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Accounting
Auditors and accountants maintain a firm’s financial records. Management and individuals not working for the firm review the financial reports prepared by these professionals. Those in management positions rely on financial reports to get an accurate reading of how well a business is performing. Government agencies determine tax rates from information in financial reports. Potential investors review reports prepared by accountants and auditors before making investment decisions. Creditors review financial reports before lending money.
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The following are common accounting positions:
- Public accountants are employed by public accounting firms. These professionals specialize in auditing, taxes, consulting, and accounting. Certain public accountants run their own firms, and many others perform accounting duties for businesses not affiliated with their firms.
- Management accountants maintain financial records for their clients.
- Internal auditors ensure the accuracy of financial records. They review records to determine whether internal theft or fraud is occurring and also make sure their clients’ firms are not recklessly spending money.
- Government accountants and auditors ensure the accuracy of financial records for government agencies, and they review the finances of companies that have been awarded government contracts.
Accountants and auditors usually perform their work at an office building. 40 hour weeks are the norm, but some accountants and auditors spend 50 or more hours working during the week. During the months leading up to the tax filing deadline, tax accountants usually work longer hours than other times of the year. Government and public accountants are frequently required to travel.
How do you prepare for this career?
To begin an accounting career, potential candidates are usually required to acquire an accounting degreea. Those wanting to become public accountants must pass a standardized test to become certified, and take any necessary steps to become licensed in their respective state. Certain companies recruit accountants possessing a master’s degree, and most companies seek accountants with adequate computer skills. Candidates will improve their employment opportunities with prior experience or after completing an internship.
Prospective accountants need to be skilled at math and possess above average analytical skills. Since accountants must report their work to others, writing skills are very important.
How much will I earn?
In 2006, accountants in the 50th percentile made from $42,520-71,960 annually. The bottom 10th percentile made less than $34,470. Those in the top 10th percentile made $94,050 or more annually. Salaries are usually determined by working experience.
How many jobs are there?
In 2006, 1.3 million people made their careers as accountants and auditors. Since most companies are located in larger cities, this is where the majority work.
What is the future outlook for this career?
Increased job opportunities for accountants and auditors should increase greater than average growth for other jobs until 2016.
Many jobs are available for accountants since new regulatory legislation will increase demand for accountants, and many privately owned companies will hire more accountants. Accountants with special training including certified public accountants (CPAs) or certified management accountants will usually locate employment quickly.
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