Accounting Job Outlook and Salary
The Accounting Job Outlook and Salary is far-reaching and covers various fields of business, study, and technology. Accounting involves the process of analyzing and computing individual or business financial transactions. The work involves the monitoring and adjustment of financial records as it pertains to income, allocation and taxes, liabilities and profit and loss data. Accountants must be familiar with numbers and math, certain relevant computer software programs, and be able to communicate effectively with clients. Proper education goes a long way in procuring a professional position in the accounting field.
Accountants analyze and manage the financial health of individuals, businesses, corporations, and government agencies. The duties you could perform will vary depending on your position. You can expect to prepare a range of financial reports and examine or analyze historical documentation. You may also perform internal-auditing tasks and analyze business operations from a financial perspective. Your duties may include projecting expenses and revenues, preparing corporate tax records, and submitting financial reports to the Securities and Exchange Commission (SEC).
Consulting accounting aids in improving and changing financial planning by implementing newer accounting strategies that improve financial performance and minimize waste and loss. Accounting firms will see the most job opportunities, although government agencies and niche businesses are also seeing a need for accounting vocation.
Rising areas of accounting will include environmental accounting, forensic accounting, and consulting. Environmental accounting concentrates on areas of government regulations and the application of tax incentives. Forensic accounting deals with the exposure and elimination of white-collar crimes, company theft, and loss of unexplained income.
What Are the Job Outlook and Salary Expectations for Accountants?
Federal and state laws, corporate governance regulations, and business globalization are expected to have an effect on the growth of the accounting field. In May 2013, the U.S. Bureau of Labor Statistics (BLS) projected that accountants and auditors held more than one million jobs in the U.S. (www.bls.gov). The BLS also reported that accountant and auditor positions would grow 11% between 2014 and 2024. You could expect favorable employment conditions if you finish a postsecondary education and successfully complete the process to become a Certified Public Accountant (CPA). According to the BLS, accountants, and auditors earned a median salary of $67,190 in May 2015.
According to the U.S. Bureau of Labor Statistics, an approximate 14 percent increase in the accounting field is expected from 2010 to 2020. This increase will be seen in government agencies, accounting firms, and general business, resulting in about 280,000 additional jobs. The increase will be reliant upon more stringent government regulations and more emphasis placed on protecting employees and investors against fraudulent practices. This will lead to increased auditing frequency and practices in the growing economy.
The growth of auditor and accounting jobs will be directly related to the influx of new businesses, changing regulations, financial laws, and the increasing importance of company financial planning.
The accounting will always be with us to safeguard public and commercial assets, investigate white-collar crimes, security fraud, bankruptcies, embezzlement, and contract disputes. It will always provide a means of checks and balances, ensuring fair and just practices within the business environment.
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