5 Careers for a Tax Accountant

Career Opportunities for a Tax Accountant

  • Internal Auditor
  • Compliance Executive
  • Financial Analyst
  • Staff Accountants
  • External Auditor

If you enjoy working with numbers, one of these five careers available to tax accountants might just be for you. Each one provides numerous opportunities for advancement in a field that provides high job security. Take a look at the options, determine which one is most appealing to you, and then work towards preparing yourself for successful entry into the labor market upon graduation.

Resource: Top 10 Online Accounting Degree Programs

1. Internal Auditor

With a constant influx of new government regulations, companies big and small are in need of an internal auditors to make sure that they are in compliance at all times. If you enter this particular field as a tax professional, you will work to ensure the accuracy of financial reports and investigate allegations of fraud, among other things.

2. Compliance Executive

Compliance executives work hard to make sure that any given company is working under properly established guidelines, and that they are acting in accordance with existing government regulations and expectations. Such individuals work to avoid major scandals such as those uncovered with the operations at Enron and WorldCom. The role of the compliance executive is to shield the public and shareholders from the negative ramifications that would result from a failure to abide by currently accepted accounting practices.

3. Financial Analyst

The role of a financial analyst is to help ensure that a company achieves a state of profitability. These analysts are often found working at financial institutions, insurance companies, or for mutual or pension funds. A financial analyst scours financial statements and analyzes the prices of commodities in an effort to maximize profit potential. They also analyze sales, costs, expenses, and tax rates in order to determine future earning potential and to issue a current valuation of the business.

4. Staff Accountants

This is actually one of the longest standing professions in this industry. These individuals compile financial and tax information about the company, make journal entries relating to the accounts of the company, and ensure that account reconciliations are properly performed each month. It is also the responsibility of the staff accountant to keep abreast of current laws and regulations that deal with remaining in compliance with a variety of tax reporting issues. The Bureau of Labor Statistics projects this profession to grow faster than average over the next ten years.

5. External Auditor

Another great career option in this field is that of an external auditor. This person is meant to be independent and is sent to a client company for the express purpose of revising their financial reports and issuing recommendations about what should be done moving forward. They will be looking for any misleading statements on the financial reports that could lead to allegations of fraud. The external auditor is meant to investigate any possible claims that have been levied by local government official or tax authorities.

Due to the complexity of the tax system, there is always a need for qualified and trained tax accountants in a variety of areas. These five careers for tax accountants provide a sample of what is available to you if you follow this educational path. Take your time, study hard, and prepare yourself for a great career to come.