According to the United States Bureau of Labor Statistics, Accounting is a growing field for anyone looking to build a career over the next 10 years. The bubble exploded, tax laws changed, companies and corporations closed and new fields opened. Some accounting fields grow faster, some as high as 25%.
Accounting Angles and Aspects
The specializations in accounting are numerous, from simple bookkeeping to complex analysis and valuation. Modern accountants are knowledgeable business professionals who are responsible for tracking money trails. Accountants maintain and process financial information needed by the company to manage and report its affairs.
Modern accounting involves calculating the costs and efficiency of new technology as well as participating in mergers and acquisitions. The best and brightest accountants are very important to the success of a company or corporation. Corporate accountants monitor the quality, development and use of systems for financial tracking, tax strategy and health care benefits management.
Types of Accountants
Public, management, government accounting and internal audit are the four basic types of accountants. Five careers in accounting top the list in terms of salary, job prospects, and longevity of demand. Within the four basic types are special fields, such as:
1) Internal Auditor
2) Compliance Executive
3) Financial Analyst
4) Accountant Staff
5) External Auditor
Employment and Salary
• Internal auditors work to improve company controls so as to make
companies comply with mandates that accompany new government regulations.
Internal audit covers operational effectiveness, the accuracy
of financial reports, and fraud investigations.
There is no expectation of responsibility for carrying out company activities.
They advise management and meeting room members on how best to do their jobs.
This accountant must be a Certified Internal Auditor (CIA),
an internationally accepted certificate for internal auditors. New arrivals require a Bachelor’s degree
and two years of field work. The national average salary ranges between $ 78,000
and $ 102,000.
• A compliance executive ensures that the company operates within
established guidelines, regulations and government specifications. For example,
financial legislation came in response to scandals such as Enron and WorldCom.
The compliance executive protects the public and company shareholders from
accounting errors or fraudulent practices. Since 2006, the
chief compliance officers have been in high demand in a corporate or large corporate environment.
• Financial analysts help growing companies to achieve profitability.
These accountants work in banks, insurance companies, mutual funds, pension funds,
securities companies, and other types of finance businesses. Financial analysts read financial
reports, analyze commodity prices, review sales, expenses, expenses
and tax rates to determine future income or current business value.
Financial analysts study the industry, current business trends, and competition
in the industry. These accountants are needed primarily for management and
senior executive positions, with high salaries.
• Staff accountants have long-standing top accounting careers. They
are responsible for gathering financial information and journal entries for
company accounts and carrying out account reconciliation. Staff accountants deal with laws
and regulations that govern the accounting function to ensure compliance.
This person collects financial information, prepares reports, records
information, classifies entries and summarizes financial transactions.
Requirements include three years of experience, especially in
public accounting. Compensation for staff accountants will increase by at least 5% in
• External auditors are independent accountants who come to a location to
review records and make recommendations regarding financial reports, their
clarity and completeness. Financial statements must be free from misstatements that
lead to allegations of fraud. Their job is to investigate issues that are brought to the
attention of external auditors by government authorities or
local tax entities.
External auditors must be independent accountants. This is essential for a
complete and thorough assessment of the financial condition of any company. If
there is a relationship between the company and the external auditor,
this should be part of the disclosures in the auditor’s report.
These independent accountants hold positions in increasing demand. Three to
seven years of experience and appointment as a certified public accountant is the
expectation of hiring an external auditor. Senior external auditors with
small firms will see a 5% increase in starting salaries over the next decade.
For those considering a career in accounting, these are the top five growth areas in accounting.