Three Career Paths for Accounting Majors

Deciding which degree you’d like to pursue in college is a big decision, but deciding exactly what to do with that degree can be a bit tricky, too. Not every accounting student has the same goal and future in mind, since there are multiple paths available to you. Here are three major paths you can take with your degree and what each one entails.

1. Public Accounting

A career in public accounting is one of the more widely known career paths for accounting majors. Public accounting typically focuses on audit and assurance, tax, and forensic accounting. In order to pursue this career path, you are required to take the CPA exam and receive your CPA license. Once this credential is secured, you can begin an entry-level role at a firm as a staff accountant or associate. Climbing the corporate ladder from there involves moving up to a senior associate and eventually a manager. Somewhere between the six-to-eight-year mark, which can vary by individual, you can move into a senior management position and then finally aim for partner or managing director after that. Everyone’s career trajectory is different, but these are the potential roles you can move into as your career progresses. 

When someone mentions the “Big 4,” they are referring to the top public accounting firms: Deloitte, PwC, EY, and KPMG. These firms are global powerhouses and their clients are typically large public companies. While they are the most widely known, they aren’t the only potential firms to work for. You can also find large firms at the national and mid-tier levels, including BDO, RSM, and Baker Tilly. You can also explore the options of regional and local firms that might be in your area. Each type of firm has their pros and cons, so check out the Vault Accounting Rankings to see the top firms to work for. 

2. Corporate Accounting

Corporate accounting consists of accounting work in-house at a specific company, whether that be a startup or a Fortune 500 corporation. You are responsible for the company’s internal accounting functions. There aren’t any external clients like in public accounting–your client is the company you work for. When you’re starting out in this career path, a CPA license is not always required, but this can vary by company. You can start in an entry-level position as a staff accountant, and after three to six years advance to a senior accountant. At this point, receiving your CPA license would be a major advantage. Six to twelve years into your career, you could advance to an accounting manager or corporate controller. This is when the CPA license is highly preferred or even mandatory, depending on the company. The top position in this path is becoming Chief Financial Officer at a company.

Practically every company in every industry needs an internal corporate accountant, if not a team of them. If pursuing this career path, you’ll want to determine the type of company you want to work for. Prestigious, publicly traded companies would be Apple, Microsoft, Nike, and companies of that nature. You could also consider large and mid-sized companies, such as a regional construction company or a large automotive dealership. Even nonprofits and universities need internal accountants, so you have a lot of options. Narrowing down the type of company and industry you’d like to work in will help you determine which companies to apply at.

3. Government and Public Sector Accounting 

You can also use your accounting degree to work in the federal, state, or local government. Accountants in this field are tasked with ensuring accountability, stewardship, and legal compliance of the government entity the work for. To obtain an entry-level position, such as staff accountant or budget analyst, a CPA license is not required, but could be helpful. If you’d like to advance to a senior level position or government auditor, obtaining your CPA license is heavily suggested and could lead to higher pay. Executive positions, such as state auditor or city finance director typically require a CPA license.

The public sector also has two alternative certifications that can help to advance your career and can work in place of a CPA license. The first is a Certified Government Financial Manager (CGFM) which can be obtained through the Association of Government Accountings (AGA). This certification focuses on government GAAP, budgeting, and public financial control. The second is a Certified Fraud Examiner (CFE). This certification is highly valued in investigative roles, such as work for the FBI or IRS. 

If you’d like to work at the federal level, consider employment at the Department of the Treasury or IRS. If you’d prefer the state level, options include the State Auditor’s office and the State Department of Revenue. Accountants are also needed at the local level, including city finance departments and school districts. 

Accounting degrees can result in a variety of different career paths. Consider these three options and make the choice that is best for your interests and goals.