Question 2
My major is Accounting and Finance. One of the typical jobs for Accounting and Finance majors is accountancy and auditing. Accountants maintain and prepare financial records while auditors examine those financial records. They ensure that the financial statements are true reflection of the business performance and that any taxes that are due are paid on time.
According to the Bureau of Labor Statistics (BLS), the lowest 10 percent in the profession earned 41,400 dollars per year. The salary that is paid depends on the level of experience and education level. The minimum entry qualification for accountants and auditors is a bachelor’s degree. Therefore, I believe that those who earn the lowest in the profession are degree holders with little or no experience. As a new entrant in the profession with a bachelor degree, I expect to earn the lowest which is 41,400.
I expect that my salary will increase as I gain experience in the field over time. I expect that within three years I will be in the 25th percentile of the earnings ranking. US News estimates that the 25th percentile earns 53,010 dollars. After six years, I believe I will be competent and qualified as any accountant or auditor to undertake any task within the profession. Therefore, I expect that I will be earning at least the median salary in the profession. The median wages is 67,190 dollars per year. After 10 years, I will be an expert in my profession and heading towards the top earners in the field. Therefore, I estimate that I will be in the 75th percentile. US News estimates that the 75th percentile earns 87,530 dollars.
Question 3
I expect that my rent expense will increase. I am currently staying in a hostel. However, after moving out I will stay in my own apartment which will cost more than my hostel room. I also expect food expense to increase. I currently eat most meals at the student cafeteria which has subsidized meals for students. However, after I transition I expect to pay the full amount. I also expect to incur utility bills such as electricity, water and telephone. My current hostel rent includes all utility payment. I also expect laundry costs to increase. I use the university laundry machine which is subsidized. However, after I transition I will have to pay the current market rates. I expect my expenditure on entertainment to decline. After I transaction, I believe I will be busy with work commitment that I will hardly find time for entertainment. I also expect my expenditure on printing to decline. As a student, I have to constantly make lecture notes printouts. After I transition, I expect to do very little printing.
Monthly budget as a student
Monthly budget after transitioning
Bibliography
US Bureau of Labor Statistics, 2016. Accountants and Auditors: Pay. [Online] Available at: http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm#tab-5[Accessed 3 May 2016].
US Bureau of Labor Statistics, 2016. How to Become an Accountant or Auditor. [Online] Available at: http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm#tab-4[Accessed 3 May 2016].
US News, 2016. Accountant Overview. [Online] Available at: http://money.usnews.com/careers/best-jobs/accountant[Accessed 3 May 2016].
