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A Career in Accounting
Accounting. For some, the very word conjures up images of green eyeshades and stacks of multi-columned ledgers filled with tedious and never-ending numbers. Number-crunchers. Bean-counters; stereotypical terms that miss so much of what the accounting profession has to offer. In reality, a career in accounting can be very rewarding and far more exciting than that portrayed by Scrooge’s Bob Cratchit. Today’s accountants work in nearly every field imaginable and the future holds a significant demand for more.
Have you wondered if an accounting career is right for you? Perhaps the following questions will provide a little insight: Do you love to solve that particularly tricky problem? Are you a stickler for detail? Does a good mystery send a charge of excitement? Are you an excellent communicator? Are you a team player with great interpersonal skills? If you answered “yes” to a majority of these questions, an accounting career might just be up your alley.
Obviously, a strong background in mathematics and a knack for numbers play a key role in the everyday life of an accountant, but today’s accountants must also possess superior communication skills, a keen analytical mind and an ability to comprehend the entire breadth of an organization. With those types of skills, the opportunities available within the field of accounting are wide-ranging. Small companies, large companies, government agencies or even large accounting firms all will have accountants on the payroll. A small company may have one or two accountants employed; while a large firm may have a vast team of accountants working in different divisions or branches.
There are principally four areas in which accountants practice: Public Accounting, Management Accounting, Governmental Accounting and Internal Auditing. Public accounting includes the many certified public accounting firms, large and small, that provide a full array of services to clients in public companies, non-profits and governmental agencies. Common services include financial auditing and tax consulting. Some public accountants also specialize in the exciting field of Forensic Accounting. These accountants assist prosecutors by investigating the elusive “money trail” so prevalent in white-collar crimes and money laundering schemes. Forensic accountants tap into their understanding and knowledge of business information and financial reporting as they gather evidence of potential crimes.
Management accountants, working for large corporations or small companies, analyze, record and report the financial transactions within the organizations for which they work. These accountants are primarily responsible to ensure that the company’s trail of revenues and expenses are accurately recorded and that detailed financial reports are prepared timely. These reports are prepared and presented in such a way that that company management may use this information to make informed business decisions. Management accountants are often responsible for financial planning, budgeting and cost accounting.
Governmental accountants obviously work in the many local, state and/or federal governmental agencies, examining and reporting the detailed activities associated with government funds and grants. Their work is to ensure that revenues are received and recorded while verifying that expenditures are made within the scope of regulations and laws.
Internal auditors include those positions within an organization tasked with searching for and rooting out fraud, waste and abuse. These internal watchdogs scour financial records and sort through internal procedures to verify compliance to generally accepted practices and adherence to established internal controls.
When it comes to educational requirements, you will find that nearly all employers will be looking for those trained accountants who possess, at a minimum, a bachelor’s degree in accounting, finance or some other related field. In this day and age, the benefits of an advanced degree, such as a master’s in accounting or a master’s in business administration (MBA) with an accounting emphasis cannot be stressed enough. The accounting field is competitive, so any additional training that will set one apart from the rest of the group is a plus. For certain work an accountant must possess additional licensure or certification. The certified public accountant (CPA) must complete additional training as well as pass a rigorous national exam. Other requirements are determined by each individual state.
Expected salaries vary by region and specialty, but most entry-level accountants earn a median, annual salary in the mid-$50,000 range. Those possessing an advanced degree or certification can expect an additional $5,000 or so to start. Salaries for senior accountants at large firms could exceed $90,000 a year. According to government statistics, there are approximately 1.3 million accountants and auditors employed throughout the U.S. With increased financial regulations, ever-changing laws and a growing demand for augmented scrutiny of corporate and governmental financial records, the outlook for accounting careers remains very high. If all of this sounds very exciting to you, then a career in accounting might be in your future!
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