Is A Career In Accounting Right For You?
Is a career in accounting the right professional path for you? Only you can know, but keep reading to learn a bit about it if you are at all curious about it.
The field of accounting is a study in how businesses track their assets and income over time. Accountants do a lot more than just making generic assumptions. They also compute the efficiency gains and costs associated with new technology. They also participate in strategies towards acquisitions and mergers, and they handle quality development. Additionally, they develop and use information systems to track fiscal performance metrics, tax strategies, and even manage health-care benefits.
An accounting career is versatile and rather momentous. The field is typically divided into three comprehensive categories. These are auditing, management accounting, and tax/financial accounting.
Auditing: Working in an audit means checking the financial statements and accounting ledgers of a government or corporation.
Budget Analysis: These analysts are usually responsible for the development and management of the financial plan of an organization.
Financial Accountants: These professionals assemble and prepare financial statements that are based on the available general ledgers. They also participate in crucial financial decisions. These decisions include mergers, acquisitions, long-term financial projecting, and benefits/ERISA planning.
Management Accounting: These professionals are employed by companies where they participate in decisions regarding the line of business analysis and capital budgeting.
Tax Accountants: Professionals in this category prepare both personal and corporate income tax statements. They also develop specific tax strategies regarding financial choices, tax deferrals, what items to expense, and how acquisitions or mergers are best treated.
Among these different branches, different levels of skill are required for them. Communication skills are necessary for all of them but financial and tax accounting typically demands the least amount of skill necessary. On the other hand, audit accounting is best for those with intermediate skill levels or better, whereas financial accounting necessitates the utmost levels of proficiency.
Entry-level accountants typically work in team-oriented settings, often starting as junior members of teams handling larger tasks, accounts, or statement preparation. Junior members have to still pull their weight, proving they can function as a productive member of their unit.
The BLS reports considerable growth in the field of accounting, which means that positions are open and competitive in terms of benefits and wages. Those who do well in their work will also do well in their careers.
A dozen or so firms constitute the industry’s best. Those who are graduating from college and looking for entry-level positions are advised to start their careers at such firms. The overwhelming majority of accountants will never make partner at these firms, but the training and experience in spending time with them are of tremendous value.
After that, many go on to business or government careers with a focus on accounting. Some even move on to start their own firms.
The expected growth in the accounting field is not expected to slow down anytime soon, and the positions open might start increasing with the Baby Boomer generation retiring.
Here is a list of local Accounting companies in the area that may be able to assist in getting started in accounting