Accountant
Accounting Career Overview
Accounting degrees can lead to a variety of different careers, and two of the most common are accountants and auditors. Accountants and auditors make sure that businesses are run efficiently, and they do so by providing the businesses with important financial information as well as by keeping very accurate records.
On a day-to-day basis, accounting usually includes bookkeeping, such as the tracking of expenses and revenue, payroll, and paying bills. Accountants are also responsible for:
- preparing balance sheets
- profit and loss statements
- financial reports
- analyze trends, costs, revenues, and financial commitments
Accounting professionals are increasingly becoming highly valuable members of business teams because they had understand the company's financial position better than anyone else in the company. Accounting professionals who become auditors closely look at the financial data and procedures to make sure that a company is in compliance with all government guidelines and tax laws.
Accounting Education & Training
The majority of accounting positions require at least a bachelor's degree in accounting, finance or something similar. For entry-level accounting positions with the federal government, employees are required to have four years of college including 24 semester hours in accounting or auditing, or an equivalent amount of experience. Depending on the employer, some companies might require a master's degree in accounting, business administration, or finance.
The most common required designation which comes after being hired is called the CPA, or Certified Public Accountant (CPA). Different states have different requirements for obtaining the CPA license, but regardless, employees are required to take continuing education classes in order to renew their licenses and to keep their field knowledge up-to-date. Once the CPA license is earned, there are many professional associations which offer continuing education classes and seminars for accounting professionals.
Accounting Career & Salary
Most accounting professionals work long hours. While 40 to 45 hours is a standard work week, it is not unusual for accountants to put in over 60 hours, especially during tax season. Self-employed accountants also tend to work longer hours.
Accountants can work for a very wide variety of businesses; these jobs are not limited to banks and financial institutions. Any company that wants its financial situation well-organized usually hires an accountant, in addition to financial advisors.
Salaries for accounting professionals vary greatly depending upon the number of years of experience, and most accountants earn somewhere between $35,000 for entry-level positions to $70,000 for those with at least four to five years of experience. Auditors are usually paid slightly more.
According to the Bureau of Labor, job stability for accounting professionals is expected to be excellent over the next decade, and those who have taken the time to earn professional certifications have the best job prospects.
Career Fields/Specializations
Accounting Bookkeeper Career
Like the job sounds, a bookkeeper is in charge of keeping the books. They perform general accounting duties including maintaining financial records, keeping track of accounts, entering payments and deposits into budgeting software, and preparing financial statements or records. They could work for large corporations, small businesses, or even individuals.
Accounting Controller Career
The controller is in charge of a company's budget and financial resources. They determine all the accounting practices for the company. They should prepare quarterly financial reports and make suggestions as to how the company could perform better financially. A controller should have at least seven years of accounting experience and the ability to find and solve problems.
Tax Accounting Career
A tax accountant will keep the tax records and prepare all necessary tax forms, either for an individual or a company. They are responsible for filing taxes at the local, state, and federal government levels. They may advise a company's decision makers about the tax related impact of certain decisions. Tax accountants should be well organized and detail oriented.
