Accounting and Finance Career Options in the Hospitality Industry
Many organizations in the hospitality industry, including hotels, travel agencies, convention centers and more, need to employ various accounting and finance professionals to help manage their finances. These accounting and finance careers in the industry range greatly in their job duties, but typically work to help hospitality organizations organize and improve their finances in different ways. Learn about a handful of these jobs below.
|Job Title||Median Salary (2016)*||Job Growth (2016-2026)*|
|Accountants (Including Auditors)||$68,150||10%|
|Market Research Analysts||$62,560||23%|
Source: *U.S. Bureau of Labor Statistics
Career Information for Accounting and Finance Jobs in the Hospitality Industry
Many businesses in the hospitality industry, such as hotels, convention centers and restaurants, that conduct a lot of business with many different vendors and consumers, are likely to hire accountants to organize their financial records and prepare their taxes. These professionals are especially important for larger organizations as they check records for any errors and make sure that the organization is not violating any current financial laws. Accountants may also be able to provide these organizations with some insight into possible areas of improvement after examining extensive amounts of financial records. Accountants need to have a bachelor's degree and usually pursue professional certification, such as the Certified Public Accountant (CPA) credential.
Larger organizations in the hospitality industry may employ budget analysts to help them develop and monitor different budgets for their organization, such as budgets for food, staff and additional services like transportation for guests or clients. These analysts collaborate with different managers from the organization to examine their proposed budgets and then compile the information into a final, overall budget for the business. They also make sure that the organization obeys financial laws, carefully monitor compliance with the budget and try to predict future financial needs and incorporate that into funding. Budget analysts need at least a bachelor's degree and some courses in accounting and statistics.
Management analysts are similar to budget analysts in that they try to save organizations money, but they do this by examining overall efficiency in the organization. Businesses in the hospitality industry may hire these analysts to try and solve a particular problem they are having, such as a hotel figuring out how many managers they need for each department, or to examine their infrastructure to find ways to cut costs and increase profits. Management analysts conduct interviews and collect and analyze data before providing the organization with carefully thought-out solutions and/or new procedures in detailed reports. These professionals must hold a bachelor's degree and may need the Certified Management Consultant (CMC) designation for some jobs.
Hotel chains and large organizations in the hospitality industry are likely to need financial managers to oversee finances for the organization and help determine prices for the various services these organizations offer, whether lodging, meals, transportation or personal services. These managers lead the organization in their finances by setting short- and long-term goals based on financial reports and other data and then planning and developing ways to reach these goals, such as investment opportunities or ways to cut costs. Financial managers can work in various areas of finance and include job titles like cash managers and finance officers, and typically oversee other staff members responsible for financial activities. Financial managers need at least 5 years of experience in a finance-related occupation, as well as at least a bachelor's degree.
Market Research Analysts
Organizations in the hospitality industry may take advantage of market research analysts to try and determine what services their guests want and how much they are willing to pay for it. These analysts look at sales and marketing trends to better understand what these guests and consumers want, as well as to find new markets and even evaluate how well marketing campaigns are working. They typically provide management this information in detailed reports with tables and graphs that were put together using statistical software. Market research analysts need a bachelor's or master's degree, depending on the position.