Employment Outlook For Accountants - An Analysis

Accountants play a vital role in managing the financial aspect of any business entity, private or public. They compile, analyze, verify and maintain financial records as well as ensure that their clients pay all taxes that are due on time.

 

Educational Requirements

Most often accountants who work for corporations, government agencies and individuals have earned the title of "Certified Public Accountant". They are candidates who have appeared for the four part Uniform CPA Examination that is conducted by the American Institute of Certified Public Accountants. All practicing CPAs are licensed by their State Board of Accountancy.

 

People may also opt to earn the title of Certified Management Accountant (CMA) which is conferred by the Institute of Management Accountants. Aspiring candidates can also earn the title of Certified Internal Auditor (CIA) or Certified Government Auditing Professional (CGAP) which is conferred by the Institute of Internal Auditors. This institution also offers other qualifications such as the Certified in Control Self-Assessment (CCSA) and Certified Financial Services Auditor (CFSA). The students can also take up the Certified Information Systems Auditor (CISA) program that is offered by the Information Systems Audit and Control Association. Accredited Business Accountants (ABA), Accredited Tax Preparer (ATP) and Accredited Tax Advisor (ATA) are other programs that can be completed successfully to get better employment prospects. The Certified Government Financial Manager (CGFM) is another title that will help you secure a job as a government auditor. This program is offered by the Association of Government Accountants.

 

If you aspire to get an entry level job at a federal, state or local government agency you must have completed 4 years of college with at least 24 semester hours of accounting and auditing. Some have earned a master's degree in accounting or have take up a master's program in Business Administration specializing in accounting. Those with minimal qualification such as a high school diploma or at least an associate's degree in accounting or business and some relevant experience may seek employment as bookkeeping clerks, audit clerks and accounting clerks.

 

Types Of Accountants

Their duties are varied depending upon the field of accounting they specialize in however, they do perform tasks such as financial planning, budget analysis, offer investment advise,  The functions of an accountant depends on the field of accounting that he/she specializes in such as

• Government accountants
• Internal auditors
• Management accountants
• Public accountant

Government Accountants

They are employed by the state, federal or local government to make sure that the revenue and expenditure conform to the regulations and laws that govern them. Their duties include maintenance and analysis of government agency records as well as auditing business entities and private individuals who are subject to government rules and regulations.

Internal Auditors

They are the back bone of any business entity as they maintain and keep the financial records of the entity in order; ensure that the company operates within the bounds of the company policies and government rules and regulations that bind them. They also keep monitoring the firm to check mismanagement, fraud and waste. There are several kinds of internal auditors such as compliance auditors, healthcare auditors, legal auditors, bank and insurance auditors, environmental auditors and electronic data processing auditors.

Management Accountants

They maintain and analyze the financial records of the business entity that they work for. They work for industries and corporations as well as for private individuals. They are a crucial part of the strategic planning team of any organization and their duties include cost accounting, financial planning, performance evaluation, asset management and budgeting.

Public Accountant

They work for corporations, government organizations, individuals and their duties are varied. Some specialize in offering tax advice while others offer consultation regarding healthcare or forensic accounting.

Job Outlook

Job outlook for accountants is bright as the demand for qualified CPAs and CMAs is expected to increase greatly in the coming years. It is also true that the students who have earned an associate's degree or a bachelor's degree in accounting or who have earned a master's degree in business administration concentrating on accounting are going to be in demand. It will help if they have relevant experience in the field, are experienced in using various auditing software and have remarkable interpersonal and communication skills. It is expected that as the economy improves, new businesses will enter the market creating a demand for qualified auditors and accountants. Accountants and auditors will be in demand due to changing laws and increased monitoring of company finances.

 

Government accountants earned an average of $47,000 to 50,000 while management accountants earned about $55,000 annually. Public accountants earned anywhere between $57,000 to 100,000. Internal auditors earned anywhere between $45,000 to 200,000 depending on their educational qualification and years of experience in the field. Those with a bachelor's degree earned about $47,000 and those with a master's degree earned an average of about $49,000. Bookkeeping, accounting and auditing clerks averaged between $19,000 to $46,000 depending on their experience and qualifications.

 

If you have an aptitude to enter the competitive and demanding field of accounting, it is imperative that you pave the way for a successful career by taking up a professional certification program that can earn you the designation of a CPA, CIA or CMA. It will help if you focus on a certain niche such as forensic accounting as you may secure a better job than those who have just earned a certification.

 

It can be a very rewarding career with great growth prospects as most public accountants end up become partners and executive directors of the firms that they work for. In fact public accounts can also end up becoming management accountants or internal auditors. However, you need to stay abreast of the changing financial laws and use them appropriately to prevent your clients and yourself from getting into trouble. The best thing you can do is to look up information online regarding the educational qualifications that will help you secure a career as a certified accountant. www.Jobdiagnosis.com may be the right place to make a start, helping you select the program that will make your dreams of becoming a qualified accountant come true.