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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
Getting a college degree is almost mandatory in this era. Finding a good job without a college degree is extremely difficult. Most of my family didn’t attend college so they always told me the struggles they faced when searching for jobs. My goal is to become an accountant so I can only learn those skills in college. I want to further my education and career opportunities by becoming a certified personal accountant. College not only teaches skills that people need for jobs, but it also teaches skills for improving as a person.
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.
For all accounting majors one tough decision each of us must make before graduation is whether or not we want to work in private or public accounting. The usual question that we always bring up is which one makes the most money? Well, that question should hold little importance. The more important questions are what kind of opportunities will each career path open up in the field of accounting and whether or not you personally feel that the public accounting lifestyle is the right fit for you.
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.
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
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.
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
Accounting dates back as far as first centuries, is the language of business. As everything has gone through many changes, accounting has also changed many times through out the centuries. It went from the use of abacus to the most advanced softwares, and computers. With these drastic improvements nowadays accounting, financial accounting and management are facing big challenges. From the presentation of the reports to communication to the users, investors, and owners, the accounting field has gained totally a new shape from two decades ago. Today with the dynamic change in every aspect of life, the accounting field has to act fast and be able to adapt these new changes and challenges in order to survive.
My first goal is to continue my education by earning a Master’s degree in Accounting right after completing my bachelor’s degree. The MSU’s Accounting program attracts me for both its reputation and its career opportunities available for international students. It is my responsibility as a future accountant to be really familiar and proficient at the tools accountants use regularly. Achieving my master’s degree will also help me achieving my second goal of becoming a CPA by meeting the requirement of curriculum. Thus, I am professionally and academically motivated to earn a Master’s degree of Accounting at the Broad Business College.
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.
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
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
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 is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessman, from the operator of a filling station to the government of the United States. It's so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep the records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge.