Many benefits come with a career in accounting. The BLS reports that the median annual salary for accountants is $45,560, but some roles pay more than that. However, if you're interested in pursuing this profession, you should consider what education you need. You'll also be able qualify for higher-level posts and will earn more money if you continue to educate. These are some tips for success in this field.
Outlook for the Job
Accounting careers are in high demand, with the United States Bureau of Labor Statistics predicting a 6 percent increase in new job openings between 2018 and 2028. Because accountants are responsible for maintaining and analyzing financial records, there is a high demand for these professionals in many other sectors. MoneyWise reports that accountant and auditor positions are among America's 15 fastest-growing occupations. Over the next seven decades, more than 139,000 auditor and accountant positions will be created.
CAs are more educated and trained than CPAs and can also work for foreign companies. Although CA jobs may not be as common as CPA positions, they offer excellent prospects. CA jobs are more often found in foreign companies that specialize on business. These companies are found all over the globe, including in the United States. People who wish to work for multinational companies should look into the job possibilities in their country. Accounting professionals' job prospects are influenced by the health of the economy.
Education is required
Get your degree in accounting if you want to become an accountant. There are many types of accounting degrees, including post-graduate and graduate programs. Many accountants go on to become Certified Public Accountants. This certification enhances earning power and increases job opportunities. The education required to become an accountant varies depending on where you go and what program you choose. To get an advantage in the job marketplace, you might want to pursue a master's program.
Bachelor's degrees and CPA status are required to be an accountant. Many accountants work in corporations, but others also work for government agencies as well as insurance companies and enterprises. Some even work for themselves. According to the Bureau of Labor Statistics(BLS), the number of accountants is expected to grow by 7% in 2020-2030. You can also work as a self-employed accountant if you are looking to get started in this career.
Salary
The location where accountants work in the United States is a major factor in determining their salary. This is usually due to the fact that accountants are often in high demand and/or expensive regions. According to Robert Half SalaryGuide, New York accountants multiply 141 percent their national salary to obtain a local pay of $71,500. El Paso accountants get a job for about 70% less.
The Bureau of Labor Statistics provides data on job growth and salaries for accountants. The data on job growth are for national and state level figures and do not account for the specific conditions in any one school. Note that figures for salary and job growth in one state may not necessarily reflect those in the other. Before you decide on a career, consider the range of salaries and data about job growth in your area.
FAQ
What should I do when hiring an accountant?
Ask questions about the qualifications and experience of an accountant when you are looking to hire them.
You want someone who's done this before and who knows the ropes.
Ask them about any skills or knowledge they may have that could be of assistance to you.
Make sure they have a good reputation in the community.
What training do you need to become a bookkeeper
Bookkeepers must have basic math skills such as addition, subtract, multiplication and division, fractions or percentages, and simple algebra.
They need to also be able and confident in using a computer.
Many bookkeepers are graduates of high school. Some may even hold a college degree.
How do I know if my company requires an accountant?
Companies often hire accountants once they reach certain sizes. A company may need an accountant if it has more than $10 million in annual sales.
However, there are some companies that hire accountants regardless if they have a small business. These include small companies, sole proprietorships as well partnerships and corporations.
It doesn't really matter how big a company is. Only important is the use of accounting systems.
If it does then the company requires an accountant. And it won't.
What happens to my bank statement if it is not reconciled?
You might not realize the error until the end, if you haven't reconciled your bank statement.
At that point, you'll have to go through the entire process again.
Statistics
- "Durham Technical Community College reported that the most difficult part of their job was not maintaining financial records, which accounted for 50 percent of their time. (kpmgspark.com)
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
External Links
How To
How to be an Accountant
Accounting is the science of recording transactions, and analysing financial data. It involves the preparation and maintenance of various reports and statements.
A Certified Public Accountant or CPA is someone who has passed an exam and received a license from the state board.
An Accredited Financial Analyst (AFA) is an individual who meets certain requirements set forth by the American Association of Individual Investors (AAII). A minimum of five years investment experience is required to become an AFA by the AAII. To pass the examinations, they must have a good understanding of accounting principles.
A Chartered Professional Accountant, also known as a chartered accountant or chartered accountant, a professional accountant who holds a degree from a recognized university. CPAs must adhere to the Institute of Chartered Accountants of England & Wales' (ICAEW), specific educational requirements.
A Certified Management Accountant, also known as a CMA, is a certified professional who specializes on management accounting. CMAs must pass exams administered by the ICAEW and maintain continuing education requirements throughout their career.
A Certified General Accountant, (CGA), is a member of American Institute of Certified Public Accountants. CGAs must pass multiple exams. One of these tests, the Uniform Certification Examination or (UCE), is required.
International Society of Cost Estimators has awarded the certification of Certified Information Systems Auditor. The three-level curriculum for CIA candidates includes practical training, coursework, and a final exam.
Accredited Corporate Compliance Official (ACCO), a title granted by ACCO Foundation and International Organization of Securities Commissions. ACOs need to have a bachelor's degree in finance, public policy, or business administration. They must also pass two written exams as well as one oral exam.
The National Association of State Boards of Accountancy gives the credential of Certified Fraud Examiner (CFE). Candidates must pass at least three exams to be certified fraud examiners (CFE).
International Federation of Accountants (IFAC), has awarded a certification to an Internal Auditor (CIA). Candidates must pass four exams covering topics such as auditing, risk assessment, fraud prevention, ethics, and compliance.
American Academy of Forensic Sciences' (AAFS), designates Associate in Forensic Analysis (AFE). AFEs should have a bachelor's degree from an accredited college, university or other educational institution in any area of study.
What is the job of an auditor? Auditors are professionals who perform audits of financial reporting systems and their internal controls. Audits may be conducted on a random basis, or based in part on complaints made by regulators.