Albeit holding on to an accounting job, many of us are still thinking twice about staying as an accountant. Such second guesses and mid-life career switches are not uncommon at all.
An accountant enjoys one comparative advantage – he possesses a unique set of skills that is highly valued in many places. This means that a switch to a non-accounting job is not impossible.
So what are some exit options that an account can explore?
This is a no brainer – most accountants’ aspire for a CFO title at a big MNC. This gives one the entitlement of taking charge in financial reporting, record-keeping, financial planning and data analysis. That said, the fight for such positions is not an easy one; There are far too many accountants competing for a limited number of CFO roles.
A surprise to many, accountants can and do become bankers as well. They are afterall highly familiar with the financial statements. Further, their keen sense of numbers, meticulous nature and analytical thinking place them in good stead to enter the banking world.
Investment banking and corporate finance are two popular banking divisions that accountants look at. However, finance knowledge has to be continuously grounded to ensure a smooth transition. CFA level 1 is thus highly recommended.
An entrepreneur’s biggest headache revolves around their accounting, cash management and financial projections. And this is precisely where accountants come in handy.
An extensive knowledge of the debits and credits within the accounting system, paired with a good sensing of company taxes and laws enable one to better manage his own company’s cash and taxes issues.
With a clearer idea of the company’s finances, one can better manage both the investors and his own financial expectations for the company.
An accountant is often valued for its career stability. But this is not it.
The very set of accounting skills can enable one to take on different career changes as long as you are willing to take a leap of faith.