If you want to improve your military accounting career, here are a few tips to get you started. These include obtaining a CPA license, earning an MBA in accounting, and paying off debt after you enter the military.
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Earning an MBA in Accounting
If you’re a military member looking to advance your career, an MBA in accounting may be your answer. These degrees are designed to help you learn advanced business and financial skills that can increase your pay and job security.
You can use GI Bill benefits to complete an online MBA in accounting. The coursework is flexible, and you can take classes in class or from the comfort of your office. Choosing an online program is a good idea if you have a busy work schedule or need to travel for military assignments.
Many service members pursue higher education to improve their careers and gain new skills. An MBA can prepare you for various accounting roles, such as auditing, finance, and taxation. In addition to the degree, some schools offer scholarships for veterans, active-duty service members, and their families.
Suppose you are interested in pursuing an online MBA. In that case, you can expect to take courses in various topics, such as global perspectives, business strategy, and accounting, to become a military accountant. Students can also select electives that focus on decision-making and analytics.
Paying Down Debt After Entering The Military
You may be struggling with your finances if you’re in the military. Whether you are new to the fold or need a little assistance, there are plenty of organizations to help you control your debt. Some bases even offer several counseling options to their service members. Thankfully, these services are free and usually available with a quick phone call.
The Department of Defense is one of the most active government agencies in the United States and has many offerings to help soldiers tackle their finances. They offer financial literacy resources and home loan support, to name a few. Aside from providing information, they also offer training and one-on-one counseling.
When it comes to debt management, most military personnel have difficulty deciding where to turn. While some companies will cut interest rates while you’re deployed, others might be more prone to putting you deeper into debt. In any case, it’s always a good idea to seek a reputable non-profit organization to see what they can offer.
Investing in Retirement
To maximize your military accounting career, you should invest in various retirement programs and financial products. For example, you may open a brokerage account to maximize your savings.
A brokerage account can effectively save money, as it offers a wide range of investment options, including cryptocurrencies. However, it won’t give you any tax benefits.
Other savings methods include using a 401(k) or SEP plan. Your employer might match your contributions, which can increase your savings.
You can also open a Roth IRA. The Roth IRA offers an additional retirement account option, giving you more investment flexibility.
You can also put some of your money into a Thrift Savings Plan. The TSP is similar to a 401(k), and it’s offered to every military retiree.
Earning a CPA License
Earning a CPA license can significantly boost opportunities for active-duty servicemembers and veterans looking to build a successful career. Not only does the US military spend billions of dollars each year, but it also requires accountants to keep transactions within the law and under the federal government’s regulatory authority.
Accounting is a challenging field, but it can be rewarding. There are several specialties in which accountants can specialize, including cost accounting, auditing, financial advising, and more. While earning a CPA license can be arduous, there are many resources to help you prepare for the exam.
First, you’ll need to have at least a bachelor’s degree. This can be obtained through an undergraduate or ROTC (Reserve Officer Training Corps) program. Both options will give you a background in business law, accounting, and marketing.
Depending on your state, you may need to complete additional courses or hours of work experience to earn a CPA license. Usually, a bachelor’s degree is enough to qualify you for a CPA license, but some states also require a graduate degree.