 |
|
Accountants And Auditors
Accountants and auditors are business professionals who perform a wide range of financially related tasks. As a group, accountants and auditors record, report, and analyze financial information. There are four major branches of accounting and an accountants's job specifics vary depending on the branch:
Government accounting and auditing - Government accountants and auditors work in the public sector (federal, state, and local government). Depending on which branch of government they work in, they:
Internal auditing - Internal auditors evaluate their company's internal controls, financial and information systems, and management procedures to ensure that financial records are accurate and that internal controls are adequate to identify fraud, mismanagement, and waste. They also evaluate the company's compliance with corporate policies and government regulations, as well evaluating company efficiency.
Management accounting - Management accountants may also be referred to as cost, managerial, industrial, corporate, or private accountants. Regardless of their title, management accountants responsibilities include:
Public accounting - Public accountants provide services to corporations, governments, non-profit organizations and individuals. Public accountants are not employed by, and are independent of, the organizations for which they provide services. Services that a public accountant may provide include:
It should be noted that accountants that audit an organizations financial records may not also provide advice on human resources, technology, investment banking, or legal matters to the same company.
Accounting and Auditing Job Characteristics
Accountants and auditors work in office settings. While many work a "normal" work week of approximately 40 hours, many may work substantially more hours during "crunch times" such as:
As of 2006, there were approximately 1.3 million accounting jobs in the United States according to the U.S. Department of Labor Bureau of Labor Statistics (USDL BLS). Of these, 21% were working for accounting, tax preparation, bookkeeping, and payroll services firms. 10% were self-employed.
The U.S. Department of Labor Bureau of Labor Statistics expects "strong growth" (18 percent between 2006 and 2016, which is "faster than average") in accounting jobs due to stricter accounting and auditing regulations such as Sarbanes-Oxley (SOX), as well as the potential implementation of new standards such as the International Financial Reporting Standards (IFRS). Accounting ranks as the 10th hottest job area in terms of growth through 2012 according to the USDL BLS.
Increasing focus on financial crimes (embezzlement, bribery, and securities fraud) will drive the demand for forensic accountants (forensic auditors or investigative auditors), accountants who specialize in auditing and investigation and provide analysis that is suitable for use in court proceedings.
Demand for accountants and auditors, combined with somewhat decreased supply of individuals going into the field after the institution of the 150 semester hour education requirement, helps accounting salaries to remain strong. In fact, according to a 2006 Hudson survey published on CFO.com, accounting and finance employees are more likely than the rest of the workforce to have received a raise in the last year (Job Satisfaction Higher in Finance. Stephen Taub. CFO.com. June 8, 2006). That same survey indicates that finance and accounting employees are also more satisfied with their jobs than other workers.
The top three attributes that hiring companies find most desirable when comparing accountants seeking a job are:
Source: Average Starting Salary for Accountants (PDF), Compiled by: The Florida Institute of Certified Public Accountants, 2008 from the 2008 Salary Guide: Accounting & Finance from Robert Half International.
Accounting Education, Certification, and Licensing
Accountants and auditors must have at least a bachelor's degree in accounting or a related field. Accountants who will be filing reports with the Securities and Exchange Commission (SEC) are required to be Certified Public Accountants (CPAs).
Nearly all states (42) require that a CPA complete 150 semester hours of college coursework, which is 30 semester hours beyond the typical bachelor's degree. In addition, for all states CPAs must also pass the Uniform CPA Examination prepared by the American Institute of Certified Public Accountants (AICPA) and be licensed by their state board of accountancy. Continuing education for CPAs, referred to as continuing professional education (CPE), is also required by nearly all states.
The specific requirements to be licensed in a specific jurisdiction (state, territory etc.) vary. An individual who wishes to become a CPA in a specific jurisdiction should familiarize themselves with the specific requirements for that jurisdiction. The National Association of State Boards of Accountancy provides the Accountancy Licensing Library, which is an excellent resource for CPA licensing information.
There are also voluntary certifications for accountants, including:
Resources for Accountants and Auditors
Schools for Accountants And Auditors are listed in the column to the left.
The Top Cities tab shows employment statistics for Accountants And Auditors by major US metro area.
Schools for people wanting to be Accountants And Auditors; these schools offer particularly quick info upon request, and we have written detailed profiles for each (click school names to see the profiles).
Request info from multiple schools, by clicking the Get Info links.