Careers in accounting include a wide cross section of essential business functions. Accounting consultants provide crucial analytical information to major corporations as well as small businesses working to refine their key processes. Accounting consulting firms also assist businesses of all sizes in determining whether a merger or acquisition is advantageous and can even perform valuation services to ascertain the value of a potential purchase. Preparing for a career as an accounting consultant means obtaining a degree in finance and accounting, as well as other specialized skills for your niche career.
If you have a talent for technology, you may want to delve into the exciting area of accounting software consulting. A degree in information technology and accounting will prepare you to assist businesses in developing new computerized accounting systems to record their financial information. These talented accounting software consultants also are in high demand in forensic accounting.
Forensic accounting, which is a new area of accounting consulting services, often requires not only in depth knowledge of accounting software but also a specialized graduate degree in fraud detection and deterrence. Accounting consulting in this area is much more in depth than a regular audit. A routine audit involves taking a sample of a population, whether it is receipts, assets, inventory, or even payroll records, and testing it. The results of that sample are then extrapolated to the rest of the organization's population. Forensic accounting consultants, however, examine all transactions to find fraud.
A forensic accounting consultant job description will also include a level of knowledge about human resources and basic psychology in order to not only detect fraud but make recommendations to the client organization about how to best deter it in the future. These recommendations will include separation of duties to provide checks and balances, safeguarding company assets, as well as human resources hiring best practices that may include instituting background checks, eliminating the hiring of relatives in the same department, and other policies designed to reduce the occurrence of fraud by individuals or through collusion.
Accounting consultant management, by its very definition, means managing the skilled accounting consultants who serve client organizations. Accounting consultant managers not only work with their consultants to serve clients, but also take charge of the engagement. This means that the accounting consultant manager is in charge of setting the terms of the engagement, such as the scope of what the client is requesting the accounting consultants accomplish, how long his consultants have to accomplish their work, and how much the client will be charged for their work. Accounting consulting work is typically billed based upon an hourly rate, and as a result, accounting consulting salaries are also typically predicated upon an hourly rate.
Accounting consultancy is an exciting field, and as businesses' financial and operational needs continue to change and evolve, so will the opportunities available in this growing field. Accounting consultants are in demand by businesses at all levels, and skilled professionals who work to keep their professional skills up to date will continue to be in demand.
Data provided by the Bureau of Labor Statistics
The salary range for Consulting begins around $36,720 and usually tops out around $102,380, with a mean in the neighborhood of $69,550. This is about 60% higher than the national average for annual salaries.
In order to qualify for most Consulting positions, you typically need to have a Bachelor's Degree or higher.
Data provided by the Bureau of Labor Statistics
The growth outlook for Consulting careers is estimated at about 22% while the estimated growth for all career fields over that same span is at about 10.12%. Over the next six years, Consulting jobs are expected to grow at a 117% higher rate than the national average for annual salaries.