| The field of accounting is a multi-faceted career path that goes far beyond balancing revenue and expenses. Accounting careers range from basic bookkeeping to extensive financial strategy management positions, and all positions require solid decision-making and analysis skills. Each position in the field of accounting abides by strict guidelines and a code of ethics; accountants at all levels are trained to follow laws and policies that comply with the Generally Accepted Accounting Principles (GAAP). Career advancement is possible with ongoing training, education, and certification in various specializations.
* Education for Accounting Careers
* Compensation for Accounting Careers
* Typical Accounting Positions and Job Responsibilities
Education for Accounting Careers
As the business sector continues to grow, the demand for qualified and certified accountants is also on the rise. Employers are looking for accountants that are trainable, diligent, hardworking, and those that can grow within their position. While an associate’s degree can open up opportunities for entry-level positions, a Bachelor’s Degree in Accounting or higher is required for advancement. Those who seek a Master’s Degree in Accounting may pursue management, teaching, and research positions in the field. Strong communication skills are also essential in this field, as many positions require working with a team and various departments.
The Certified Public Accountant status is granted to students who have completed 150 hours of university education in a related field. This qualification allows students to pursue a position beyond the entry-level, and most students who have completed a Bachelor’s Degree in Accounting qualify to take the CPA exam. CPA certification is granted by the American Institute of Certified Public Accountants. Students interested in pursuing an accounting career in auditing or management accounting can obtain certification from the Institute of Management Accountants.
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Compensation for Accounting Careers
The job market for accounting careers is favorable, and career opportunities are expected to increase faster than average through 2014. (Source: Bureau of Labor Statistics, 2006) Median annual salaries for accountants are $40,396, and those who pursue additional training and education can look forward to salaries of $59,281 and higher..(Source: Salary.com, Accounting I + II, National Salary Average, 2007)
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Typical Accounting Positions and Job Responsibilities
Qualified accountants may choose to work in the public sector, in a management position, in the field of government accounting, or pursue a position in internal auditing. Accountants of all backgrounds and specializations have strong analysis and recordkeeping skills, and exhibit a high attention to detail. Accuracy and detailed reporting are especially important in this field, and many analysts, auditors, and financial managers create systems to make the process of accounting and reporting as efficient as possible.
Accounting careers include positions as:
Bookkeeper
Bookkeepers manage ledgers and ensure that all financial statements are accurate and up-to-date. They usually use accounting software and databases to record transactions and post them to the appropriate accounts.
Personal Financial Advisor
A PFA may be involved with auditing and consulting projects for individuals, and providing budget plans and expense reports. They may also work on tax-related projects and auditing.
Corporate Accountant
Corporate accountants are involved with financial planning for various departments, and reporting financial information to the necessary parties within a company.
Management Accountant
Management accountants typically take on a supervisory role to lead a team of accountants and bookkeepers. They are involved with compiling data and records of transactions, reviewing financial documents, and providing reports.
Legal Auditor
Legal auditors report and assess tax information, and ensure all laws and regulations are followed.
Industrial Accountant
Industrial accountant are typically involved with evaluating costs and devising strategic financial plans for their department or business sector.
Internal Compliance Manager
These managers ensure that all records are kept up-to-date and accurate. They are often involved with verifying reports, data, and financial statistics
Some graduates also choose to open up their own accounting firm or consultancy business, and work primarily as independent financial advisors, tax auditors, or accountants for a particular business sector.
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