Career in Accounting

The field of accounting involves measuring, interpreting, communicating and reporting financial activity. This might include:

• financial accounting: Financial accountants typically prepare documents and financial statements for stockholders, creditors, decision-makers and other external parties who are not directly involved with the day-to-day operation of the business. These parties use the financial reports to make decisions, evaluate company performance and plan for the future of the business. A financial accountant will have detailed knowledge on how to analyze and interpret the financial information. The statements are made according to the GAAP (Generally Accepted Accounting Principles) for the appropriate country.

• management accounting: Accounting managers report on private financial data reviewed by those within the company who manage and control daily operations. The information provided by an accountant manager is used for internal decision-making such as risk management (measuring the risks versus the benefits of business objectives) and resource management. Management accounting focuses on the future of the business more so than past figures, and the financial evaluations are not made based on a set standard.

• tax accounting: Tax accountants work on tax compliance and the preparation of tax documents. A tax accountant may work for individual clients or for a business. In a business, tax accountants gather, verify and process tax-related data for tax returns while also retaining the organization 's documents. A senior tax accountant deals with more complicated tax issues, leads lower accounting staff and may assist the tax manager in working to reduce the organizations tax debt.

Accountants provide a wide range of business and accounting services for their clients. In general, an accountant 's key responsibilities lie in the analysis, preparation and verification of official financial documents.

Accounting Degree Programs

There are several accounting programs that you can undertake, from two-year degrees to advanced postgraduate degrees. The following is a list of the most common options.

Associate of Arts in Accounting

Also known as an Associate of Science in Accounting, this degree takes approximately two years to complete. Subjects covered include:

• business strategy
• economics
• ethics
• financial statements
• management.

This program provides a good introduction to accounting in business, and students can use the credits accumulated to pursue a BA or BSc in accounting.

Bachelor of Science in Business/Accounting

The BS in Business/Accounting is a four-year program that prepares you for work in an accounting-related career. You will learn:

• auditing
• cost accounting
• financial accounting
• tax planning.

This type of degree is a good foundation for the professional examinations required to become a Certified Public Accountant (CPA) or a Certified Management Accountant (CMA).

Master 's Degrees in Accounting

The Master of Business Administration in accounting program concentrates on the business aspects of accounting. Like other MBA programs, this is suitable for those wishing to advance their careers and move into senior management.

Similar to an MBA in accounting, the Master of Science in Accountancy also takes about one year to earn, and it can help students qualify for professional exams.

Graduate Accounting Certificates

A graduate accounting certificate is a short course that is useful for those looking to increase their knowledge of the subject or to enhance their qualifications for CPA or CMA exams.

Costs of an Education in Accounting

If you 're planning on enrolling in an undergraduate program in accounting at a public university, then you will need to set aside $13,000 or more for tuition, fees, room and board.

At a private university, tuition will cost around $30,000, while postgraduate costs range from $22,000 to $32,000.

Job Opportunities

Although the cost of tuition can be significant, an accounting can yield high salaries. Qualified accountants start at upwards of $56,000 a year. Once you are fully qualified you will be able to work in a wide variety of business areas and take on leadership and management roles. A few of the many available accounting jobs include:

• accounting assistant
• accounting clerk
• accounting manager

Within the field of accounting there is also a need for specialists in diverse areas including cost accounting, financial accounting, general accounting and others. With an accounting degree, knowledge of the latest accounting software and a good eye for numbers and details, you 're off to a successful start in your accounting career!