Career Opportunities

1.1 Lesson 1 Careers in Accounting—Discussion Guide

Performance Indicator: Identify career opportunities in accounting

THINK ABOUT IT

From tracking criminal funding and improving financial spending to identifying how businesses can become more eco-friendly (and profitable), accounting is so much more than crunching numbers!

• Read on to learn about employment outlook, skills for success, and career opportunities ahead.

KEY CONCEPTS

Slide #1 Traits and Skills for Success

• For a career in accounting, it’s important you are more than just a “numbers person.”

  • It requires both the abilities to complete expense sheets and ensure regulatory compliance, as well as the ability to communicate complex financial information to a variety of audiences.

  • To be successful, accounting careers require a variety of hard, technical skills and soft, professional skills.

• Technical skills include financial reporting and analysis (e.g., Delphi Technology, Oracle E-Business Suite Financials software, etc.), account reconciliation (e.g., Intuit QuickBooks), compliance and database reporting software (e.g., ACCUCert, SAP Crystal Reports, etc.), spreadsheet and project management software (e.g., Microsoft Excel and SharePoint, Google Sheets, etc.), financial statements and tax preparation software (e.g., ATX Total Tax Office), and more.

  • Accountants and auditors must also be familiar with Generally Accepted Accounting Principles (GAAP).

• Soft skills include strong written and oral communication and organization skills to track and explain complicated financial data to others; analytical and problem-solving skills to identify and address issues; deductive reasoning and critical thinking skills; integrity, openness, and honesty to ensure financial dealings are conducted ethically; general business knowledge; flexibility, adaptability, and creativity; and a customer-service orientation.

Slide #2 Accounting Careers

• Accountants have a wide variety of career options: they can work in both the public and private sectors, with small businesses and large corporations, for nonprofits and governments.

  • They can work at major accounting firms, as in-house accountants, or start their own businesses.

  • Practically every business in every industry, from colleges to health care providers, needs accounting professionals to record financial transactions, communicate economic activities, prepare tax returns, identify ways to improve profits, and ensure financial statements meet legal requirements.

• Accounting careers include the following:

  • Various branches of accounting (e.g., forensic, management, public, financial, actuarial, government, cost, environmental, payroll, tax, etc.)

  • Auditor

  • Bookkeeper

  • Budget analyst

  • Compliance officer

  • Internal auditor

  • Real estate appraiser

  • Financial planner/controller

  • Accounts payable/receivable clerk

  • Tax attorney/consultant/preparer

Slide #3 Employment Outlook

• According to the U.S. Bureau of Labor Statistics, the median annual wage for employment in accounting was $71,550 in 2019.

  • It’s important to note that salary often varies by education, industry, and experience.

  • Many accountants decide to earn the certified public accountant (CPA) credential, which provides professional benefits and generally higher salaries.

  • The outlook for employment in accounting is projected to grow about 4 percent from 2019 to 2029, which is about the average speed for all occupations.

Slide #4 Professional Development Opportunities

• Professional development serves to encourage lifelong learning, maintain accounting qualifications, enhance technical skills, boost job satisfaction, and advance your career.

• Accounting professional development opportunities are wide-ranging, including:

  • Attending digital accounting conferences

  • Enrolling in continuing professional education (CPE)

  • Taking advantage of mentorship opportunities with senior-level colleagues

  • Collaborating with cross-departmental teams
    

  • Attending “lunch and learn” sessions from industry experts

  • Using mobile apps, videos, and massive open online courses (MOOCs) (e.g., LinkedIn Learning, Coursera, etc.) to improve your skills

1.2 Lesson 2 Accountant Responsibilities—Discussion Guide

Performance Indicator: Explain the roles and responsibilities of accounting professionals

THINK ABOUT IT

Just like doctors and lawyers, accounting professionals are responsible for performing their duties in the most ethical manner possible.

• Whether they are preparing financial reports or ensuring regulatory compliance, accounting professionals play an essential role in business operations.

KEY CONCEPTS

Slide #1 Function in Business Operations

• Accounting professionals play a vital role in effective and efficient business operations.

  • Accounting has been called “the language of business” because financial transactions drive any business’s success.

• Accounting professionals act as strategic business partners, advisers, and consultants while guiding businesses to maximum profits.

  • They add value by collecting, recording, analyzing, and interpreting financial information for an organization’s decision-makers.

• Accounting professionals ensure the orderly, accurate, and compliant management of a company’s finances.

  • Because they are responsible for fairly communicating reliable information about a business’s economic activities, accounting professionals must be ethical, honest, and trustworthy to best serve the public interest.

Slide #2 Ethics in Accounting

• Since accountants deal with the private financial details of both individuals and corporations of every shape and size, ethical behavior is of the utmost importance.

• Within the field of accounting, many professional organizations prepare and publish their own codes of ethical conduct.

• Although these guidelines vary in length and scope, most cover these five fundamental areas:

  • Objectivity and independence:

    • Accounting professionals must avoid conflicts of interest to ensure they make unbiased decisions that are fair, impartial, and free from prejudice.

  • Confidentiality:

    • Private financial information must be protected.

  • Integrity:

    • Accountants need to be honest and upfront while performing their duties.

  • Professional behavior:

    • Accounting professionals must obey all laws and regulations in their field and state of business.

    • They also need to represent the accounting profession to the best of their ability, which means using sound moral judgment in all situations.

  • Professional competence:

    • Accountants need to stay up-to-date with changing legislation and industry best practices, as well as understand when to consult with others if subject matter is outside their area of expertise.

• Every day, accounting professionals use these ethical guidelines along with their own moral code to carefully assess and interpret situations where the answer is more complex than a simple ‘yes’ or ‘no.’

• Cultivating trust is essential within the field—people must know they can rely on accountants to engage in ethical decision-making.

Slide #3 Responsibilities and Legal Obligations

• Accountants are responsible for ensuring financial information is accurate, meets ethical standards, and is compliant with all laws and regulations.

  • The Sarbanes-Oxley (SOX) Act of 2002 created a strict set of rules for finance and accounting professionals.

  • Accountants have a fiduciary duty of trust to act with honesty, competence, and reasonable care.

  • They assume legal liability while performing their professional tasks, meaning they are responsible for clients’ misstatements or inaccuracies.

  • An irresponsible or imprecise accountant can be sued for negligence, malpractice, or fraud.

• Accountants are legally required to follow generally accepted accounting principles (GAAP), which is a set of rules that guides them in reporting financial information and performing their duties ethically.

  • These guidelines incorporate 10 fundamental concepts, including the principles of regularity, consistency, sincerity, permanence of methods, non-compensation, prudence, continuity, periodicity, materiality, and utmost good faith.

  • Accountants who prepare financial documents in good faith generally won’t be held liable for incorrect conclusions.

Slide #4 Qualifications and Experience

• Although it is possible to secure an accounting job in entry-level accounting positions with a high school diploma or associate’s degree, most accounting professionals hold a bachelor’s degree.

  • Some continue their education by earning a master’s degree in finance or business, or by working toward their certified public accountant (CPA) license.

• CPA certification requires 150 credit hours in accounting courses, passing all sections of the challenging four-part exam, and working for a set amount of time (e.g., 1800 hours) under the supervision of a licensed CPA.

  • In addition to performing all tasks of a public accountant, CPAs are uniquely qualified to review financial statements, conduct and prepare audits for the Securities and Exchange Commission (SEC), and represent individuals before the IRS.

• When applying to jobs, your resume should highlight any internships, volunteer experience, and soft skills that demonstrate your communication and organization abilities.

  • Recruiters and networking can help secure a position that fits your credentials and talents.

  • To learn more about becoming an accounting professional, visit

Lesson 3 Professional Organizations for Accountants—Discussion Guide

Performance Indicator: Describe the services of professional organizations in accounting

THINK ABOUT IT

If you hope to advance your accounting career, expand professional development opportunities, network with experts, participate in continuous learning, enhance your resume, and play a part in developing best practices, you should plan on joining a professional accounting organization.

KEY CONCEPTS

Slide #1 Importance of Professional Organizations

• Professional organizations are vital for the accounting field, the business environment, and the accountants within them.

  • A professional organization exists to advance a specific career and support the people working within that profession.

  • They accelerate innovation and serve the public good.

  • In addition to providing opportunities for communication and growth, professional organizations study, review, and regulate standards and procedures.

  • They play a major role in ensuring the excellence of the accounting profession.

• Professional organizations vary broadly: They can be domestic or international, specialized or general in scope, with half a million members or just a few thousand.

  • People can serve as board members, attend monthly meetings, join multiple organizations, or adjust their involvement as time allows.

  • They are valuable for offering professional certification, networking potential, continuing education, career advancement resources, access to scholarships and internships, and more.

Slide #2 Benefits of Joining Professional Organizations

• Professional organizations provide the latest resources on industry best practices and standards, along with information addressing current challenges in the accounting field.

  • Members have the unique opportunity to shape the direction of the profession.

  • Professional organizations provide access to publications, journals, and newsletters.

  • They also offer continuing professional education (CPE) classes, conferences, seminars, workshops, and other career development resources.

• They offer valuable connections with accounting professionals in the field, whether they are local, across the country, or on the other side of the world.

  • Lasting relationships like these can secure future job or business opportunities.

  • Networking with peers, meeting leaders in the field, and taking advantage of mentorship opportunities are some of the noteworthy benefits they offer.

• Most organizations provide group discounts on classes, services, and products, as well as special access to student internships and scholarships.

  • Membership also delivers resume enhancement: It shows the person is serious about investing in their career, which clients and employers appreciate.

Slide #3 Services and Resources

• Professional organizations offer career training, skill development, and opportunities to invest in the future of your career.

  • Membership provides resources like consulting and recruiting professionals, industry awards, cutting-edge research, and publishing and leadership opportunities.

  • Joining an organization provides community, professional guidance, and job opportunities.

• Many organizations offer a code of ethics, which details how professionals should behave to defend the integrity and value of the profession.

  • The services and resources differ by organization, but they all offer professional guidance, networking potential, and continuous learning opportunities.

Slide #4 Professional Organizations

• When comparing professional accounting organizations, it’s helpful to think about the different benefits and opportunities each association provides.

  • Look for an organization that delivers networking and mentorship, continuing education, skill and personal development options, and an upstanding industry reputation.

• Here are some well-known professional organizations:

  • American Institute of Certified Public Accountants (AICPA):

    • This is the primary accounting organization in the United States.

    • It is one of the oldest and most renowned societies, and AICPA has more than 430,000 members in 130 countries.

    • The AICPA is the top association offering training for those preparing to take the certified public accountant (CPA) exam.

  • Institute of Management Accountants (IMA):

    • This organization focuses on the role of finance and accounting personnel as business leaders, and it is the leading U.S. association for managerial accountants.

    • The IMA has about 140,000 members and offers professional certification directed at enhancing internal business operations.

  • American Association of Finance and Accounting (AAFA):

    • The AAFA is committed to helping accounting and finance professionals locate rewarding employment.

    • This organization includes headhunting firms that are dedicated to training and career development.

  • Professional Association of Small Business Accountants (PASBA):

    • This organization encourages accountants who work at small and medium businesses to create their own accounting businesses.

    • The PASBA also lists its members in a database that local companies can utilize to find trustworthy CPAs nearby