Careers in Accounting

CAREERS IN ACCOUNTING

ABSTRACT

Many of us probably have made up our minds on which career path to follow. There are myriad of careers in business that people may decide to follow. One of the career options is accounting. Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions including computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management. The world of management accounting is evolving rapidly and there is high demand for accountants who are knowledgeable about these trends.

INTRODUCTION

People planning a career in accounting and auditing should have an aptitude for mathematics and be able to analyze, compare, and interpret facts and figures quickly. They must be able to clearly communicate the results of their work to clients and managers both verbally and in writing. Accountants and auditors must be good at working with people, business systems, and computers. At a minimum, accountants and auditors should be familiar with basic accounting and computer software packages. Because financial decisions are made on the basis of their statements and services, accountants and auditors should have high standards of integrity.

There are many areas in accounting from which a person can choose from such as auditing, management accounting, forensic accounting, government accounting, and teaching. In this paper we have discussed about all these careers options in detail. Also there is section in which we have discussed about training and other qualifications available for accountant which enhances their knowledge.

KEY ACCOUNTING CAREERS

Auditing and Internal Auditing

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal auditors review the reliability and integrity of financial and operating information of an organization. An internal auditor evaluates the risk exposure relating to the organization's governance, operations and information systems pertaining to the effectiveness and efficiency of operations, safeguarding of assets and compliance with laws, regulations and contracts.

Work in audit involves checking accounting ledgers and financial statements within corporations and government. This work is becoming increasingly computerized and can rely on sophisticated random sampling methods. This work can involve significant travel and allows you to really understand how money is being made in the company that you are analyzing.

Management Accounting

According to the Chartered Institute of Management Accountants (CIMA), Management Accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources. A management accountant performs a series of tasks to ensure their company's financial security, handling essential financial matters and helps to drive the business's overall management and strategy. Some of the concepts in management accounting are Cost accounting, Lean accounting, Resource Consumption Accounting, Throughput Accounting and Activity Based Accounting. Management accountants work in companies and participate in decisions about capital budgeting and line of business analysis. Major functions include cost analysis, analysis of new contracts and participation in efforts to control expenses efficiently. This work often involves the analysis of the structure of organizations.

Forensic Accounting

Forensic Accounting is the art of utilizing investigative skills to assist in legal matters with the help of accounting and auditing. It provides an accounting analysis that is suitable to the court which forms the basis for debate, discussion and dispute resolution. Forensic accounting deals with two main areas Investigative Accounting and Litigation Support. A forensic accountant's job involves analyzing, interpreting, summarizing and presenting