The accounting industry has much to offer in terms of opportunities,
professional development, and exciting career paths. To be successful
in an accounting position one must possess strong analytical abilities,
be detailed-oriented, and have the ability to work very quickly and
adeptly with numbers. Moreover, those who are the most successful
possess not only strong analytical abilities, but also the
1 This handout is prepared with the direct assistance of “Vault
Career Guide to Accounting,” and various other sources. For more
information about a career in accounting, please refer to Kresge
Database.
ability to synthesize, interpret and develop applicable business
strategies utilizing financial data. Thus, a career in accounting
offers its professionals the opportunity to challenge themselves, work
closely analyzing financial data and provide significant value-add to
corporations, governments and organizations around the world.
A career in accounting can entail many different specific job
functions ranging from an audit or tax-consulting career with a public
accounting firm, to an accounting position with an industrial company,
to a position with the Government Accounting Office or a non-profit
organization.
Types of Accounting:
As noted above, accounting organizations provide a range of
services. Traditionally, the two primary services provided are audit
and tax. However, many accounting firms have grown their advisor
services to offer: corporate finance, risk management, transaction
services, business process outsourcing, people and change consulting,
IT advising, and personal financial planning.
- Audit: An auditor examines the financial
statements of a company or organization and independently certifies the
statements are valid, accurate, and relevant. Additionally, an auditor
often also provides advisory services such as recommending ways to
improve profitability, etc.
- Tax: Accountants who provide tax services
primarily create strategies to minimize tax liabilities for their
clients. Additionally, they prepare tax returns, advise on tax laws,
assure clients tax law compliance, etc.
- Advisor: The advisor role within public
accounting serves to analyze key data issues, patterns and trends to
identify implications, and improve efficiency and effectiveness for
clients. The division of specialty that fall within the advisor line of
service differs among the firms.
Types of Accountants:
- Public Accountants: Public accountants generally
work for a public accounting firm (for example: Ernst & Young) and
provide accounting services to companies, governments, etc. Large
public accounting firms provide the range of services discussed above
in “Types of Accounting,” and because public companies are required to
have yearly audits, a large part of public accounting firms’ business
is providing auditing services to public companies.
- Private Accountants: Private accountants work
directly for a company, government or non-profit organization. They
receive their paycheck from the organization for which they are
providing accounting services (for example: Internal Accountant at
Kraft Foods). Generally, these accountants prepare the financial
statements for the public accountants to audit and certify.
Additionally, private accountants may also prepare their company’s tax
statements, consult its management on changing accounting principles and
ensure the financial integrity of the company’s business transactions.
Changes in the Field
While students’ interest in accounting related fields ebbs and flows
depending on the economy, a career in accounting has long been
considered “recession proof” and offers significant job security. In
2008, Forbes ranked Accounting Executive #4 and Accounting Staff #5 in
its list of “10 Most Recession Proof Jobs.” Additionally, the U.S.
Bureau of Labor Statistics ranked Accountants and Auditors in the Top 20
Occupations with the most demand for 2006-2016.
Accountants are especially in demand when the economy is in a
downturn. This is because in times of economic uncertainty the public
becomes distrustful of current accounting and reporting systems,
leading to changes in regulation and accounting practices. The collapse
of companies such as Enron and Worldcom led to the passage of the
Sarbanes-Oxley Act of 2002. The SOX Act enhanced accounting standards
for corporations and those auditing corporations and
organizations—leading to increased demand for exceptional accountants.
With the inception of SOX, public accounting firms began to divest
their consulting services to more easily comply with the tighter
regulatory scrutiny. However, firms have recently begun to rapidly
rebuild their consulting arms and expand hiring to BBAs again. The
recent financial crisis calls for even greater accounting scrutiny and
stronger accounting standards and offers those entering the accounting
field immense potential for an exciting, promising and challenging
career.
The median base compensation for the Ross BBAs entering the
accounting field in 2010 was $55, 000. At the Ross School of Business,
the employers of the highest number of BBAs have consistently included
the “Big 4” public accounting firms—Deloitte, Ernst & Young, KPMG,
and PricewaterhouseCoopers, as well as mid-tier firms such as BDO, The
Rehman Group, and Plante & Moran. In addition to the audit and tax
positions available at the public accounting firms, several students
each year go to work for industrial employers as accountants and
financial analysts.
Masters in Accounting
In most states, only licensed Certified Public Accountants (CPAs)
may provide qualified public opinions and audits on financial
statements. In order to qualify for a CPA license, one must fulfill the
education and work experience requirements, and pass the Uniform
Certified Public Accountant Examination. Education requirements vary b
state, but in most states, 150 credit hours are required to sit for the
Certified Public Accounting Examination. Ross students most commonly
meet this requirement through a fifth year of education, such as the
Masters of Accounting program, at Ross or another institution.
For more information about University of Michigan’s MAcc program,
please visit the website:
http://www.bus.umich.edu/Academics/MAccProgram/
Source : http://www.bus.umich.edu/StudentCareerServices/resources/CPAccounting.pdf
CONCLUSION :
accounting is a process to identify, measure and report economic information, to allow for assessment and decisions clearly and firmly for those who use the information. The main purpose of accounting is to present the economic information of an economic entity to the parties concerned.
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