In addition to preparing, analyzing, and verifying financial data, accountants are also responsible for analyzing budgets and financial planning.
The most popular areas in accounting and auditing are public, management, and government accounting.
Public Accounting
Public accountants perform a wide range of accounting, auditing, and consulting activities for corporations, governments, nonprofit agencies, public bodies, and private firms. Many accountants concentrate on taxation and related services, while others offer advice in such areas as compensation, employment healthcare benefits, and accounting services.
Other public accountants prepare financial documents and statements in accordance with various statutory requirements. Some public accountants work from their own offices and specialize in specific areas.
Management Accounting
Also known as corporate or managerial accountants, management accountant prepares financial and accounting information for corporations, firms, and other bodies. Their responsibilities include budgeting, financial performance evaluation, cost and asset management, and strategic planning. Depending upon their duties, they may work independently or as parts of larger teams.
Government Accountants
Government accountants work with government agencies and examine the accounting records of individuals and private agencies to ensure they comply with rules and statutes. Federal, state, and local departments usually employ professionals with qualifications in accounting. Some professionals with auditing credentials also work as auditors. Typically, such professionals audit the financial records of public bodies, private businesses, and firms and verify their integrity in accordance with existing regulations.
Qualifications for Becoming an Accountant
People who aim to become accounting professionals need at least a bachelor's degree to begin careers in the field. Many federal and state accounting jobs require a bachelor's degree in accounting along with appropriate experience in the accounting field.
Also, having a professional license or certification is preferable and will soon become the standard for most accounting professionals. More and more businesses and firms are implementing computerized accounting systems, so exposure to recent advances in technology is also an important aspect of finding the best accounting job. Public accounting professionals can seek certification as Certified Public Accountants (CPAs) through their state boards of accountancy.
The U.S. Department of Labor Bureau of Labor Statistics reports those with higher education backgrounds and certification, especially CPAs, will tend to excel in the accounting job market within the next eight years.
The American Institute of Certified Professional Accountants (AICPA) arranges the CPA licensing examination, which is a four-part examination conducted over a period of two days.
Career Opportunities in Accounting
Individuals who plan to pursue careers in accounting should have excellent math skills — something that most Americans tend to lack these days.
They should also be talented at preparing detailed reports as well as comprehending and analyzing complex numbers. Most accountants begin their careers with accounting firms and progress in their careers by gaining relevant skills and experience. They usually begin in trainee or part-time positions and gradually advance to senior positions within a few years. Those with adequate experience can even become supervisors and managers. Some become partners in their organizations, while others may open their own accounting firms.
