So you want to be an accountant. Or, maybe you were told when coming out of high school that accounting is a good, safe industry to get into. Maybe you just thought human resources is the way to go if you want to make good money. Or, as most of us can probably confirm, you simply did not know what to main in when embarking on your university education, and accounting just appeared like an easy choice. As you struggle through the onslaught of coursework that includes Price Accounting, Financial Accounting, Auditing, as well as the nightmare known as Federal Taxation, it is very easy to find yourself wondering if it is really worth it. Before you go submitting that request to change your major to the registrar, here are some things to consider when deciding whether it really is worth it.
One of the most attractive benefits of the accounting field is that right now there a tremendous amount of directions you can go. Whether you want to work for a private business in the accounting department, work for a non-profit institution or the government, and maybe even open your own public accounting company, accounting is one of the few fields that offers such flexibility, and it is more than just submitting tax returns.
For starters, management accounting and public accounting are two completely different branches of the same field. Public accounting, as most of us are probably familiar, involves the accounting services targeted to generally serve, as the name implies, the public. Preparing and auditing financial statements of clients, who also may include large publicly traded companies, which are in turn used by stockholders and traders, again the public, to make investment choices is a responsibility of the public accountant. Smaller public accounting firms may focus primarily on small business, like partnerships or sole proprietorships, whereas the renowned Big 4 open public accounting firms generally serve the biggest publicly traded corporations. Auditing and taxes accounting are merely components of public data processing. Management accounting, on the other hand, is an excellent field for people who enjoy the many challenges of problem solving, as management accountants are actively involved in the decision making procedures of a firm due to their knowledge of the company’s internal accounting structure. It is necessary to carefully consider managerial accounting info when making decisions involving budgets and capital investments, hence the importance of the management accountant.
If public construction sounds like something that may be of interest to you upon completion of your degree, then you definitely almost certainly will have to obtain Certified Public Accountant certification by passing the infamous CERTIFIED PUBLIC ACCOUNTANT exam. Certified Management Accountant status also exists for those interested in management accounting which, similar to CPA certification, requires passing an universal examination. So , not only do you have to complete a relentless series of college coursework in construction, but you must also study for plus pass an exam in order to acquire certification, which still begs problem, is all this really worth it?
Now that two examples of differing accounting profession paths have been provided, you should consider exactly what being an accountant is really like. You may would enjoy working in an office, because almost all accountants do, or working a typical forty hour work 7 days, which is generally the norm for most accountants. Working long hours can also potentially come with the territory, particularly during tax season, in addition to frequent travel if you are employed by a large firm with many divisions in multiple regions. Some accountants, however , may also work from home, so there is even a bit of flexibility when it comes to the job environment of an accounting professional.
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Maybe even more favorable for the accounting pupil is the fact that the demand for competent accounting professionals across the board is usually projected to grow within the next decade according to the Bureau of Labor Statistics, due, in part, to the implementation of stricter accounting standards brought on by the numerous documented cases of fraudulent conduct and unethical accounting practices of businesses such as Enron.
If you are still asking yourself if this is all really worth the hard work, perhaps a brief description of the wages of accounting professionals may attention you. It is estimated that accountants with a bachelors degree can expect to earn a typical salary of approximately $40, 000, starting out, again according to the Bureau of Work Statistics. Salaries can be expected to increase considerably with experience and subsequent professional licenses, such as the CPA or CMA, as well as with graduate degrees. Some of the top accounting professionals earn six determine salaries. It can certainly be stated that, while not outlandishly high, accounting wages are pretty good.