Featured Schools For Accounting Degrees
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The accounting field has a large degree of mobility and your advancement depends on your continued education and certification. Accountants can specialize in different businesses or fields, and according to particular accounting functions.
Accounting can be divided into four major fields of accounting as defined by Bureau of Labor Statistics, U.S. Department of Labor:
- Public Accountants
- Management Accountants
- Overnment Accountants
- Auditors and Internal Auditors
Public Accountants
Careers in Public Accounting focus on auditing and tax functions. New public accountants usually work for several clients on their own or as part of a firm providing services. Advancement to positions with more responsibility takes 1 or 2 years, and to senior positions in a few more. Those who excel may become supervisors, managers, or partners; open their own public accounting firms; transfer to executive positions in management accounting; or internal auditors in private firms. Larger firms prefer to hire Master's Degree graduates. The salary range for an associate accountant is $25,000 - 38,000; for a senior public accountant it's between $33,000-52,000; and a manager averages between $45,000 and 74,000.
Private Accountants
Management accountants often start as cost accountants, junior internal auditors, or trainees for other accounting positions within a corporation. As they rise through the organization, they may advance to accounting manager, chief cost accountant, budget director, or manager of internal auditing. Some become controllers, treasurers, financial vice presidents, chief financial officers, or corporation presidents. Many senior corporation executives have a background in accounting, internal auditing, or finance.
The average starting salary for a management account in 2000 was between $28 -36,000. A minimum of a bachelor's degree in accounting and 2 year's experience is required and professional licensing is recommended. The focus is on the reporting functions within the organization to contribute to planning and decision making. A management accountant also manages the reporting to stock holders, regulatory agencies, and tax authorities.
Government Accountants
Government Accountants can work at any level of government to analyze and oversee the performance and allocation of funds. At the federal level, opportunities exist in such diverse areas as the Department of Defense, the IRS, and the Securities and Exchange Commission.
Internal Auditors
Internal auditors deal with conducting compliance audits, internal controls and accounting information systems. As they advance in their careers, they can become involved in operational audits and provide recommendations and plans for continued financial improvement within an organization.
The breadth of the industry leads to many areas of specialization such as, General, Budget, Cost, Property, Systems, Forensic, and Tax accountants. Private accountants are also in demand for non-profit organizations who need specialized expertise in tax regulations and policies unique to them.
Private accountants are also in demand for non-profit organizations who need specialized expertise in tax regulations and policies unique to them. The breadth of the industry leads to many areas of specialization such as, General, Budget, Cost, Property, Systems, Forensic, and Tax accountants.
Deciding on which route to take depends on your own personal career and lifestyle goals. Public accounting generally provides higher salaries, variety, and advancement based on merit. Your actual working hours as a Public Accountant are applied to your CPA requirements.
Private accounting is more stable with a fixed location, hours, and job load. Private accountants should get a traditional 4 year degree, but are not required to obtain their CPA as described below. Internal auditors, management accountants and tax professionals can practice without a CPA designation.
