accounting jobs

accounting jobs

The Benefits of Pursuing a Career in Accounting

1. Introduction

Many decisions are based on financial data and, indeed, the future of individuals and nations depends on how this data is interpreted. Without information, it’s not possible to establish effective policies and make adequate decisions without adequate data. Accountants and financial specialists collect that information, analyze it, measure the results and take action on the results. When results are negative, accountants utilize their unique wisdom and talents to put into place strategies that ensure a brighter future. Because of this, the financial aspect of a business is considered as a vital part of the existence of any company. Additionally, now in these global climates, accountants have very good salaries, since globalization has highlighted the area of accountancy to a higher degree. More and more entrepreneurs are searching for new areas of a marketplace or expansion, which will inevitably lead to demand in accountants. In today’s world, accountants must have multidisciplinary knowledge, for example as part of tax, marketing, communication and that is only a few examples of new skills expected from those professionals.

Whether it’s financial planning, taxes or audit work, accounting is defined by the pursuit of collecting, analyzing, measuring and taking a look at financial data. Should you enjoy the analytical nature of math and finances, then work in accounting might be the perfect area of research. By establishing solid financial strategies and goals, you can guarantee the livelihood of many businesses and industries. Cut down invoices, count your funds and keep an eye on how well or poorly you’re doing with your budgeting, investments, savings or debt management because you hone your personal accounting abilities. We usually underestimate the value and impact accountants have on the operations and growth of companies and communities. In reality, they play a very clear and essential function in society.

2. Growing Demand for Accounting Professionals

While companies are looking for accounting and auditing professionals to comply with new laws and regulations, many are also seeking professionals with specialized skills. “It is more and more commendable to have skillful knowledge in analytical skills, complex math skills, and the ability to use computers and other specialized accounting software,” the Bureau of Labor Statistics reports. This demand for specialized skills is reflected in the rising salary levels being reported. For example, the Robert Half 2010 Salary Guide reports that the salary levels of professionals working within niche areas such as forensics and international accounting are expected to increase even more.

According to the U.S. Bureau of Labor Statistics, “Employment of accountants and auditors is expected to grow by 18 percent between 2006 and 2016, which is faster than the average for all occupations.” The main reason for this is the result of the changing financial laws and regulations, and the financial downturn throughout the global economy. With the collapse of companies such as Enron, and the sudden increase in accountability throughout the financial industry due to new accounting scandals such as those with Lehman Brothers and American International Group, corporations are now scrambling to comply with strict new laws and Securities and Exchange Commission regulations. Additionally, the Babbyym Act of 2002, which was created “in response to the numerous accounting scandals in the United States,” also now provides for an increase in pay and employment for accounting and auditing professionals.

3. Lucrative Opportunities in the Accounting Field

According to the NACE survey, accounting graduates from the class of 2012 received an average starting salary offer of $50,500, with advanced degree holders being offered nearly 22 percent more. Specifically, starting salary offers for accounting graduates with master’s degrees averaged $61,000, with industrial and government entities leading the way in offers to master’s degree holders. Advanced-degree offers were stronger across the country, but were particularly high in the Middle Atlantic states. For graduates with previous business internship experience, the average starting salary offer for an accounting major was a much healthier $53,900.

The increase in demand for accountants and auditors has also fostered a steady growth in salaries earned by these professionals. Historically, accountants have been well compensated (deservedly or undeservedly), and annual salaries for accountants and auditors have been attractive relative to those of other white-collar employees (Fig. 1). Accountants with advanced degrees or specialized expertise in international accounting, forensic accounting, or information systems enjoy even greater potential for healthy compensation packages.

4. Diverse Career Paths in Accounting

After graduation, there are several paths that accountants can take. Some professions may require additional certification and experience. Accounting is essentially the process of measuring, communicating, and interpreting financial and economic activities. Therefore, the process often includes performing and establishing the outcomes of an experiment or an analysis and the creation of a recommendation to a business or organization in either an advisory capacity or as a senior management role. Often, accounting duties include analyzing the strengths and weaknesses of a business or organization’s financial health and competitive infrastructure in the industry. Such a business or organizational re-engineering, as often is the role of an accounting professional, may begin as a profession in an accounting firm or as part of an accounting staff in a corporation.

With the current job market, many fresh graduates are struggling to find an employment opportunity right for them. Generally, the current job market is the brutal opposite of what it was a century ago. Then, people may have had an incredible abundance of options but with low demand. This often translates to not being able to find a job that is long-lasting and fulfilling. It’s no surprise though; historically, there is no guaranteed good job once a person celebrates graduation from college. Various measures have to be in place to promote education, including a college’s career fairs with some of the most notable organizations. Good job options can indeed be found, but landing them and optimizing success is certainly a challenge. The road to graduation and finding a job can lead to many murky unknowns and a troubling future. Many college students declare a major in accounting; a relative level of job security and a high salary often serve as an appeal. Once people contemplate what accounting is, these outcomes usually follow:

5. Conclusion

Given this rich vein of possible research, the next logical steps in this line of research include the need to determine whose message accounting students are listening to. The current study was limited to the participants’ undergraduate professors, but accounting students are exposed to a number of other potential sources of information, including external media, upperclassmen (with intent to pursue accounting), and the professional practitioners that increasingly populate academic accounting campuses in the name of “engagement,” “service,” or “practice”. Furthermore, this direct array of known sources does not address the role that less-methodized students (fellow undergraduate major, relatives, family friends, former co-workers, etc.) have on informing accounting students’ beliefs. Even if the exact source of accounting students’ informational influence is not forthcoming, the confluence of multiple-source research will increase the strength and depth of our understanding of the possible effects of post-secondary accounting education.

In light of this need, the results of the current study support this year’s call for increasing the diversity of accounting education, while also revealing that accounting students’ beliefs about their career prospects might not be well-informed. The current study is unique among accounting studies because it examines the effects of accounting education on students’ career prospects, students’ beliefs about their accounting education, and articulates plausible reasons for relationships that exist between these variables.

Upon entering a college accounting program, students are likely to consider a variety of career options. Some may be drawn to the allure of accountancy’s corporate trappings, while others may be pursuing CPA certification as a way of launching a business-focused career. Many future accounting professionals, however, probably view their positive career prospects as their field’s strongest draw. It is for this reason that one report in 2009 called the CPA certification “a consistent step to economic advantage”.