What is Accounting?
According to the Business Dictionary, accounting is “a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting, and communicating financial information.” Accountants are responsible for creating and communicating financial and other information that are useful to managers and external stakeholders in making their decisions.
How to Succeed in Accounting?
To succeed in accounting, you must be diligent and willing to work hard to master the necessary technical knowledge. Critical thinking and problem solving skills are also necessary to collect, analyze, and interpret information. Excellent communications skills and ability to work as team are critical in working with other individuals within the organization and with the clients. Finally, as financial professionals, it is vital that accountants are honest and hold high standards of ethics.
Career Opportunities in Accounting
Some accountants provide auditing, taxation, and other consulting services to individuals and organizations or work in various capacities in the industry, non-for-profit organizations, or governmental agencies such as the Securities and Exchange Commission and the Internal Revenue Services. Others serve as controllers, internal auditors, chief financial officers, and budget analysts.
Up-to-date median salary expectations can be found from the Department of Labor Statistics’ Website (http://www.bls.gov/ooh/business-and-financial/home.htm). At the time of revising this Website, median salaries for selected jobs were:
- Accountant & Auditors - $61,690
- Budget Analysts - $ 68,200
- Personal Financial Advisers - $64,750
- Cost Estimators - $57,860
- Tax Examiners and Collectors, and Revenue Agents - $49,360