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Career:
Accounting
Accounting is one of the important gears the keeps American business going. Every
industry needs accountants as a daily part of business to help in a variety
of financial areas. There are many different types of accountants
including public (CPA), private, management and government accountants. In
2002 there were approximately 1.1 million accountants employed in the United
States. One out of five accounting professionals work for public firms and
nearly one in ten are self-employed. This article gives an overview
of accounting careers.
Accountant Job Description
Accountants are dedicated to
ensuring that the businesses and organizations they work for run efficiently.
They do this by offering a growing variety of business and accounting services
to each of their clients.
Job duties of accountants vary greatly among the industry, however general
tasks all accountants undertake include:
- Making revenue forecasts
- Performing general financial analysis
- Developing client budgets
- Analyzing financial data
- Evaluating degree of financial risk
- Writing administrative procedures
- Appraising property and equipment
Other responsibilities accountants have include keeping accurate public
records, making sure taxes are paid properly and providing both internal
and external auditing services for their clients. Because of technological
advances, special accounting software packages have been developed. These
various software packages enable accountants to keep, format and organize
records, manage data and maintain auditing systems quickly and easily. Some
examples include Quickbooks, MS Excel, Lotus and Peachtree accounting software.
Salary Ranges / Job Outlook for Accounting
The pay range
for accountants varies from industry to industry and depends upon factors
like skill, experience and location. In 2002, the median pay rate for accountants
was $47,000 in the United States. The low end of this scale earned approximately
$30,320 and the high end of this scale earned nearly $82,730. According
to a survey conducted in 2003 by the National Association of Colleges and
Employers, accountants with a bachelor's
degree earned an average starting salary of $40,647 each year and those
with a master's degree were offered an average starting
salary of about $42,241 each year. Along with an annual salary, experienced
accountants may receive bonuses based on accuracy of financial predictions.
During the next decade, openings for accounting are expected to grow at
a steady pace. Predictions from Nationwide trends propose that job positions
are likely to rise nineteen percent by the year 2012. This suggests that
there will be approximately 40,470 job openings for accountants in the United
States each year.
This steady job growth is due to an increase in the number of businesses,
changing financial laws and regulations and an increasing analysis of
company finances. One effect of the accounting scandals of the late 90's
is an increased focus on the accuracy of companies' finances. Governmental
and industry regulation has increased the number of accountants being hired. Additionally,
as the economy grows, the number of businesses and organizations will
expand and require more accountants to set up their books, prepare taxes
and provide financial management advice. While these businesses continue
to grow, the quantity and complexity of information involving costs, expenditures
and taxes will also increase. This business growth will require experienced
accountants and will cause job positions to expand further.
Accountants are needed in virtually every business and organization throughout
the world. The demand for experienced and competitive accountants is rising
each year. A career in accounting is a great choice for people with great
management and mathematical skills and for people who enjoy always expanding
and fast paced jobs.
Education / Getting Started in Accounting
Although some
businesses look for accountants with a master's
degree, careers in accounting often requires nothing more than a bachelor's
degree in accounting or other related fields. Educational courses
that help develop accounting skills include mathematics, business administration,
communications and computer systems. Firms look for candidates with good
analytical and interpretational skills. Computer skills and written
and verbal communication skills are also a must.
Employers often seek accountants with a CPA certification. CPA certification
is not required in all states but will greatly enhance business opportunities
and advancement. It is a way to certify that an accountant exerts
professional competence in a specialized field of accounting.
Experience is also a very important part of what an employer looks for
in a prospective employee. Some colleges offer their students summer
and part time internship programs through public accounting or business
firms. Many accountants begin working as cost accountants or junior
internal auditors. The best way to gain experience, however, is through
assisting an experienced accountant with several clients.