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Information
and resources:
What is this job like?
Accountants and auditors keep track of a company's money.
The company's managers and people outside the company read
their reports. Managers look at the accountants' reports to
see how well their companies are doing. Governments use the
reports to tell how much tax a company should pay. Some people
read them to decide if they want to do business with the company.
Others use them to decide if they want to lend money to the
company or not.
There are four kinds of accountants.
* Public accountants work for public accounting companies.
Some have their own businesses. They do many different kinds
of accounting for people outside the company.
* Management accountants keep track of the money spent and
made by the companies for which they work.
* Internal auditors make sure that a company's acounting records
are right. They check the records to see that no one in the
company is stealing. They also check to see that no one in
the company is wasting the company's money.
* Government accountants and auditors' make sure that government
accounting records are right. They also check the records
of people doing business with the government.
Education:
Most accountants have a college degree in accounting. Public
accountants have to take a special test as well. Public accountants
also must have a special license from the State in which they
live. Some employers want acountants who have a master's degree
in business or accounting. Most employers want accountants
who know quite a bit about computers.
People who want to be accountants should be good at math.
They also should be able to write well, so that they can tell
others about their findings.
Accountants and auditors help to ensure that the Nation’s
firms are run efficiently, its public records kept accurately,
and its taxes paid properly and on time. They perform these
vital functions by offering an increasingly wide array of
business and accounting services to their clients. These services
include public, management, and government acounting, as well
as internal auditing. Beyond the fundamental tasks of the
occupation—preparing, analyzing, and verifying financial
documents in order to provide information to clients—many
accountants now are required to possess a wide range of knowledge
and skills. Accountants and auditors are broadening the services
they offer to include budget analysis, financial and investment
planning, information technology consulting, and limited legal
services.
Management accountants—also called cost, managerial,
industrial, corporate, or private accountants—record
and analyze the financial information of the companies for
which they work. Other responsibilities include budgeting,
performance evaluation, cost management, and asset management.
Usually, management accountants are part of executive teams
involved in strategic planning or new-product development.
They analyze and interpret the financial information that
corporate executives need to make sound business decisions.
They also prepare financial reports for nonmanagement groups,
including stockholders, creditors, regulatory agencies, and
tax authorities. Within accounting departments, they may work
in various areas, including financial analysis, planning and
budgeting, and cost accounting.
Computers are rapidly changing the nature of the work for
most accountants and auditors. With the aid of special software
packages, accountants summarize transactions in standard formats
for financial records and organize data in special formats
for financial analysis. These accounting packages greatly
reduce the amount of tedious manual work associated with data
management and recordkeeping. Computers enable accountants
and auditors to be more mobile and to use their clients’
computer systems to extract information from databases and
the Internet. As a result, a growing number of accountants
and auditors with extensive computer skills specialize in
correcting problems with software or in developing software
to meet unique data management and analytical needs. Accountants
also are beginning to perform more technical duties, such
as implementing, controlling, and auditing systems and networks,
and developing technology plans and budgets.
Increasingly, accountants also are assuming the role of a
personal financial advisor. They not only provide clients
with accounting and tax help, but also help them develop personal
budgets, manage assets and investments, plan for retirement,
and recognize and reduce exposure to risks. This role is a
response to client demands for a single trustworthy individual
or firm to meet all of their financial needs. However, accountants
are restricted from providing these services to clients whose
financial statements they also prepare.
Training and Qualifications:
Most accountant and auditor positions require at least a bachelor’s
degree in accounting or a related field. Beginning accounting
and auditing positions in the Federal Government, for example,
usually require 4 years of college (including 24 semester
hours in accounting or auditing) or an equivalent combination
of education and experience. Some employers prefer applicants
with a master’s degree in accounting, or with a master’s
degree in business administration with a concentration in
accounting.
Professional recognition through certification or licensure
provides a distinct advantage in the job market. CPAs are
licensed by a State Board of Accountancy. The vast majority
of States require CPA candidates to be college graduates,
but a few States substitute a number of years of public accounting
experience for a college degree. As of early 2003, based on
recommendations made by the American Institute of Certified
Public Accountants (AICPA), 42 States and the District of
Columbia required CPA candidates to complete 150 semester
hours of college coursework—an additional 30 hours beyond
the usual 4-year bachelor’s degree. Another five States—Arizona,
Minnesota, New Mexico, New York, and Virginia—have adopted
similar legislation that will become effective between 2004
and 2009. Colorado, Delaware, New Hampshire, and Vermont are
the only States that do not require 150 semester hours. Many
schools have altered their curricula accordingly with most
programs offering masters degrees as part of the 150 hours,
and prospective accounting majors should carefully research
accounting curricula and the requirements of any States in
which they hope to become licensed.
All States use the four-part Uniform CPA Examination prepared
by the AICPA. The 2-day CPA examination is rigorous, and only
about one-quarter of those who take it each year passes every
part they attempt. Candidates are not required to pass all
four parts at once, but most States require candidates to
pass at least two parts for partial credit and to complete
all four sections within a certain period. Most States also
require applicants for a CPA certificate to have some accounting
experience. In May 2004, the CPA exam will become computerized
and offered quarterly at various testing centers throughout
the United States.
Persons planning a career in accounting should have
an aptitude for mathematics and be able to analyze, compare,
and interpret facts and figures quickly. They must be able
to clearly communicate both written and verbally the results
of their work to clients and managers. Accountants and auditors
must be good at working with people, as well as with business
systems and computers. At a minimum, accountants should be
familiar with basic accounting software packages. Because
financial decisions are made based on their statements and
services, accountants and auditors should have high standards
of integrity.
Management accountants often start as cost accountants,
junior internal auditors, or trainees for other accounting
positions. As they rise through the organization, they may
advance to accounting manager, chief cost accountant, budget
director, or manager of internal auditing. Some become controllers,
treasurers, financial vice presidents, chief financial officers,
or corporation presidents. Many senior corporation executives
have a background in accounting, internal auditing, or finance.
Job Outlook
Employment of accountants and auditors is expected to grow
about as fast as the average for all occupations through the
year 2012. An increase in the number of businesses, changing
financial laws and regulations, and increased scrutiny of
company finances will drive growth. In addition to openings
resulting from growth, the need to replace accountants and
auditors who retire or transfer to other occupations will
produce numerous job openings in this large occupation.
Earnings and Salaries:
In 2002, the median wage and salary annual earnings of accountants
and auditors were $47,000. The middle half of the occupation
earned between $37,210 and $61,630. The top 10 percent of
accountants and auditors earned more than $82,730, and the
bottom 10 percent earned less than $30,320. In 2002, median
annual earnings in the industries employing the largest numbers
of accountants and auditors were:
Federal Government $51,070
Accounting, tax preparation, bookkeeping, and payroll services
49,520
Management of companies and enterprises 49,110
Local government 44,690
Related Occupations:
• budget analysts
• cost estimators
• loan officers
• tax examiners
• collectors, and revenue agents
• bill and account collectors
• auditing clerks.
Others who perform similar work include:
• computer programmers
• computer software engineers
• computer support specialists and systems administrators
See:
• Financial
Analysts and Personal Financial Advisors
• List
of Careers
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