**Career job information for job seekers and find good employment job
Careers in accounting or auditing require people who are good at mathematics and have strong skills in analyzing facts and numbers. They need to have good communications skills to their clients understand their findings. They have to be good not only with computers, but with people as well, as they will spend a lot of time collaborating with management officials and clients. Knowledge of computers is also becoming integral to accounting. Perhaps most importantly, accountants need to have high standards of honesty and a strong work ethic as major decisions are based on their advice.
Individuals who are capable and have the necessary background will not find promotion difficult, but those who lack education may have to struggle to advance. Many can gain junior accounting positions on the basis of their graduation from junior college, business school, or community college; or those who have experience in bookkeeping or clerks. With hard work and by learning quickly, they can gain better positions by virtue of their skills rather than their education.
When first beginning their career most public accountants assist other accountants with their work for many different clients. Within a year or two they may advance to more advanced positions. With a few more years of experience they might rise to very senior positions, such as mangers, partners, executives in private firms specializing in management accounting or internal auditing, or they might even start their own firm.
Entry-level positions for management accountants consist of cost accountants, trainees, or junior auditors. With experience, they might become accounting managers, budget directors, internal auditing managers, or chief cost accountants. From there, management accountants might work as treasurers, vice presidents in charge of finance, chief financial officers, or presidents. Experience in accounting is a good background for senior executive positions at corporations.
There is a lot of flexibility within the industry for management and public accountants and internal auditors. It is not unusual for public accountants to move to being management accountants or internal auditors, or for internal auditors to become management accountants. However, it is more unusual for management accountants for internal auditors to become public accountants.
Job Outlook for Accountants and Auditors |
Job growth for accountants and auditors is projected to be in line with the average rate of growth. Most growth will derive from more businesses being started, new financial regulations, and more rigorous inspection of company finances. Also, new accountants will find jobs as people shift industries or retire.
The growth of the economy means that more businesses are being established, which increases the demands for auditors and accountants to develop programs for organizing finances, helping with tax preparation, and providing consultation to management. As the businesses expand, their financial records dealing with income, expenditures, and taxation will be larger more complex, increasing the responsibility of accountants. Also, new legislation and changes to regulations that alter taxation practices, standards of financial reports, investing, mergers and acquisitions, etc.
Recent business scandals that have involved problems in accounting have led to new federal legislation to help prevent further criminal activities. The legislation has led to higher fines, increased prison sentences, and places responsibility for faulty accounting on the corporate executives. These changes also mean that companies will be examined more closely for any evidence of criminal activities. The implications for accountants are that there will be an increased demand for their services, especially those of CPAs, and they will have to be more thorough and accurate. They will have to be able to recognize and eliminate fraud and be familiar with regulations and laws. Also, as government agencies try to increase efficiency and maintain proper records, government accountants will be in high demand as well.
As more people are on the alert for signs of financial crimes or corruption, forensic accountants will be in high demand. Forensic accountants will have to be familiar with computers as more crimes are being committed using them. Computers also help the crime-fighters, providing new and better ways of tracking and finding crimes.
As the industry of accounting changes, there will be more opportunities but also some limitations. In the past, accountants were diversifying their influence in companies as they provided advice, consultation, and management in many areas that weren’t traditional parts of accounting. The new federal legislation limited the services accountants can provide to the clients they audit makes that impossible for many accountants. However, accountants may still be called upon to provide diverse and associated services to pre-IPO companies and companies for whom they do not provide auditing services, but even with these factors growth in these areas won’t proceed at the rate of the pre-legislation period. Also, as more tax preparation is done by computer software or firms who specialize in tax preparation, the need for accountants in that area will decrease. Computers will also change the work of accountants as they will perform much less of the actual calculations and routine work as more of it can be handled by computers.
In general, the outlook for employment is accounting is encouraging. However, it is a competitive field. Enrollment in accounting programs is growing, and so competition might be stiff. CPAs have excellent job opportunities, and prospective accountant with professional recognition will have better chances. Competition for management accountants and internal auditors might face keen competition as more accountants seek CMA and CIA certificates. Post-graduate degrees such as an MBA or master’s degree in accounting will also give competitors an advantage. As more people associate accounting with scandals, it is especially important to have a reputation as an honest and competent accountant. Professional recognition can go a long way toward gaining that reputation.
The Bureau of Labor Statistics in the United States foresees a job growth of 34% in the next few years. Most of this is due to greater complexity in business dealing and governmental growth. There are an especially high number of job openings in health care and taxation.
Activity-based costing has been an increasing trend in accounting. Now, businesses are furthering that idea to the area of activity-based management, checking constraint, process-view analysis, and analyzing businesses processes as well. There are many new trends and big changes in managerial accounting, and those interested should research, interview, and read trade publications to be au courant.
For people who like change and new challenges, becoming an accounting temp can be a good option. As businesses cycle, workload increases and decreases and more companies and CPA firms are looking for good temps.
The fact that becoming a CPA now involves almost a full year of extra schooling demonstrates that the business environment is much more competitive. Accountants need skill depth and specialized skills to stay competitive as well.
Over 50% of corporations say that their CPAs and CMAs are integral to the company. Prospective accountants should look into earning these credentials. Information can be found on the web or by phone.
- To learn about the CPA call (212) 575-5505
To learn about the CMA call (201) 573-9000
Earnings Information |
The range of income for all accountants was $30,000-83,000. Most earned between $37,000 and $61,000 with a median of $47,000. Those with bachelor’s degrees had a starting salary of $40,600, and those with master’s degrees had a starting salary of $42,200. Salaries were slightly higher for those working for the federal government, accounting, tax preparation, bookkeeping, payroll, and those in management. Salaries were slightly lover for those working at state or local governments.
Robert Half International conducted a survey in 2003 that found that accountants with less than one year of experience earned $30,000-40,000, and those with up to three years of experience earned $34,000-50,000. Those with more experience and responsibility earned as follows, depending on size of firm, location, education, and credentials:
- Entry-level junior accountants/clerks: $23,400
- Those with strong academic records: $29,000
- Those with graduate degrees or experience: $36,000
- Supervisors and managers: $70,000
- Auditors: $73,000
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