Accountants hold great career potential, according to US government labor reports.
Do you like working with numbers? Do you keep your checkbook perfectly balanced? Are you meticulous in the way you allocate your household finances? If so, a career in accounting and auditing may be right for you.
Accountants and auditors work in a wide variety of professional settings. Many work for large corporations, government agencies, or small businesses, while others are self-employed and may even work from a home office.
There are four main fields of accounting and auditing: public, management, government accounting, and internal auditing.
public accountants They provide a wide range of accounting, auditing, tax, and consulting services for their clients, who may be governments, corporations, non-profit organizations, or individuals.
Many public accountants are Certified Public Accountants (CPAs) and often run their own businesses or work for public accounting firms. To become a CPA, an accountant must take and pass a series of tests administered by the American Institute of Certified Public Accountants.
Some public accountants focus on areas such as the design of accounting and data processing systems, compensation, employee health care benefits, or the selection of controls to safeguard assets. Others audit their clients’ financial statements and report to authorities and investors that the statements are accurate. These accountants are also referred to as external auditors. And, of course, many accountants specialize in taxes, preparing individual income tax returns and advising businesses on the tax ramifications of business decisions.
Management account – also called managerial, industrial, cost, corporate, or private accountants: record, analyze, and interpret the financial information that corporate executives need to make sound business decisions. Management accountants are often part of the top-level executive team involved in strategic planning or new product development. Your responsibilities may include budgeting, cost management, performance evaluation, and asset management. They also prepare financial reports for shareholders, creditors, regulatory agencies, and tax authorities.
Government accountants and auditors work in the public sector. They maintain and examine the financial records of government agencies and audit private individuals and companies whose activities are subject to government tax or regulation. Accountants and auditors employed by the federal government may work for the Internal Revenue Service or in budget analysis and administration, financial management, or examination of financial institutions. Accountants employed by government agencies ensure that income is received and expenditures are made in accordance with applicable laws and regulations.
Internal auditors Monitor your organization’s internal controls and check for waste, mismanagement, or fraud. They review the financial operations of the company and assess its efficiency and compliance with government regulations and corporate policies. Internal auditors can help management assess the effectiveness of its controls based on real-time data provided by computers, and can recommend and review controls for your organization’s computer systems to ensure data integrity.
computer technology The nature of the work of many accountants and auditors is changing. Special software packages allow accountants to summarize transactions in financial records and organize data in formats used in financial analysis. These accounting software alleviate the tedious work associated with record keeping and data management. A growing number of accountants and auditors now have computer skills that enable them to meet unique data management and analytical needs.
How was the entertainement? Graduates of colleges or business schools can sometimes obtain entry-level accounting positions and advance by improving their accounting skills on the job. In general, accounting and auditor positions require at least a bachelor’s degree in accounting or a related field. Some employers prefer applicants to have a master’s degree in accounting or an MBA with a concentration in accounting. Certification as a CPA or other designation provides a clear advantage in the job market.
How are the job prospects? According to the US Government Bureau of Labor Statistics, “Employment of accountants and auditors is expected to grow 20 percent between 2008 and 2018, much faster than the average for all occupations. This occupation will have a large number of new jobs emerge, nearly 279,400 over the decade of projections.”
How can you start? Career colleges keep a close eye on growing occupations, so you’ll find many training opportunities at schools in your community. A good way to start is by logging into a reputable online career college directory and search engine. You will be able to search for schools in your area that offer degrees in accounting and auditing. You will also be able to find degree programs online. You can compare programs and even learn about flexible hours and financial aid. Then you can request free information from the schools that interest you, visit some and make your decision. In less time than you think, you could be ready for a rewarding career in accounting and auditing.