It is estimated that there are over 1 million accounting positions in place currently in the United States, with that number growing every year. There are countless opportunities in government and private industry as well as a high number of self employed accountants and book keepers. Accounting provides the rare opportunity of choice as you can just as easily work for yourself as for someone else, or even do both. Teaching is also a possibility for qualified accountants.
There are several different types of accountants. These include:
Auditing is an important aspect of any business. Audit accountants check accounting ledgers and financial statements. This sort of work gives an accountant excellent experience in the business environment. Internal auditing is becoming of increased importance and these accountants must check the books for waste, fraud, mismanagement and other discrepancies.
Budget Analysis Accountant
A budget analyst accountant must develop the financial plans for an organization, as well as manage them. Government and the private industry provide many budget analysis jobs.
These accountants prepare financial statements with information from the general ledgers. Financial decisions can also be made with the help of financial accountants. Depending on the organization they can have a say in planning, long term business projections, employee benefits and other aspects.
Capital budgeting and business analysis are two parts of the organization that Management Accountants have a role in. They work alongside other managers to develop new business.
Tax accountants prepare personal income tax statements and business taxes.
These accounting jobs provide a wide scope of choice for any qualified accountant, making this field one of the most diverse and varied fields of work available.
Accounting Salary: What to Expect
If you are planning on becoming an accountant then you will want to know what kind of salary to expect. Unlike many other fields of work, accounting can encompass many forms. Four main sectors you can work in as an accountant include:
You may have already decided that you want to become self employed once qualified. Although this is a wonderful way to work as an accountant, it is generally advisable to seek employed experience before embarking on self employment. Many accountants work a full time job and also have their own clients.
All companies, corporations and governments have accounting departments. That makes accounting highly flexible and ensures a never ending supply of positions. Accounting is certainly one field of work that will never be made redundant. It is also difficult to outsource most accounting tasks to overseas markets due to the in depth knowledge required of the national and local economics. This makes accounting a very secure field to work in as well.
The medium annual salary of accountants in the US is about $38,000. Auditors are listed as having a similar median wage. Of course, there is scope and potential for much improvement in this field and generally those with experience earn much more than the median.
Some other median salaries in various sectors of accounting include:
As you can see, gaining an accounting position within government is an ideal place to start due to the higher wages, benefits and relative job security.
The top 10 percent of accountants and auditors have an average salary of nearly $80,000 whilst the bottom percentage earns under $25,000. Without doubt this lowest percentage consists mainly of graduate and inexperienced accountants.
You will require a bachelor's degree to work in accounting. Although this can have a short term financial impact, people can generally pay back their college fees quickly after becoming employed. Unlike other fields of study, accounting students rarely have a hard time finding a job after or whilst studying.
If you wish to improve your salary then consider a masters degree or study areas which focus on a particular aspect of accounting such as auditing, management accounting, corporate tax accounting, financial advisor and others. All of these advanced lines or work command much higher salaries and are highly interesting compared with regular accounting.