The Average Salary of Accountants
According to the U.S. Department of Labor the median annual salary for accountants working in the United states as of May 2006 is $54,630. The middle fifty percent of accountants earn, on average, between $42,520 to just under $72,000. The top 10% of accountants earn over $94,000 a year, while the bottom ten percent earn around $34,000 a year.
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Career Objective
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Accountants are responsible for analyzing and communicating financial information for a wide variety of entities including individuals, companies and state and federal governments. They organize financial documents for their clients as well as offering budget analysis, financial and investment planning and some legal services.
Accountants generally work in one of four areas including public accounting, management, government accounting or internal auditing.
Public accountants provide tax services for their clients who can be individals, companies or governments. They help to prepare their clients' tax documents and advise them on tax matters. They may offer advice on business decisions that relate to their client's tax liabilities. Other public accountants review financial documents and certify that documents are correctly reported and prepared.
Management accountants analyze financial information for the company they are employed by. They may be responsible for budgets, cost management or even development of new products.
Government accountants examine and analyze the records of companies that are subject to government regulations. Accountants who work for local, state or federal governments ensure that revenues and expenses are in line with corresponding tax laws and regulations.
Internal auditors are accountants who monitor a company's financial status and check for waste or fraud within the organization.
Work Enviornment
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Accountants usually work in traditional office settings. These may be in private companies, government offices, or sometimes at a client's place of business.
Some accountants travel frequently as they are often required to perform some of their job duties at their client's home or office.
Most accountants work a standard forty hour work week, but may have periods of time where they work long hours, especially during tax season.
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Education
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Most accountants and auditors have a Bachelor's degree in either accounting, business or another related field. Some colleges are now offering programs which prepare students to work in a specialty accounting field such as internal auditing. In addition many accountants choose to obtain special certification to become a CPA (Certified Public Accountant).
Job Outlook
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Employment of accountants is expected to increase around 18 percent between 2006-2016. This is faster than the average growth of most occupations. This is expected to be attributed to increased and stricter accounting regulations as well as an increase in businesses, and the desire to protect share holders from financial loss.
In addition, accounting scandals in multiple large corporations has resulted in passage of the Sarbanes-Oxley Act of 2002. Congress designed this act to hold publicly traded companies more accountable, and to ensure they maintain internal controls that will prevent fraud in their financial documents and reporting.
Related Occupations
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There are many occupations which require a strong background in accounting, and may be of interest to those who are considering a job that requires accounting skills. These include financial planners, budget analysts, bookkeeping clerks and tax examiners.
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