Alternative Careers for Accountants

Sometimes in life, alternative Careers for accountants may be needed for many reasons. But the fact that any accounting professional could cherish is that an accountant with a bachelor’s or master’s degree or with CPA or CFA certification has a wide range of alternative career options. This article provides you with lots of information for alternative careers for accountant. 

Alternative Careers for Accountants:

While looking for alternative careers, there are multiple opportunities for accountants to find a second career. The vast knowledge that an accountant has acquired over the experience can be utilized in a variety of career options.

1. Financial Analyst:

If you enjoy doing financial analysis, such as investigating the factors that influence costs, rates, and levels of service, developing business scenarios for making necessary changes, and communicating the monetary consequences of operational decisions to those who do not finance majors, switching your career as a financial analyst would be your cup of tea. Financial analysts are appointed in a wide variety of finance-based institutions like banks, insurance companies, annuities, and investment businesses. An organization’s financial activities can be predicted with the help of a financial analyst. Financial analysts are responsible for advising businesses, organizations, and individuals on the best use of capital to increase profits. They need access to a diverse range of prediction models and analysis systems to study equities, securities, investments, debts, and expenditures. Data mining is the process of sifting through existing data for patterns and openings that might lead to growth or increased revenue for a business, as well as predicting the results of a decision and locating promising areas for investment. Because accountants typically deal with these tasks anyhow, this would be one of the best alternative careers for accountants. An accountant’s primary role is not as a financial analyst, but they do advise clients on how to make prudent choices that will have long-term effects on their finances.

2. Financial Journalist:

A journalist with knowledge of accounting can write about financial markets, corporations, and industries for newspapers, TV, or other media. An accountant with knowledge of finance and corporations can draft articles based on money markets. Through interactions with people in the financial world, financial journalists can find out much about the big news and current affairs in these scenarios. Financial journalism is one of the alternative Careers for accountants. They further demonstrate hard-to-grasp ideas about money and finances in ways that are easy to understand. To make their articles based on real facts, they can interact with financial experts or people who are having money difficulties or successes. If you want to shift your career as a journalist, it is important to know how to present the content in the right way for the form of media you are using. Opting for a career as a financial journalist would be one of the non-traditional jobs for accountants, yet all the acquired accounting and related knowledge can be utilized in a better way. 

3. Forensic Accountant:

If you are interested in shifting to a career that demands investigations and unleashes a detective in you, one of the alternative careers for accounting majors is forensic accounting. A forensic accountant looks at budgets, spreadsheets, and electronic data to identify missing or misappropriated funds and determine how to get them back. Financial crimes such as the forging of currency, theft, and institutional fraud are all investigated by forensic accountants. Numerous accountants hold forensic positions with law enforcement organizations like the FBI. Thomas Pickard, a higher-ranking FBI official, is an accountant. 

Accounting professionals with forensic accounting training are highly skilled at identifying embezzlement and other financial transgressions. Forensic accounting is also one of the best alternative Careers for accountants. Forensic accountants use investigation techniques that can stand up in court. These agencies increase the possibility of proving the crime in such cases by getting defined, unmistakable, and fully documented evidence of financial dishonesty. A forensic accountant is needed to uncover such evidence. When they present testimony in court on financial crimes, they usually produce documentation from their investigations and offer proof and findings to legal authorities. Both public and private businesses may use forensic accountants. They can convey their results to their management, the police, or other significant figures.

4. IT application analyst:  

In accounting, computers and technological innovations play a significant role. For organizations that do not use physical books, precisely, accounting knowledge is required for the development and maintenance of these systems. This career allows you to deal with accounting systems rather than perform real accounting. Accounting software implementation and maintenance are options for accountants who do not want to do the same tasks repeatedly. Instead, you can use your accounting knowledge and experience to create and maintain accounting software for your employer. This is not an IT technology position; however, you may be required to write SQL queries and prepare SSRS reports for the departments that use cloud accounting software, and so on. Most of the time, you can show other employees how to do their jobs in the system. Being an IT application analyst, you may work with the technical parts of accounting and are often in charge of audits.

5. Sales Manager:

Sales are a part of every business, and an accountant will have a good idea of what a sales manager needs to know. In search of alternative careers for accountants, a sales manager’s position could be a good option. If you have sales skills, you do not have to limit yourself to accounting or finance-related professions. Some sales jobs come with remuneration and incentives, which can give you the push you need to do well in your growing career. Depending on the company they work for, sales managers have different tasks to do. The position claims to oversee finding, hiring, and training new people to work for the company. They make sure that merchandise and services get to the right places by establishing performance targets. Sales managers encourage their subordinates to increase sales. They also collaborate with other teams and distributors. They maintain the supply of products that are in high demand as per the sales data. 

6. A Banker:

One of the most common second careers for accountants is changing from accountant to banker. Even the well-known American banker Mr. J.P. Morgan began his career as an accountant. Bankers do many different things with money, but most of the time they deal with mortgages, pension funds, and opening new accounts. Regional, national, or global banking institutions, may have operational or executive responsibilities. The goal of a banker is to maximize revenue while minimizing the risk of loss. These specialists may also tell clients about and sell products and services like safe deposit boxes that banks offer. This can maintain the clients’ financial security and increase profits for the institution. Bankers can help solve issues customers are having with the bank.

7. Entrepreneur:

Entrepreneurship is another option for accountants as a professional path. In the course of their work, the accountant may have met a large number of business owners and their clients. An accountant can determine the necessary activities and policies for entrepreneurial success. Numerous prosperous entrepreneurs began their careers as accountants. John D. Rockefeller was a titan of industry. After beginning his career as a young bookkeeper with a knack for numbers, he amassed his fortune in the oil sector. An entrepreneur launches a new business enterprise based on his or her vision or creation. Entrepreneurs utilize their resources or obtain external funds to establish a business or brand, and they must be fearless, flexible, and determined to achieve success. Especially in the initial stages of their businesses, entrepreneurs may be responsible for all areas of their businesses. A financial entrepreneur may, for instance, establish a financial firm. As an accountant, you dealt with a diverse set of clients and business requirements. Determine the causes of successful entrepreneurs’ failures as well as those of commodity and service failures that could have been avoided. This knowledge can provide alternative careers for accountants. An accountant is well-equipped to launch a firm or enhance the operations of a small business. Accountants know the parts of a business and how important each one is because of their knowledge and experience. This understanding can be converted, and an accountant can become a successful entrepreneur. 

8. Human Resource Personnel:

If an accountant wants to keep doing the same kind of work but wants to get rid of the boring accounting tasks, he or she will not have many options for moving into another field. On the other hand, working in human resources would be an excellent choice for an alternative career. Because accountants have a strong legal foundation in areas such as salary and employee categorization, they are particularly suited to make the move into the position of human resources officer. Of course, one must acquire some legal knowledge, which an accountant may not possess. But by getting educated about the various issues an HR department would face and the possible solutions, one can become competent to work in human resources (HR). The Human Resources department of an organization needs people who can deal with complicated tax issues, keep an eye on HR-related finances, and do financial analysis when needed. This job usually combines accounting tasks with those of the Human Resources department. As we have already said, these kinds of career alternatives for accountants will give you a break from accounting work while keeping you in touch with all your accounting skills. 

9. Finance and Insurance Manager:

Among some of the options for a career change from accounting, a career option of being a finance and insurance manager is another choice. The finance and insurance manager keeps good relationships with different lenders and insurance providers so that clients can get a wide range of financing and insurance options. A finance and insurance manager works primarily in the automobile market, assisting consumers with the purchase or lease of new or pre-owned automobiles through a dealer or industry lender. They investigate and offer competitive interest rates based on a client’s credit score, package deals, and other products. Finance and insurance managers identify new lending institutions, establish working partnerships, develop a crew, and comply with all applicable regional and national requirements. He would talk about the choices and make product suggestions based on what the customer wanted. A finance and insurance manager are needed to deal with contracts and prices so that an organization can reach its goals. He or she must ensure that all applications and documents are completed accurately and within the appropriate time frame. In addition, they are required to report their activities to the department head.

10. Environmental Accountant:

Being an environmental accountant is yet another new alternate career for an accountant. These kinds of alternative careers for accountants are available. If you want to make a living and make a significant difference for the environment and future generations, you can become an environmental accountant. The focus of environmental accounting is on how economic activities affect the environment and ecosystems. It is especially important for producing new ways to reduce pollution, find alternatives, and protect natural resources. For individuals who want to use their careers to contribute to sustainable development, this is the perfect field. By investing in goods and services that are good for the environment, you can use your skills as an environmental accountant to help businesses save money. For instance, a business may be able to get renewable energy tax credits if it buys photovoltaic power, geothermal heat systems, and other eco-friendly technologies. Try to inform your clients about these activities and estimate the associated costs. Consider it a chance to boost the company’s profits while preserving the ecosystem. A thorough understanding of environmental laws is required for success in this field. 

11. Accounting Professors:

One of the most successful non-accounting jobs for accountants is the job of an accounting professor. It is the job of accounting professors to teach the next generation of accountants what they know and how to do things. This job path could be satisfying for accountants with a lot of experience and give them a break from their normal day-to-day responsibilities. 

A lecture on finance can be given to students at either the UG or PG level, and the preparation and delivery of the lecture are the responsibility of the professor. They instruct students on a variety of financial topics such as marketing strategies, accounting, budgets, and financing decisions. Professors of finance typically draft research papers and studies in the field of financial education. These academics can be found working at community colleges, universities, and other types of higher education facilities.

12. Purchasing managers:

Purchasing managers oversee making sure that an organization gets the goods, machines, and services it needs. This important strategic position makes sure that a business can meet business needs, work well, and keep its prices low enough to compete in the market. Accountants who are skilled in both analytical analysis and bargaining will do particularly well in this position.

13. Digital marketer: 

Currently of online sales, a digital marketer is a necessary job. While looking for an alternative career, an accountant can choose to be a digital marketer. As a digital marketer, you should help companies reach out to people who might want to buy their products or services. Depending on your abilities and areas of interest, getting a foundation in this profession may open a lot of choices for you in the future. If you choose to work in digital marketing, you will have the opportunity to learn about various facets of the industry, including content creation, search engine optimization, ads, social platforms, analytics, and more. You will discover how several components of what is known as “content marketing” work together to direct people to a company’s website and persuade them to purchase its merchandise or services. Using tons of data and accounting intellect, you must determine what people like and how you can market it to them. This is a common component of successful marketing efforts. 

14. Cybersecurity:

As a set of soft skills, being alert and paying attention to details are important in this area of the tech industry. Companies will look for specific skills in people who have these soft skills, in addition to the technical skills required for a career in cyber security. Cybersecurity is a route you should take if you are making the switch from accounting to technology. To pursue this career change, however, basic technological knowledge and certification would be required. 

FAQs:

Conclusion:

A transition from traditional accounting careers for accountants would appear to be difficult for accountants at first. But, with accounting knowledge and an interest in learning new things, alternative careers for accountants can be easily attained.