For men and women who enjoy a challenging and rewarding work environment accounting employment is the field of choice. Accounting employment gives individuals the important responsibility of taking the financial data of any given business, organizing it and then communicating it to the proper authorities (managers, shareholders, tax authorities, etc.). Truly, accountants serve as one of the most important figures in any business scenario, as they help to make sense of the real financial situation within any given organization. Accountants must be thoroughly educated and trained for their important role and can expect to be rewarded for their preparatory efforts by earning a good living, even in trying economic times.
Accounting Employment Description
If you boil it down to a single sentence, accounting employment focuses on keeping track of (and reporting on) a company’s money. One of the key requirements for those in accounting employment to meet is translating complex financial information into terms that can be understood by company managers, IRS agents and shareholders. These individuals need to be able to understand accountant’s reports so that they can make important decisions that directly affect the direction and operation of their business or organization.
Education
In order to enter into the accounting employment field, you need to undergo schooling and acquire:
- High School Diploma (or GED)
- Bachelor’s Degree in Accounting
For specialized accounting employment, you will be required to satisfy the following requirements (in addition to the standard BA in accounting requirement):
- Public Accountants – (Auditing, Accounting, Taxes, Consulting)
- CPA Certification http://www.cpa-exam.org/get_started/steps.html
- State Licensing – http://www.nasba.org/nasbaweb/NASBAWeb.nsf/WPHP?OpenForm
- High Profile Positions – (Big Firms, Celebrity Clients, Fortune 500 Companies)
- Most will require that you obtain a Master’s Degree in Accounting
Education Costs
There are many ways to earn a degree in accounting, from online education to community college classes to enrolling in a 4-year university. While beginning your education in a community college (then transferring to University) is a more affordable option for many, you can still expect to pay $25,000 + to earn your degree.
Skills
Accounting employment requires that you not only be proficient at math but also excel in written and verbal English skills. They must be able to communicate effectively with a broad range of individuals. In addition, in our modern age most accounting employment requires that you be adept at learning new computer programs and able to utilize online accounting and communication software.
Accounting Employment Career
- Bookkeeper – Most accountants begin their career as a bookkeeper, working for a licensed CPA. This position allows men and women to get their “foot in the door” while they work to earn their BA in Accounting.
- Public Accountant – After earning their degree and passing the exams necessary to become a licensed CPA, many accountants are able to secure a position in a public accounting firm, where they work for many different clients in the name of the public firm.
- Private Accountant – After gaining much needed experience, many individuals seek to further their accounting employment by seeking to become a private accountant. This means that they are able to work for only one company, instead of handling many accounts for a parent accounting firm.
Specialization
Ph.D. – As accounting principles flow into almost every branch of life (psychology, economics, and decision theory), individuals in various accounting employment fields are welcome to pursue this degree, which opens doors of specialized employment, primarily in research. There are two main branches of specialized research that accountants who hold a Ph.D. pursue:
- Economics and Finance – Empirical research
- Judgment and Decision making – Psychology based (human studies)
Salary
There is a broad range of potential earnings available to accountants in various fields but the basic median pay structure (for accountants with a BA) starts out at a minimum of approximately $34,000 a year and increased with experience to approximately $57,000.
Of course, many accounting employment paths allow individuals to earn either a great deal less or a great deal more than these median averages.
Average Worldwide Salaries
- Entry level with a BA – approx. $44, 000
- Experienced Private Accountants – approx. $54,000
It should be mentioned that pay rates vary not only based on experience, but also on the country in which you practice. Here is a basic breakdown of entry-level positions in different regions:
- U.S. – approx. $48,000
- EU – approx. €40,000 to €45,000
- Asia – approx. £30000 +
- Worldwide Average – $44,000
Benefits
While benefits packages vary from organization to organization, individuals in the accounting employment field can expect to receive a comprehensive benefits package in even the most entry-level positions. These packages usually include some form of coverage in:
- Medical
- Dental
- Vision
Accounting Employment Opportunities
Development of labor situation:
- Past – a Franciscan Monk named Luca Pacioli in 1494 introduced the practice of accounting. During the Great Depression (1929-early 1940’s), the field of accounting got a bad name as many businesses went bankrupt, after their accountants had declared that they were taking in profits. From that time forward, the profession has been regulated and accounting employment opportunities have consistently grown.
- Present – Currently, the majority of jobs in the accounting field are available to those who hold a masters degree in accounting or are in possession of state licensing or certification. In addition, companies are also seeking to hire those who have knowledge of accounting software programs.
- Future – The field of accounting is expected to enjoy more growth than other fields well into the year 1016. The reason for this is two-fold. First, as tax law continues to evolve and grow more complex, skilled accountants will be needed to step in and make sense of it all. Second, new businesses (both online and storefront) are emerging rapidly. These businesses will all be in need of trained professionals to handle their financial information.
In nations all over the world, the accounting employment focus has shifted from manual labor to the development of software programs that can analyze a company’s finances in a swift and accurate way. New positions are opening up for accountants who can help develop such software in the U.S, U.K., Asia and many other nations of the world.
Accounting Employment Resources
There are many organizations set up to help those who wish to pursue accounting employment around the world:
- Think Global Recruitment – This impressive organizations helps individuals in the financial industry secure jobs anywhere they would like to work in the entire world. Their website is set up to make the search process simple and highly effective. http://www.thinkgr.com
- Global Employment Solutions – The Accounting & Finance Department of this large online global jobs site is designed to provide businesses with recruiters that will then search out the best accounting candidates to fill the open positions. Both job seekers and employers are welcomed to the site and put in contact with the recruiters that act as intermediates in the selection process. http://www.gesnetwork.com/INDUSTRIES-AND-FIELDS/Finance.aspx
Accounting Employment
Accounting employment opportunities are growing and will continue to grow over the next approximately ten years. Now is a good time to step into the world of accounting and grow your skill sets, so that you will be positioned to acquire some of the best paying jobs of our time. While accounting employment requires an investment of time and finances in the form of earning a degree (or two… or three) in the field, this investment will ultimately pay off in the form of a sound career. The accounting employment landscape has grown and changed over the years and individuals that are willing to commit to continual learning will do well in this ever-evolving field.
