Accounting

Accounting focuses on methods to create, maintain and audit a detailed and accurate system that displays the finances of a business or organization. It includes the theory behind accounting and how to analyze the financial position of a business or organization.

Public Accounting

Common Career Paths

  • Assurance services
  • Business valuing
  • External auditing
  • Personal financial planning
  • Tax
  • Environmental accounting
  • Forensic/Investigative accounting
  • International accounting
  • Financial accounting
  • Litigation and risk management consulting
  • Management consulting

Employers

  • Public accounting firms:
    • Large/multinational, regional, local
  • Sole practitioners

Strategies

  • Public accounting firms hire candidates who meet the educational requirements for sitting for the Certified Public Accountant (CPA) exam.
  • State laws govern the practice of accountancy and specify the requirements to be eligible to sit for the CPA exam and gain licensure. In most states, the State Board of Accountancy website outlines those requirements.
  • Learn about the American Institute of CPAs specialty certifications.

Corporate Accounting

Common Career Paths

  • Financial management
  • Financial reporting
  • Internal auditing
  • Cost accounting
  • Tax planning
  • Transaction services
  • Budget analysis
  • Information technology

Employers

  • Companies of all sizes, in all industries:
    • Manufacturing
    • Retail
    • Technology
    • Financial services and insurance
    • Healthcare

Strategies

  • Some entry level positions do not require a CPA although many in higher level positions have both a CPA and a master’s degree.
  • Many managers in corporate settings obtain an MBA degree after several years of work experience.
  • The Institute of Management Accountants offers the Certified Management Accountant (CMA) to those who have worked in the field for two years, hold a bachelor’s degree, and pass a two-part exam.
  • Management accountants may move into internal auditing; however, it is less likely to move to public accounting.

Government

Common Career Paths

  • Auditing
  • Financial reporting
  • Financial management
  • Budget analysis
  • Research

Employers

  • Federal agencies and departments:
    • Federal Bureau of Investigation
    • Internal Revenue Service
    • Department of Treasury
    • General Accounting Office
    • Office of Management and Budget
    • Securities Exchange Commission
  • State and local agencies

Strategies

  • Complete an internship in a government agency.
  • Become familiar with the government application process.
  • Some government agencies will help pay back student loans with an employee commitment to service for three years.
  • Accounting is a “hot area” in government hiring and many opportunities exist in the public sector.

Nonprofit

Common Career Paths

  • Accounting
  • Internal auditing
  • Financial planning
  • Budgeting
  • Money handling
  • Record keeping

Employers

  • Social service agencies
  • Nonprofit organizations
  • Hospitals
  • Public school systems
  • Universities and colleges
  • Religious organizations
  • Libraries and museums
  • Political parties
  • Labor unions

Strategies

  • Volunteer at nonprofit organizations and build a network of contacts in the nonprofit sector.

Education

Common Career Paths

  • Teaching
  • Research
  • Consulting

Employers

  • Universities and colleges

Strategies

  • A Ph.D. in Accounting or a DBA, Doctorate in Business Administration, in accounting is generally required.
  • Maintain a high GPA and secure strong faculty recommendations for admittance into graduate school.

Getting Started and Advancing in Major

  • Earn good grades. Grades are an indicator of technical competence in accounting and of a person’s work ethic.
  • Potential employers place an emphasis on interpersonal and communication skills. Demonstrate these skills by having well-rounded experiences outside of the classroom.
  • Actively participate in student organizations to develop leadership skills.  Learn to work well within a team.
  • Develop excellent computer skills.  Learn relevant software packages.
  • Pursue gaining internships to learn about the field and gain experience.  Consider completing internships in the spring semester, in addition to, summer term, to build more connections.
  • Join Beta Alpha Psi, the honorary fraternity for accounting and finance information professionals, to gain knowledge about the accounting profession.
  • Develop analytical, critical-thinking/problem solving skills and understanding of professional ethical standards.
  • Exhibit accuracy and attention to detail.
  • Become bi-lingual to give yourself the versatility to work for an international corporation.
  • Take classes outside of accounting in a related field, i.e., finance or budget analysis, to broaden your scope of knowledge.
  • Stand out by targeting an area of focus during your training and make yourself an expert in that area.
  • Certifications available through the Institute of Internal Auditors or the Institute of Management Accountants may increase job marketability in some areas of accounting.
  • Accounting is a versatile degree. Students who graduate with a major in accounting may find jobs in many areas of business such as banking, financial planning, sales, production management, client management, product development, procurement, and general management.