Industry Profile: Accounting
You've probably heard about the stereotypical accountant in the white shirt, skinny tie, and green eyeshades that sits at a desk all day and puts little numbers into little boxes. However, this nerdy, anti-social man does not fit the profile of today's account.
Accountants today, also known as CPAs (Certified Public Accountants), must pass a rigorous exam, update their knowledge on a yearly basis, and subscribe to high code of ethics that includes honesty, integrity, and independence.
The CPAs of today are strategic business advisers, technology experts, personal financial consultants, tax and estate planners, and fraud examiners. Accountants fill a variety of roles in a variety of organizations, including not-for-profits, schools, hospitals, sports teams, government, etc. So the title of accountant doesn't do much to explain what an individual actually does.
Nevertheless, accounting, in general, is the language of business. Every business activity and interaction must be recorded and summarized for management to review and analyze. Accountants use computers to collect, sort, and summarize this information, but CPAs are needed to help set up these systems and to make sense of the information that is produced.
The payoff for this type of work can be great. Accounting majors with four-year degrees typically earn a starting salary of $35,000-$40,000. Five-year graduates are earning up to $10,000 more when they start out and those with an MBA are earning significantly more than that.
Salaries will vary based on geographical location and business environment, but there is a lot of money to be earned everywhere. As you increase your level of education and you gain experience working in the field, you may reach some of the highest levels of accounting, such as partner or controller. With these titles it is possible to pull in an income of more than $100,000/year.
To become an accountant you need more than just the official certification. Accountants need a variety of characteristics to ensure their success. They must be detail-oriented, self-confident, highly motivated researchers, and knowledgeable about U.S. and international tax laws, economics, and money markets.
As an accountant you must also have the ability to work independently; you must be analytical and a problem-solver; you should possess excellent written and oral communication skills, which includes strong interpersonal skills. Finally, you will need to understand mathematics. You won't need to do much more than add, subtract, divide, and multiply, but you will need to know which numbers to manipulate in what way and then have the ability to actually do it.
Currently knowledgeable accountants are in demand. Employment of accountants and auditors is expected to grow by about 10%-20% by 2008. As the economy grows, more and more accountants will be needed to manage the income that businesses are earning. This includes both accountants that work as consultants and take on a more advisory role, as well as internal accountants, who will be needed to discover and eliminate waste and fraud.
The competition in the accounting field, especially for the most prestigious jobs, is prevalent, but graduates with a Masters in accounting or business administration will have a distinct advantage in the job markets or today and tomorrow. Sources: http://www.thehighschoolgraduate.com/editorial/MI/CPA.htm http://www.allbusinessschools.com/faqs/accounting.php
