Accounting is one of the most necessary yet sorely misunderstood professions in today's job market. The popular image, parodied on stage and in film and television, is of a spectacled number-cruncher, hunched over a desk and obsessed with accuracy down to the minutest detail. Far from the number-crunching that most people presume to be the sole work of accountants, this field is in fact a surprisingly multifaceted one. So despite assumption, accounting courses are actually part of a rather dynamic curriculum with plenty of components for students to consider.
Students considering going into accounting careers, or studying in accounting careers, should obviously have a solid background in mathematics. They should also have a good business mind, an ability to pay attention to detail and a desire to work in an environment in which they will be challenged more than they may have surmised.
In general, graduate students in accounting courses pursue their MBA degree. But within that field, there are many specifics areas on which a student may focus. Some accounting concentrations include:
Indeed, there are as many areas of accounting to pursue as there are aspects of the business world. Another accounting concentration many students choose is the path to becoming a Certified Public Accountant (CPA), which is a certification students can earn from the American Institute of Certified Public Accounting (AICPA). To become a CPA students need:
The four parts of the CPA exam include (1) auditing and attestation, (2) financial accounting and reporting, (3) regulation, and (4) business environment and concepts. In order to successfully complete the CPA exam, students must pass all parts within 18 months of passing the first portion.
Accounting curriculums equip students with the skills they need to prepare taxes, budgets, business and retirement plans, and investment portfolios. With the new surge in technology in the field, accounting courses may cover topics such as enhanced data collection and access, and new accounting software. Other accounting courses may include corporate tax, advanced financial accounting theory, strategic management, and auditing principles and procedures.
In order to learn about the analysis of the financial information for companies, governments or individual clients, students in accounting curriculums study ways to avoid and minimize financial risk. They may take accounting courses such as planning and control, business statistics and modeling, organizational behavior and leadership skills, and international accounting.
For working professionals who wish to earn a masters or PhD degree without sacrificing their professional responsibilities, many schools offer graduate accounting curriculums at night, so just about any student can be on their way to an accounting career in no time.
As has been noted, there are many accounting careers that graduate students may pursue upon graduation. There are those accountants who choose to pursue high levels of corporate success, some of whom become CFOs and make significantly more money than even these numbers suggest. It all depends upon your goals, but whatever those may be, this is a far richer, far more rewarding field than most people imagine. And pursuing a masters or PhD degree in accounting will likely satisfy students in professional and intellectual ways they never imagined.
Senior accountants and auditors can expect to earn an average annual salary of $58,000 as they begin their accounting careers, while managers in these areas can make $65,000 per year. Certified public accountants (CPAs) can command an average salary of $60,000 each year. Government positions as supervisors and managers of accounting can earn about $78,000 annually, while their auditing counterparts can earn an average of $83,000 a year.
Accounting careers as controllers can earn a student with a masters or PhD degree in accounting about $72,000 each year, while directors of finance can expect about $75,000 annually. While financial reporting accountants can earn an average annual salary of $79,000, an accounting career as a corporate tax manager can command $90,000 each year.
Chief financial officers (CFOs) may make an average annual salary of $100,000, which can be more depending on several factors, including degree, job location, experience and company. Those with a PhD degree in accounting can enter accounting careers as professors and earn about $100,000 annually, while researchers can make about $85,000.
The outlook for accounting careers for holders of a graduate degree is positive. According to the Bureau of Labor Statistics (BLS), there will be an 18 percent increase in accounting careers in the next decade. Individuals, businesses and government agencies will always need someone to make sure their financial decisions are informed and lucrative.
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