Accounting Career Opportunities: Why does accounting make such a popular choice for major and career? First, a lot of jobs are in there.
In recent years the market for accountants has surpassed the supply in many cities. There are not only a lot of jobs but also a wide range of opportunities.
Accounting is also hot since accounting matters are obvious. Ironically, interest in accounting has increased because of the attention caused by companies such as Enron and WorldCom’s accounting shortfalls.
Such highly reported scandals showed that accounting plays an important role in society. Most people want to make a difference, and an accounting career offers plenty of opportunities to help society.
Accountants are in such demand that it is not unusual for accounting students to have accepted one job offer one year before graduation. As the following discussion reveals, there are virtually unlimited job options for those with accounting degrees.
Opportunities in Public accounting
Public accounting individuals offer specialist support to the general public, in much the same way physicians serve patients and advocates serve clients.
A major part of public accounting involves auditing. A certified public accountant (CPA) examines company financial statements in auditing and gives an opinion on how accurately the financial statements present the results and financial position of the company.
Analysts, investors, and creditors depend heavily on these “audit reports,” which are issued solely by the CPAs. Taxation is yet another major public accounting area.
The research carried out by tax professionals includes tax analysis and planning, preparation of tax returns, and representation of clients to government agencies including the Internal Revenue Service.
The third field of public accounting is consulting on management. It ranges from implementing simple accounting software or highly sophisticated enterprise resource planning systems to supplying support services for large marketing campaigns, or mergers and acquisitions.
Many CPAs are businessmen. They establish small or medium-sized companies mostly specializing in tax or consulting services.
Opportunities in Private Accounting
You might choose to be an employee of a for-profit company such as Facebook, Google, or PepsiCo rather than working in public accounting.
In private (or managerial) accounting, you will be interested in tasks such as cost accounting (finding the cost of making particular products), budgeting, developing and implementing accounting information systems, or planning and preparing taxes.
You may also be a member of the internal audit team within your company. In response to SOX, increased importance has been assumed by the internal auditors’ task of reviewing the operations of the company to ensure compliance with company policies and to increase efficiency.
Additionally, many accountants work with non-profit organizations such as the Unicef or the Red Cross, as well as museums, libraries, and performing arts.
Opportunities in Government
Another choice in government agencies is to seek one of the many accounting opportunities. For example, all accountants are hired by the Internal Revenue Service (IRS), the Federal Investigation Bureau (FBI), and the Securities and Exchange Commission (SEC).
The FBI has a reported goal that CPAs will become at least 15 percent of its new agents.
In public colleges and universities, and in local and state governments, there is also a very high demand for accounting students.
Opportunities in Forensic Accounting
Forensic accounting allows the use of accounting, auditing, and forensic expertise to perform theft and fraud investigations. It’s listed among the top 20 future career paths.
The job of forensic accountants is to capture the perpetrators of the rough $600 billion in theft and fraud that occurs annually at U.S. businesses. That includes tracing activities related to money laundering and identity theft, as well as tax evasion.
Insurance companies recruit forensic accountants to detect frauds in insurance, such as arson, and law firms employ forensic accountants to classify marital divorce assets. Forensic accountants often have experience in the FBI, IRS, or similar government.
You can also read: Forensic Accounting- Definition, Area, Career, and Study
How much an Accountant Gets Paid?
How much can one make a new accountant? Salary estimates are constantly changing, with salaries varying significantly across the country.
The following general information was available at the time of writing of this text from “START HERE GO PLACES Fueled by AICPA.”
Geographic region, experience, education, CPA certification, and size of a company each play a role in determining salary. Look at the total salaries of both public and private accounting for college graduates.
(Keep in mind if you do have a CPA license when you start, you can increase by 10%-15%)
|Employer||Jr. Level (0-3 Years)||Sr. Level (4-6 years)|
|Public Accounting (Large Firm)||$63k-$83k||$78k-$106k|
|Public Accounting (Medium Firm)||$56k-$68k||$70k-$96k|
|Public Accounting (Small Firm)||$51k-$60k||$64-$81k|
|Corporate Accounting (Large Com)||$54k-$69k||$69k-$88k|
|Corporate Accounting (Medium Com)||$49k-$65k||$61k-$80k|
|Corporate Accounting (Small Com)||$45k-$59k||$57k-$70k|
Through time, significant earning ability gives CPAs better job protection. Below are a few examples of top-level compensation for corporate accounting managers:
|Position||Large Company||Small to Medium company|
|Chief Financial Officer(CFO)||$207k-$466k||$105k-$209k|
I hope you’ve understood, at the end of the article, the accounting career opportunities, the demand for an accountant, and how much an accountant earns?
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