Accounting Jobs and Work Today: Accounting Career Info
A degree in business can open the doors to a wide variety of different jobs, from financial analyst to marketer. If you're more interested in crunching numbers, a career as an accountant could be right for you.
Nature of Accounting Work
Accountants help to ensure that the nation's firms are run efficiently, its public records are kept accurately and its taxes paid on time. They analyze financial information for various entities such as companies, individual clients and the government. Aside from carrying out the basic tasks of the occupation-preparing, analyzing and verifying financial documents-many accountants also offer:
- Budget analysis
- Financial planning
- Investment planning
- Information technology consulting
Specific job duties vary widely among the major fields of accounting: public, management and government accounting.
Computers enable accountants to use their clients' systems to extract information from databases and the internet. A growing number of accountants with extensive computer skills specialize in correcting problems with software to meet unique data management and analytical needs. Accountants are also starting to perform more technical duties, such as implementing, controlling and auditing computer systems and developing a business' technology plans.
Accountants can also act as personal advisors. They not only provide their clients with accounting and tax help, but also develop personal budgets, manage assets and investments, plan for retirement and reduce their exposure to risks.
Training and Qualifications for an Accounting Career
Most accountant positions require at least a bachelor's degree in accounting or a related field. Some employers prefer applicants with a master's degree in accounting or with a MBA with a concentration in accounting.
Some graduates of junior colleges or business schools, as well as bookkeepers and accounting clerks who meet the experience requirements set by employers, can obtain junior accounting positions and advance to accountant positions by demonstrating their accounting skills.
Any accountant filing a report with the Securities and Exchange Commission (SEC) is required by law to become a Certified Public Accountant (CPA). CPAs are licensed by their State Board of Accountancy. Any accountant who passes a national exam and meets the other requirements of the state where they practice can become a CPA.
Those wanting to go into the field of accounting should have a talent for mathematics and be able to analyze and interpret facts and figures. Accountants must be good at working with people, business systems and computers. Good people skills are a must! Because financial decisions are made on the basis of their statements and services, you should have high standards of integrity.
Accounting Employment and Jobs Outlook
Accountants (and auditors) held about 1.3 million jobs in 2006. 21% of wage and salary accountants worked for accounting, tax preparation, book keeping and payroll services firms. Approximately 10% of accountants or auditors were self-employed.
Employment of accountants and auditors is expected to grow by 18 percent between 2006 and 2016, which is faster than the average for all occupations. An increase in the number of businesses, changing financial laws and corporate governance regulations will spike growth. Those who earn a CPA should have excellent job prospects.
The globalization of business has led to more demand for accounting expertise and services related to international trade and accounting rules and international mergers and acquisitions. Because of the latest economic downturn, it's unknown how the growth of accountant positions will be affected.
Average Accounting Salary and Wages
Median annual earnings of wage and salary accountants were $54,630 in May 2006. The middle half of the occupation earned between $42,520 and $71,960. The top 10 percent earned more than $94,050, and the bottom 10% earned less than $34,470.
Those with one to three years of experience earned between $36,000 and $60,000. Senior accountants earned between $43,250 and $79,250, managers between $51,250 and $101,500 and directors of accounting and internal auditing between $68,000 and $208,000.