The Future of Accounting Jobs

The future of accounting jobs remains bright. According to the Bureau of Labor Statistics, employment of accountants and auditors is expected to grow 16 percent from 2010 to 2020, about as fast as the average for all occupations. This is great news for those looking to go into accounting.

The main reason for this increase is an increased focus on accounting in response to corporate scandals and the recent financial crises. Because stricter regulations will be implemented across the board to prevent another crisis, many new accounting jobs will open up in both large and small firms.

Additionally, tighter lending standards are expected to increase the importance of audits. This is a key way for organizations to demonstrate their creditworthiness. More audits will take place, creating the need for more accountants. Auditors may be internal or external.

In addition continued globalization of business should lead to more demand for accounting expertise and services related to international trade and international mergers and acquisitions.

The duties of accountants vary depending on the size of the company they work for and their specialty. They analyze, disseminate, and communicate financial information for companies, individual clients, and federal, state, and local governments.

They prepare, analyze, and verify financial documents and also perform duties such as financial and investment planning, budget analysis, and legal services related to finances.

So who will have the best job prospects? Auditors, accountants, or accounting clerks? The BLS predicts that certified public accountants will enjoy the most prospects. CPAs are licensed by their state’s Board of Accountancy. Becoming a CPA requires passing a national exam and meeting other state requirements. It is often a lengthy and very difficult process, so becoming a CPA is no small feat. In fact, 46 states and the District of Columbia require CPA candidates to complete 150 semester hours of college coursework, which is 30 hours more than the usual 4-year bachelor's degree. In addition, most states require experience before an accountant can apply for a CPA license.

Forensic accountants will also be highly sought after. These accountants specialize in investigations that involve white collar crime such as embezzlement, fraud, or money laundering. These accountants work with law enforcement officials and executives within businesses to achieve an outcome. They may spend weeks, months, even years investigating these crimes and checking numbers.

Internal auditors work to prevent fraud from occurring within the company. They have a system of checks and balances to detect mismanagement of funds, money laundering, or embezzlement. If these are caught internally and dealt with, it may prevent the interference of an outside entity.

The minimum degree level required to edit the accounting field is a bachelors degree in accounting or finance. A master's degree and/or the obtainment of the Certified Public Accountant certificate is also preferred. Obviously these degrees will include an increase in salary as well.

The average salary for a starting accounting is approximately $48,933. Those with a master’s degree starting out can expect to earn around $49,786 or more. This number can be a lot more depending on the size of the company. In a position for the federal government, an accountant can expect upwards of $53,660 starting out.