Accounting and Auditing

 

Earnings Potential

According to the bls.gov, Median annual wage and salary earnings of accountants and auditors were $50,770 in May 2004. The middle half of the occupation earned between $39,890 and $66,900. The top 10 percent of accountants and auditors earned more than $88,610, and the bottom 10 percent earned less than $32,320. According to a salary survey conducted by the National Association of Colleges and Employers, bachelor’s degree candidates in accounting received starting offers averaging $43,269 a year in 2005; master’s degree candidates in accounting were offered $46,251 initially. http://www.bls.gov/oco/ocos001.htm#earnings

Facts at a glance

Most jobs require at least a bachelor’s degree in accounting or a related field.
•    Overall job opportunities should be favorable; jobseekers who obtain professional recognition through certification or licensure, a master’s degree, proficiency in accounting and auditing computer software, or specialized expertise will have the best opportunities.
•    An increase in the number of businesses, changing financial laws and regulations, and greater scrutiny of company finances will drive faster-than-average growth of accountants and auditors.
•    Accountants are ranked number 3 in terms of self-employed earners.
Summary of what this career entails:
According to bls.gov, accountants and auditors are very important because they help make sure that firms are run correctly, public records are kept correctly and taxes are paid not only on time, but are paid correctly. Accountants offer services to individuals and businesses to make sure that things are done properly. Many people leave the headaches of paying taxes to accountants. As far as business go, if the economy continues to grow, then more of them will hire accountants to manage their books. With that in mind, the fields of accounting and auditing look to be healthy in coming years. The basics of the job are preparing, analyzing and verifying financial documents, all of those help them bring information to their clients. Contemporary accountants and auditors are making themselves well-versed in budget analysis, financial and investment planning, information technology consulting and limited legal services.

Examples and or details of work

According to soxfirst.com, the Sarbens-Oxley law has made accountants much more than fact checkers and number crunchers. The law, which was put into effect after the Enron scandal, has now deemed accountants "protectors of the public trust (http://www.jsonline.com/story/index.aspx?id=493978)." Because of this not only has the job functions of accountants changed, new jobs in the accounting field have opened up. Jobs that have become available since the law came into effect include chief compliance officer and vice president of risk and control.
 

Degrees that lead to this career

For the most part a bachelor’s degree will be enough to land a good job in the accounting/auditing field, but there are employers who heavily prefer a master’s degree. Degrees that lead to a job in accounting or auditing include accounting, cost accounting, governmental accounting, business administration (masters), auditing, corporate and partnership tax.
 

Specific Career openings in this field

Specific jobs in the field of accounting and auditing include: actuary, international trade specialist, certified public accountant, bank examiner, controller, professor, stockbroker, financial analyst, auditor, and loan administrator.

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