Accounting is a rapidly growing and dynamic profession that serves every sector in the economy. This includes global enterprises, the public sector and non-for-profit organizations. Accountants hold highly paid and important roles in a number of organizations. These positions range from management and financial accountants to CEOs.
Accounting is the language of business, and the field is an excellent platform for graduates to launch their career. The practical focus of accountancy ensures that every auditor is ready to meet the challenges in commerce, government and any industry sector.
Accounting Education
To enroll in an accountancy program, an applicant should complete their secondary education. At the same time, some accounting schools in the U.S. require applicants to have a minimum high school grade point average of 2.35. They should also have an ACT Math and English score of 17 and above.
An accounting program in many U.S. universities and college will offer their students both a bachelor’s degree in accounting along with a more ambitious 150 credit program. The latter is included in order to meet state requirements to be qualified for the CPA exam. These accounting courses usually last five years.
People who would like to be a CPA should enroll in the 150 credit program. With this program, students will obtain their bachelor’s degree in accounting. An individual should also know from the start that college accounting classes can be very challenging. They teach people the ability to manipulate and understand complex financial concepts. At the same time, every student is expected to maintain a good grade point average in an environment that is well-known for its high standards.
Higher Accounting Degrees
Accountancy offers a number of degrees for people who would like to enhance their qualifications. One of these degrees is the master’s of science in accountancy. This graduate program gives students an in-depth view of the entire accounting profession. This includes the framework for accounting principles that inform a wide range of businesses.
A master’s degree in accountancy also includes accounting research and theory, managerial accounting, taxation, accounting ethics and accounting information systems. Another graduate degree relating to accounting is the master’s of business administration with a concentration in accounting. These programs help professionals who have a bachelor’s degree strengthen their business management skills with a focus on accounting and finance. They also include courses such as strategic implementation and planning, financial reporting and taxation. The curriculum is also designed to provide students with the tools that they need to take on bigger challenges in the accounting and business fields.
The highest level of education in accountancy is the Ph.D. program. In these programs, students develop expertise in behavioral science, economics and quantitative methods. The course also provides a wide range of knowledge regarding contemporary accounting research. A doctorate program in accountancy requires three years of course work. This is followed by written and oral examinations and a dissertation. Overall, this program takes about four to five years to finish.
Jobs at Accounting Firms
There is a wide range of job opportunities at different firms in accountancy today. One job that is open to accountants at private or public firms is the role of financial manager. A financial manager performs a wide range of functions that include credit analysis, risk analysis and cash management. They also oversee budget development, collection, compliance and strategic planning. An accountant who works as a financial manager can earn a median salary of about $103,500.
A payable manager is a staff accountant who is in charge of managing and tracking payments that are owed to vendors. They also have an important role in reporting the cash flow that a company needs to operate. The payable manager also works in unison with senior staff on tactical issues.
An accountant can also take on a role as a cost accountant. These accountants provide information regarding expenses for managers to develop business and product strategies. They also evaluate the process and value chain along with developing measures to meet goals and objectives. A cost accountant makes an median salary of about $62,580.
Companies may also hire an accountant to work as a budget analyst. They are tasked with reporting and monitoring a company’s financial budget. They are also involved with monitoring company spending, reviewing budget proposals and making budget recommendations. Budget analysts have a median salary of $69,000.
Companies also hire accountants to work as tax planners. These professionals help companies formulate a strategy that takes advantage of various tax saving opportunities while reducing risks.
An accounting graduate may also be hired to be a financial controller. These accountants are responsible for watching over all incoming and outgoing finances. Most financial controllers are licensed CPAs. The average earnings of a comptroller can reach up to $77,602 yearly.
Starting An Accounting Business
An accountant also has the option to start their own business if they want to. Setting up a business gives them the chance to focus more on their specialty. It also provides them with the opportunity to value companies for litigation and business deals. These two are a relatively high-margin businesses in the accounting trade.
Many small CPA companies are thriving today. This is because cheap professional tax software and the Internet have decreased the overhead cost of running an independent practice. With these tools on hand, accountants do not need to rent out office space. Instead, they can do everything virtually. Today, some firms have employees who live in different parts of the country. At the same time, the demand for accountants has been surging even in the face of an economic crisis. Because of this, a lot of people consider small accounting firms to be recession-proof employment.
The AICPA or the American Institute of Certified Public Accountants recommends that accountants who want to go into business themselves specialize in one of their certifications. These include business valuation, financial forensics, personal finance planning and information technology.