Job Description for a Staff Accountant
Staff accountants are financial professionals who work at public companies, private firms and governmental agencies. They specialize in internal auditing, cost management and governmental accounting. They maintain computerized accounting records and prepare financial reports. Critical thinking skills, financial aptitude and precision are essential qualities in this profession.
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Duties
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They work with numbers and financial statements. Staff accountants maintain accounts receivable and payable ledgers, reconcile checking accounts, prepare tax returns and audit financial statements. They create pie charts and bar graphs. They prepare spreadsheets, balance sheets, cash flow projections and profit and loss statements.
Staff accountants interact with auditors, accounting clerks, clients, controllers (accounting supervisors), managers and vendors.
Education
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Formal education is integral. Staff accountants need a bachelor's degree with a concentration in cost, governmental, management or public accounting. They benefit from earning a master's degree in accounting or business administration for increased pay and job advancement opportunities. Aspiring accountants should take courses in business law, business mathematics, financial statement analysis, public speaking, statistics, tax law and technical writing.
Staff accountants who file financial reports with the Securities and Exchange Commission must be certified public accountants, or CPAs. Accountants are licensed by state boards of accountancy.
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Certification
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The CPA credential is one of many valuable certifications. The CPA certification is a key credential in the accounting field. The District of Columbia and all states except Vermont, New Hampshire, Colorado and California require CPA candidates to complete 150 semester hours of college coursework. Individual states mandate work experience requirements.
The CPA examination, given by American Institute of Certified Public Accountants, is comprised of four parts: auditing and attestation; business environment and concepts; financial accounting and reporting; and regulation. Most U.S. states require that CPA candidates pass all four sections within 18 months after successful completion of the first exam. CPAs must complete 120 hours of continuing education every three years.
Another beneficial certification is the Certified Management Accountant (CMA) designation conferred by The Institute of Management Accountants. CMA candidates must have a bachelor's degree, a minimum score on a graduate school entrance test, and at least two years of work experience with a specific focus in management accounting. Similar to the CPA process, candidates must pass a four-part examination and complete continuing education requirements. Candidates are tested on capital structure, financial statement analysis, working capital policies, asset valuation and risk management.
Key Traits
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Precision and integrity are important. Successful staff accountants possess attention to detail, accuracy, analytical ability and strong figure aptitude. Staff accountants need the ability to use calculators without looking at the keys, a skill known as "10 key by touch." They need mental stamina and precision to process and interpret a large volume of daily transactions. Staff accountants also need a high degree of integrity to report financial data and maintain confidential records. Good computer and people skills are helpful.
Salaries
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The mean yearly wage was $65,840 in 2008. According to the U.S. Bureau of Labor Statistics, accountants earned a mean hourly wage of $31.65 and a mean annual salary of $65,840, as of May 2008. Accountants earned median salaries ranging from $36,720 for the lowest 10 percent of earners to $102,380 for the highest 10 percent.
Prospects
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The future is very bright for accountants. The Bureau of Labor Statistics projects job growth of 22 percent for accountants between 2008 and 2018. This figure represents a much faster-than-average rate compared to all other occupations. Changing financial regulations and globalization of business contribute to the positive growth scenario, according to the BLS.
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References
- U.S. Bureau of Labor Statistics Occupational Outlook Handbook, 2010 - 2011 Edition: Accountants and Auditors
- American Institute of Certified Public Accountants Media Center: Frequently Asked Questions
- U.S. Bureau of Labor Statistics Occupational Employment and Wages, May 2008: Accountants and Auditors
Resources
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