What to Do With an Accounting Major
Analyzing and communicating financial information is the responsibility of the accountant, and individuals who declare an accounting major can explore a number of career paths in several types of industries. Accounting majors typically pursue a career path in the areas of public accounting, management accounting, government accounting or internal auditing.
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Significance
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Accounting majors can pursue careers in both the for-profit and nonprofit sectors; accounting rules and processes vary significantly between these two types of business entities, but accounting-degree programs typically cover practices for each entity. Accountants are responsible for preparing, verifying and reporting certain types of financial data, setting up and maintaining internal accounting-control systems, and making certain financial decisions or recommendations for the organization they work for.
Function
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Accounting majors provide the framework of skills and knowledge for a successful career in private, nonprofit or corporate accounting. The accounting major typically leads to the completion of a Bachelor of Science degree, and can be declared when a student enters a college or university's Business School. Students who declare this major are trained to perform the functions and processes associated with accounting-information systems, auditing, federal taxation, project management and both basic and advanced principles of accounting.
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Types
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Individuals who declare an accounting major with an emphasis on public accounting typically pursue the Certified Public Accountant (CPA) designation. Public-accounting roles and responsibilities typically include internal reporting, external auditing, tax planning and financial-statement reporting. Individuals who pursue an accounting major with an emphasis on nonprofit accounting obtain skill and knowledge for working with government entities, and can assume auditing, tax-preparation, credit-analyst and corporate-controller roles. Nonprofit accountants do not necessarily need to become CPAs for career advancement.
Identification
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Accounting majors can explore a number of occupations in both the private and nonprofit sectors. Accounting-major career options include: Information Systems Auditing; Cost Accounting; Banking or Lending; Internal Auditing; Tax Preparation or Planning; Management Consulting; Purchasing; Credit Management; Payroll Management; Treasury Management; Information Systems Auditing; or working as an independent Certified Public Accountant. Almost every business in the private and public sector needs an accountant or bookkeeper to manage financial documents and ensure that all tax regulations and revenue-reporting rules are being followed.
Potential
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The Bureau of Labor Statistics reports a favorable outlook for accounting majors through 2016, especially for those who earn the CPA designation. Accountants who work in the private or nonprofit sector can be hired by brokerage houses, consulting firms, finance companies, service organizations, public or private accounting firms, insurance companies, transportation companies and technology companies. Those who work for government agencies may be hired by school districts, the Internal Revenue Service (IRS), health-care financing companies, the Federal Trade Commission (FTC) or the state government.
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