In a world where financial fraud costs companies billions annually, the demand for specialized accountants has never been greater.
One of the best ways to stay competitive in the workforce is by specializing in your industry. By concentrating your knowledge, you become an expert in a specific area or task and add significant value to your resume.
What are the benefits of specializing?
- Focuses on a segment of accounting you're most interested or gifted in.
- It helps you narrow your job search down within the vast accounting industry.
- It makes you more useful to an employer than an individual with general knowledge.
- There are fewer people than can compete with you.
- Assures better jobs, higher salaries, and job security.
- Acts as a gateway to earning certifications that boost your employability.
Advance your education and take the opportunity to explore and further delve into a specialized area of interest. The Master of Accounting (MACC) degree with a specialization opens the doorway to numerous benefits for yourself and your company.
Taxation: Maximizing Your Expertise and Earnings
Tax accounting is a vast and lucrative field. Professionals can work as in-house accountants for companies or with accounting firms serving multiple clients. This specialization emphasizes tax returns for corporations, nonprofits, and individuals while teaching advanced tax laws, ethics, and international taxation.
What you’ll learn:
- Advanced corporate and personal tax services and regulations.
- Federal income tax provisions for foreign persons' U.S. income and U.S. persons' overseas income.
- Tax law interpretation and planning for compliance.
Possible positions:
- Certified Public Accountant (CPA)
- Tax Manager (Average Salary: $90,000–$115,000)
- International Tax Manager (Potential Salary: $110,000+)
- Tax Law Advisor
- Tax Accountant
Tax professionals in this field typically see a fast-moving salary scale and leadership path, particularly in corporate tax and international tax. Many candidates accept senior positions within 2-3 years of earning their MACC degree.
Assurance: Preventing Fraud and Ensuring Accuracy
Assurance and auditing are crucial segments of accounting that focus on reviewing and investigating financial work. Assurance professionals fight fraud, uncover irregularities, and ensure companies comply with ethical and legal accounting principles.
What you’ll learn:
- Industry regulations and ethical accounting standards.
- Investigative skills to identify discrepancies in financial reporting.
- Preparing information for regulatory investigations or legal disputes.
Possible roles:
- Financial Auditor (Average Salary: $70,000–$90,000)
- Internal Audit Director (Potential Salary: $120,000+)
- External Auditor
- Assurance Manager
- Forensic Accountant
Assuring professionals who demonstrate more advanced expertise in auditing and the detection of fraud are in high demand. Many firms offer leadership opportunities and salary growth shortly after graduation.
How to Specialize in Accounting
Specializing in an accounting segment is quickest and most credibly done through earning a Master of Accounting (MACC) degree. The MACC program at FIU offers specializations in Taxation and Assurance, which will definitely equip a student with the knowledge and toolset necessary to become highly effective in those particular fields.
Some key benefits of the FIU MACC program include:
- Full coverage of advanced topics in taxation and assurance.
- Networking opportunities with industry professionals and alumni.
- Preparation for major certifications, including CPA, among others.
If you are ready to take the next step in your accounting career, we encourage you to attend an information session and learn how FIU's MACC program can help achieve your goals.