About the Profession, Or Why You Should Consider Becoming an Accounting Major
A: When he realizes he doesn't have the charisma to succeed as an
undertaker.
Although it is a highly regarded profession, accounting
is also a profession that has been the subject of many less than flattering
stereotypes (the Q and A above, which I obtained from an accounting humor
website, is a case in point). I admit there are aspects of the stereotypes
that may be true (I won't tell you which ones) and, in fact, I have personally
been known to tell my friends, "I drive like a CPA." When I say this,
they know exactly how I drive -- slowly and methodically, and within the
designated speed limits. Athough I, too, have been known to
use the stereotype of a CPA as somewhat boring, my career has been
anything but that. Some of my more memorable and challenging experiences
include the following:
- Participation in business acquisition and disposition settlement negotiations;
- Participation in due diligence investigations of potential acquisition targets;
- Presentations to boards of directors, chief financial officers and chief executive officers;
- Preparation of documents associated with bankruptcy filings and working directly with attorneys, vendors and other interested parties during the bankruptcy process;
- Communication with the Securities and Exchange Commission;
- Application of new and existing accounting pronouncements to complex business transactions;
- Fraud investigations.
It's true, accounting is based on a set of rules;
however, such rules are often not black and white. Applying them
requires significant judgment as well as an understanding of the underlying
substance of the business event in question. Additionally, a successful
accountant must be a good communicator and must have the ability to work
with people at all levels within an organization.
Accounting offers a wide range of career opportunities in four broad areas: public accounting, private industry, government and education. In public accounting, the accountant is employed by a CPA firm and may specialize in such areas as auditing, tax or management consulting. Within those areas, industry specializations such as health care, insurance or retail are also common. Public accounting offers a good opportunity for learning about many types of businesses. In fact, it is not uncommon for firm members to accept jobs with clients or with a company that is in an industry similar to those they have learned about through their public accounting experience.
When working in private industry, accountants are employed in a variety of technical or management positions in auditing, controllership, taxation, planning or administration. Similar positions are available for the governmental accountant. CPA's often serve as chief financial officers, treasurers and planning directors. Additionally, you may find tax attorneys and attorneys practicing securites law who are also CPA's.
Accountants who work in education are usually college professors, a very rewarding career.
My work experience has included three of the four areas mentioned above, so I do have some insight into the profession and I would be happy to talk with you about a career in accounting.
Professional status for accounting is evidenced by a number
of certificates which are earned by examination and, in some cases, completion
of certain experience requirements. Most notable are the following:
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