Accountants can become educators at the post-secondary level for community colleges, schools of business, and universities. Earning a PhD is usually required for college-level professorships in accounting. Tax accounting involves keeping records for paying taxes and making decisions that comply with tax laws. Large multinationals, small business, non-profits and individuals alike, all may have occasion to use tax accounting.
Regardless of tax status or obligation, all persons and organizations that generate revenue, receive pay, or accept funding may benefit from the services of tax accounting professionals. Financial accounting is done for the purpose of producing external financial statements for external decision-makers, such as investors and creditors, and is required by law for all publically traded companies.
Financial accounting must adhere to Generally Accepted Accounting Principles GAAP , with an emphasis on providing reliable, general-purpose, high-level information about the past performance of an organization. It looks to the future, rather than at the past, and can include subjective, detailed estimates and predictions of future events and transactions.
However, the Sarbanes-Oxley Act of did establish minimum standards for the internal reporting systems used by publically traded companies. Large public accounting firms generally perform the audits of companies traded on public stock exchanges. Major publicly traded corporations, as well as large private organizations, generally retain one of the four largest public accounting firms.
These firms enjoy a great deal of respect and prestige and are considered the pinnacle of the public accounting profession. At the same time, it is universally agreed that these firms, and the public accounting profession in general, owe a debt to the public trust.
While they work directly for the companies that hire them, they also provide invaluable services to the community at large. The Big 4 accounting firms provide a wide range of accounting and consulting services, but are perhaps best known for the auditing services they perform for companies that offer publicly traded securities. Each firm is actually a network of member firms with offices in many cities worldwide.
Each of the Big Four has approximately offices located throughout the U. There are also hundreds of small to medium-sized professional accounting and CPA firms in cities across the country, most of which practice within one state or within a targeted region. One need only recall the Enron and WorldCom accounting scandals of and to understand the damage that can be done when public accounting professionals fail to fulfill their duties to their clients and to the public.
As a result of accounting fraud committed by Enron and WorldCom, both major publicly traded organizations went bankrupt, employees lost their jobs and their pensions, and investors sustained massive losses on the stock market.
In addition, the reputation of the major accounting firm Arthur Andersen LLP was tarnished because of its role in auditing Enron and WorldCom, and, consequently, it was dissolved. Writing an accounting resume has no hard and fast rules. The most important thing is to focus on presenting your skills, certifications, areas of expertise, and specific accomplishments in an appealing and easy-to-read format.
However, following some best practices for resume writing can help in creating a concise, easily scanned resume that potential employers are sure to respond to. Although traditional wisdom says to keep a resume to one page, a two-page resume is fine if you have lots of experience.
A resume is a marketing document, and it needs to be well-formatted, proofread, consistent, and informative to make a good impression on hiring managers. Putting an objective statement on a resume is old-school and discouraged by most resume-writing experts. When initially scanning a resume, managers are looking for factual information that helps them decide whether to weed you out or contact you. Stick to the facts and skip the fluff.
The first item on your accounting resume, after your name and contact information, should be a paragraph that summarizes experience and presents key qualifications. A reverse chronological order resume starts with the most recent employer, listing basic job responsibilities and quantifiable accomplishments for each employer. According to Robert Half International, CPA is the certification most frequently requested by employers; therefore, many accountants get licensed to increase their prospects.
CPAs are licensed by their state's board of accountancy, which facilitates a national exam and outlines state requirements. Be sure to check the requirements for the state in which you plan to study and work. Almost all states require CPAs to take continuing education to maintain their license. Learn more about accounting curriculum on What You'll Study. The primary task of accountants, which extends to all the others, is to prepare and examine financial records.
They make sure that records are accurate and that taxes are paid properly and on time. Accountants and auditors perform overviews of the financial operations of a business in order to help it run efficiently. They also provide the same services to individuals, helping them create plans of action for improved financial well-being. Usually, accountants and auditors work in offices, although some work from home. Auditors may travel to their clients' workplaces.
Many accountants specialize, depending on their client or clients' type of business and needs. This position is a good mix of big picture issues and up-close details. As a manager, you'll be in charge of hiring, training, directing, and motivating a team of junior accountants. As a senior accountant yourself, you'll also deal with high-level tasks such as preparing annual budgets, tracking long-term financial data, and developing policies and procedures. You will also likely communicate with other department managers, so this role is ideal for those with a developed blend of soft and hard skills.
Like an accounting manager, tax managers are responsible for overseeing a team of other accountants. This often requires very specific research so you can stay up-to-date on any changes in the law. Depending on the company, a tax manager will develop different strategies for saving the most money during tax season. This position is one of the most senior financial roles in a company. You will likely oversee everything from bookkeeping to internal auditing. This role involves high-level duties such as strategic planning and risk management.
A background in accounting is crucial to translate financial jargon into actionable information for other business executives. So, what can you do with an Accounting degree? As you can see, there are more jobs for Accounting majors than simply becoming an accountant.
Even within the field, there are many directions to go. No matter your preferred career path, pursuing an Accounting degree is a smart option for anyone seeking a time-tested career option. Visit the Rasmussen College Accounting degrees program page to learn more about this popular career path. Information represents national, averaged data for the occupations listed and includes workers at all levels of education and experience.
This data does not represent starting salaries. Employment conditions in your area may vary. It has since been updated to include information relevant to There are some errors in the form. Please correct the errors and submit again. By selecting "Submit," I authorize Rasmussen University to contact me by email, phone or text message at the number provided.
There is no obligation to enroll. Gaining some type of work experience is an important part of getting professional qualifications. An internship or work shadowing opportunity will show potential employers that you have the skills and practical experience they're looking for.
If your course didn't include a work placement, look for a role in a field that interests you. This could include part-time work in a local accountancy firm or work experience in the finance department of any organisation. Experience that shows you have office and admin skills, as well as the ability to work with numbers and budgets, will be helpful.
Search for placements and find out more about work experience and internships. The main graduate recruiters are the very large multinational accountancy firms.
They use large-scale recruitment campaigns to attract the most promising graduates and have high minimum requirements. There are also opportunities in small to medium-sized enterprises SMEs that specialise in a particular type of work or local area. In the UK, a cluster of public sector jobs are available in central London with others available nationwide. Find information on employers in accountancy, banking and finance , business, consulting and management , and other job sectors.
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