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Accounting Degrees - Accounting CareerThe profession of accounting has been around for millenia. In fact, some of the earliest written records are statements of account used for trading and taxes -- seems everyone has always been interested in counting beans! Today though, working in accounting usually means getting a degree in accounting from an accredited college or university. You can still find entry level accounting positions that do not require a college degree, like accounts payable clerks or something, but most larger companies require degreed accountants when it comes to handling the books, whether in general ledger accounting, accounts receivable, etc. Below, we will look into some accounting programs and see what is required to get an accounting degree or a CPA, if you are interested in the higher eschelons of accounting, as well as looking at starting salaries for accountants so you know what to expect after investing in an education.
What is accounting? What do accountants do?Accounting is really a pretty basic activity - it involves tracking the flow of funds through a company, from when a sale is made, to how money is collected, to how items and supplies are purchased and paid for, to how expenses and employee costs are counted, how loans and tax payments are accounted for, and how what is left over, profits, show up on the books. Accounting is kind of like telling the life story of the company. Some accountants specialize in areas like tax accounting, preparing tax returns for individuals or corporations. Others are tax experts at another level, doing audit work for major public accounting firms like Deloitte Touche, KPMG, PriceWaterhouse Coopers, and Ernst and Young. Public accounting involves auditing other corporations and verifying that their books are accurate. Some public accounting firms, like Arthur Andersen, collapsed under accounting scandals when it was discovered (remember Enron?) that they signed off on fraudulent accounting statements and shredded documents. Most accountants work at small businesses, tracking their cash flow, their bills, their expenses, their profits.Accountant Salaries - How much can I make working as an accountant?Since all businesses and organizations need accountants, many people get into the field as a career choice, hoping to work and earn a living doing accounting work. How much money do accountants make? It depends on your level of experience, where you live and work (accountants in New York make more than accountants in Des Moines, Iowa) your education, and what field of accounting you work in. If you are a recent graduate with 1 years experience, you can expect to make $40-$50K working in audit or tax at a public accounting firm. This normally entails long hours with lots of comp time for vacation during idle periods. Many entry level accountants working for public accounting firms put in 60-80 hour weeks during the audit period - it comes with the territory, so be ready for it. If you are doing corporate accounting (general ledger, A/R, A/P, payroll, tax, etc.) the average salaries for accountants range from $30K to $40K -- less than what you find in public accounting. Part of this has to do with the hours involved, and part has to do with the high fees and revenues that public accounting firms earn -- they can afford to hire out junior accountants at $40 per hour and then pay those people $25 per hour - they make a huge profit for every hour they work, and they bill it straight to the customer. Accounting salaries also differ by geographic area -- an accountant in San Francisco might earn more than $50K per year while the equivalent person in Boston would earn only $41K.Accounting Degrees- SchoolsTaking accounting classes is the way most people get into the accounting field. Colleges and universities offer both 2 and 4 year degrees (Associate Degree vs. Bachelor of Science Degree). You can enroll at most city and community collegs to get an Associates Degree, whereas you will have to attend a state or private college to get a Bachelor's degree. There are also a number of online school that offer degrees and certificates in accounting. Kaplan.edu is one of these. Kaplan University is a system of more than 70 campus based schools, serving students for 75 years. They are an accredited university offering training certificates, associate degrees, and bachelor and masters degrees. They offer a Bachelor of Science in Business, with an option on an emphasis in accounting, finance, and MIS. "Courses cover accounting principles, including new tax laws, financial statements, balance sheets, asset management, inventory analysis, accounting software, and cost-volume-profit analysis. This emphasis area also covers accounting procedures related to managing and controlling business activities." Their website has information on tuition, schedules, and more. University of Phoenix (TodaysEducation.com) offers a 100% online accounting degree program, allowing you to view lectures and assignments online. U of Phoenix has been around for 30 years, and they specialize in high education for working professionals who don't have the time attend school full-time. DeVry University (DeVryOnlineDegrees.com) also offers a Bachelors in Business Administration, with concentrations in Accounting, Finance, Sales, and more.CPA Exam - Certified Public AccountingFor those professionals looking to move up in the world of accouting, the CPA designation is the next step. To gain the rank of CPA (What is a CPA? Certified Public Accountant), you need to pass the CPA exam and take the necessary level of classwork prior. You need experience, education, and examination (the test!) to become a CPA. The CPA organization even has a mission statement: "To admit individuals into the accounting profession only after they have demonstrated the entry-level knowledge and skills necessary to protect the public interest in a rapidly changing business and financial environment." The actual CPA tests consists of a few different components. First is the Auditing and Attestation portion, covering auditing and the underlying skills. Next is the Business Environments and Concepts test, making sure examinees understand basic business procedures and processes. Next is Financial Accounting and Reporting portion, making sure test takers understand concepts of the P&L and financial statements. Lastly is the Regulation portion, where they must demonstrate knowledge of business law, taxation, and ethics as related to business and accounting.
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