Quote:
“I don’t have any use for bodyguards, but I do have a specific use for two highly trained certified public accountants.” –Elvis Presley
“There’s no business like show business, but there are several businesses like accounting.” –David Letterman
Definition of Profession:
Licensed accounting professionals – called certified public accountants or public accountants – prepare, evaluate, and attest to the accuracy and completeness of financial statements and related information. The term “public” typically refers to third-party reliance on the integrity of the financial information presented by the licensed accountant.
About the Field:
Most accounting jobs require at least a bachelor’s degree in accounting or a related field. Overall job opportunities should be favorable; jobseekers who obtain professional recognition through certification or licensure, a master’s degree, proficiency in accounting and auditing computer software, or specialized expertise will have the best opportunities. An increase in the number of businesses, changing financial laws and regulations, and greater scrutiny of company finances will drive faster-than-average growth of accountants and auditors.
Accountants and auditors held about 1.2 million jobs in 2004. They worked throughout private industry and government, but 1 out of 4 wage and salary accountants worked for accounting, tax preparation, bookkeeping, and payroll services firms. Approximately 1 out of 10 accountants or auditors was self-employed.
How To Get There:
Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field. Beginning accounting and auditing positions in the Federal Government, for example, usually require 4 years of college (including 24 semester hours in accounting or auditing) or an equivalent combination of education and experience. Some employers prefer applicants with a master’s degree in accounting, or with a master’s degree in business administration with a concentration in accounting.
Previous experience in accounting or auditing can help an applicant get a job. Many colleges offer students an opportunity to gain experience through summer or part-time internship programs conducted by public accounting or business firms. In addition, practical knowledge of computers and their applications in accounting and internal auditing is a great asset for jobseekers in the accounting field.
Professional recognition through certification or licensure provides a distinct advantage in the job market. CPAs are licensed by a State Board of Accountancy. The vast majority of States require CPA candidates to be college graduates, but a few States substitute a number of years of public accounting experience for a college degree.
On The Job:
Accountants and auditors help to ensure that the Nation’s firms are run efficiently, its public records kept accurately, and its taxes paid properly and on time. They perform these vital functions by offering an increasingly wide array of business and accounting services, including public, management, and government accounting, as well as internal auditing, to their clients. Beyond carrying out the fundamental tasks of the occupation—preparing, analyzing, and verifying financial documents in order to provide information to clients—many accountants now are required to possess a wide range of knowledge and skills. Accountants and auditors are broadening the services they offer to include budget analysis, financial and investment planning, information technology consulting, and limited legal services.
Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, or individuals. For example, some public accountants concentrate on tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns. Others offer advice in areas such as compensation or employee health care benefits, the design of accounting and data-processing systems, and the selection of controls to safeguard assets. Still others audit clients’ financial statements and inform investors and authorities that the statements have been correctly prepared and reported. Public accountants, many of whom are Certified Public Accountants (CPAs), generally have their own businesses or work for public accounting firms.
Salary Range:
Median annual wage and salary earnings of accountants and auditors were $50,770 in May 2004. The middle half of the occupation earned between $39,890 and $66,900. The top 10 percent of accountants and auditors earned more than $88,610, and the bottom 10 percent earned less than $32,320.
Tools of the Trade /Lifestyle:
Most accountants and auditors work in a typical office setting. Self-employed accountants may be able to do part of their work at home. Accountants and auditors employed by public accounting firms and government agencies may travel frequently to perform audits at branches of their firm, clients’ places of business, or government facilities.
Most accountants and auditors generally work a standard 40-hour week, but many work longer hours, particularly if they are self-employed and have numerous clients. Tax specialists often work long hours during the tax season.
You are:
• Knows accounting principles as well as taxation.
• Knows the principles and techniques of business management and administration.
• Speaks well and writes well.
• Dresses for success, wearing conservative, high quality clothing.
• Has high personal standards of honesty and lives by the organization’s high standards.
• Has self-confidence but is not overbearing. Relaxed.
• Always looking to serve others and help solve their problems.
• Neat, organized, inviting.
• Looks healthy and full of energy.
• Attitude: Positive. Willing to work. Excited to solve problems.
• Gets along with everyone, including difficult personalities.
• Finds creative solutions to problems.
• Not extravagant with company funds or personal funds.
• Uses time effectively and efficiently.
• Sends thank-you notes.
• Introduces people.
• Uses common courtesy at all times.
• Punctual; does not make others wait.
• Knows when to stand up in respect of others.
• Able to manage meetings and end them gracefully on time.
• Attends to details.
State of the Art:
Employment of accountants and auditors is expected to grow faster than average for all occupations through the year 2014. An increase in the number of businesses, changing financial laws and regulations, and increased scrutiny of company finances will drive growth. In addition to openings resulting from growth, the need to replace accountants and auditors who retire or transfer to other occupations will produce numerous job openings in this large occupation.
As the economy grows, the number of business establishments will increase, requiring more accountants and auditors to set up books, prepare taxes, and provide management advice. As these businesses grow, the volume and complexity of information developed by accountants and auditors regarding costs, expenditures, and taxes will increase as well. An increased need for accountants and auditors will arise from changes in legislation related to taxes, financial reporting standards, business investments, mergers, and other financial events. The growth of international business also has led to more demand for accounting expertise and services related to international trade and accounting rules, as well as to international mergers and acquisitions. These trends should create more jobs for accountants and auditors.
Related Professions:
Accountants and auditors design internal control systems and analyze financial data. Others for whom training in accounting is valuable include budget analysts; cost estimators; loan officers; financial analysts and personal financial advisors; tax examiners, collectors, and revenue agents; bill and account collectors; and bookkeeping, accounting, and auditing clerks. Recently, accountants have assumed the role of management analysts and are involved in the design, implementation, and maintenance of accounting software systems. Others who perform similar work include computer programmers, computer software engineers, and computer support specialists and systems administrators.
