New accounting hires may serve as junior auditors or staff accountants, tax examiners who review filed tax returns for accuracy and adherence to law, or revenue agents who review complex business income, sales, and excise tax returns. Experienced accountants can move into senior and management positions in similar roles.
Internal auditors mainly identify financial mismanagement or fraud or identify ways to improve financial management and reduce waste. The Securities and Exchange Commission SEC requires all publicly traded companies to regularly conduct internal audits.
Audits are used to provide investors with an accurate financial picture of publicly traded companies. Corporate and retail investors use the information revealed through internal audits to decide which securities are worth purchasing. Other Types of Accounting Jobs Accountants can become educators at the post-secondary level for community colleges, schools of business, and universities. Earning a PhD is usually required for college-level professorships in accounting.
Tax accounting involves keeping records for paying taxes and making decisions that comply with tax laws. Large multinationals, small business, non-profits and individuals alike, all may have occasion to use tax accounting. Regardless of tax status or obligation, all persons and organizations that generate revenue, receive pay, or accept funding may benefit from the services of tax accounting professionals.free job posting sites without registration
Financial Accounting vs. Management Accounting Financial accounting is done for the purpose of producing external financial statements for external decision-makers, such as investors and creditors, and is required by law for all publically traded companies. Financial accounting must adhere to Generally Accepted Accounting Principles GAAP , with an emphasis on providing reliable, general-purpose, high-level information about the past performance of an organization.
It looks to the future, rather than at the past, and can include subjective, detailed estimates and predictions of future events and transactions. However, the Sarbanes-Oxley Act of did establish minimum standards for the internal reporting systems used by publically traded companies.
Major publicly traded corporations, as well as large private organizations, generally retain one of the four largest public accounting firms. At the same time, it is universally agreed that these firms, and the public accounting profession in general, owe a debt to the public trust.
While they work directly for the companies that hire them, they also provide invaluable services to the community at large. Who are the Big Four? The Big 4 accounting firms provide a wide range of accounting and consulting services, but are perhaps best known for the auditing services they perform for companies that offer publicly traded securities. Each of the Big Four has approximately offices located throughout the U. There are also hundreds of small to medium-sized professional accounting and CPA firms in cities across the country, most of which practice within one state or within a targeted region.
As a result of accounting fraud committed by Enron and WorldCom, both major publicly traded organizations went bankrupt, employees lost their jobs and their pensions, and investors sustained massive losses on the stock market.
In addition, the reputation of the major accounting firm Arthur Andersen LLP was tarnished because of its role in auditing Enron and WorldCom, and, consequently, it was dissolved. Writing Your Accounting Resume Writing an accounting resume has no hard and fast rules. The most important thing is to focus on presenting your skills, certifications, areas of expertise, and specific accomplishments in an appealing and easy-to-read format.
However, following some best practices for resume writing can help in creating a concise, easily scanned resume that potential employers are sure to respond to. Although traditional wisdom says to keep a resume to one page, a two-page resume is fine if you have lots of experience. A resume is a marketing document, and it needs to be well-formatted, proofread, consistent, and informative to make a good impression on hiring managers. Objective Statements are Out Putting an objective statement on a resume is old-school and discouraged by most resume-writing experts.
When initially scanning a resume, managers are looking for factual information that helps them decide whether to weed you out or contact you. Stick to the facts and skip the fluff. Summary of Experience or Professional Profile The first item on your accounting resume, after your name and contact information, should be a paragraph that summarizes experience and presents key qualifications. A reverse chronological order resume starts with the most recent employer, listing basic job responsibilities and quantifiable accomplishments for each employer.
Accounts payable administrators make sure those vendors get paid accurately and on time, and in compliance with government requirements. And then there are times when the organization you work for is the vendor to someone else. Both accounts payable and accounts receivable administrators will keep meticulous records of all appropriate transactions on behalf of their organization, and provide documentation for managers, accountants, and government auditors.
And not everyone needs a CPA. Potential careers in accounting include the following: Staff Accountant Staff accountants work in corporate settings, maintaining budgets, ledgers, and other financial documents. In addition to performing the many duties of a bookkeeper, staff accountants will often specialize in fields like taxation and auditing to provide their organization with a more focused area of expertise. Internal Auditor Large organizations have a lot of moving parts, and different departments may not always see their place in the grand scheme of things.
After examining financial data within an organization, an internal auditor will make recommendations to improve risk management procedures, internal controls, and governance processes. They may also coordinate with performance managers to implement those improvements, while making sure they comply with all relevant laws and regulations. Management accountants will do more than simply find ways to reduce costs and improve efficiency; they may also identify new opportunities for investment.
They have to plan their finances carefully; and to do that, they need sharp-eyed budget analysts. Loan Officer Loan officers will examine the finances of both individuals and businesses to determine whether a loan application is fit for approval. And once a loan is approved and authorized, a loan officer will review the loan agreement to make sure it complies with all federal and state requirements.
Financial Analyst Both businesses and individuals are always looking to improve their financial prospects through smart investing. To do that, they look to analysts to guide their financial planning decisions. A good financial analyst will review and recommend both portfolios and individual investments. In addition to fulfilling essential educational requirements, a certified public accountant has to pass a demanding exam, as well as take an oath that they will adhere to a strict code of ethics.
The reward for that work? All companies must do this, and they need CPAs to do it for them. CFOs will often take more of an active hand in developing fundraising and finance strategies for an organization.
Just look for an example of a project you had to complete, the steps you needed to complete it, and how you knew if it ended up successful. Everyone should have had that experience by the time they graduate, even if it is just a senior thesis. Continuing Education and Certifications in Accounting You'll want to ensure that you stand out, particularly if you're just entering the job market. Some letters after your name go a long way, and it's worth noting that some of those letters are mandatory.
Certifications and credentials There are a few good certifications you can grab that will help you get a job as an accountant. For the most part, they're associated with getting, or maintaining, your CPA status. The rules vary state to state, and your residency can affect your certification status in certain states such as Texas.
Failure to attain your CPE within a certain degree of time can result in your CPA status being revoked or marked inactive. Pursuing an advanced degree Obtaining a graduate degree in your course of study can serve as an excellent way to separate you from the herd -- but you must first decide whether it's worth your time. Try to figure out how much you'll earn your first year to see what people with your experience make with the job title you would expect to get upon graduation.
Just try to avoid the bottom tier Accounting schools as they can be a waste of time better spent with experience in a job. Remember, there's always an opportunity cost to not working. Here are common advanced degrees that people with an Accounting degree normally consider: MAcc Master's in Accounting Typically one-year programs, Master's Degrees in Accounting don't tend to widen the job field so much as they help new college grads get a leg up on their competition.
Plus the pay bump isn't bad. Good areas of accountancy to look at with a Master's include taxation and auditing-related jobs. However, the MBA is ultimately more useful, as it will increase your earning potential early on and immediately put you at an advantage over those with just a MAcc.
PhDs in Accounting look at Accounting as a field, and apply Accounting principles to studies of the economy and market behavior in order to further this field. If your job title and description don't match what's listed, talk to your employer about changing your title appropriately. That could help you negotiate for pay increases. However, keep in mind that many accounting jobs require specific certifications and licenses, which often affect your job title.
However, many bookkeepers only possess a high-school diploma and excellent math skills. Sometimes, those who are attending college to become an accountant can make a decent income by doing bookkeeping part-time. Accounting Job Titles When it comes to the accounting field, there are many types of jobs available.
Learn about some of the most common job titles you may find. Accountant Accountants prepare, analyze, and maintain financial records.
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