There are various transferable skills that you can take apply to other jobs if you have an accounting background. If you’re unhappy at your current role or simply looking for a career change then keep reading as we have created a list of things to consider prior to changing your career path.
Table of Content
How to determine if a career change as an accountant is for you
- Firstly you should decide if it’s a career change you want or you just need a breath of fresh air and need a new employer
- Create a list of interests & passions of what you want whether it’s from a new employer or a career change
- Research shouldering verticals that are similar to accounting and see if there are any skills that align that what you are currently doing
- Research your transferable skills such as (spreadsheets, bookkeeping, mathematical and analytical skills, etc)
- If you feel you’re lacking skills you may look to go back to school and learn a new skill
- Make sure your resume/ CV is up to date (don’t be afraid to mention that you have new career objectives as employers would want to see that)
- Apply for jobs
Jobs that offer a career change from accounting
Here’s a list of jobs that other accountants in the past have transitioned from successfully.
Financial controller
A financial controller helps oversee all the finances and accounting operations of a company. A financial controller in most cases is a senior role.
Some tasks as a Financial Controller consists of:
- Corporate accounting
- Regulatory and financial reporting
- Budget and forecasts preparation
- Financial risk management
The goal of a financial controller is to oversee any financial decisions and help the company achieve As a financial controller their goal is to help plan and achieve the companies goal. Financial Controllers earn on average $90,000 or £75,000.
Financial Planning
A financial planner helps self-employed and public companies come up with a plan for any finances that they may have either as an individual or any profits that a company may have.
- Investments
- Educate about savings and retirement
- Prepare budgets
- Establish cost-saving opportunities
- Increase wealth or savings
Some financial planners also help companies with taxation services and tax planning. The average salary of a Financial Planner is $70,000 or £50,000
Teaching Accounting
As an accountant, one of your daily tasks is dealing with numbers and you may be able to become a mathematics or accounting teacher. As a teacher some of your tasks may be the following:
- Prepare lessons
- Plan assignments & homework for students
- Grade homework & assignments
Some other tasks as a maths teacher are attending parents meetings and staff meetings and also documenting the abilities of students. The average salary of a maths teacher is $50,000 or £35,000.
Investment Banker
An investment banking role is raising money for clients. This is done in numerous ways such as selling securities (such as shares or bonds) to investors this is also known as selling equity or by issuing debt. Issuing debt means selling bonds to investors.
Some skills you may need but not required to become an investment banker are an MBA. Most Investment Bankers haven’t even obtained a CPA or even have a degree in accounting. However, they still have very successful careers.
Some tasks you will need to do as an investment banker are:
- Research and due diligence to understand the market that you will be investing in
- Developing strategies to get potential investors on board
- Mange IPO’s
- Maintain licenses and certifications
Some transferrable skills as an accountant you may have that apply to investment banking are:
- Proven strong analytical skills
- Excellent leadership skills
- Time management
- Self Confidence and the ability to make hard decisions
- Being able to work under pressure
Investment banking is a highly competitive job however the payout can be anything from $50,000/ £35,000 to $150,000/£120,000 depending on your experience.
Buy-Side Financial Analyst
A buy-side analyst works alongside fund managers, hedge funds, trusts, or any other firm that buys big proportions of securities for fund management.
The recommendations made by a buy-side analyst aren’t for public consumption.
The goal of a buy-side analyst is deep dive into financial research on companies this can be done by analyzing current news and trends & tracking down valuable information such as (financial records, financial statements, etc), doing so will help buy-side firms earn the highest possible risk-adjusted return on their capital.
Various transferrable skills from being an accountant to becoming a good buy-side analyst such as:
- Client relationship management
- Excel skills
- Research report generation in a sophisticated manner
Most investment bankers have a deep understanding of what they should and shouldn’t invest in this is done by hours of research and a strong foundation of technical skills.
A buy-side analyst can earn up to $200,000 or £170,000 this doesn’t include any bonuses or added extras.
Other Jobs For Accountants
- Auditor
- Certified Public Accountant (CPA)
- Cost accountant
- Forensic accountant
- Investment accountant
- Management accountant
- Project accountant
- Staff accountant
The job requirement and descriptions will vary for the jobs listed however the skill requirements all are very similar.
Transferable accounting skills
Prior to making the jump create a list of skills you have learned over the years as this will make it very simple for you to change jobs and easily find other jobs that require the same skills. If you feel you lack skills in the accounting field you may either want to join a public accounting firm or look to get your accounting degree.
- Time management skills
- Math Skills
- Problem-solving skills
- Senior manager
- Strong understanding of excel & google sheets
- Critical thinking skills
Are you wondering if accountancy is right for you? Why not check out our latest blog on if accountants are rich.