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Accounting career report essay
Accounting career report essay
Accounting career report essay
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In response to your request, I have prepared the business research paper on the outlook of accounting for the next five years. In addition, I have used the findings of this research paper to determine if accounting is the right career path for me. Therefore, I have come to a conclusion that accounting is the right career path for me and I will still pursue my goal of becoming a Certified Public Accountant. What’s more, I want to inform you about the information I learned during my research.
Firstly, I learned the additional requirements to qualify to become a CPA and the location to take the CPA exam. To qualify to become a CPA requires 30 additional semester hours of education on top of a bachelor’s degree. I knew that I would need to take the four part exam, but I didn’t know I would need a total of 150 credits. In addition, that an individual has a maximum of 18 months to complete the four part CPA exam when one part is completed. Also, the only place to take the CPA exam is at a Prometric Center, which each state has only one.
Secondly, I learned about the Forensic Accountant job opportunity. It is a very interesting field where Accountants are hired to examine fraudulent activities in businesses, individuals, or organizations. Some of their job responsibilities are preparing accounting forensic reports, analytical data for litigation, and analysis of financial data.
Lastly, I want to thank you for giving me the opportunity to work on this research paper. I have learned many things about the field I am going into and it will help me prepare for the future.
EXECUTIVE SUMMARY
This report analyzes the outlook of accounting for the next five years and it will be used to determine if accounting is the right career path for me.
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...ncrease by 13% from 2012 to 2022. A minimum of a bachelor’s degree is required to qualify beyond entry-level job positions. The skill requirements will increase in the future as businesses and organizations globalize and become more team oriented. What’s more, after analyzing and evaluating the primary and secondary sources about a career in accounting I have determined this is the right career path for me. My goal remains unchanged and I still want to become a Certified Public Accountant. Due to the fact that, I enjoy accounting and it’s a growing, secure, and well paid job. Also, I look forward to the challenge of attaining a bachelor’s degree, preparing
(Conclusion Cont.) and passing the CPA exam, and maintaining the CPA license. What’s more, the institute that I will attend that in my opinion will give me the best opportunity to attain my goal is Walsh College.
The non-profit professional organization, American Institute of Certified Public Accountants (AICPA), was founded in the United States of America. The organization was founded in 1887, to help ensure that the accounting profession would gain the same respect as the other prestigious occupations had received from the public. The accounting profession, similar to the medical, legal, and engineering professions, is characterized by “…rigorous educational requirements [150 credit hours], high professional standards, a strict code of professional ethics, licensing status [Uniform CPA Examination], and a commitment to serving the public interest” (AICPA, 2016). These five characteristics
One common thought that majority of accounting majors think about is becoming a CPA after graduation. This plays a large part in the decisions for many of us to become public accountants. The requirements of a CPA include passing four examinations but what some accounting majors don’t know, is that you’re also required to have two years of public accounting experience with a bachelor’s degree to be licensed. However, if you graduate with a certain amount of specialized credits and pass those four examinations you would only need one year of public accounting experience to be licensed as a CPA. Private accounting experience is also acceptable but just under more constrictions than a public ...
Technology in the accounting field has come very far, from the abacus to modern day accounting software. E-Business, work being done through networks, is taking the accounting field to a more future computerized world, leaving the pen and paper behind. With all the new technologies, the profession of accounting is growing and expanding and proving that information and skills provided by accountants using modern technologies can spill over and help other parts of a business. Even with all the down falls that accounts have taken, from the stock market crash of 1929, and the fall of companies such and Enron, World Com, and Tyco. New technologies have brought new legislature and new forensic accounting titles, helping to keep the accounting and business world spinning.
Before I started this research, I thought of an accountant as someone who punched numbers every day and had great book-keeping skills but I have now learned that the accountant has to possess certain other skills often referred to as “soft skills” in order to be competitive and successful in this ever-changing business economy. Some of these “soft skills” are, but not limited to, excellent written and oral communication skills, the ability to work well with other people, work ethic, honesty, empathy, and problem-solving. Superior technical skills, though very important for an accountant, are no longer sufficient as employers are demanding that graduates have both technical and soft skills. If this is the case, are accounting majors adequately prepared and equipped with the requisite skills necessary to succeed in the accounting field? Researchers agree that there is a gap between the skill set of graduates and the expectation of the employer and that the accounting curriculum should be restructured in order to provide the accounting field with well-prepared, well-rounded, and suitably skilled graduates.
However, some employers prefer to hire applicants who have a master’s degree in accounting or in business administration with a focus in accounting. While there is no license, certification, or registration to be a regular accountant, a license is needed to be a Certified Public Accountant (CPA). To become a CPA, a person needs to pass a national exam and meet other state requirements. In almost all states, potential CPAs are now required to complete 150 semester hours of college work to be certified. Due to this high educational need, many schools offer a 5-year combined bachelor’s and master’s degree to meet the 150-hour requirement. However, needing a master’s degree itself is not required. Finally, passing the four part CPA Exam is required in every U.S. state. All four parts do not have to be passed at one sitting, but most states require that candidates pass all four parts within 18 months of passing their first part. To keep a CPA license active, all states require CPAs to take continuing professional education or CPE’s during their
Towards the end of the twentieth century the accounting profession began to take on a whole new look. Computers and accounting software has changed the industry completely. With programs such as Microsoft Excel an accountant now had an electronic spreadsheet. The need for adding machines, calculators, ledgers and pencils was eliminated. The job became less tedious with less of a margin for error. The core training for accountants which included the basic accounting, auditing and tax preparation was a thing of the past. With use of the computer an accountant can now perform statistical accounting or forecasting
First, I will express my personal mastery journey with my work life. I just recently graduated from the University of Indianapolis with my undergraduate degree in accounting. I graduated with a high GPA while participating in collegiate baseball, which I believe will help set me apart from others when beginning my career. That being said, I also believe that I have a lot of learning to do in order to be successful in my early career. I feel that I did not learn as much as I should have about accounting and I will need to dedicate a significant amount of time relearning and learning to have success in the accounting field. My vision for my career is to be a partner at a mid-level accounting firm in my early to mid 30’s. I aspire to be at a company that challenges me and allows me to progress and meet my goals. I would prefer a mid-level accounting firm because it would allow a better work life balance due to less hours. In order for me to bridge this very large gap of where I am currently at and where I aspire to be, there are a great deal of obstacles I need to overcome. First, I need to land an entry level position with an accounting firm that I feel will allow me to grow and succeed. I also need to put in the time to learn as much as I can about the profession. Finally, I need to allocate a substantial amount of time to studying and passing the certified public accountant exam. This is my
The nature of work of accountants and auditors is to prepare, analyze, and verify financial reports and taxes, and monitor information systems that furnish this information to managers in business, industry, and government. The major fields of accounting are Public accountants who have their own business or work for public accounting firms. They perform a large range of responsibilities such as doing taxes, numerous accounting and auditing, consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals. Management accountants also called industrial, corporate, or private accountants record and analyze the financial information of the companies for which they work with. Other responsibilities include budgeting, cost management, and asset management. These accountants analyze and interpret the financial information corporate executives use to make sound business decisions. Internal auditors are very important to our system. When companies make information more timely, top management base their decisions on actual data, rather than their personal opinion. So these auditors verify the accuracy of their organization’s records and check for mismanagement, waste or fraud. Government accountants maintain and examine the records of government agencies, and audit private business and individuals whose activities are subject to government regulations or taxation. All ranks of government accounting sees that revenues are received and expenditures are made in accordance to laws and regulations. Many who have a background in accounting work for the federal government as Internal Revenue Service Agents. Within each field, accountants often concentrate on one aspect of accounting. Jonda Dunn who I interviewed works for B. Lee Hubbard and Company in Jackson, Ohio. She has worked there for six years and enjoys her job. She has received a bachelor’s degree in accounting and minored in Computer Science. She chose this career because she loves math and numbers. Mrs. Dunn deals with payrolls, bank reconciliation’s, and financial statements.
My second goal is to become a Certified Public Accountant (CPA). I plan to take the CPA exam immediately after my completion of Master’s program. The CPA certificate will not only to show my competence in independent work but also promote my opportunities to enter a managerial position. To realize my long-term goal of becoming a partner of Ernst & Young, I must be a role model who is familiar with advanced-level knowledge and certification exam.
I feel that this major is of a great interest to me because its diversity. Both career paths have advantages and disadvantages. Public accountants have greater variety of exposure in working with different clients and industries; also, advancement opportunities may become sooner. On the other hand, private accountants can reach management levels without a CPA license and advancement opportunities may not come as quickly. This overview presented me a better idea of where a degree in accounting could take me. Knowing that I have a variety of opportunities and room for growth give me the confidence I need to Pursuing the degree would definitely open up the doors for me. Similarly, knowing that I have a detail oriented personality is a perfect fit for the world of accounting; I feel confident that my analytical, math and communication skills will help me to become a trustworthy and reliable accountant who help people to become more efficient with their
Change is inevitable. Yogi Berra once said “The future ain’t what it used to be.” It is clear that the future of the accounting profession ain’t what it used to be (Gormon and Hargadon 1). The changes occurring are happening fast, they are dynamic and they are completely and undeniably real. Since the world around the accountant is changing, the accountant has no option but to change as well. The field of accounting has always been one to know change and to know adjustment, but within the recent past and certainly within the next few decades, the changes that are occurring and will occur absolutely are the most dramatic and exponential yet. Obvious changes lie in the expanding scope of services performed by accountants, the increased use of
My interest in accounting was first sparked off by taking lessons related to accounting during my undergraduate study. It was through these courses that I got to know accounting, the language and basic tool of business, is integral to the success of all businesses or non-business, profit or non-profit organizations. Before that, my cognition about finance and accounting had been confined to the concept of commercial banks and desperately endless calculations. But the truth is that it is the science of accounting that offers us a broad and firm grounding in understanding the complexities of what makes a business successful and how to run a company in varying situations. Thus, it is no exaggeration to state that accounting is at the heart of
Accountants are becoming a needed job in the business industry and play a very important role in the success of many businesses. This job usually requires at least a bachelor’s degree in accounting and sometimes even a CPA (Certified Public Accountant). There are many other things that are needed to be considered before choosing this career. The job environment, education, skills, and benefits are just some of the many things that need to be thought through before considering this career.
Companies need to invest in order to grow, but the cost of an investment changes over time. In addition, companies have the ability to change how they deal with investments in order to pay less in taxes. Accounting help to be able to analyze this data and determine better ways of reporting revenue, spending and investment. Best of all, accounting skills are well sought after by employers. Practically every organization requires an accountant with accounting skills to help keep track of the day to day financial activities. In fact, according to the Bureau of Labor Statistics (2012), the projected employment growth rate for accountants and auditors between years 2010 and 2020 is 16%, while the average growth rate for all occupations is only 14%. Therefore, employment prospects are bright for those with the required accounting
Accounting plays an essential role in society. Business owners and entrepreneurs use it daily in their decisions. Not only is it used in the economy, regular people also utilize it in their personal daily decisions unawareingly. Without accounting, the economy and the society will not be the same today and that is why accounting is significant: “...professional accountants in business play important roles that contribute to the overall stability and progress of the society” (Wong and Len 1). These are the people in the workforce that ensures that the financial statements are correct and true so when it is not true, it does not have a bad effect on the lives of the citizens, “ensuring the quality of financial reporting cannot be overly emphasized” (Wong Len). Their jobs are a necessity in today’s society even though a lot may recognize them or know their job’s importance. They contribute a great deal for the society and it indirectly affects people’s daily lives. They are “an