July 9, 2024

Alternative Career Options for Accountants

Are you an accountant stuck in the cycle of spreadsheets and year-end reports?

If you’re yearning for a change from the predictable patterns of accounting, you’re not alone.

In this blog, we’ll explore alternative career paths for accountants, offering insights into how their skills and experiences can open new doors.

Alternative Career Options for Accountants – Overview

Here’s an overview of alternative career options for accountants with insights into transition time, starting salaries, and potential for remote work:

S.No.	Career Options	Transition Time	Avg Starting Salary Per Annum (INR)	Potential for Remote Work
1	Data Analyst	6-12 months	3 - 6 Lakhs	Very High
2	Business Analyst	6-12 months	4 - 7 Lakhs	High
3	Automation Tester	3-6 months	4 - 6.5 Lakhs	Very High
4	Financial Analyst	3-6 months	3 - 5.5 Lakhs	High
5	Internal Auditor	3-6 months	3.5 - 6 Lakhs	Moderate
6	Tax Advisor	3-6 months	3 - 5.5 Lakhs	Moderate
7	Budget Analyst	3-6 months	3.5 - 5.5 Lakhs	High
8	Compliance Officer	6-12 months	3.5 - 6 Lakhs	Moderate
9	Forensic Accountant	6-12 months	4 - 6.5 Lakhs	Moderate
10	Investment Analyst	6-12 months	3.5 - 6 Lakhs	High

Career Change Options for Accountants – Let’s Explore the Alternatives

Below is the list of career change options for accountants:

1. Data Analyst

A data analyst is responsible for gathering, cleaning, and studying data sets to help solve problems or answer questions.

Accountants should consider transitioning to this role as they have strong analytical skills and experience with financial data, combined with their ability to interpret and manage data sets.

Job Market and Demand:

The data analytics market in India is growing rapidly, with the industry projected to reach a market value of USD 54.37 billion by 2024.
India is expected to have over 900 million internet users by 2025, significantly increasing the demand for data analysts to manage and interpret the growing data.
Major job opportunities for data analysts are found in tech hubs like Bengaluru, Hyderabad, and Delhi NCR.

Skills and Knowledge Prerequisites:

Proficiency in programming languages such as Python and SQL.
Strong understanding of data visualization tools like Tableau and Power BI.
Knowledge of statistical analysis and data mining techniques.

Transferable Skills from Accountancy:

Advanced proficiency in Excel and other spreadsheet software.
Experience with data management and reporting.
Strong analytical and problem-solving skills.

Starting Salary:

The average starting salary for a Data Analyst in India is approximately between INR 3,00,000 and INR 6,00,000 per annum.

Duration for Transition:

6-12 months

Career Progression:

With experience, professionals can advance to senior roles, managing larger projects and teams.
Further specialization in data science and machine learning can lead to higher positions and responsibilities.

Job Stability and Industry Outlook:

The data analytics field in India is expected to grow at a CAGR of 20.6% between 2024 and 2032, indicating strong job stability and a positive industry outlook.

Start Your Journey

2. Business Analyst

A business analyst evaluates business processes, identifies needs, and proposes solutions to help organizations achieve their goals.

Accountants should consider transitioning to this role as they are adept at financial analysis, budgeting, and forecasting.

Job Market and Demand:

The business analytics market in India is growing rapidly and is projected to reach USD 25.9 billion by 2025.
There is a high demand for business analysts in sectors like IT, finance, healthcare, and manufacturing.
Key locations for business analyst roles include Bengaluru, Hyderabad, Mumbai, and Delhi NCR.

Skills and Knowledge Prerequisites:

Proficiency in business analysis tools and techniques such as SWOT analysis, PESTLE analysis, and process modeling.
Strong understanding of data analysis and visualization tools like Excel, Tableau, and Power BI.
Excellent communication and stakeholder management skills.

Transferable Skills from Accountancy:

Experience with financial reporting and analysis.
Strong analytical and critical thinking skills.
Proficiency in data management and interpretation.

Starting Salary:

The average starting salary for a Business Analyst in India is approximately between INR 4,00,000 and INR 7,00,000 per annum.

Duration for Transition:

6-12 months

Career Progression:

Advancement to Senior Business Analyst or Lead Business Analyst roles
Potential to specialize in areas like Business Intelligence or Business Process Management

Job Stability and Industry Outlook:

The demand for business analysts in India is expected to grow by 14.3% annually, driven by the increasing reliance on data-driven decision-making across industries.

Start Your Journey

3. Automation Tester

An automation tester designs, writes, and executes software tests using automation frameworks and tools to identify bugs, performance issues, and other defects in software applications.

Accountants should consider transitioning to this role as they have strong analytical skills and attention to detail, along with their experience with systematic processes and documentation.

Job Market and Demand:

The automation testing market in India is growing significantly, projected to reach USD 67.48 billion by 2029, with a CAGR of 16.03%.
There are over 11,000 job postings for automation testers in India, indicating high demand across various sectors such as IT, finance, and healthcare.
Key locations for automation tester roles include Bengaluru, Hyderabad, and Pune.

Skills and Knowledge Prerequisites:

Proficiency in automation tools like Selenium, Appium, and UFT.
Understanding of programming languages such as Java, Python, or C#.
Experience with continuous integration/continuous deployment (CI/CD) tools like Jenkins.

Transferable Skills from Accountancy:

Strong analytical and problem-solving skills.
Proficiency in documentation and reporting.
Detail-oriented approach to work processes.

Starting Salary:

The average starting salary for an Automation Tester in India is approximately between INR 4,00,000 and INR 6,50,000 per annum.

Duration for Transition:

3-6 months

Career Progression:

Advancement to Senior Automation Tester or Lead Automation Tester roles
Potential to specialize in areas like Performance Testing or Security Testing

Job Stability and Industry Outlook:

The automation testing industry in India is expected to grow at a CAGR of 17.3% from 2023 to 2030, reflecting strong job stability and a positive industry outlook.

Start Your Journey

4. Financial Analyst

A financial analyst evaluates financial data, prepares reports, and provides insights to help organizations make informed financial decisions.

Accountants should consider transitioning to this role as they have a strong background in financial management, data analysis, and reporting.

Job Market and Demand:

The financial analyst job market in India is robust, with over 11,000 job postings, reflecting high demand across various industries.
The demand for financial analysts is high, particularly in sectors like banking, finance, and IT.
Key locations for financial analyst roles include Mumbai, Bengaluru, Gurgaon, and Chennai.

Skills and Knowledge Prerequisites:

Proficiency in financial modeling and forecasting.
Strong analytical skills and knowledge of data analysis tools like Excel and Power BI.
Understanding of financial markets, instruments, and investment strategies.

Transferable Skills from Accountancy:

Expertise in financial reporting and analysis.
Advanced proficiency in spreadsheet software and financial tools.
Strong attention to detail and analytical mindset.

Starting Salary:

The average starting salary for a Financial Analyst in India is approximately between INR 3,00,000 and INR 5,50,000 per annum.

Duration for Transition:

3-6 months

Career Progression:

Advancement to Senior Financial Analyst or Lead Financial Analyst roles
Potential to specialize in areas like Investment Analysis or Risk Management

Job Stability and Industry Outlook:

The financial analyst role in India is expected to grow steadily, driven by the increasing complexity of financial markets and the need for expert analysis in strategic decision-making.

5. Internal Auditor

An internal auditor evaluates and improves the effectiveness of risk management, control, and governance processes within an organization.

Accountants should consider transitioning to this role as they have a strong background in financial management, auditing, and compliance.

Job Market and Demand:

The services sector, which includes financial services like internal auditing, accounts for over 50% of India’s GDP and is a major employment generator.
The demand for internal auditors is high, particularly in sectors like banking, finance, and IT.
Key locations for internal auditor roles include Mumbai, Bengaluru, Gurgaon, and Chennai.

Skills and Knowledge Prerequisites:

Proficiency in audit software and financial analysis tools.
Strong understanding of internal control frameworks and compliance standards.
Excellent analytical and report-writing skills.

Transferable Skills from Accountancy:

Expertise in financial reporting and analysis.
Advanced proficiency in auditing and compliance.
Strong attention to detail and analytical mindset.

Starting Salary:

The average starting salary for an Internal Auditor in India is approximately between INR 3,50,000 and INR 6,00,000 per annum.

Duration for Transition:

3-6 months

Career Progression:

Advancement to Senior Internal Auditor or Audit Manager roles
Potential to specialize in areas like Risk Management or Compliance

Job Stability and Industry Outlook:

The internal auditing field in India is expected to grow steadily, driven by the increasing need for robust risk management and compliance in financial services and other sectors.

6. Tax Advisor

A tax advisor provides expert advice on tax-related issues, helping individuals and businesses comply with tax laws and minimize tax liabilities through strategic planning and management.

Accountants should consider transitioning to this role as they have a strong foundation in financial management and tax regulations.

Job Market and Demand:

The tax advisory services market in India is experiencing significant growth, with the global market projected to reach USD 97.1 billion by 2031, growing at a CAGR of 11.2% from 2021 to 2031.
The demand for tax advisors is increasing due to the growing complexity of tax laws and the need for specialized tax planning services, particularly among SMEs and high-net-worth individuals.
Major job opportunities for tax advisors are concentrated in metropolitan areas like Mumbai, Delhi, and Bengaluru.

Skills and Knowledge Prerequisites:

Proficiency in tax laws and regulations.
Strong analytical and problem-solving skills.
Excellent communication skills for client interactions and consultations.

Transferable Skills from Accountancy:

In-depth knowledge of financial reporting and analysis.
Experience with tax preparation and compliance.
Strong attention to detail and accuracy.

Starting Salary:

The average starting salary for a Tax Advisor in India is approximately between INR 3,00,000 and INR 5,50,000 per annum.

Duration for Transition:

3-6 months

Career Progression:

Advancement to Senior Tax Advisor or Tax Manager roles
Potential to specialize in areas like International Taxation or Estate Planning

Job Stability and Industry Outlook:

The tax advisory field in India is expected to grow steadily, driven by increasing regulatory complexities and the digitalization of tax administration processes.

7. Budget Analyst

A budget analyst assists organizations in planning their finances by analyzing budget proposals, monitoring spending, and providing financial forecasting.

Accountants should consider transitioning to this role as they have a strong background in financial management, budgeting, and financial analysis.

Job Market and Demand:

The demand for budget analysts in India is growing, with over 1,300 job openings reported.
Budget analysts are in high demand across various sectors such as government, education, healthcare, and private industries.
Major job opportunities for budget analysts are concentrated in metropolitan areas including Mumbai, Bengaluru, and Delhi.

Skills and Knowledge Prerequisites:

Proficiency in budget management and financial analysis tools.
Strong analytical skills and attention to detail.
Excellent communication skills for presenting budget findings and recommendations.

Transferable Skills from Accountancy:

In-depth knowledge of financial reporting and analysis.
Experience with budgeting and financial forecasting.
Strong attention to detail and accuracy.

Starting Salary:

The average starting salary for a Budget Analyst in India is approximately between INR 350,000 and INR 550,000 per annum.

Duration for Transition:

3-6 months

Career Progression:

Advancement to Senior Budget Analyst or Budget Manager roles
Potential to specialize in areas like Financial Planning or Strategic Budgeting

Job Stability and Industry Outlook:

The budget analyst role in India is expected to grow steadily, driven by the increasing complexity of financial planning and the need for effective budget management in both public and private sectors.

8. Compliance Officer

A compliance officer ensures that an organization adheres to external regulations and monitor compliance programs, conduct audits, and provide guidance to management on regulatory matters.

Accountants should consider transitioning to this role as they have a deep understanding of financial regulations, auditing, and risk management.

Job Market and Demand:

There are approximately 1,837 job openings for compliance officers in India as of July 2024.
The demand for compliance officers is increasing across various sectors, including finance, healthcare, and manufacturing.
Major job opportunities for compliance officers are in metropolitan areas like Mumbai, Bengaluru, and Delhi.

Skills and Knowledge Prerequisites:

Proficiency in regulatory compliance and risk management.
Strong analytical and problem-solving skills.
Excellent communication and documentation skills.

Transferable Skills from Accountancy:

In-depth knowledge of financial regulations and compliance.
Experience with auditing and risk assessment.
Strong attention to detail and analytical mindset.

Starting Salary:

The average starting salary for a Compliance Officer in India is approximately between INR 350,000 and INR 600,000 per annum.

Duration for Transition:

6-12 months

Career Progression:

Advancement to Senior Compliance Officer or Compliance Manager roles
Potential to specialize in areas like Anti-Money Laundering (AML) or Corporate Governance

Job Stability and Industry Outlook:

The compliance officer role in India is expected to grow steadily, driven by increasing regulatory requirements and the need for robust compliance programs across industries.

9. Forensic Accountant

A forensic accountant investigates financial discrepancies and fraud, utilizing accounting, auditing, and investigative skills to conduct thorough examinations of financial records.

Accountants should consider transitioning to this role as they have a robust foundation in financial analysis, auditing, and compliance.

Job Market and Demand:

The forensic accounting market is growing significantly, projected to reach USD 11.68 billion globally by 2031, with a CAGR of 8.8% from 2022 to 2031.
There is a high demand for forensic accountants in sectors like BFSI, law enforcement agencies, government, and public sector.
Key locations for forensic accountant roles include Mumbai, Bengaluru, and Delhi NCR.

Skills and Knowledge Prerequisites:

Proficiency in forensic accounting and fraud investigation techniques.
Strong analytical and critical thinking skills.
Excellent communication skills for presenting findings in legal contexts.

Transferable Skills from Accountancy:

In-depth knowledge of financial reporting and auditing.
Experience with compliance and regulatory standards.
Strong attention to detail and accuracy in financial analysis.

Starting Salary:

The average starting salary for a Forensic Accountant in India is approximately between INR 400,000 and INR 650,000 per annum.

Duration for Transition:

6-12 months

Career Progression:

Advancement to Senior Forensic Accountant or Forensic Accounting Manager roles
Potential to specialize in areas like Digital Forensics or Fraud Prevention

Job Stability and Industry Outlook:

The forensic accounting field in India is expected to grow steadily, driven by the increasing prevalence of financial crimes and the need for specialized fraud detection and prevention skills.

10. Investment Analyst

An investment analyst evaluates financial data, performs market research, and provides investment recommendations to help organizations and individuals make informed investment decisions.

Accountants should consider transitioning to this role as they have a solid foundation in financial analysis, data interpretation, and economic principles.

Job Market and Demand:

The investment analysis field in India is substantial, with over 2,700 job openings reported.
There is a high demand for investment analysts in sectors like banking, finance, and insurance.
Key locations for investment analyst roles include Mumbai, Bengaluru, and Delhi NCR.

Skills and Knowledge Prerequisites:

Proficiency in financial modeling and analysis.
Strong understanding of investment management and portfolio analysis.
Excellent research and data analysis skills.

Transferable Skills from Accountancy:

In-depth knowledge of financial reporting and analysis.
Experience with budgeting and financial forecasting.
Strong attention to detail and analytical mindset.

Starting Salary:

The average starting salary for an Investment Analyst in India is approximately between INR 350,000 and INR 600,000 per annum.

Duration for Transition:

6-12 months

Career Progression:

Advancement to Senior Investment Analyst or Portfolio Manager roles
Potential to specialize in areas like Equity Research or Asset Management

Job Stability and Industry Outlook:

The investment analyst field in India is expected to grow steadily, driven by the increasing complexity of financial markets and the need for expert analysis in strategic investment decisions.

Frequently Asked Questions

1. I want to change my career from an accountant. What career change options are available for me?

Career change or alternative employment for accountants are:

Financial Analyst
Business Analyst
Data Analyst
Tax Advisor
Internal Auditor
Budget Analyst
Compliance Officer
Forensic Accountant
Investment Analyst
Automation Tester

2. How can accountants identify which new career path is right for them?

Think about what you like doing as an accountant, what you’re good at, and what kind of new job needs those skills. Look at different jobs and see which ones fit you best.

3. Which transferable skills from accounting are most valuable in other industries?

The transferable skills of an accountant are:

Financial Reporting and Analysis
Budgeting and Forecasting
Regulatory Compliance and Auditing

4. How long does it typically take for an accountant to transition to a new career?

Transitioning to a new career can vary in duration, typically ranging from a few months to a year, depending on the individual’s adaptability and the requirements of the new role.

5. What are the risks associated with accountants making a career change?

Risks include the challenge of adapting to a new industry or role, the need for additional training or education, and the uncertainty of job satisfaction in the new career path.

6. Where can accountants find professional advice for a career change?

Accountants seeking a career change can find professional advice through Placement Preparation. They offer guidance on career options, skill development, and navigating the job market effectively.

Final Words

We wrap up our roadmap for accountant eyeing a fresh start in their careers. This blog aimed to not just list alternative careers but to show you how your accountant skills can be your ticket to these new adventures.

We’ll keep this article updated as new career paths open up for accountants.

Explore More Alternative Careers for:

Thirumoorthy

Thirumoorthy serves as a teacher and coach. He obtained a 99 percentile on the CAT. He cleared numerous IT jobs and public sector job interviews, but he still decided to pursue a career in education. He desires to elevate the underprivileged sections of society through education