvement, and cash reconciliation.
Experience in public accounting and auditing is what usually makes a successful candidate, if one does not already have some investment or fund accounting background. Such experience, combined with accounting and audit qualifications (CIA, ACCA, etc.), or Tax advisory (Steuerberater) exam, is what makes candidates invaluable for companies.
Fund accounting jobs are related to calculating, analyzing and reporting Net Asset Values (NAVs) and Yields, while adhering to policies, procedures, and regulatory guidelines (such as GAAP, HGB, IFRS, etc.). The preparation of annual, quarterly, and monthly statements and reports is also part of their responsibilities, as well as providing business relationship support, process improvement, and cash reconciliation.
Experience in public accounting and auditing is what usually makes a successful candidate, if one does not already have some investment or fund accounting background. Such experience, combined with accounting and audit qualifications (CIA, ACCA, etc.), or Tax advisory (Steuerberater) exam, is what makes candidates invaluable for companies.
Controlling Jobs
The controlling professionals are usually the chief accounting officers of a company, leading the accounting department. Their main job is to control the accounting process of the company – from the financial statements through budgeting, to tax compliance, payrolls, and so on. Being the department’s supervisor, the controlling professional needs to ensure that everything is in accordance with the regulatory and accounting standards, appropriate for the organizational structure, and adequate for achieving the department’s goals. The controlling accounting job is related to the issuing of financial statements and annual reports, preparation of budgets and forecasts, and conducting of financial analysis as well.
Public Accounting Jobs
Public accountants are those accountants, who work for accounting service provider companies. They are usually assigned to several clients. Currently, the demand for such candidates is higher than ever and it does not seem that it will change in the upcoming years.
Besides the opportunity to have a competitive salary, working with many companies definitely gives you in-depth industry insights and diverse exposure. It helps you gain great knowledge and experience within the industry and provides you with great opportunities for further development. The demand for CPAs (Certified Public Accountant) with Big Four experience is constantly growing among both the public and the private accounting sector, as those CPAs usually have everything they need for a successful career in this field.
Besides the opportunity to have a competitive salary, working with many companies definitely gives you in-depth industry insights and diverse exposure. It helps you gain great knowledge and experience within the industry and provides you with great opportunities for further development. The demand for CPAs (Certified Public Accountant) with Big Four experience is constantly growing among both the public and the private accounting sector, as those CPAs usually have everything they need for a successful career in this field.
Corporate Accounting Jobs
Once you choose the field of corporate accounting, you have to decide what kind of companies you want to work for. Working in the corporate world, you have the chance to further develop your skills and potential, which brings you more competitive advantage afterwards. Being a corporate accountant gives you more opportunities to find the best work-life balance and spend enough time with your family and friends. Furthermore, appealing offers in terms of benefits, bonuses, pensions, and incentives in general are waiting for you to compensate the salary gap between the corporate and public accounting.
Tax Accounting Jobs
Tax accounting jobs are specialized and focused on tax regulations. Whether you are facing a tax problem or uncertainty, or you want to pay as little taxes as possible – a tax accountant is the right person for you. Nowadays, planning for the future taxable years is essential and so is the improvement and integration of tax accounting into the finance function. Depending on where you are and what accounting regulatory acts you have to follow, tax accountants can define your accounting methodology in such a way that would benefit your business on the long term.
