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Basics of an Accounting Career

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Accounting is one of the most popular majors across America right now. There are over 35,000 students getting their B.S degrees in accounting every year. The reason is that the starting salaries for accounting majors are among the highest, matched only by engineering majors.

The average accountant salary is $44,000 per year, and that is excluding overtime which a lot of accountants can get. Accountants mainly work in various industries doing work such as valuation work, litigation support, fraud investigation, risk advisory work and general accounting work which is needed across all industries. But demand for accountants is highest during tax season from January to April when more than 300,000 accountants and other tax professionals are hired to help Americans file their taxes.

Accounting firms are now also getting licensed to sell insurance and other financial investments. Accountants have risen in importance to financial companies because of the Sarbanes-Oxley (SOX) Act of 2002, which was meant to increase financial transparency and decrease fraud. This is the main reason behind a big rise in entry-level auditing jobs for those who have learned the new accounting rules and procedures. But just getting a B.S in accounting is not enough to rise to the top of the profession. Accountants who become CPAs (Certified Public Accountants) earn 10 percent more than non-CPAs in similar positions.



That difference comes out to around $5,000 to $10,000 more per year. But becoming a CPA is hardwork. In fact, accounting firms provide leave, mentors and even study materials for their accountants who are preparing for their CPA exams. This is in addition to the bonus and promotion that the accountant will get on becoming a CPA. CPAs in the United States also need to undertake continuing professional education (CPE) for 40 hours annually or 80 hours biannually to maintain their CPA licenses. There are several accounting organizations that provide CPE by way of seminars, courses, and other training programs. The coursework for staying a CPA varies from state to state with some states today emphasizing more on the ethical aspects of accounting.

Audit and tax regulations change constantly, so it's fundamental that you select a firm that recognizes the value of continuing professional education. Choose a firm that offers adequate training and educational opportunities designed to fit into your professional work schedule. Accountants are increasing also taking their work online too and out of the traditional office. This is because of a growing number of software applications and the growth in work from home jobs.
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