Careers in Accounting
The common career path for accountants is in the field of financial reporting/management or auditing. As financial managers, their roles are considered crucial in any type or size of company. They are responsible for maintaining financial records and preparing reports for internal and external use, in accordance to accepted Accounting standards. They ensure that these reports are delivered accurately, in a timely manner and suited for the use of various stakeholders, such as management /owners, regulators and investors. These records serve as basis for gauging and recommending measures for operational efficiency, adherence to conditions by creditors or for determining taxes to be paid (U.S. Bureau of Labor Statistics, n.d).
On the other hand, as auditors, accountants examine financial records and reports prepared by businesses, mainly to ascertain accuracy and ensure compliance to laws and regulatory requirements. Based on their assessment of financial reports, they are able to provide quality assurance on the company’s performance or call out risks to the public, in general, as well as to internal management, government regulators, investors and/or creditors. For internal auditors who ensure that the organization’s funds are being used appropriately, they adhere to the standards of the Institute of Internal Auditors or IIA. They add value to the organization by helping to find ways and means to avoid wasted and fraud in the operation (U.S. Bureau of Labor Statistics, n.d).
The outlook for careers in accounting and auditing is bright. U.S. Bureau of Statistics reports that employment in this field pays a median annual wage of $63,550 (as of May 2012) and the job prospect is expected to grow 13 percent from 2012 to 2022 (U.S. Bureau of Labor Statistics, n.d). To become successful in their careers however, most accountants have a degree in accounting or a related field. The longer or the more extensive their accounting/finance experience is, the better chances they have in the labor market. In addition, employers nowadays, prefer certification within a specific field of accounting such as Certified Public Accountants (CPAs) (AICPA, 2014).
Reference
U.S. Bureau of Labor Statistics (n.d). Accountants and Auditors, Occupational Outlook
Handbook. Retrieved from http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
American Institute of CPAs-AICPA (2006-2014). Common Career Paths. Retrieved from
http://www.aicpa.org/Career/CareerPaths/Pages/CareerPaths.aspx
