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A Career in Accounting - Assignment Example

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The stockholders suffered in untold misery because the Enron executives acted maliciously in cohorts with the auditors while the swindled investors of Madoff trusted overly in the financial statements which were twisted and distorted by the accountants of the alleged fraudster. In the international landscape, the recession started in the United States of America. First, it was the banking system. Then, the credit in housing mortgages crumbled and collapsed. The auto industry followed in the imbroglio. And well, if America sneezes, the world catches cold. All those could have been avoided by proper accounting and sound auditing. Accounting as a career plays a significant role in the world order because it embodies the most useful information system in any undertaking in all jurisdictions and in every kind of business.1 While accounting focuses on financial transactions which are micro, the collection of all data under it represents the ins and outs of economics which are macro. Owing to all these dynamics, accounting will continue to lead in the professional field and accountants will remain in demand in the job market. In the United States, what has led to the need for accountants and auditors is the federally legislated Sarbanes-Oxley law which has outlined stern rules on financial statements after the notorious corporate scandals that included Enron.

Where the demand is
Aside from the new Sarbanes-Oxley statute repercussion, accountants continue to be in demand in the United States because of the increasing workload of the top audit firms.3
Educational and other requirements including the need for hard and soft skills
The requirements for the credentials of an accountant depend on the position that has to be filled up. Generally, the average job requires an accounting course at the bachelor level. One of the best supplements to the normal college accomplishment is a master's degree or a special certification on knowledge of accounting and auditing software. A passer of a licensure examination for Certified Public Accountants will be a great advantage. Sufficient experience will also be a big plus.4
Skills in accounting and auditing are highly checked in the pertinent applications. Among these are:
designing of internal control measures and analysis of financial information and computer programming,
budget analysis and cost estimation,
proficiency in loans examinations,
tax verifications,
collection, and
general bookkeeping.
Special skills in computer accounting programming, computer accounting software
management and design, and systems administration are likewise highly sought.
Pay range for accountants and auditors
Average annual or yearly salaries for accountants and auditors as of May, 2006, vary according to the list sourced from the same report of the Bureau of Labor Statistics cited above, thus: accounting, tax preparation, bookkeeping, and payroll services $57,020; management of companies and enterprises $55,560; local government $50,120; depository credit intermediation $49,380; and state government $47,200. In a survey conducted by the National Association of Colleges and Employers, the usual initial remuneration that is offered for bachelor degree holders is $46,700.00 annually. For those with a master's degree, it is $49,200.00 per year. Basically, these pay rates are over and above the salaries for other professionals.
Bright job outlook for the profession
As earlier discussed briefly, there have been new developments which created impact and implications in accounting and finance. These things have re-shaped trends in the accounting career and the growing demand for accountants a ...Show more
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The subject has so much implications and repercussions on so many current world issues. The Enron scams, the Madoff fraud and the global economic meltdown, among others, are connected to accounting particularly to auditing, a specialized branch…
A Career in Accounting
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