And that means you want to be an accountant. Or, maybe you were told when coming out of high school that accounting is a good, safe field to get into. Maybe you just thought sales is the way to go if you want to make cash. Or, as most of us can probably verify, you simply did not know what to major in when embarking on your college education, and accounting just seemed like an easy choice. As you struggle with the onslaught of coursework that includes Cost Accounting, Financial Accounting, Auditing, as well as the nightmare known as Federal Taxation, it is very easy to find yourself wondering if it is well 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 presently there a tremendous amount of directions you can go. Whether you want to work for a private company in the accounting department, work for a non-profit institution or the government, or maybe even open your own public accounting firm, accounting is one of the few fields that offers such flexibility, and it is more than just submitting tax returns.
For starters, management accounting plus public accounting are two completely different branches of the same field. Open public accounting, as most of us are probably acquainted, involves the accounting services targeted to generally serve, as the name implies, the public.
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Preparing and auditing financial statements of clients, who may include large publicly traded companies, that 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 might focus primarily on small business, such as partnerships or sole proprietorships, whereas the renowned Big 4 general public accounting firms generally serve the biggest publicly traded corporations. Auditing and taxes accounting are merely components of public accounting. 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 processes of a firm due to their knowledge of you can actually internal accounting structure. It is necessary in order to carefully consider managerial accounting information when making decisions involving budgets and capital investments, hence the importance of the particular management accountant.
If public human resources sounds like something that may be of interest for you upon completion of your degree, then you definitely almost certainly will have to obtain Certified Public Accountant qualification by passing the infamous CERTIFIED PUBLIC ACCOUNTANT exam. Certified Management Accountant designation also exists for those interested in management accounting which, similar to CPA qualification, requires passing an universal examination. So , not only do you have to complete a relentless series of college coursework in data processing, but you must also study for and pass an exam in order to obtain 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 what being an accountant is really like. You may would enjoy working in an office, as 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 include the territory, particularly during taxes season, in addition to frequent travel in case you are employed by a large firm with many limbs in multiple regions. Some accountants, however , may also work from home, so there is certainly even a bit of flexibility when it comes to the work environment of an accounting professional. Maybe even more favorable for the accounting college student is the fact that the demand for skilled accounting professionals across the board can be projected to grow within the next decade based on the Bureau of Labor Statistics, due, in part, to the implementation of stricter accounting standards brought on by the numerous noted cases of fraudulent conduct plus unethical accounting practices of companies such as Enron.
If you are still wanting to know if this is all really worth the hard function, 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 Labor Statistics. Salaries can be expected to increase significantly with experience and subsequent professional licenses, such as the CPA or CMA, along with with graduate degrees. Some of the best accounting professionals earn six determine salaries. It can certainly be declared that, while not outlandishly high, accounting salaries are pretty good.