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Pursuing Your Online Accounting Degree

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In the past, universities typically offered only broad degrees in accounting or finance. Today, many have created specialized degree tracks for students in this field. For example, some colleges have made it possible to earn accounting degrees with a focus in tax preparation or auditing.

These specialized degrees are designed to prepare students to go straight into the workforce with little employment history. Most accounting courses also offer internships that give students the opportunity to work in an actual office while earning course credit for their experiences.

As with all careers today, technology is playing a more important role in the accounting world than ever before. No longer do accountants use ledgers filled with handwritten columns; most accounting professionals use spreadsheets full of complex calculations.

You’ll need to understand more than just the basics of using these programs; accountants today have to know the ins and outs of software like Quicken and QuickBooks. Those who work in large businesses will also have to quickly learn and adapt to the specific, often customized software that the business uses to track all of its income and expenditures.

Earning your degree in accounting is the first step toward landing the job of your dreams. Thanks to innovative online courses, obtaining this degree may be more convenient than you think.

Online Accounting School: Making Life Easier

How many people are not attending business school only because they can’t quit their jobs or don’t have access to a local university or college that offers their degree of choice? Plenty! Yet technology offers easy access to accredited online universities with excellent business schools.

No matter where you live, if you have Internet access then you have access to colleges that offer online classes in accounting. Online colleges and universities offer rigorous courses of study that prepare you for a successful career in accounting. These courses are as thorough and challenging as their traditional counterparts.

An online accounting education is designed to help you develop the same skills and knowledge base you would by attending a brick and mortar educational facility. These web-based classes are taught in a variety of instructional methods, including:

  • Pre-recorded online video lectures
  • Webinars
  • Podcasts
  • Online workshops

You are given access to an online “blackboard,” where you can find assignments or ask questions of the instructor. The syllabus for the class is posted online, as are reading assignments and additional materials. Through this website, you can also interact with other students in your class. As in a traditional classroom setting, the interaction you have with classmates and your teacher help build your understanding of the course material.

The Benefits of Distance Learning for Your Accounting Degree

online-learning-800An Impressive Salary

What does all this lead up to? It leads to you earning an accounting degree online, which can result in a challenging career that pays quite well. All salary information, unless otherwise noted, is based on May 2015 figures released by the Bureau of Labor Statistics:

  • Accountants make an average annual wage of $67,190.
  • The bottom ten percent of accountants makes an estimated $41,400 per year.
  • The top 90 percent of accountants makes approximately $118,930 per year.
  • Professionals who handle basic accounting, tax preparation, bookkeeping, and payroll make an average annual salary of $67,440 per year.

Learning at Your Convenience

The availability of online accounting degrees makes it simple for individuals to attend school. Online classes are easier to fit into a busy schedule. As a result, distance learning offers a flexibility that appeals to many students. This flexibility is due to more than just the opportunity to study online:

  • Remain employed and earn an accounting degree online at your own pace.
  • Get an education no matter what limitations you face in terms of transportation or family commitments.
  • Pursue the degree of choice without limiting your options to local degree offerings.
  • Advance your career when you get an accounting degree online.
  • Prepare to earn certification as a Certified Public Accountant (CPA).

A Standard Education

Online accounting classes are the same as the ones you would register for if you were attending a physical campus. Here is a list of typical online accounting classes:

  • Principles of Accounting
  • Management
  • Finance
  • Business Communication
  • Business Statistics
  • Business Law
  • Marketing
  • Economics
  • Intermediate Accounting
  • Cost Accounting
  • Auditing
  • Government Accounting
  • Finance for Business
  • Business Information Systems

If you want to specialize in a particular area of accounting, you can choose electives that cover topics of interest. For example, you might want to take online courses in tax accounting, forensic accounting, or international accounting.

When you decide to take an online accounting class, you must be prepared to put in the time and effort needed to master the material. You can get a quality education through an online university or college, but you get out of it what you put into it. Online schools have used the full force of technology to bring you an academically challenging program that prepares you for a satisfying career, but your success depends on you!

CPA Training

Becoming a CPA can really boost your career. You can earn an online CPA degree, which means your coursework will provide the information you need to pass the relatively difficult CPA exam. The online school will even help you with the process of taking the CPA exam through access to career counselors who work exclusively to help students succeed.

No Borders or Boundaries

Online accounting programs are offered by various universities in both the United States and Canada. In fact, partnerships have been developed to allow universities to offer degrees in these two countries. For example, DeVry University can serve students from both countries.

This just goes to prove once again how convenient online degree programs can be to students of all kinds! Whether you work full time or travel often, your online courses will be available to you anytime, anywhere. As long as you have an Internet connection, you can access your course materials.

Virtual Classrooms for a Real World Education

The virtual classroom offers a full educational experience. If you have put off returning to school because of the inconvenience of attending classes, then you should consider an online degree in accounting. You can earn a bachelor’s degree, master’s degree, or work toward your CPA.

All online programs are not equal, though. Here are some factors to look for when choosing which online program to take:

  • Accreditation
  • Affordability
  • Course availability
  • Elective courses of interest

The No-Excuse Degree

How quickly you earn the accounting degree depends on the number of classes you take each semester. There are also general education requirements that must be met to earn a four year bachelor’s degree. With an online program, you can work on your degree at your own pace. In fact, many online courses are offered continuously, meaning you don’t have to wait for a class to be offered like you do in the traditional setting. You can earn your degree at a faster pace if you so choose.

The online accounting degree really is a no-excuse degree. No matter what your circumstances may be, if you have Internet access then you can earn a degree. It really is that simple!

Earn Your Master’s Degree in Accounting Online

degree-types-800An advanced degree proves that you have the knowledge to succeed in a higher level position, as well as the drive and ambition required to achieve goals.

When pursing a master’s degree in accounting online, you are not required to have an undergraduate business degree. All that is required is that you take some core undergraduate accounting courses in addition to the coursework included in the graduate program.

People from all kinds of non-business disciplines pursue the master’s degree in accounting. The coursework of this program teaches essential business strategy and decision making needed by managers in all industries. Check out the registrants in any master’s in accounting program and you might find nurses and liberal arts graduates, in addition to students who hold bachelor’s degrees in business.

Making the Right Decisions

If you do not have your CPA designation, you can pursue an online master’s degree in accounting while also taking required core courses for CPA certification. The accounting MBA prepares you for a successful career as a manager. Unlike the core accounting and business courses required for an undergraduate degree in accounting, graduate level classes are more focused on decision making and strategic management. The typical course titles you can expect to find when considering an MBA program include:

  • Auditing and Attestation
  • Business Environment and Concepts
  • Advanced Financial Accounting
  • Managerial Accounting
  • Information Systems and Accounting
  • Business Valuation
  • Ethics for Managers
  • Accounting for Mergers and Acquisitions
  • Strategic Business Control Systems
  • Tax Planning and Business Strategy
  • Economics for the Global Manager
  • Business Research for Decision Making

In some cases, and depending on the school chosen, you can also earn credits for work experience. You can continue working while acquiring the advanced knowledge needed to pursue higher level management positions.

Online master of accounting classes teach the skills needed for recording and analyzing economic activities. But they also provide classes in decision making using the information traditionally collected by accountants. These graduate level courses teach:

  • How to turn data into useable information
  • Using information services to create useful management information
  • Communicating complex accounting information to people outside the organization, i.e. shareholders, community groups, etc.
  • Accounting research needed for effective decision making
  • Evaluating organizational performance
  • Organizational social responsibility
  • Determining information reliability
  • Applying theories to practical accounting matters
  • Legal aspects of accounting
  • Analyzing financial statements

Open the Door to Opportunity

With an MBA in accounting, you can secure positions that go far beyond maintaining financial records. You can strive for positions with job titles like Vice President of Financial Affairs, Director of Global Business Affairs, or Director of Budgeting. In fact, many people who earn their master’s degrees with an emphasis in accounting go on to become company presidents, business owners, or senior executives.

A master’s degree can also lead to a quite lucrative senior level position. According to Salary.com, the median annual salary for a Vice President of Accounting is $156,581. An Accountant IV earns a median salary of $67,978. Since it is recommended that junior accountants gain work experience before earning an MBA, they are faced with juggling work and school in order to earn an advanced degree. If that describes you, then it’s time to consider pursuing an online master’s degree in accounting.

Ph.D. Positions

There are two primary reasons why people decide to pursue an accounting Ph.D. online. The first reason is a desire to work in an academic setting for the purpose of either teaching graduate level courses to students or obtaining an administrative position. The second reason is to pursue a career in a private industry or in a government agency as a top level manager.

The Ph.D. in business with an accounting concentration requires taking classes that advance knowledge in areas like accounting research, statistical analysis, and large scale management of an organization. The curriculum focuses on practical research methods using real world experiences and standards while also covering theories and concepts.

Research, Learn, and Advance

A Ph.D. in accounting requires you to complete coursework, an exam, and a dissertation. Typical courses include the following:

  • Accounting Theory
  • Strategic Application of Accounting Concepts
  • Business Leadership and Decision Making
  • Managing a Global Organization
  • Educational Organization Administration
  • Quantitative Methods
  • Research Seminars
  • Business and Financial Management
  • Current Problems of Professional Practice
  • Macroeconomics Analysis

Normally, the coursework is completed first. After completion of the coursework, the student takes a comprehensive examination that reviews all the information learned in the classes. The final phase of the program is the dissertation. Because of the advanced research that a dissertation involves, it can take up to five years to complete this degree in its entirety.

Taking the Next Step

Earning a degree in accounting online can take your career to new heights. If you are ready to take the next step toward your future, start comparing the various online programs available today! Enrolling in an online accounting program may prove to be the best professional decision you ever made.

What Is Forensic Accounting?

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For many people, the term “forensic” conjures up images of dead bodies and crime scene investigations. The world of forensic accounting is much cleaner, although it serves an equally important purpose in the field of financial reporting. Forensic accountants act like financial detectives and may be involved in a number of different activities, including defining insurance payments, computing settlements, or calculating royalty benefits.

Forensic Accounting: What Does it Entail?

Typically, forensic accountants are involved in financial disputes that have been taken to the legal system. Their goal is to go through existing financial records to provide support for parties involved in legal cases. Forensic accountants work, primarily, in one of two areas.

  1. Litigation support, which involves doing investigative work to determine realistic economic damages or to uncover other information needed to support a legal case.
  2. Investigative accounting, which focuses on uncovering illegal activities.

Investigate, Interpret, and Catch!

If you had to define forensic accounting in a few words, those words would be investigate, interpret, and catch. Forensic accountants investigate accounting records and documents to look for signs of illegal activity or hidden assets. They then interpret the information to determine if, indeed, a white collar crime has been committed. If not, they try to find where the assets in question have been hidden. The final step is to prosecute the criminal using financial facts.

Forensic accountants investigate a number of situations or events, including:

  • Securities fraud
  • Money laundering
  • Embezzlement
  • Theft
  • Organized crime
  • Insurance fraud
  • Kickbacks
  • Pyramid schemes
  • Contract fraud
  • Hidden assets

In fact, when you become a forensic accountant, you will spend a lot of your time looking beneath the surface of transactions to track the flow of information, entries, data, and calculations that indicates which hidden records need to be uncovered. In addition, the job requires interviewing people at all levels of an organization, witnesses, and even possible victims.

Education Comes First

In order to work as a forensic accountant, you’ll typically need to hold a bachelor’s or master’s degree in accounting, as well as a Certified Public Accountant (CPA) credential.

Larger accounting firms or law offices may hire accountants to work specifically as forensics accountants, while accountants employed by smaller firms may be required to handle these situations as part of a larger workload. Governmental organizations, like the FBI and CIA, also hire forensic accountants to work on cases.

If you are interested in pursuing a career as a forensic accountant, the first step is to earn a bachelor’s degree in accounting and obtain your CPA designation.

This isn’t an easy process.

Typically, only 10-20 percent of test takers pass the exam on their first try. Once you pass your exam and gain a few years of experience in the field, you may want to pursue additional certification as either a Certified Forensic Accountant (CrFA) or a Certified Fraud Examiner (CFE).

Both of these certifications will help you earn a higher salary and advance in the field of forensic accounting. The American College of Forensic Examiners International (ACFEI) offers online courses to make earning these certifications more convenient.

Each year you will be required to attend approved workshops and seminars covering topics on fraud examination, fraud prevention, fraud detection, and new technologies as related to computer forensics.

Characteristics of a Great Forensic Accountant

When you become a certified forensic accountant, you will probably complete audits for law enforcement, bankruptcy or criminal attorneys, government agencies, financial or insurance organizations, and CPAs. You need to be the type of person who thinks logically and can organize information and evidence in a way that others can understand. You also need to have natural curiosity, patience, and tenacity.

Successful forensic accountants must be extremely detail-oriented, adept at discerning complicated financial statements, and knowledgeable about both legal and accounting practices. Although reading through financial statements can be tedious and time consuming, accuracy is imperative for forensic accountants.

Since forensic accountants may be required to testify as witnesses in legal trials, they must also be composed and able to simplify complicated financial matters for the judge and members of the jury.

Forensic accountants must also be good communicators. It is often necessary to interview anyone who can offer important information concerning an investigation. During your course of study, you will learn accounting, auditing, and methods of obtaining expert testimony.

Follow the Money: Forensic Accounting Salaries

Forensic accountants often spend time tracing money back to its source. But when it comes to earnings, you can follow the money right back to a great salary. Here are the average salaries of forensic accountants, based on the average number of years of experience, per Payscale.com:

  • One to four years: $50,995
  • Five to nine years: $66,460
  • 10 to 19 years: $84,331
  • 20 years or more: $83,497

You will notice that the people working more than 20 years have hit the top of the scale, but remember those older workers who have worked in the industry for 30 or 40 years began their careers at much lower salaries than are paid today. With the rapid growth in technology, the demand for forensic accountants is accelerating, and that is just one reason why salaries are propelling forward also.

If you want to earn an excellent salary and enjoy accounting work, then you can follow the money by pursuing a career as a forensic accountant!

Location Does Matter

Like most jobs, the state in which you work does matter in terms of earning the maximum salary. For example, Payscale.com reports that forensic accountants in California earn $95,000 annually, while in Florida they earn an average salary of $50,849. New York is paying average salaries of $72,093 and Texas is paying $71,899.

The type of work you do also impacts the salary level. Senior forensic accountants earn an average of $57,808 while internal audit managers are earning $85,935, which is a significant difference.

However, no matter how you look at the salary picture, the forensic accountant is paid well. So you can earn good money, enjoy a challenging career, and have the satisfaction of knowing you are doing important work.

Investigating Success

The job prospects for forensic accountants are excellent. One of the reasons for this is that the sophistication of technology has led to more sophisticated white collar crimes. It takes an expert forensic accountant to ferret out the web of transactions. Forensic accountants may investigate divorces, organized crime offenses, or corporate embezzlement using complex money transfers.

Not just anyone can handle this type of work, and that’s why the industry pays such an excellent salary!

Comparing Accounting and Finance Degrees

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If there’s one topic that frequently confuses people it’s the difference between accounting and finance. However, when you compare accounting and finance degrees you can easily see that one is concerned with historical financial data and its use in decision making while the other is focused on money and investing.

You can think of accounting and finance as the yin and yang of business! One looks back and one looks forward. In certain areas, they overlap and complement one another.

The Difference Between History and Forecasting

The disparity between accounting and finance can be summed up in the following way:

  • Accounting is the organization, systemization, and analysis of existing financial information.
  • Finance is the management and investment of money.

Accounting is concerned with recording and managing financial information related to business operations. For example, an accountant might work with accounts receivable, accounts payable, general ledgers, financial statements, and payroll.

Accounting looks backward at what has taken place and reports it using accepted accounting principles. Those reports and statements are then used for decision making, guiding leaders when deciding how many new employees to hire, whether or not to cut back on production, etc.

Finance, on the other hand, is concerned with current money management. Finance professionals are involved in managing cash and cash equivalents to ensure that businesses have enough operating capital. Additionally, finance managers see to the productivity of investments. The focus is on macroeconomics and a number of mathematical formulas, like present value and future value.

The Common Denominator: How Much?

Both accounting and finance professionals ask “how much?” on a daily basis. The difference between them lies in what they are referring to.

  • Accountants ask questions like, “How much did we spend last quarter on marketing?” or “How much is the equipment inventory worth?”
  • Finance managers will ask, “How much will it cost in interest and fees to pay for a loan needed for a planned capital expansion?” or “How much should be invested in equities versus money market funds given current market rates?”

The difference lies in perspective. While accountants are looking backward, determining how history can improve a company’s past, finance professionals are living in the moment.

Meeting in the Middle

Accounting and finance are not entirely separate disciplines. Accountants use historical data to establish future budgets and make informed decisions concerning upcoming financial management. Additionally, accountants use financial formulas to make entries reflecting future activities, like interest accruals. They may also use historical information to make future financial decisions.

Finance managers must rely on historical accounting data to determine how much is available to invest without treading on the capital necessary to cover operational expenses. Because the two disciplines are interrelated, some people choose to earn a double major, resulting in an accounting and finance degree. This allows them to take a variety of courses during their educational experience.

  • Accounting courses cover topics like financial statements and microeconomics.
  • Finance courses cover topics such as banking and investments.

An undergraduate degree in accounting or finance means that you are prepared to begin a great career. Both degrees offer many job options. Consider the following:

  • Accounting majors may choose to focus on cost accounting, financial accounting, forensic accounting, public accounting, auditing, or government accounting, to name just a few available jobs.
  • Finance majors can choose careers in personal financial planning, corporate finance, banking, securities trading, and investment management, among many more.

No matter which relevant job you pursue, accounting and finance degrees will prepare you for a fast-paced, exciting, and rewarding career.

How Do You Become a Tax Accountant?

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Getting a job in the field of accounting depends on your education and work experience. In most cases, this means holding a bachelor’s degree in accounting or a related business field. Some advanced positions require a master’s degree in accounting for consideration. Many jobs also require additional certifications, especially if you want to work as a Certified Public Accountant, or CPA.

While obtaining these degrees, you can work as a junior accountant if you hold an associate’s degree. Sometimes, simply having experience as a bookkeeper or holding a similar position developing accounting skills is enough to get your foot in the door. However, advancing within the accounting field is virtually impossible without at least a bachelor’s degree. For this reason, pursuing your degree is a worthwhile endeavor.

An Accountant’s Education

Accountants must possess a variety of qualifications. First and foremost, they must have a degree. Additionally, they must have at a few of the natural characteristics that make for a great accounting professional.

  • The first of these is a love for math—or at least a natural understanding of how numbers work. In the accounting world, you’ll need to be able to interpret figures and their meanings very quickly.
  • You’ll also need to be able to share what these figures mean with others. Therefore, strong communication skills are a must.
  • A meticulous attention to detail is also a plus, since leaving off one little number in a spreadsheet can cause huge problems.
  • Finally, accountants must be computer literate, especially in today’s world. Nearly all financial records are kept on computers now, and you’ll be expected to know the ins and outs of many of the different accounting software programs available today.

Accounting Schools

Anyone who pays their taxes or works for a company of any kind knows what accounting is all about. We know, for instance, that it involves juggling a lot of numbers. And we know that it involves keeping track of money.

There is, of course, more to it than that.

Accounting is actually a business practice, one in which an accountant or a group of accountants monitor and record the financial transactions of a given entity. This involves not just a bottom-line sum but the ins and outs of assets, earnings, expenses, and any other information that might affect a financial situation.

Accounting is an important field—every business needs an accountant, and many individuals enlist their services, as well—so it’s always a viable career option, even in a lousy economy. But it does require some formal training. Selecting an accredited accounting program will help you secure a stable position in the workforce, and will also enable you to perform your job with confidence and skill.

Is It Easy to Obtain an Accounting Degree?

To answer that question, you need to understand the characteristics successful accountants possess and the classes you must take. Accounting work requires certain aptitudes and traits, but if you put forth the required effort you will be rewarded with an outstanding degree that puts you on the path to a successful and lucrative career.

Details, Details, Details

Certain people naturally make excellent accountants. They possess traits that adapt well to the rigorous educational requirements of an accounting degree. The same traits required to succeed in school are needed to succeed in the accounting field. Your college classes teach you how to turn your natural traits into a profitable career by helping you develop industry-specific skills. These traits and skills include:

• Honesty and strong ethical beliefs • Patience
• Analytical skills • Goal-oriented and determined work ethic
• Methodical problem solving • Self-motivation
• Time management • Strong mathematical skills
• Natural curiosity • Computer literacy
• Strong verbal and written communication skills

Getting a degree in accounting requires the ability to master complex subject matter. For example, you will be required to perform many mathematical and statistical calculations. Some of the material, like management theory or general accounting, may come naturally to you; however, some subjects may prove to be more difficult, like tax accounting or statistics.

Anyone pursuing an accounting degree must be able to effectively manage time—and you certainly must be willing to complete detailed work. Accuracy and thoroughness are of utmost importance in the accounting field!

What Does It Take to Become a Certified Public Accountant?

accountant-2Becoming a CPA is a kind of specialization that requires additional coursework. To become a CPA, you must pass a rigorous national test and meet specific state requirements.

Usually, you must have your bachelor’s degree to become a CPA, although a few states recognize work experience in place of a degree. Many states, in fact, actually require CPAs to take an additional 30 course hours on top of their bachelor’s degree. Because of this, many universities have designed their accounting programs with a fifth year option. Completing this fifth year not only qualifies students to become CPAs, it earns them a master’s degree in accounting.

But even if you take this fifth year and earn a master’s degree, do not expect the CPA exam to be a mere formality. In fact, less than half of those who take the test pass all four parts during their first try.

Fortunately for many students, you aren’t required to pass the four sections at once. Most of the time, you’ll have at least 18 months to successfully pass the entire CPA examination. Of course, it’s in your best interest to thoroughly prepare for the exam, and you’ll find that many professional accounting organizations offer study programs or practice tests to help you with your preparations.

Accounting Coursework

Earning your accounting degree will take hard work, but it is worth it. Though the specific courses in a program may vary, you will have to pass classes like the following:

  • • Database Management
  • • Microeconomics
  • • Statistical Analysis
  • • Managerial Accounting
  • • Information Systems
  • • Financial Accounting
  • • Business Law
  • • Cost Accounting
  • • Finance
  • • Marketing
  • • Tax Accounting
  • • Auditing
  • • Management
  • • Business Law

In addition to these core accounting courses, you may also take specialized courses. For example, someone who wants to become a forensic accountant may take a class in investigative accounting or accounting research. Or you could choose to take a class in compensation management or international accounting, depending on your interests.

Start Accounting School in Three Easy Steps

A degree in accounting is a key that opens the door of opportunity. As an accountant with the right qualifications, you can work with virtually anyone, anywhere in the world. To do so, you must find the right university or college. Picking the right school may seem overwhelming, but these three easy steps will have you enrolling in classes in no time.

1. What Kind of Accounting Work Interests You?

The first step to choosing an accounting school is deciding what type of accounting work you would like to do. Your career path may impact your choice of schools. For example, if you intend to become a CPA, you will want to attend a school that offers a bachelor’s degree program that includes CPA preparation courses. Likewise, if you want to be a tax accountant, you should consider schools that let you major or minor in tax accounting.

Perhaps you want to earn both a bachelor’s and a master’s degree from the same school. In that case, you should choose a school that has a graduate program in business. Maybe you want to blend an accounting major with another field, like criminal justice or pre-law. You will need to look at schools that offer both programs.

2. Narrow Your List of Schools

The second step to choosing the right accounting school is to narrow your list of schools down to those that meet your criteria. These criteria will include program offerings, location, cost, reputation, and accreditation. There are several agencies that grant accreditation to higher education programs, including:

  • Association to Advance Collegiate Schools of Business (AACSB International)
  • Council for Higher Education Accreditation (CHEA)
  • Association of Collegiate Business Schools and Programs (ACBSP)
  • Distance Education and Training Council (DETC)

You may find that a business school is accredited and accounting is just one of the business disciplines offered. In this case, accreditation attests to the quality of all the business programs. Accreditation should be your first criterion. After making a list of accredited schools in which you are interested, apply the rest of your criteria to narrow your search.

3. Apply to a School and Get Started on Your Career

The third step is to apply to the schools on your list. After enrolling, you will initially work on core curriculum courses, like English, foreign language, beginning business, etc. As your education progresses, you will add upper level courses in accounting, economics, information systems, and marketing.

Many colleges and universities offer degrees in accounting. If you discover that your first school of choice has a waiting list, consider your other options. Do not forget that online schools, if accredited, are a wonderful alternative to traditional colleges. The message is this: There is no reason to let obstacles stop you from pursuing a career in accounting.

 

Accounting Career Information: A Guide to Your Future Accounting Position

Accountant at laptop

Simply put, accountants are in charge of making sure all the money adds up.

They keep records, balance accounts, perform audits, and assist individuals and businesses with preparing their taxes and making investments.

All careers in public accounting include numbers in some way, shape, or form, so as an accountant in training, prepare to spend a lot of time looking at spreadsheets and doing mathematical calculations.

Typically, there are four main types of accounting careers: public accounting, government accounting, internal auditing, and management accounting. Within these fields are several different positions that call upon specialized accounting skills.

Types of Accountants

One of the great things about the accounting career field is that you can choose from several different positions. Here are some of the most popular accounting jobs:

Public accountantsThese professionals help clients make solid investments and audit their financial records to ensure that they are correct.
Forensic accountantsThis sub-field of practice involves investigating securities fraud, embezzlement, and other crimes involving finances. While you won’t be chasing down crooks, setting up wiretaps, or anything like that, it’s a great career for anyone who enjoys solving puzzles and figuring out how transactions took place.
Government accountantsThese professionals maintain financial records, audit individuals or businesses, and prepare local, state, or even federal budgets. Working for local and state governments usually means ensuring that income and expenditures are made in accordance with the many laws that surround government spending. On the federal level, accountants can work for the IRS and may specialize in tax law, receiving and filing tax returns and even conducting tax audits.
Internal auditorsAlthough the IRS may perform an audit of a company, businesses often audit themselves first to make sure there’s no fraud or wasteful expenditures. Depending on the size of the business, these audits are generally handled by internal auditors. These auditors do more than just make sure all the numbers add up as they should—they also look at how a company manages its money by evaluating the organization’s procedures and record-keeping system. Internal auditors may also evaluate the software a company uses to handle its financial records, so some familiarity with computer programs will be useful to accountants in this area.
Management accountantsThese accountants record and analyze all the financial data for their company. They create company budgets, evaluate financial records, and work to create a fiscally responsible, strategic plan for the organization. Management accountants often have a lot of input in the direction a company is taking and their advice may result in sweeping changes, both in the company’s organizational structure and the products and services it offers.

Accountant Job Description

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Careers in accounting always involve taxes, taxes, and more taxes.

If you decide to specialize in taxes, you’ll do a lot of work between January and April—the traditional tax time. However, you’ll also have some things to do off-season, especially if you also offer small business consultation. New companies always need advice on taxes, especially when it comes to collecting employment taxes like FICA and Social Security.

Generally, an accountant’s duties and responsibilities demand that they spend their working hours in offices, although some occasionally work at home or need to travel to another location to examine records. Typically, accountants don’t need to work over 40 hours a week, although those who focus on taxes will find themselves putting in a lot more time during tax season.

There really is no simple and neat accounting job description that fits all types of accounting positions. The accounting career field is so broad that you may work in private business or government, in accounts payable or as a manager, or in budgeting or compensation management. But there are some common responsibilities that are typically found in accounting job descriptions which include.

  • Preparing financial statements, including profit and loss, balance sheets, and analytical reports.
  • Assisting in decision making activities by providing insightful information about the financial state and future of an organization. This includes strategic planning, budgeting and forecasting, and liaising with stockholders and investors as a management accountant.
  • Writing and inputting entries from originating documents into accounting ledgers. This may be completed by hand or on the computer using accounting software.
  • Balancing subsidiary accounts and general ledgers, ensuring accuracy of information.
  • Identifying and resolving discrepancies.
  • Developing budgets using historical and forecasting information.
  • Analyzing financial trends.
  • Comparing actual and budgeted expenditures.
  • Inputting data to generate payroll or accounts payable checks, or invoices.
  • Using software for accounting, database management, graphing, and report generation activities.
  • Developing and recommending accounting policies and procedures.
  • Making financial presentations, as requested.
  • Performing audits or collaborating with auditors to ensure accuracy of accounting records.
  • Educating high school, college, and other students, as well as new employees, in an effort to encourage continuing education and train new colleagues.
  • Supporting litigation as a forensic accountant by researching, analyzing, and reporting financial information.
  • Collecting and analyzing personnel and compensation data while managing benefits programs to ensure cost effectiveness and accuracy as a human resources and benefits management accountant.
  • Coordinating with IT specialists to ensure that financial reporting programs are secure and accurate.

Of course, individual accounting job descriptions are customized to the needs of specific organizations and individuals.

For example, a job description for an auditor might include specific responsibilities related to the inspection of documents and entries for the purpose of verifying accuracy. Similarly, a tax accountant job description might include functions such as preparing local, state, and federal tax forms, or advising clients on how to best manage their taxes.

Job descriptions for higher level accountants, like a Chief Financial Officer or a Director of Benefits and Compensation Accountant, will include job functions involving budget and financial planning, strategy setting, managing personnel, and many other advanced duties.

Why is a Career in Accounting a Great Field to Pursue in Today’s World?

accountant-3According to the U.S. Department of Labor, accounting jobs are expected to grow by 11 percent between the years 2014 and 2024. A number of factors drive the demand for accountants, including:

  • Increased government regulation that requires higher transparency
  • More laws related to accounting practices
  • Increasingly complex tax laws
  • Growing awareness of need to maintain audit-proof financial records
  • Mounting number of home-based businesses needing accounting assistance
  • Expansion of businesses due to globalization, resulting in complicated accounting practices
  • Swell in white collar crimes
  • Outsourcing trends amongst a variety of organizations

Due to these factors, among others, accounting jobs will need to be filled in a number of areas, including general accounting and tax preparation. Because of the outsourcing trend, which deals in human resources and other tasks, it may be possible for you to become an accounting consultant for specific issues if you have developed expertise in another area (i.e., if accounting is your second career).

In addition to simply being available, accounting jobs are challenging, flexible, and profitable. You can easily work for a company or go into business for yourself, allowing you to define your experience as an accounting professional. While most accountants work in public and management accounting as CPAs, you can continue to pursue a career as an accountant if you would rather not earn this certification.

According to the U.S. Department of Labor, there will be 1,332,700 accounting and auditing jobs available between the years 2014 and 2024.  Whether it is your primary job or a second source of income, you can work full- or part-time to fill these anticipated positions. As of May 2015, the median annual wage for accountants and auditors was $67,190, which is an hourly pay rate of $32.30.

Is Specialization the Way to Go?

For those who want a career change from public accounting, the increasing number and complexity of government laws and agency regulations means large and small businesses need specialized accounting help. You may find the opportunity to work with a corporation as an internal auditor, or you can work as a self-employed accountant providing a variety of accounting services.

Even the Internet has benefitted the accounting field. Most notably, a large portion of accounting functions can now be managed using remote access. This makes it possible to work for people or businesses in other geographic locations. Additionally, businesses are able to conduct international transactions, which require knowledge of international accounting and tax rules. In this way, the Internet has expanded the areas of specialization available to accounting professionals.

Want to Work from Home? No Problem!

accountant-4Because accounting is a largely independent profession, it is one that can be easily carried out from home. With a computer, accounting software, printer, fax, copier, scanner, and Internet access, you can quickly set up your home office and start building your clientele. Naturally, your accounting salary depends on the number and types of clients served. As a result, your income may correlate with the amount of hours you dedicate to your work.

Technology has made it possible to do accounting work from home, but economic factors are driving the variety and quantity of available opportunities. The number of small businesses is growing, and many of these businesses don’t need a full-time accountant and rely on outsourced financial services (which you can provide). Even larger businesses are outsourcing many of their accounting functions in order to manage their expenditures as effectively as possible. These factors can create a mutually beneficial arrangement between these organizations and your new business, allowing them to save money by outsourcing their accounting work and you to earn money by taking it on.

As a home-based accountant, you can pursue the following kind of work:

  • Assisting businesses or individuals with tax form preparation.
  • Providing full-service bookkeeping.
  • Processing insurance forms.
  • Preparing financial presentations.
  • Consulting with businesses as a cost-reduction efficiency expert.
  • Preparing payrolls, tax deposit forms, and required monthly, quarterly, and annual tax summary reports.
  • Helping start-up businesses structure their financial operations.
  • Setting up accounting procedures and controls for small business website activity (i.e. shopping carts, credit card payments, sales reporting, etc.)

Improve Your Own Profit Margin

More and more often, people are working from home for different reasons. Businesses are scaling back their payrolls and millions of people have lost their jobs. Individuals are looking for part-time work to increase household income. Retirees are running home businesses as a way to supplement their retirement savings. Additionally, working from home is a convenient solution for stay-at-home parents who want to contribute to the household income. And let’s face it—millions of budding entrepreneurs have dreamed of owning a business.

A home-based business requires very little overhead, enables you to work a flexible schedule, and gives you control of your career. All of these factors help you improve your profit margin and increase your income. One of the best qualities of accounting is that countless businesses and individuals need the services of an accountant. You can determine what niche you want to serve and then market your home-based business to clients across the country through the Internet.

Use Your Financial and People Skills

An accountant working from home uses financial skills learned in accounting school, but must also develop excellent customer service skills. As an entrepreneur, your communication skills will be an important determinant of your success. Working one-on-one with clients, you will need to gain their confidence in your accounting and financial abilities.

Want to Change Careers? Go for It!

Thinking about switching to a career in accounting at 40 years old or older? If you listen to the naysayers, they will probably tell you that accounting career change is a bit risky. They may have a point, but these days every career move is a bit risky! In today’s world, you do not have to stick with a job simply because you have it. You can change careers and, as a result, finally love your work.

According to an article posted on the U.S. News and World Report , 8.4 million older Americans have already chosen to start second careers. Likewise, an AARP commercial shows older people saying, “When I grow up, I want to be…” The message is clear—you can pursue new interests, like accounting, as a second career even if you are 40 years old or older!

Accounting: The Bottom Line

accountant-6People who choose an accounting career enjoy working with detail and get satisfaction out of analyzing information for the benefit of an organization or client. A position as an accountant can vary significantly from business to business, which is largely why the field is growing. The variety of positions you will qualify for once you earn your Bachelor’s Degree in Accounting ensures that you can build a flexible and diverse career.

Today’s successful accountants typically hold one or more of the following:

  • Bachelor’s Degree
  • Master’s Degree
  • Certified Public Accountant (CPA)
  • Certified Forensic Accountant (Cr. FA)
  • Certified Internal Auditor (CIS)
  • Certified Information Systems Auditor (CISA)
  • Certified Government Auditing Professional (CGAP)

After earning the appropriate degree or certification, you may secure one of these positions:

  • Cost Accountant
  • Financial Analyst
  • Forensic Accountant
  • Staff Accountant
  • Budget Analyst
  • Accounts Payable Specialist
  • Controller
  • Tax Manager
  • Information Systems Auditor
  • Vice President of Financial Affairs
  • Internal Auditor
  • Director of Compensation

This is just a sample of possible titles. Careers in accounting often start with a staff position as a general accountant after earning a Bachelor’s Degree. With an advanced degree and certification, you can quickly move forward to higher paying jobs that include supervisory and management responsibilities, or strategy planning.

So, what’s the bottom line? It’s that an accounting degree can help you create a fascinating career!