Are you curious about where a degree in accounting can take you? As you stand at the threshold of your career or are navigating through your bachelor’s degree, the potential pathways are both exciting and varied.
In this blog, we will explore five dynamic career options for accountants that promise not just job security, but also a chance to pursue your passions within the field. From traditional roles to innovative new sectors, each path offers unique advantages.
Particularly, we will spotlight an emerging but superhit pathway—the Miles Master of Accounting With Analytics Track (MAcc) program, which serves as a gateway to prestigious U.S. public accounting firms.
Join us as we unfold these exciting opportunities that await you with an accounting degree.
Let’s explore how these paths are not just career choices, but gateways to achieving your professional aspirations and expanding your horizons internationally.
1. Certified Public Accountant (CPA)
The CPA (Certified Public Accountant) career path is highly regarded in the field of accounting, offering significant opportunities both in India and the USA. Here’s a breakdown of what this pathway looks like in both countries:
In India:
- Big 4 Employment: CPAs are in demand at the Big 4 accounting firms, where they are valued for their robust audit, financial analysis, and regulatory compliance skills.
- Salary Expectations: The average salary for CPAs ranges between 8 to 10 lakh INR annually, reflecting the premium for their international qualification and expertise.
In the USA:
- Licensing Requirement: CPAs must be licensed by the state’s Board of Accountancy to practice.
- Diverse Roles: Their role is critical in top accounting firms, government agencies, and private sectors, often filling high-level positions such as auditors, tax consultants, and chief financial officers.
- Salary Range: Depending on experience and location, salaries vary from $50,000 to over $120,000 annually.
This dual perspective underscores the global appeal of the CPA qualification, making it an excellent choice for accountants aiming for prestigious and rewarding careers in both domestic and international arenas.
2. Certified Management Accountant (CMA)
The CMA (Certified Management Accountant) certification opens doors to specialized roles in management accounting, appealing to those focused on financial planning, analysis, and strategic decision-making. Here’s how CMA career path looks in India and the USA:
In India:
- Preferred Sectors: CMAs commonly find roles in multinational corporations (MNCs), which value their skills in managing and strategizing financial operations.
- Salary Range: The average salary for CMAs in India is typically between 5 to 7 lakh INR annually, reflecting the demand for their specialized skills in financial control and analysis.
In the USA:
- Role Importance: CMAs play a critical role in industries like manufacturing, corporate services, and non-profit organizations, where they serve as management accountants, financial strategists, and more.
- Salary Expectations: Starting salaries for CMAs in the USA are around $70,000, with potential increases based on experience and seniority.
This career pathway showcases the versatility of the CMA qualification, enabling professionals to secure impactful roles in both India and the USA, with opportunities for career growth and financial rewards.
3. Financial Risk Manager (FRM)
For those interested in specializing in risk management, becoming an FRM is an excellent choice. This certification is recognized globally and demonstrates expertise in managing:
- Market risk
- Credit risk
- Operational risk
Financial Risk Managers are particularly in demand at major banks, asset management firms, and consulting companies. They play a critical role in shaping risk assessment and mitigation strategies, ensuring financial stability in their organizations. Here’s how the FRM career path looks in India and the USA:
In India:
- Preferred Sectors: FRMs are particularly valued in banks, investment firms, and corporate finance sectors, where risk management is crucial.
- Salary Range: The average salary for FRMs in India typically ranges between 5 to 8 lakh INR annually, reflecting the high demand for skilled risk management professionals.
In the USA:
- Role Importance: FRMs are essential in financial services sectors, including banking, investment, and corporate finance, where they take on roles such as risk analysts, risk officers, or risk management consultants.
- Salary Expectations: Starting salaries for FRMs in the USA can range from $50,000 upwards, increasing significantly with experience and the critical nature of their role in organizations.
This career path emphasizes the importance of FRMs in global finance, showcasing their integral role in maintaining financial stability and assessing risks, thereby providing robust career opportunities and financial rewards in both India and the USA.
4. Chartered Financial Analyst (CFA)
The CFA charter is one of the most prestigious in the field of investment and financial analysis. This credential equips professionals with extensive knowledge in areas such as:
- Investment management
- Financial modeling
- Equity research
CFAs often find jobs in investment banks, hedge funds, and private equity firms. They work as financial analysts, investment managers, or portfolio strategists.
The earning potential is significant, with average salaries ranging from 5- 8 Lakhs per annum in India and $80,000 to well over $200,000 for seasoned professionals in the US.
Bridging the Gap: Introducing the Fifth Pathway
In the pursuit of diverse career opportunities, Indian accountants often aspire to expand their professional horizons in the United States, much like their counterparts in the technology sector.
Although the paths of CPA, CMA, and FRM offer promising careers and substantial financial rewards in the U.S., Indian professionals frequently face barriers related to educational qualifications and visa requirements, which affect their ability to work in these roles overseas.
Recognizing this challenge and the aspirations of Indian accountants to secure accounting careers in the U.S., a unique fifth pathway has been designed by Miles to bridge these gaps.
Let’s delve into how this innovative approach works and opens doors to international opportunities.
5. Miles Master of Accounting (Macc) Program
Indian engineers pursue their MS in Computer Science in the US, which is a STEM (Science, Technology, Engineering, Maths) program. This MS makes them eligible for a 3-year work in the US.
Miles has now used this tech playbook for accountants! We’ve collaborated with leading US universities and converted their accounting programs to STEM by integrating Business Analytics.
This ensures that Indian accountants are eligible for the same 3-year work in the US on their student F1 visa (followed by an additional 6 years if they get their H1B visa). This program equips students with practical skills and theoretical knowledge tailored to the dynamic world of finance and accounting.
Graduates are well-positioned for jobs in both public and private sectors, often starting their careers in top accounting firms in the USA.
Here are three main features of the innovative program that Miles has developed for Indian accountants:
- STEM Designation: The accounting program includes Business Analytics, earning it a STEM designation. This allows graduates three years of work authorization in the U.S. under their student F1 visa.
- Comprehensive Training: The program combines practical skills with theoretical knowledge, preparing graduates for high-demand roles in the public accounting sectors in the USA.
- Competitive starting salary of around $60,000 in the USA
Conclusion
An accounting degree offers a promising future filled with professional opportunities and substantial financial rewards.
Whether pursuing certification as a CPA, CMA, FRM, CFA, or through the Miles Macc Program, each path lays a solid foundation for a thriving career in various sectors of the economy.
These credentials not only enhance your skills and knowledge but also significantly expand your career scope in accounting, ensuring success in the competitive world of business and finance.
