February 8th, 2010
Accounting Degrees have been a popular choice among undergraduates for years and with good reason; the accounting career opportunities continue to grow in volume and in areas of specialization.
1. Management Accountants hold positions of responsibility within a business management structure. They not only record the financial activities for management reports, they are responsible for analyzing those figures. Budgeting, cost management, asset management (including capital expenditures) and in some cases, performance analysis of financial units all can fall into the purview of the management accountant. Certification is available through the Institute of Management Accountants.
2. Public Accountants are the consumer wing of the industry, but public accounting firms perform professional duties for small and medium sized businesses as much as for individuals with annual tax needs. The storefront accounting firm has been a staple of thje industry – and a fine career option – for decades.
Certified Public Accountants generally complete an additional 150 semester hours over and above the requirements for a Bachelors Degree – which in many schools can lead to a Masters in Accounting. They then must sit for the national exam required of CPAs. Information on the profession and the exam can be found at the American Institute of Certified Public Accountants.
3. Government Accountants and Auditors work at the federal, state and local level keeping and examining records of government agencies; as well as auditing private businesses and individuals whose activities are subject to government regulations or taxation. Managing government budgets is a world unto itself at every level.
Certified Government Financial Manager is a certification course and exam offered by the Association of Government Accountants. Founded in 1950 as an organization for federal auditors and accountants, it expanded its ranks to the state and local level in the 1970s. Certification can be of value on the resume, alongside government experience.
4. Internal Auditors are the watchdogs for both public and private entities. They evaluate financial systems and practices, studying the overlay of internal controls to see if they are adequate. It’s a dual role in many instances: looking for efficiency, and looking for compliance with established procedures. In many cases, the resultant product is evidence of mismanagement.
Certified Internal Auditor status is available through the Institute of Internal Auditors. Formal recognition in this field can be important in the job application process, as internal auditing can be a sensitive position requiring solid ethical and professional sensibilities. Their website maintains a job bank as well.
5. Forensic Accountants work in a field described as “the specialty practice area of accountancy that describes engagements that result from actual or anticipated disputes or litigation.” In fact, the term “forensic’ means ‘suitable for use in a court of law’. Forensic accounting has become an anchor profession for agencies such as the FBI and DEA in their efforts to trace the flow of funds through laundering operations. The Secret Service is responsible for credit card fraud when not handling protection details, and their investigation arm makes great use of forensic accounting.
The Association of Certified Fraud Examiners provides an examination and certification procedure for people who wish to work in this field for both public agencies and private concerns. Internal fraud investigation is a step beyond internal auditing, within the professional accounting realm.
6. Financial Planners work with clients to arrange an orderly financial plan for managing family finances, investing, college funding and retirement. Many people in this field begin with an accounting degree but develop credentials for insurance and securities sales along with other licenses affiliatied with the field. There has been a proliferation of financial planning services, agencies and individual operators in the field.
The Certified Financial Planner Board of Standards offers recognition in the field, following a background check and certain continuing education courses. A CPA license is required for accounting graduates to qualify for this certification.
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Bob Hartzell is a freelance writer for Get Degrees®. They feature only accredited schools and colleges offering associate’s, bachelors and master’s in accounting degrees.
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