Accounting Careers

OVERVIEW

Accountants are sometimes the most important people in a business. They make sure finances are in order, people are paid on time, budgets balanced, taxes paid in full and businesses run within the black. Accountants work for private firms and governments, and about a quarter of the about 1.3 million accountants worked for bookkeeping, payroll and tax preparation services.

Industry experts expect the field to boom within the next decade. A growing economy means more businesses will open, and those businesses will need accountants to balance budgets, manage payrolls and prepare their taxes. Private businesses are also expected to need accountants more than ever as financial regulations tighten and the need for more transparency in financial reporting increases.

JOB PROSPECTS

The accountant job market is accepted to grow 22 percent from 2008 to 2018, which is much faster than most other occupations. Certified Public Accountants, others with advanced professional licenses and those with master's degrees are more likely to scoop up jobs than others.

SALARY

Median salary for accountants is about $59,500. The salary range is $48,700 to $74,800. The top 10 percent of accountants earned more than $100,000 a year.

TYPICAL WORKDAY

Accountants typically work in usual office settings, communicating with clients, working with teams on projects and crunching numbers. Depending on the job, they can travel to audit businesses or governmental units, or travel to meet with clients throughout the day.

The type of accountant you are also controls your day-to-day schedule. There are four major types of accountants: public, government, management and audit accountants.

  • Public accountants would spend most of their time working with governments or nonprofit organization to check expenditures and help develop pricing for health care distribution among employees.
  • Government accountants examine the records of government agencies and audit private agencies subject to government oversight.
  • A management account would develop the budget for the company he or she works for.
  • Internal auditors fact check a company's financial habits for waste, mismanagement or fraud.

SKILLS REQUIRED

You must be proficient in understanding financial data and translating that to a client's need, whether that is for taxes, balancing budgets or developing a pay role scale. Accountants must as have knowledge in current legislation and standards that affect finance reporting. You also have to be efficient at communicating with others and working in teams.

PROS AND CONS

The job market for accounting is clearly stable, and the money is good. You get to work for a variety of clients. An accounting degree or background also gives you a variety of financial sectors to work in (government, private, tax preparation, etc.)

Accounting can be overwhelming, however. Tax season is brutal for accountants. Plan to spend some weekends working, and don't be surprised if you work long weekdays, either.

CAREER GROWTH PROSPECTS

Accountants who gain professional certifications throughout their careers gain an edge on those who don't in the job market, and there are several avenues for those certifications. Most accountants move onto positions with added responsibility in one or two years and advance to a senior level a few years after that.

Accountants who rise through the ranks can become executives or partners of companies, budget directors, account managers or chief financial officers, to name a few.

EDUCATION REQUIRED

If you want to become an accountant, you'll have to at least have a bachelor's degree in accounting or a related field. Along with a bachelor's degree, it's very common for accounts to seek further training and certifications. Many seek to be Certified Public Accountants. Some employers seek those who have master's degrees in accounting or business administration with a concentration in accounting.

If you don't have a bachelor's degree but attended a specialty or business school, you can start as a junior accountant and move up to accountant through performance and experience.

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