Understanding accounting

Accounting is the process of recording, organizing, and interpreting a business’s financial information, including tax forms, recent business transactions, and financial statements such as balance sheets.

Through this work, accountants help companies understand their financial state to make savvy, informed decisions about their operations.

What types of jobs can I get with an accounting degree?

Organizations in every sector need accounting to operate successfully. Because of its broad application, accounting provides students an accessible platform to pursue their passions and interests.

It also offers a wide variety of roles with different business functions. Several of today’s most in-demand accounting specializations include:

• Financial Accounting
• Managerial Accounting
• Tax Accounting
• Cost Accounting
• Forensic Accounting

5 key trends impacting employment in accounting

Between 2023 and 2033, employment in accounting is , or 1.3 million jobs2 percent faster than the average for all occupations. It is also expected to sustain higher-than-average salaries.

With the field poised for consistent growth, aspiring accountants should be aware of several key trends:

1. Increased use of AI and data analytics.

Accountants are increasingly utilizing analytics tools, such as Microsoft’s Power BI and Tableau, to garner deeper and more accurate insights from their work. Like many professions, accountants also adopt AI-driven tools to automate tasks and processes, such as streamlining bookkeeping transactions.

2. Digital transformation.

More than 60 percent of accounting firms use cloud-based accounting software, a number that’s projected to grow significantly over the next several years. Blockchain technology, initially developed for cryptocurrencies, is also gaining traction in accounting, helping streamline the auditing process and improve data security.

3. Green accounting and sustainability.

As environmental concerns continue to grow, many firms are incorporating factors such as resource consumption and waste generation into their financial reporting. Clients are also increasingly hiring accountants to contribute to their annual environmental, social, and governance (ESG) reports.

4. Cybersecurity focus.

In 2024, US companies experienced a surge in cyberattacks, with nearly 2,000 incidents just in Q3—a 75 percent increase compared to the same period in 2023. In response, many accounting firms have increased their security assessments, employee awareness training, and use of access controls. To keep clients’ sensitive financial information safe, strong cybersecurity is essential.

5. Increased focus on advisory work.

In the past two years, 50 percent of firms reported they anticipate spending more time on advisory work (and, to a lesser extent, compliance work). Specifically, clients expect more support with financial management, including wealth management and strategic planning.

What types of skills do accountants need to be successful?

Whether pursuing public accounting, corporate finance, or auditing, developing the following competencies will help you build a successful accounting career.

1. Deep regulatory knowledge. Invest in learning GAAP, IFRS, and US tax law to help you successfully navigate clients’ complex financial challenges.
2. AI and data analytics. As automation and AI transform accounting, work on developing proficiencies in analytics tools like Tableau, Power BI, and Python.
3. Communication and critical thinking. As you progress in your studies, it is essential to present financial information clearly to executives, clients, and stakeholders.
4. Ethical decision-making. At an advanced level, accountants often deal with high-stakes financial reporting and risk management. A strong ethical foundation, combined with meticulous attention to detail, helps ensure consistent accuracy for clients.

Why study accounting at Kogod?

Kogod’s MS in Accounting curriculum is both comprehensive and flexible. Students take core business classes in finance and statistics and can choose electives (or pursue graduate certificates in) specialized topics such as forensic accounting, taxation, or analytics.