Accounting Career Research Paper

Occupation

I am researching the career of a corporate accountant. I am interested in this career because I really enjoy accounting, however I do not wish to do public accounting, which is for the most part assembling tax returns for the general public and being in meetings. I love the accounting standards and I love the feeling of getting a balance sheet to balance, so I figure doing financial statements for a business is where I may want to end up.

Description

A corporate accountant prepares financial statements for the organization, checks the accuracy of the financial statements to ensure they comply with the GAAP (Generally Accepted Accounting Principles), and makes a budget for the company and ensures they follow the budget. There are a lot

of subdivisions in the corporate accounting field like being in charge of the general journal, accounts payable, accounts receivable, or being a management accountant. Your role differs slightly depending on which division you are in. For an example as a cost accountant you may have to go out and do more field work in order to suggest cost improvements as opposed to being in accounts payable where you just look at receipts and transactions.
The average salary amount for a corporate accountant in Canada is $53,587.

A few of the perks of being a corporate accountant (as opposed to a public one) include being able to work in a business of (hopefully) your choice, a better work/life balance as tax season barely applies to you, consistency in your work, and bonus incentives since employers are trying to attract accountants to work for them rather than at a firm. These bonuses can include stock options, annual monetary bonuses, and a pension. There are a few downsides however, as with all things. One of the major ones is that it is a desk job, and because of this, accountants are not getting any physical activity and could be slouching in their chair all day which is bad for their health. Generally they do not travel and their work can be considered a little less stressful than that of public accountants. It is typically a nine-to-five job, so working weekends and overtime is rare. The major association with this field of work is the CPA (Chartered Professional Accountant) designation. It is required only for public accounting, but if you have a CPA designation as a corporate accountant it can raise your salary and increase the amount of job security you

have.
Outlook/Future
Accounting is one of those “safe” jobs because everyone needs an accountant. Everyone must get their personal taxes done, and every business and organization must also pay their taxes as well as have someone to keep track of their numbers so they ensure they are maximizing their profits and running their organization successfully. There will be plenty of jobs when I graduate. Even with technological advancements, they will not get rid of human accounting. Finances are too important and while it may reduce number errors and such, the chance of being hacked and messing around with the numbers, no matter how small the chance, is not one most people are willing to take. When you have had enough experience in the field of accounting, you can be promoted to CFO, controller, director of finance, or treasurer. Other options in the accounting field but are not necessarily accountants are bookkeepers and auditors. Bookkeepers require some college and no university degree so that is a good option for people who cannot afford school or does not think university is for them. Auditing is hard to get into but it is worthwhile as it pays more.
Educational/Training Requirements
To be a corporate accountant, you will need a university degree. The funny thing is, it does not even have to be a degree in accounting. Afterwards you should enroll in the CPA PEP or CPA PREP to get your designation. The former is for people with Bachelor of Commerce degrees (who majored in accounting), the latter is for those with a different degree and it takes a little bit longer to get designated. While you do not have to get a CPA designation to be a corporate accountant, it is heavily recommended because it can lead to a higher salary and leads to better job security.
Institution #1
McMaster University Institution #2
Wilfred Laurier University
Program:
Bachelor of Commerce Program:
Bachelor of Business Administration
Admission Requirements:
Two of: MDM4U, MHF4U, MCV4U
ENG4U
3 other grade 12 university or mixed courses Admission Requirements
MHF4U
One of: MDM4U or MCV4U
ENG4U
3 other grade 12 university or mixed courses
Enrollment:
Need an 86% average. About 800 students in this program. Enrollment:
Need an average of high 80s to low 90s
Need at least a 70% in ENG4U & in MHF4U
Need at least 60% in MDM4U or MCV4U
Length of Program:
4 years. 5 years if you do the one year internship they offer. Length of Program:
4 years
Costs:
$10212.99 for one year of tuition
$1000~ for books/supplies
$5000-$8300 for residency
$2400-$4000 for meal plan Costs:
$8300 for one year of tuition
$1000~ for books/supplies
$2700-$3400 for residency
$4200-$4850 for meal plan

High school graduation requirements include: the grade 10 literacy test (OSSLT), 40 volunteer hours, and 30 credits (with specifications like you need one tech, three maths, etc.) I have met these requirements. Every time I have received a report card I looked at what credits I was missing and planned accordingly. The volunteer hours were easy; I get them for doing any A/V activities outside of school hours, and the literacy test I was never worried about. I know I am fluent in English. I have also met the specifications for my university programs, as I have been accepted into every school I applied to. I really want to go to McMaster, so I was extremely careful in combing their books and website for admissions information to ensure I got in. I know it is going to be expensive, but it will be worth it. There are a lot of options to fund my education like bursaries and scholarships that are being offered on yconic.com or being texted to me through the guidance office. Those usually have a lot of criteria to fill like writing an essay, doing an interview, having great marks, showing leadership, volunteering, etc. There is also government assistance like OSAP, which grants or loans you money depending on your income and/or your parents’ income. I am one of the lucky ones though; my parents are paying for my post-secondary education.
Conclusion
I knew most of the answers to the questions asked in this assignment right away; I just had to fact check some numbers. I am a very careful person and I do not like to take risks, so I am constantly researching in order to minimize any issues that may stand in my way. One thing I did learn is that the salary for being a corporate accountant is lower than I thought, but it does not matter because I am not doing it solely for the money anyway. In September I will be going to McMaster to get a Bachelor of Commerce, and I plan on doing the one year internship. After that I hope to get a job as a corporate accountant in an organization that is a fun place to work at and treats their employees well. I think my dream organization would be somewhere that deals with pets all the time, so I could play with dogs on my lunch break since I love animals.
My participation in the co-op program has influenced my decision to be a corporate accountant. I had very little idea about what the differences between a public and corporate accountant were, but now that I work at an accounting firm it gives me all the insight into what the job entails. Through this, I have discovered that public accounting is definitely not for me. I would not enjoy meeting with clients, travelling to clients and other offices, and constantly being on the phone with clients on a daily basis. That kind of stuff tires me out. I am really glad I decided to join co-op and the business SHSM program. I still remember sitting on the floor in the English hallway, filling out the co-op/SHSM forms, and going “this is a huge step for me. This is a turning point. This will change my life.” I think everyone should take a co-op. It is a great learning experience, and it makes your semester a whole lot lighter, too.