Accounting is an exciting and challenging profession that continues to be transformed by globalization and information technology. Such forces are changing the nature of accounting work and how accountants perform that work. Ongoing changes to the regulatory environment, including tax laws, also create wide-ranging opportunities for accountants.
Many business professionals contend that accounting provides one of the best foundations from which to launch a business career. Although accounting positions you for a career in accounting or finance, it really involves a solid understanding of business, which enables accountants to move into operating, marketing, and upper management positions. For this reason, accounting is often referred to as "the language of business".
Indeed, job prospects for accountants are bright. One example: CNN/Money states that accounting is a fast growing profession with one of the best job outlooks with a 22 percent ten-year grow rate. See http://money.cnn.com/2011/01/06/pf/jobs/fastest_growing_professions.moneymag/index.htm
In addition, the world is increasing in financial complexity, which means that accounting skills are needed to: prevent and detect sophisticated fraud schemes; advise companies on becoming more competitive; and provide expertise in international trade. Another growth area for accountants is providing personal financial planning advisory services.
Accounting can allow you to travel, live in interesting places, and meet interesting people. Extensive travel opportunities exist for accountants in large companies as well as those working in public accounting. Accountants can work for corporations or accounting firms, or obtain a professional license as a CPA and work for themselves. As an accountant, you can work for almost any firm, but you need to select a path that complements your lifestyle.
Some 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. However, there are five key traits for success as an accountant including: communication skills, ability to work in a team, analytical skills, and a solid understanding of accounting and business (Source: Institute of Management Accountants).
Such skills, along with strong ethical behavior and a willingness to embrace change and leverage technology are keys to success as an accounting professional. The next step is to choose what path you will take - Public Accounting, Corporate Accounting, Not-for-Profit Accounting, Government Accounting, or with an Educational Institution. Remember, though, that accounting provides the flexibility to change your career path over time to suit your professional and personal interests.
Who are Public Accountants?
Public accounting includes a variety of CPA firms, ranging from the "Big Four" international firms, to large regional firms, to small local firms. Public accounting firms provide assurance (auditing) and tax services (compliance and planning). In addition, most offer advisory or consulting services and many are on the cutting edge of information technology. Large or regional public accounting firms provide a wide range of business services, while smaller firms tend to specialize within a certain practice area. Public accounting firms require their accountants to pass the Certified Public Accounting (CPA) exam, and eventually obtain the CPA license, which going forward will require 150 credit hours in Pennsylvania.
Who are Corporate Accountants?
Corporate or management accounting offers almost unlimited professional opportunities. Accountants for corporations may do anything from preparing financial reports to performing financial analysis. They hold positions such as financial analyst, financial manager, controller, or chief financial officer. Internal accountants analyze and transform data into information and thus play a key role in decision-making and helping organizations be competitive. 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. A range of accounting and financial positions exist within nonprofit sectors.
Who are Government Agency Accountants?
Governmental agencies offer a variety of jobs in the accounting field. At the federal level, job opportunities in the Internal Revenue Service range from auditing to criminal investigations. In addition, the Federal Bureau of Investigation, Government Accountability Office, General Services Administration, and the Securities Exchange Commission provide many professional accounting opportunities.
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.
You may be interested in several different aspects of the accounting field described above. You should recognize that many people who begin their careers in public accounting eventually pursue a career in another field. Just remember that your chosen career path will affect your long-term motivation, happiness, level of income, and the quality of work you perform. If accounting is your career choice then there are numerous opportunities for you to pursue.
For further information about the accounting profession, please check the following Web sites:
Institute of Management Accountants: http://www.imanet.org
Pennsylvania Institute of CPAs: http://www.picpa.org
American Institute of CPAs: http://www.aicpa.org
International Federation of Accountants: http://www.ifac.org/
Accredited by The AACSB International - The Association to Advance Collegiate Schools of Business
Clarion University's College of Business Administration provides fully accredited B.S.B.A. and M.B.A. degrees.
For information about Clarion University's College of Business Administration, please contact our Assistant Dean, David Hartley
Phone: 814-393-2600
Fax 814-393-1910
University Admissions:
800-612-7171, ext. 1
