What are the Best Industry Types for Accountants to Work In?
Though every business needs some form of accounting, there are specific industries that need accounting help more than others. That is, they tend to hire accountants in higher numbers than other sectors of the economy. According to the Bureau of Labor Statistics, the industry with the highest percentage of accountants in its employ is the Accounting, Tax Preparation, Bookkeeping, and Payroll industry. That sector of the economy is 34.5% populated by accountants.
Behind the accounting industry, the second highest concentration of accountants is found in the financial/investment sector. Included in this area are financial firms and insurance companies. Jobs you might find in this area include positions in legal services, healthcare, computing or mathematical occupations, management, and financial operations.
The Oil and Gas industry also employs a high concentration of accountants. The BLS states that nearly 6% of its workers are accountants. In fact, the Pipeline Transportation sector boasts the best-paid accountants. Their accountants earn a mean wage of $98,400 while accountants in the Natural Gas Distribution industry earn $90,980.
Insurance companies and benefit funds also employ a large number of accountants. This sector is part of the funds, trusts, and other financial vehicles portion of the economy. Naturally, accounting skills are needed to make sure that the various financial instruments manage to both service the end-user or consumer of the service and turn a profit for the company.
Though the BLS can show statistics for those employed specifically as accountants, there are many workers who implement their accounting skill sets in other occupations. Managers, in particular, need to have strong accounting skills to manage their payrolls, inventories, and staffing issues.