You've chosen a good field. According to the U.S. Department of Labor's Bureau of Statistics, employment of auditors and accountants is expected to grow between 18 and 26 percent annually through 2014. In 2004, accountants and auditors held approximately 1.2 million jobs, so by 2014 that number should be well over 5 million.
In 2004, one out of four accountants worked for accounting, tax preparation, bookkeeping and payroll service firms. One out of 10 accountants or auditors was self-employed. The majority of accountants and auditors are not licensed and serve as management accountants, internal auditors or government accountants and auditors.
Strong Economy = Job for You
Because a strong economy means more businesses begin operations, that means those businesses will need accountants to set up books, prepare taxes and offer financial advice. Additionally, as tax and corporate accounting laws become more strict, companies need full time accountants and auditors to keep up with the latest requirements.
Where the Money Is
According to the Bureau of Statistics, once you complete your Bachelor's degree in accounting, you can expect to earn an average of $43,269. If you're getting your master's degree, your initial offer will be close to $46,251. From here, you can aspire to greatness: the top 10 percent of accountants and auditors earn more than $88,610!
An online education is a great way to earn your degree in accounting! There are several great accredited schools that offer Associate's, Bachelor's and Master's degrees in accounting online, making it fast and easy to get your degree. In your studies, you will probably take courses in:
Additionally, in your studies, you will use real-world applications, accounting principles and technology to sharpen your analytical skills and improve problem-solving. You will learn how accounting practices and principles vary around the world and find out exactly what kind of work you would be doing in the field of accounting today.
Gone are the days of actually “doing the books.” In your online degree program, you will learn how to use accounting software programs like QuickBooks Pro and PeachTree, which are valuable skills required by most employers of accountants. You will also learn the online research skills needed for auditing and corporate accountancy.
You can earn your accounting degree in just a year or two, and with certain Master's level programs, you may meet the hours required to sit for the CPA exam.
There are many skills that make a good accountant. If you have these qualities, you will find the accounting field offers unlimited opportunities for you:
Teamwork. Working as an accountant means being part of a team. When you first start out, you will probably work as a junior member of an accounting team. You will work with other accountants with more experience. As you work your way up the ladder, you will interact with co-workers in other departments. It's important that you enjoy working with others and can collaborate on projects.
Tech Savvy. Additionally, accountants need to be on the cutting edge of technology. Software programs are constantly updated, and it's your job to make sure you know how to use technology to your benefit. The use of spreadsheets, databases and word processing programs will also come in handy in your daily work.
If you have this variety of qualities, you should seriously consider getting your online accounting or finance degree. Your degree can teach you many useful accounting skills, but you have to have the foundation and interest necessary to make it in the accounting world.
As an accountant, you will be involved in many different roles, depending on who you work for and what your actual title is. Some of the duties you may perform include:
Audits. If you work for corporations or the government, you may be involved in audits. In this category, you will check accounting ledgers and financial statements. Auditing is easier and more efficient with today's technology. You may travel frequently to perform audits, and you'll learn a lot about the process of money making.
Budget Analysis. In the budget analysis sector, you may develop and manage financial plans for the government or private entities. You'll need strong quantitative, negotiation and people skills.
Management Accounting. If you're involved in management accounting, you may be involved in making decisions about capital budgeting and business analysis. You will work with other departments, such as marketing and finance, to maximize the company's revenues and profits.
Tax. When tax time comes around (and throughout the year), you may help prepare personal and corporate tax strategies, as well as apply tax laws to business transactions. A strong understanding of tax codes and economics is important.
Financial. In this field, you will prepare financial statements and participate in decisions about acquisitions and mergers, benefits and long term financial projections. A strong understanding of both accounting and finance is necessary.
Because of the advancements of technology, it is possible to have a successful career as an accountant from home! Many small businesses don't need a full-time accountant, so you can offer your services to multiple clients and perform your work from the comfort of your home.
Your Work. Your role will vary depending on each client's needs, but in general, you will be helping with the planning and preparation of tax forms, monthly financial reports, audits, billing and payroll services. If you are a CPA you will work more with financial planning and strategic business consulting services.
Your Pay. As a bookkeeper, you can earn $20 to $35 per hour. If you are a CPA, you can charge more and get $40 to $70 per hour. Because you work from home, your schedule is flexible. You decide how many hours you want to work and how many clients you want to take on!
Getting Started. Setting up a home office is pretty easy. You will need a computer, phone and fax, as well as any tax or accounting software your clients will require you to have. You may also choose to have an adding machine and accounting references, such as the yearly tax guide. You may need to shell out $2,000-$5,000 to start, depending on your budget.
You should promote yourself wherever you can. Networking events are great sources of business. Take out ads in the Yellow Pages and local publications.
With high-profile corporate corruption like Enron and the Sarbanes-Oxley Act of 2002, which places more strict regulations on finances and accounting, the need for well-trained accounting professionals is on the rise. If you're considering getting an accounting degree online, now is a good time. According to the U.S. Department of Labor's Bureau of Labor Statistics, you can make an average of $56,680 as an accountant or auditor. Not bad!
There are typically three categories of accountants:
Your online accounting degree will open up these positions to you once your education is complete. If you want to become a CPA, you will need a minimum of 150 hours of specific coursework, and you will have to pass a difficult exam to become certified as a CPA. But, because of the test's difficulty, passing it can get you a job instantly.
