Accounting Jobs Popularity - Ever Increasing Scope And Plump Salary

Experienced accounting seniors however, have the view that dedication to work, careful planning and putting in those long hours at work do eventually pay off – Big Time – if their pay packets and partner positions are anything to go by! Even with 12% more accounting grads likely to be taken up by various firms this year as the number of graduates increase, there are no signs of the trend reversing for the demand of this elite class of employees, which first began in 2000!

This is sure good news in good measure for the thousands of accounting graduates who thought they’d be stuck with log-books and slaving over little typewriters as horror tales of their former colleagues some 3 decades ago were anything to go by; but, luckily for the current crop of accounting graduates, there’s a lot of doors opening up for them as far as good, paying accounting jobs are concerned. Research reveals that an estimated 60% of business houses in India alone are looking at employing the same number of graduates this year as they did the year before so that’s a record increase of 55% from the previous year - an amazing percentage no doubt, revealed to us by the Collegiate Employment Research Institute, CERI at MSU.

Other market surveys on business trends that have studied the pattern of employment at various organisations reveal that this increase in hire-staffing of accounting graduates is at par with the increased popularity of employment preferences of corporate houses towards those with a graduate degree in other fields, such as business, biological and physical sciences as well. So, skills and higher qualifications rule – 2000 and beyond, it seems!

Well, if the decline in employment rates in other industries is anything to go by, it is no wonder that more youngsters are taking to highly paying fields like accounting, construction management, engineering and health care – all of which are up and coming industries with an eye to growth.

Some experts feel that this 3-4% increase in the hire-staffing of accounting graduates and those in their ilk is due to the expected growth forecast for the economy in the coming year as revealed by the Federal Reserve Bank’s most recent survey. But, whatever the truth behind the increased staffing of accounting graduates actually is, what does remain as a universal fact is that many businesses are coming up from a slump period and looking to conduct fresh-hire campaigns to make up for lost time, so accounting interns

, entry-level positions and permanent accounting jobs for those with an accounting degree are a given.

Choosing a Career in Accounting

When making a career choice, many young people with an affinity for numbers make a decision to enter accounting. Business schools have bachelor programs for accountants, and there are openings in businesses, government and auditing firms.

Questionable business practices and the resulting government regulation have increased positions for accountants. A Certified Public Accountant with expertise in Sarbanes-Oxley compliance is very valuable.

The long hours, hard work and pressure situations make the accounting field inappropriate for some people. Even those with great mathematical skills may be ill-suited to the rigor and monotony of the life of accountant.

Positives of an Accounting Career

The primary reason many end up in accounting is that it is a specific career. Courses taken in college provide specific training. Many students can walk out of college and apply the lessons immediately at a job.

In contrast, a major in mathematics or economics does not train the student for a particular occupation. There is more flexibility, but less security.

Accounting is an indoor job, not a lot of heavy lifting, other than briefcases. Today, computers play a large role, and accountants need to be able to use spreadsheets and word processing software.

As a white collar occupation, the pay is good, with starting salaries above $50,000 in some markets. Mobility is fairly easy, within a country. Crossing borders is more difficult since rules vary by country.

Accounting is not bookkeeping. There is considerable challenge in identifying issues and solving mathematic problems. There is often interaction with others, which may include clients, peers or subordinates.

There are many opportunities for advancement, to the highest financial position in the organisation; partner, chief financial officer or treasurer, depending on the type of company.

Negatives of an Accounting Career

Accounting is a rigorous profession. Most accountants, especially at the beginning of their career, are expected to work long hours and weekends.

Staff at auditing firms, particularly, work many hours in their first years, doing basic accounting reviews on the road, in firms that tolerate their presence at best.

The expression used at these firms “three years, up or out” embodies the experience. Staff either get used to the hours, or move to other companies or professions.

The work can be tedious and become monotonous. In a business, there is a regular month end closing process, and no vacations can be taken during this time, and weekends are expected.

There is a stigma of the bean counter, applied by people in other professions. The role itself is a matter of monitoring and reporting on others, rather than creating business. It is not a good fit for an entrepreneurial person, or someone needing a lot of human interaction.

With the long hours and indoor work accomplished mostly by sitting, it is not a healthy occupation. Exercise is very important during those few non-work hours.

Finding the Right Career

A student should carefully assess their strengths and desires before deciding on a career. Accounting offers stability and financial rewards, but requires mathematical ability and a strong work ethic.

Accounting: Facts & Trends

Future is Bright The future of accounting is bright according to the Bureau of Labor Statistics which projects a 16% increase in job openings by the year 2016. Much of this reflects the increasing complexity of corporate transactions, the introduction of Sarbanes-Oxley requirements after the Enron scandal and growth in government. Demand is especially high in the tax and health care areas. Tougher Certification Requirements for CPA After most States instituted the 150-hour rule for CPAs, enrollment in accounting programs at many universities declined. Enrollment has now started to rise and the job prospects for CPAs are better than ever. Managerial Accounting Ideas Taking Off Many firms are focusing on activity-based management, process-view analysis, constraint checking and business process analysis as well. The world of management accounting is evolving rapidly and there is high demand for accountants who are knowledgeable about these trends. Learn more at the Institute of Management Accountants. Educational Requirements Climbing Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field. Beginning accounting and auditing positions in the Federal Government, for example, usually require 4 years of college (including 24 semester hours in accounting or auditing) or an equivalent combination of education and experience. Some employers prefer applicants with a master’s degree in accounting, or with a master’s degree in business administration with a concentration in accounting. Image of Accountants Improving Accountants are working on their image. The AICPA announced a $3 million campaign to spread the word about how CPA's add value. In a Wall Street Journal on the topic Mitchell Klein, a partner of Fasman, Klein & Feldstein, a New City, N.Y., accounting firm, "Too many people associate accountants with death, tax and bad news and question our integrity because of the big audit failures that major accounting firms have failed to catch." Ever Think of Working as a Temp? An interesting option for persons interested in not spending their entire lives in the office is become an accounting temporary. There is high demand for specialized accounting temps and CPA firms have started to hire temps to smooth out their staffing through seasonal cycles in the business. Skill Requirements Becoming Broader There is high demand for individuals who can go beyond technical skills and display good interpersonal abilities, legal knowledge sales abilities and foreign language skills. Accountants are broadening as business globalizes and becomes more team-oriented. Experienced Players Gaining Currency There is also rising demand for persons with consulting skills or industry experience and falling demand for college graduates. CPA and CMA Both Highly Valued A recent survey found that over half of corporations which hire accountants feel that the CPA (Certified Public Accountant) designation and the CMA (Chartered Management Accountant) as very important.

Skills and Talents required for an accounting Job

Accounting offers superb career opportunities in many different contexts. The field is normally divided into three broad areas: auditing, financial/tax and management accounting. The skills required in these areas differ as follows:

Skill	Audit Accounting	Tax & Financial	Management Accounting
People skills	Medium	Medium	Medium
Sales skills	Medium	Medium	Low
Communication Skills	Medium	Medium	High
Analytical Skills	High	Very High	High
Ability to synthasize	Medium	Low	High
Creative ability	Low	Medium	Medium
Initiative	Medium	Medium	Medium
Computer Skills	High	High	Very High
Work hours	40-70/week	40-70/week	40-50/week

Accounting is very team-oriented.

You will usually start as a junior member of a team responsible for auditing an important account or preparing financial statements. It is important then that you enjoy working as part of a team and that you learn to do so in your education.

You've Got to Surf Waves of Innovation

The field of accounting has seen constant technological and intellectual innovation in recent decades. Firms are implementing new electronic systems for submitting and preparing financial statements. And ways of tracking costs have improved with the introduction of techniques such as activitity-based costing.

Cultivate Your Network

It's important to have a good network of business contacts in consulting as you progress. New business development becomes part of your job. As your classmates rise in their respective business areas it is important to stay in touch with them as they may become your future customers.

People Skills Matter

The stereotype of the green eye shaded accountant in the back room is not representative of the world today's accountant lives in. The best accountants will rise far in their organisations - whether it be to partner in a public accounting firm or controller / CFO in a corporation. The main skill that will differentiate those who make it to the top is the ability to to interact well with people. In a public accounting firm setting business success depends on getting your client to want to do business with you, to want to use other services offered by your firm and to understand the various accounting factors that arise. In a corporate setting, its even more important to be able to engage with colleagues across the organization and to elicit cooperation.

Tips on How to Write a Resume For a Career in Accounting

If you are looking for a career in accounting, you should be able to write a resume that will make your employers believe that you are the right person for the job. Accountants are people whose main responsibilities lie on the financial department of a company, and people who work under this department must be trustworthy. The first thing that will note if you are trustworthy is your resume, thus you should only write things which are true.

Accountants do the bookkeeping, making of financial reports and writing invoices. Thus applicants with an experience doing these things already have an edge. When you write your resume, you should start with your full name and your contact details which should include your address and numbers. A straightforward resume is preferred by some companies while others prefer formally written resumes. No matter what kind of format you use is not important. What is important is you be able to highlight your qualifications for the accounting position.

Qualifications usually include being a graduate of accountancy, having proficient skills in the different processes done in accounting and being a computer literate. Thus if you have these qualifications you should definitely include them. The highlights of your qualifications should be written after your contact information. After your qualifications, you should also include your experience including the number of years that you have spent in a company, the name of the company that you have worked for, the position that you took and the duties or tasks assigned to you.

All the mentioned information are vital parts that your employer wish to know and will make them decide if you are worth it for an interview spot. If you follow the tips mentioned in this article, then you are sure to be hired as the new accountant in that particular company given the fact that you have the necessary qualifications and experience.

Accounting as a job option

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions including computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management.

There's a lot to get out of a job in accounting. Perhaps most important: you will learn how business works. Accounting jobs offers stimulating and challenging work that is constantly evolving. Because accountants spend a lot of time looking under the hoods of businesses they really learn the nuts and bolts of business. It's no surprise that many successful players in business began their careers in accounting jobs. It's also no surprise that most Chief Financial Officers of large corporations have a background in accounting. An accountant is perfectly positioned to become a CFO because he or she probably has the best understanding of what drives business and profits in a company.

It's also worth bearing in mind that accountants are in perennial short supply. Accounting jobs are plentiful even in the current weak economy and the money for well trained accountants is good. Taxes, audits, bookkeeping will always need to be done. With the various financial scandals in recent years, the field has expanded.

To begin your career, your first accounting job will most likely be at a public accounting firm such as Ernst & Young or PriceWaterhouseCoopers . Most people do not make partner at public accounting firms but the experience and training can be excellent. From there, many move on to careers with an accounting focus in business or government.

Over 20,000 join public accounting firms in entry level jobs each year. These positions open up primarily to newly minted business graduates, many of whom already had accounting internships in college. Key hiring factors are major in college, communication skills and your grades. A typical starting job will be in auditing of businesses - both large and small. There are, of course, many job options available in this area to those without a four year college degree. Most bookkeepers have two years of college.

Welcome to this site on accounting careers. We've pulled together a substantial amount of background information to help you determine if an accounting job is a good fit for you.

Career options in Accounting

Accounting or financial managers are the people responsible for overseeing and maintaining the financial strategy and history of a company. The accounting manager is focused more on financial reporting, while the financial manager is focused on strategy and money management. Finance has been one of the more popular choices for MBA focus or concentration.

A finance MBA can offer numerous possibilities and can be an effective tool to help with promotions in the professions discussed below. Most prospective jobs for finance MBAs fall within investment banks, corporations, and securities firms. Many finance MBA graduates also follow careers in the consulting industry .

Financial Managers or Financial Analysts

Financial analysts and managers use historical (accounting) data in their decision making, however the number one role of the financial manager is to oversee the production of financial analysis and reports to help the company with decision making, business development, strategic planning, and alliance management. Through the use of these reports, the financial analyst helps to shape the company’s investment and business growth. Cash management strategies developed and implemented by the financial analyst help the company to grow efficiently and allow for maximum profitability in its investments.

Financial analysts and mangers play an important part in mergers and global financing and expansion. Highly specialised knowledge in these areas is an important asset to the financial manager and his or her employer to maximise potential profit and reduce risk. Many companies utilise globally active consulting firms exclusively for these purposes.

Accounting Managers

Accounting managers working in a corporate setting perform responsibilities relating to tax reporting and management, and creating income statements inside of controller and audit groups. This career path may bring one to the positions of corporate treasurer, corporate controller, or CFO (chief finance officer). Professional accountants working for a public accounting company will perform functions similar to those performed by independent audit or tax consultants. An educational history or background based in accounting, either as a Masters degree or as a finance MBA, will give you some of the coursework you need to have in order to take the CPA (Certified Public Accountant) exam.

Corporate Controllers

A controller is someone who is in charge of preparing a company’s financial reports to forecast and sum-up the company’s financial situation. The statements a controller would get together consist of balance sheets, income statements, earnings analyses, and expense analyses. Regulatory agencies may also require special reports from companies. Controllers prepare these reports. In addition, a controller will frequently be over the budget, auditing, and accounting departments of a company.

Chief Financial Officers

The top financial executive of an organisation is the CFO. The CFO supervises all accounting and financial operations, as well as administering the company’s general financial policies and strategies. While the CFO in a small company will often be responsible for all of the financial management duties, a CFO in a large company may delegate some or all of the responsibilities to other managers or vice presidents within the company.

Treasurers and Finance Officers

Finance officers other than the CFO and treasurers oversee and guide a company’s financial objectives and budgets. The financial officer may formulate and implement strategies to raise capital, oversee cash management, or manage the company’s capital investment activity. Financial officers also play a significant role in a company’s merger and/or acquisition activities. The treasurer, while he or she may share some of the financial officer’s duties, will usually have some banking experience.

Cash Managers

The Cash Manager is responsible for overseeing and controlling cash flow, both accounts receivable and accounts payable. He or she is also responsible for ensuring that the cash position of the company is sufficient to meet current and forecaster needs, or whether adjustments in investment quantity and type are necessary.

Risk and Insurance Managers

Business operation and transactions involve a certain amount of risk. Risk managers and insurance managers work to minimise the amount of loss a company incurs and the amount of risk it is exposed to.

Management Consultants

Management consultants work to help companies with a wide variety of problems and issues. Everything from profitability improvement to corporate restructuring to financial strategy. The MBA going into this field should have either an expert understanding of a wide base of knowledge, or be highly skilled in two or more sub groups. The management consultant will also help companies with cash management and emerging market analysis.

Investment Bankers

An investment banker will work together with corporations needing capital to grow and institutions or investors who have money available to invest. An MBA is an enormous asset in this field as the investment banker will be giving investment advice to his or her clients regarding raising capital. Most investment banks have a corporate finance division that assists clients in structuring financial instruments such as stocks or bonds to raise capital.

Investment Banking Associates

People graduating with an MBA in finance often begin their career as an associate with an investment bank firm or investment firm. This is usually at least one level above the entry-level position as an analyst typically obtained by persons with only an undergraduate degree. Most analysts end up pursuing an MBA degree after a couple of years in the industry in order to obtain promotions. Many people in the corporate finance side of investment banking will obtain a CFA (Chartered Financial Analyst) designation as a supplement to their MBA. The Association for Investment Management Research (AIMR) is the governing body for the CFA exam and designation.

The mergers and acquisitions departments of investment banks provide consulting services to companies in the process of merging or acquiring other companies or organisations. Organisations wishing to acquire, dispose of, or invest in real estate will deal with the real estate division of an investment bank. Equities research and consulting for private clients are also frequently chosen as career paths for MBAs with focus in investment banking.

Investment Sales Associates and Traders

While MBA skills and knowledge are not explicitly required in this field, they do come in as very valuable in enabling a person to understand the economic principles that drive the financial markets. Investment traders and sales associates assist corporate or institutional investors in the purchase and sale of securities such as stocks and bonds. The sales associate makes recommendations and helps with the analysis, while the trader actually executes the orders for the client.

Credit Managers nd Specialysts

The Credit manager is in charge of managing the credit a company may issue to its clients or others. Credit managers formulate criteria for rating risk and credit, determine the maximum amount of credit to offer, and supervise past-due account collections.

Online MBA Degrees

Nearly 80% of top executives polled in a recent survey said that earning a graduate degree in business is important for those who want to obtain top management positions in most companies.