Accounting

Accounting is the management of incomes, revenues, and assets. Accountants balance company finances and budgets, prepare financial statements, and review financial performance. Accountants also calculate taxes for individuals, businesses, or organization.

Accounting encompasses more than just accountants. People with an accounting degree can be accountants, auditors, financial analysts, consultants, appraisers, actuaries, underwriters, and much more. Many of these fields are closely related, so it is relatively easy for accounting majors to switch careers. People with accounting knowledge are needed at every business or organization.

An accounting degree can be attained as an undergraduate or a graduate student. In addition, many accounting majors choose to earn a license. There are several licenses that can be earned such as the Certified Public Accountant, (CPA), Certified Management Accountant (CMA), Public Accountant (PA), Registered Public Accountant (RPA), and Accounting Practitioner (AP). This certification requires a series of exams in addition to at least a 4 year degree.

If you are considering a career in accounting, there are certain skills that may help. Math is a large part of accounting, so proficiency in math is necessary. Accountants must also have good analytical skills, communication skills, and people skills. Teamwork is often involved in accounting, therefore it is necessary to know how to work well with others. Because computers are such a large part of the business world today, good computer skills will also be helpful.

People with an accounting degree can make great money. While a Public Accountant can earn anywhere from 35,000 to 60,000 a year, a consultant can make 6 figures. Accounting management may earn upwards of $75,000 a year.

Consulting is a popular field for accounting majors. Consultants typically are contracted out to different companies for work on a project. Many times, large corporations higher consultants to help with a business need that they do not have the resources to handle or to help with auditing. Consultants start out with great pay and get large increases and bonuses each year that they stay. Consulting tends to high a high turnover rate as most consultants travel 90% of the time. As a result many younger recent grads choose consulting and eventually change careers when they begin to settle down. People who choose to stay with consulting may eventually double their salary within a few years, depending of course on the firm. Consulting gives accounting majors a great advantage in the workforce as the experience gained is invaluable.

Whether you want to work as an accountant or just want to use it as a stepping stone into another career, a degree in accounting will prove to be very useful. Even if you choose not to work in any accounting field, the knowledge gained will help in managing personal finances or even in starting your own business.