Careers in Accounting

Transcription

1 Careers in Accounting The field of accounting offers a wide spectrum of job opportunities with very competitive salaries. Accounting is an integral part of all businesses; therefore career opportunities exist in a wide variety of work environments. Career options include large and small accounting firms, national and international companies, government agencies, and not for profit organizations. Provided below is a brief overview of some potential careers in accounting. Public Practice Accountants who work for public accounting firms provide services to a wide variety of clients, including individuals, businesses, governments, and other organizations. Job Functions within Public Practice: Assurance Services: Advise clients in decision-making on numerous issues and topics such as product expansion, information systems and risk assessment. Audit: Examine an organization s financial statements to ensure information is fairly reported. Financial Planning: Advise clients on investments and other financial matters and the risk associated with different investing strategies. Management Consulting: Provide advice and technical guidance to improve an organization s operations and effectiveness. Tax Advisory Services: Develop strategies to enhance the organization s performance utilizing creative tax solutions; represent clients before tax authorities; prepare tax returns. Management (Corporate) Accounting Accountants work in large and small businesses, school systems, banks, retail establishments, manufacturers and energy companies, just to name a few. These individuals work as a part of the company s management team and participate in making critical operating decisions.

2 Job Functions within Management Accounting: Financial/Accounting Management: Maintain the company s information system; manage functions such as payroll, accounts payable and receivable, inventory or treasury. Budget Analysis: Prepare and manage the organization s budgets. Financial Reporting: Prepare and analyze the company s financial statements. Internal Auditing: Review and evaluate the company s operations and status, its operating procedures and financial status. Determine the level of compliance with corporate operating procedures. Government Accounting Accountants are found at the local, state, and federal levels of government. These individuals must remain abreast of legislative action and how these impact planning and spending. They are responsible for auditing governmental operations and financial statements. They may also audit organizations to ensure that governmental regulations are observed and followed. As well, there are governmental positions within the Internal Revenue Service. Professional Program The Professional Program is a two and one-half year program that offers a unique opportunity for successful and motivated students to develop superior credentials. Students enter the Professional Program at the beginning of the spring semester of their junior year. Upon completion of the program, students receive both a Bachelor of Business Administration (BBA) degree in Accounting and a Master of Science (MS) in Accounting, Finance, Management Information Systems, or Marketing. The program also helps students fulfill the educational requirements needed to sit for the CPA exam. Specialty Tracks: Audit Track Tax Track Management Information Systems Track Finance Track Marketing Track Entrepreneurial Leadership Track

3 Job Outlook According to the Occupational Outlook Handbook, employment of accountants is expected to grow by 18 percent between 2006 and 2016, which is faster than the average for all occupations. This occupation will have a very large number of new jobs arise, almost 226,000 over the projections decade. An increase in the number of businesses, changing financial laws, and corporate governance regulations, and increased accountability for protecting an organization s stakeholders will drive growth. Certified Public Accountant (CPA) Positions in accounting sometimes require individuals to successfully complete the Uniform CPA Examination. Depending on the state of residence, different regulations regarding eligibility to take the exam apply. For information on Texas requirements, visit the Texas Board of Public Accountancy s web page, It is important to meet with an accounting faculty member or advisor for answers to questions involving the CPA exam. Skills Needed for a Career in Accounting υ Accuracy, Analytical skills υ Communication skills, both oral and written υ Ability to work with limited supervision υ Ability to work with others as part of a team υ High Ethical Standards υ Computer skills υ High standards of integrity υ Decision-making skills Typical Job Titles for Accounting Majors Auditor Consultant Tax Advisor Cost Accountant Financial Analyst Internal Auditor Staff Accountant Tax Accountant Business Analyst

4 Sample of Employers Recruiting Accounting Majors at Texas A&M Accenture AmeriSource Funding, Inc. Bank of America Chevron Citigroup Deloitte & Touche Ernst & Young Fidelity Investments Grant Thornton Halliburton Hewlett Packard JCPenney KPMG PricewaterhouseCoopers (PWC) Protiviti Ryan & Company SUEZ Energy North America, Inc. USAA Wells Fargo Bank Average Salary Average salary for the school year Texas A&M Accounting undergraduates: Bachelors Degree: $45,642 Student Organizations at Texas A&M include: Aggie Investment Club: You will need more than a degree to be financially free. Created to educate college students on investing, regardless of their experience in the financial services industry. Aggie Global Interaction: Created to promote hospitality among Business Exchange Students at Texas A&M but also focuses on study abroad and international career opportunities. Beta Alpha Psi: Honorary accounting and business information fraternity. National Association of Black Accountants: National organization to promote greater participation by minorities in the business profession. There are numerous organizations for students in Mays Business School. To learn more information about any and all of these organizations, visit the college s web page:

5 For More Research on Careers in Accounting: Professional Associations: American Society of Women Accountants Institute of Internal Auditors Institute of Management Accountants National Association of Black Accountants American Institute of Certified Public Accountants Texas Society of Certified Public Accountants National Society of Accountants Occupational Outlook Handbook: Accountants and Auditors Other Relevant Sites: