The accounting profession has many opportunities to offer both for professional and personal development. The Bureau of Labor Statistics predicts an increase of 16% from 2010 top 2020 in the demand for accountants. The reason is that the need for thorough financial documentation in response to corporate scandals and recent economic crisis. Secondly, companies seek professional to address strict laws and regulations in the financial industry. For example, companies are hiring professional such as a financial analyst, tax accountants who can establish and support growth by navigating through complex rules and regulations.
To be successful in an accounting position, a candidate must possess strong analytical skills such as detailed-oriented and be adept with numbers. Additionally, a candidate must synthesize, and interpret business strategies through financial data. As a result, a career in accounting offers professional opportunities and a chance to add value to corporations, governments among other organizations. Secondly, a career in accounting entails different job specifications ranging from audit to tax consultation. For example, the auditor examines the financial statement of the company and certifies their validity and relevance. They also provide advisory services such as strategies to improve performance. For example, they advise on internal controls, mismanagement by detecting fraudulent activities within the business (Bureau of Labor Statistics, 2014).
Another job opportunity in accounting is credit controller
The professions provide leadership in financial planning, budget management, and debt financing. They ensure that the accounting process of the business adheres to acceptable accounting principles. For example, the controller is responsible for the company’s accounting operations in production, financial reporting, record system and risk management. As a result, they occupy a significant position in an organization. For example, they can be second to CFOs, and provide advice to management accountants (DeVry University, nd).
Studies and research in accounting depend on the economy. A career in accounting follows the same path in developing new professions. For example, the Bureau of Statistics ranked Accountants and Auditors in the top 20 occupational with the highest demand between 2006 and 2016. One primary reason is that, accountants are in demand when the economy is a downturn. For example, in such times, the public becomes distressful of current accounting and reporting procedures leading to a change in regulation and accounting practices. Corporate scandals that affected public companies such as WorldCom and Enron led to the passage of the SOC Act of 2002 to enhanced accounting standards. As a result, firms seek more advanced professionals to counter fraud (Singleton & Singleton, 2010).
A career that became significant, resulting from the above is forensic accounting. It is an integration of accounting, audit, and investigative skills. The skills enable clients to support litigation in an investigative or judicial process. Companies likely to employ the professionals include public accounting and consulting firms specialized in risk management, forensic accounting services, law firms and enforcement agencies, insurance companies, and government. They perform fraud and investigations by conducting research and analysis of data. They also assess and advise senior management and legal counsel on risk that may involve in the accounting practice (Singleton & Singleton, 2010).
In conclusion, accounting is the study of how businesses track income and assets over time. Aside from preparing financials statements and business transactions, they perform various activities. Such activities may include computing cost, tax consulting, strategic and corporate management. Regardless of the positions, there are basic skills and interest that accountants must possess. For example, they must secure a company’s information on processes and decisions, and evaluate their accuracy. Additionally, they must develop strategies to improve on business performance by adhering to different rules and regulation in the financial sector.
- Bureau of Labor Statistics (2014) Accountants and Auditors. Retrieved from http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
- DeVry University (nd) Accounting: Careers that fit you http://www.keller.edu/d/business-management-accounting-careers-guide.pdf
- Singleton, T., & Singleton, A. J. (2010). Fraud auditing and forensic accounting. Hoboken, N.J: Wiley.