Certified Public Accountant - Part 36
Please reference to table one as it shows the growth trend for accounting degrees awarded - Certified Public Accountant introduction. Now is a great time to join the accounting field. Three careers that that showcase the accounting field include CPA (Certified Public Accountant), Budget Analyst, and a Tax accountant. Table 1 (Scott, 201 3) Certified Public Accountant A career option you could choose is a Certified Public Accountant or CPA. This career option has many responsibilities. The first of them being financial planning and consulting.
Caps should be proficient in providing clients with personal financial consulting and provide detailed financial plans. Personal financial planning usually encompasses one or more of the following activities: cash flow planning, risk management and insurance planning retirement planning, investment planning; estate, gift, and wealth transfer planning; Elder planning, charitable planning, education planning, and tax planning (American Institute of Caps [CPA], 2014, Para. 4). Certified Public Accountants are also responsible for maintaining ethical codes of conduct.
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This requires that all Caps act with integrity, objectivity, due care, competency, full disclosure of conflicts and interest, maintain client confidentiality, and serve the public interest when providing financial services CPA, 2014, Para. 3). In addition to responsibilities Caps have numerous tasks they must also provide. These tasks include, identifying financial goals and resources, designing financial strategies, preparing personal recommendations, and implementing the given recommendations (CPA, 2014, Para. ). Growth potential for CPA employment is expected to grow 18% by 2016 (Bureau of Labor Statistics [BLESS], 2014, Job Outlook section, Para. 1). The health of the overall economy is expected to be closely tied to employment growth for accountants. As the economy grows, accountants will e needed to prepare and examine financial documents. Today the most popular career choice for accounting graduates is the CPA and auditor field. See table 2 for a detailed chart of jobs in accounting.
The field of Caps also have a lot of room for growth potential in salaries as well. An entry level accountant median pay is approximately $40,000; where a senior level accountant can make in upwards of $11 1,000 per year (BLESS, 2014, Pay section, Para. 1). Table 2 Just like most careers Caps are obligated to complete continuing education requirements. Continuing education requirements for Caps vary from state to Tate. The requirement for the state of Virginia includes a yearly ethics course (Virginia Board of Accountancy, 2014, Para. There has been an increased focus on this course in response to corporate scandals and recent financial crisis. You must also renew your license yearly, and have 8 hours in accounting related compilation services. These services include attending a seminar or educational conference, earning college course credit, completing a self-study course, making a presentation, and producing written materials (BOA, 2014, Para. 7). You can also add to your continuing education credit by aging board approved exams.
These exams include, ACT (Certified Treasury Professional) Exam, CICS (Certified Information System Auditor) exam, COMA ( Certified Investment Management Analyst) exam, CAM (Certified Management Accountant) exam, CIA (Chartered Alternative Investment Analyst) exam, SFA (Chartered Financial Analyst) exam, and the Virginia Bar exam. (BOA 2014, Para. 7). Budget Analyst With an Accounting degree you can also choose the budget analyst career option. The responsibility of a budget analyst mainly focuses on accuracy, and compliance (BLESS, 2014, What they do section, Para. A budget analyst must develop budget plans.
They are also responsible for verifying accuracy, completeness, and law/regulation compliance for budget proposals. As well as, analyzing proposed financial plans. (BLESS, 2014, What they do section, Para. 2). In order, to excel in the budget analyst career field one must possess a high quality of attention to detail and analytical skills. Tasks for this career field include, certifying financial documents, providing budget alternatives, analyze data to determine cost benefits, monitor spending, and report the status and availability of funds. It is also a Bag’s task to estimate future financial needs (BLESS, 2014, What they do section, Para. ). The budget analyst career field is only expected to grow 6% from 2012-2022 (BLESS, 2014, Job outlook section, Para. 1). This allows individuals employed in the field to retain job security, since the influx of new job candidates competing is low. Salary earnings however show a larger growth potential. While an entry level budget analyst may make around $45,000 a year and more senior budget analyst can potentially make more than $103,000. (BLESS, 2014, Pay section, Para. 1). With a owe competition and huge salary growth potential, a career as a budget analyst is a great career option to choose.
Certain types of budget Analyst may also be responsible for continuing education. For example, if you decide to be a government budget analyst you may earn the Certified Government Financial Manager credential or CUFF. In order to keep this certification you must take 80 hours of continuing education every two years, and your renew your CUFF (Association of Government Accountants [GAGA 2014, Para. 7). Also due to the high standards for accuracy, on-the-job training is also required for usually the first ear in order to ensure your performance (BLESS, 2014, How to become one section, Para. ). Continuing education is key to keeping up with changes in your career field. Tax Accounting Another career option you can choose is Tax accounting. In this career you are responsible for providing consultation and advising regarding taxes. You are also responsible for auditing tax records, collecting tax information, reporting to taxation authorities at the federal, state, county, and local levels. Tax accounts also advise companies on the impact of various corporate strategies (BLESS, 2014, What they do section, Para. ).
Tax account tasks include performing administrative functions such as developing and modifying accounting systems, maintaining ledgers, controls and balances; preparing fiscal statements and analyses; depositing, accounting, and administering employees’ compensation and benefit plans (BLESS, 2014, What they do section, Para. 2). Employment growth for this occupation is actually projected to decline 4% from 2012 to 2022 (BLESS, 2014, Job outlook section, Para. 1). Becoming a tax accountant is an easy career option in accounting if you want to start your own business.
While most accountants are self-employed, providing tax services to tax payers and tax paying entities can give you an easy start to building your accounting business. The average salary for tax preparing is $43,000 (BLESS, 2014, Pay section, Para. 1). Salaries can range from $30,000 to $93,000 annually (BLESS, 2014, pay section, par a. 1). This proves tax accounting as a very lucrative career option for graduating accounting students. Tax accountants do have an extensive continuing education requirement, because tax information changes and additions are being made regularly.
For, example tax accountants/ preparers must now be informed on the new same sex marriage regulations, and the addition of healthcare reform. Registered Tax return Preparers (RTF), and R TRAP candidates must annually perform 15 hours of continuing education. This is broken down by two credit hour ethic course, three hour federal tax law updates course, and ten hours of other federal tax law courses (Internal Revenue Service [IRS], 201 3, Para. L 4). Tax preparers are also responsible for completing the ART RPR competency test (IRS, 201 3, Para. 2).
However, if you are a CPA, attorney, or enrolled agent you are exempt from the 15-hour continuing education requirement, because separate requirements have already been met (IRS, 201 3, Para. 3). All return preparers are also responsible for obtaining a Preparer Tax Identification number (PITTING). Your PITTING requires an annual renewal which is reported to the IRS (IRS, 2013, pare. 4-5). Conclusion In conclusion, accounting is a growing and lucrative career field to go into. You can choose from many different career fields that focus on various concentrations.
With prior budgeting and accounting experience my next incineration will be tax accounting. My goal is to strive to become a well- rounded accounting professional that is able to perform a multitude of accounting tasks. I’m most interested in the tax accounting career field, because I feel this avenue will allow me to provide service to many individuals needing tax services and advice. Feel this career field has the potential to be extremely lucrative, because it targets a large consumer market, tax payers. This career option also opens up gateways to starting your own tax accounting business.