Accounting as defined by the American Institute of Certified Public Accountants is,'' The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof.''
Obviously if you are, hear you are at least thinking about working in the accounting field. This area has great potential because as long as there are companies in this world there will be a need for accounting. Before you begin your job search however there is some key information you will want to know. Education, legal requirements, job possibilities are just a few of the elements we will discuss here.
Education
The education of product manager jobs thoroughly depends on what area you live in and what level of accounting you are interested in. For something simple like tax preparation, you need no formal education in most states. A simple training session with the tax preparation company you will be working for is all that is required. However if you wish to do it on a full time year round basis a basic accounting degree will be required.
CPA- Certified public accountants are the year round tax offices; they are for small to large businesses. To become certified you must sit for the Unified Certified Public Accountant exam. In order to be eligible to take the exam you must have completed a bachelor’s degree plus one year of additional study, this is known as the 150-hour rule. This applies for 45 out of 50 states.
From this point you can advance your career through experience and or education, you have the option of continuing your education to a masters in accounting.
Key Elements
Once you have decided on your course of study it is important to consider the basic core elements of accounting to determine if you would like to specialize in one or the other. Accounting has five core elements for your consideration.
- Auditing- When one thinks of an accountant the picture of a person setting in the corner pouring over volumes of numbers looking for monetary discrepancies comes to mind. This is the auditing end of the business and is the heart of accounting. It involves checking financial statements to be sure there is no fraudulent activity.
- Budget Analysis- The second of the key elements of accounting and if auditing is the heart of accounting then budget analysis is its soul. No business can run without counting the cost of operations. In addition to managing a company’s financial plan a budget analyst is also involved in making deals, the ideal candidate is personable and has good quantitative skills.
- Finance- A finance accountant researches and draws conclusions about a company’s financial health. Similar to a budget analyst this position is involved in the business end of mergers and acquisitions.
- Management Accounting – This position is less focused on number crunching and more on where to allocate those numbers. A management accountant will have a bigger role in business decisions. Product manager would be a great example.
- Tax Laws- Tax accounting is primarily involved with keeping up with the latest tax laws and how they affect a particular company. While they have no role in business decisions, they are the lifeblood of the company. They will prepare the corporations and individual tax returns and be constantly on the lookout for ways to defer taxes. Many times a legal background is helpful in landing this type of position.
Now that you know a little about what it takes to be, an accountant and the different possible applications let us look at some typical jobs in the field.
One good example of management accounting would be in the product development manager jobs. This is a position that takes a product from infancy to full maturity, while maintaining cost analysis, sales forecasting, and advertisement. The median income for a product development manager is $75,000, while the range is $60,000-$80,000.
Product Line Manager
Similar in scope and sequence to the above position a product line manager’s duties will include:
- Coordinating manufacturing and production
- Push for manufacturing efficiency at all stages
- Manage plans, budgets, and results
- Allocate resources
Conclusion
Accounting jobs are not just geeks in glasses and pocket protectors crunching numbers in a backroom somewhere. There are many facets of accounting and plenty of room for growth both laterally and vertically. Ideally, you will begin with an accounting degree then work yourself into a field of expertise that you enjoy. Eventually you can move from bean counter to product manager jobs in no time at all. You could also decide that tax accounting is for you and perhaps take some courses in tax law to really improve your chances of finding that perfect accounting job.
