Accounting is an exciting profession with many changes taking place at all levels. The laws are changing. The medium to large size public accounting firms have branched out into consulting, are on the cutting edge of computer technology, and are more involved in governmental affairs. It is the perfect profession to begin at any time. The inherent flexibility within this profession provides a much improved job outlook.
As an accountant, you can just about work for any firm, because there are so many opportunities out there. It is necessary for you to select a path that most compliments your lifestyle. Accounting can allow you to live in interesting places and meet interesting people and has a vast opportunity for global expansions in the next decade.
Accounting is more than just number crunching. Accounting is the language of business. It is unfortunate that a number of bright students interested in accounting may not enter the field because they have a major misunderstanding of the profession. Accounting is affected by the public's perception of it. The way accounting is perceived by society affects whether or not the best and the brightest are attracted to the field.
The stereotypes in movies, by students, and in society show the essential qualities to success in the profession are not perceived well by any of the three. Just because the movies portray accountants to be white, subordinate, males who like to work with numbers, it is time you realize that this is not reality.
A significant number of students are attracted to accounting because they believe that accountants do not have to work with others, do not need strong communication skills, and have no need for ethics. Communication skills, ethics, and flexibility to change are essential to the accounting profession, despite these stereotypes.
Who are Accountants?
Now that you have chosen Accounting as your career, the next step is to choose what path you will take - Corporate Accounting, Public Accounting, Non-for-Profit Accounting. There are also a variety of jobs in governmental agencies, universities, and other educational institutions.
Who are Public Accountants?
Public Accounting is one of the largest sectors of the accounting field. It includes a variety of CPA firms. They range from the "Big Four" firms to small local firms. Most of the large firms offer auditing and tax work, while smaller firms tend to specialize in a certain area. Most firms require their accountants to pass the Certified Public Accounting exam, and eventually obtain the Certified Public Accounting Certificate. Public accountants perform audits, prepare tax returns, and process other nontraditional accounting services. Tax specialists help in tax planning, and tax lawyers represent clients in court cases.
Who are Corporate Accountants?
Corporate accounting is the largest area of accounting. It offers almost unlimited job opportunities in all kinds of positions. Accountants for corporations may do anything from daily bookkeeping to preparation of financial reports. They could also hold other non-accounting financial positions, including financial analyst or advisor. The largest section of the corporate field in managerial accounting deals with cost accounting. Students planning a career in corporate accounting should pursue the Certified Management Accountant Certificate (CMA).
Who are Not-for-Profit Accountants?
Not-for-Profit organizations operate differently from private corporations, and require specialized accounting techniques. Not-for-profit organizations include charitable organizations, school systems, and certain hospitals and healthcare facilities.
Who are Government Agency Accountants?
Governmental agencies offer a variety of jobs in the accounting field. Job opportunities exist in the Internal Revenue Service, which employs accountants for jobs ranging from auditing to criminal investigations. The Federal Bureau of Investigation and the Securities Exchange Commission also offer jobs in accounting.
Who are Educational Institution Accountants?
Jobs ranging from high school teacher to college professor are the major careers in accounting that combine the field with education. Generally, a doctorate degree is required by most colleges and universities, while community colleges do not have as stringent requirements.
Source: New Accountant 4-94
It is possible for you as a student to be interested in several different aspects of the accounting field as described above. It is a proven fact that most people who work for a public accounting firm do pursue a career in another field. When you choose your career field of interest it will affect your long term motivation, happiness, level of income, and the quality of work you perform. At this stage in your academic and professional life accounting may or may not be for you. If accounting is your career choice then there clearly are numerous opportunities for you to pursue.
What's Ahead for Accountants
What is ahead for accountants is a very bright future with increased job possibilities and increased earnings. The need for many professionals is expected to rise by the year 2000. According to the latest news from the AICPA, 20,000 to 25,000 new college graduates will be needed annually by public accounting firms through the year 2000.
The following chart shows the probable growth in demand for the fastest growing professions with accountants topping the list.
Accountants ************************* 40%
Physicians ************************ 38%
Attorneys ********************** 36%
Engineers ******************** 32%
Pharmacists ************** 24%
Financial Managers ************** 24%
Teachers ********** 19%
Bookkeepers/Clerks ** 4%
Source: U.S. Bureau of Labor Statistics
The 1995-2005 Job Outlook in Brief
As the 21st century approaches, it can no longer be looked at as the distant future. With the changing global economy the new century will bring revolutionary changes in all areas of our lives, especially in each person's career.
Accountants entering the field in the next few years will be faced with new untested challenges. The entire field of study is poised to make a strong entrance into the new century with above-average job opportunities. The shift to automation, globalization, and downsizing are major factors reshaping the industry. These and many other forces will determine the skills that accountants will need to be successful in the 21st century.
Industry reports indicate that current technical knowledge is only about 1% of what will be available in the next 50 years, which includes your career span. When a client has the choice between two candidates, one with years of good, general experience and one with less experience but a hands-on familiarity with the client's software, he/she prefers the latter.
Along with the technological advances, there has also been a trend toward increased globalization. To keep pace with these changes future accountants should consider adding courses in language, culture, and social and foreign business customers. Downsizing is affecting the complexity of the profession because downsized firms assume broad responsibilities.
What Companies Want from Accounting Graduates
As the end of the 20th century nears, the future of accounting looks promising. Many firms are expanding their services to include financial consulting. This is why firms want students to have a broad background of course work which includes economics, finance, management, and marketing.
Areas you will be evaluated on:
- Technical qualifications
- Communication skills
- Use of time
- Ability to follow instructions
- Ability to plan and organize effectively
- Initiative and decisiveness
- Acceptance of responsibility
- Creativity, flexibility, and open mindedness
- Interaction with others
- Ability to deal effectively with pressure situations
- Skill in preparing working papers neatly and legibly
- Knowledge of employer policies and procedures
- Ethical behavior, integrity, professionalism
- Common sense and good judgement
For further information about the accounting profession please check the following web sites:
The American Institute of Certified Public Accountants at www.aicpa.org
The Pennsylvania Institute of Certified Public Accountants at www.picpa.org
The Institute of Management Accountants at www.imanet.org
Accredited by The AACSB International - The Association to Advance Collegiate Schools of Business
Clarion University's College of Business Administration provides fully accredited BSBA and MBA degrees.
For information about Clarion University's College of Business Administration, please contact our Assistant Dean, Mr. David Hartley
Phone: (814) 393-2600
Fax (814) 393-1910
University Admissions:
1-800 612-7171 ext. 1
