Accountants and Auditors
Employment as an accountant or an auditor can be an exciting and profitable occupation. With so many opportunities available, an individual interested in accounting is sure to find his niche. Accountants offer their range of services to private individuals, small businesses, large firms, or the government. A better understanding of the four accounting fields will allow a person to choose the field that best suits his needs and abilities.
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Accounting Fields
Public accounting is probably the most common field of interest. They often provide services to businesses, the government, or individuals. A public accountant will offer tax advice, prepare tax reports, audit businesses, or act as a consultant. Many will become a Certified Public Accountant or a CPA. To obtain this license, an accountant must take a state licensed exam. The exam typically spans two days and is extremely difficult. Only 25% of those taking the exam actually pass all four parts the first time. Fortunately, they have the opportunity to try again before a specified period of time elapses. A CPA is also required to complete continuing education courses to maintain the license. However, all of this hard work is well worth the advantages and distinction. The second accounting field is managerial accounting. This might also be referred to as management accounting or cost accounting. A managerial accountant’s responsibilities might include managing costs and assets, preparing budgets, or analyzing financial statements. Managerial accountants often advise executives before making important financial decisions. Some accountants and auditors work for the government sector. This includes working for the Internal Revenue Service, any other governmental agencies, and businesses that are impacted by governmental taxes or regulations. The final major field of expertise is for internal auditors. Because auditors are able to specialize in various areas, this field is increasing in popularity. Banking, healthcare, and engineering are just a few ideas available to specialized auditors.
Necessary Qualifications
A bachelor’s degree in accounting or a related field is the minimum requirement for most accounting jobs. Previous experience is a bonus in many employers’ eyes. Consider applying for an internship during college. This experience will be invaluable after graduating. There are several important qualifications to consider before pursuing a career in accounting or auditing. The individual should be adept in mathematics with an analytical mind. Written and verbal communication are imperative, as are people skills. So often, people assume an accountant is just a bookworm who crunches numbers all day. In reality, he must be able to build a long-term relationship with a client. This is a vital aspect in the accounting field. Finally, anyone interested in accounting or auditing should be familiar with computers and popular accounting software.
Salaries and Advancement Opportunities
The salary of an accountant or an auditor varies according to his experience and credentials. CPAs can obviously demand more money than someone with an associate’s degree. The salary range is anywhere from $30,000 to $80,000 per year. Typically, an accountant begins by assisting others with clients. Once he has established his proficiency, he is given more responsibilities. An accountant or auditor can expect to attain a senior position three to four years after starting with a firm. A career in accounting or auditing can be a prosperous endeavor. Becoming a Certified Public Accountant or specializing in a field of interest will lead to more favorable job prospects.
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*This is a summarized article created to allow for a quick career review. For the most accurate and up-to-date information visit the Bureau of Labor Statistics, U.S. Department of Labor website to learn more about Accountants and Auditors.
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copyright 2005
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