Accounting Major Tips

Accounting is the process that allows business to operate; it's no exaggeration to say that people with an accounting major are the backbone of the business world. Through accounting a company is able to track and record expenses and financial transactions. This discipline helps to identify profits and loss for the firm. It is one of the oldest professions in the world, with documented primitive ways used to record trading and transactions. Today accounting practices have become more advanced and complex, and the means to record the information have become more technological. Just as in the past, the world relies on accounting to determine trade deficits and balances. A common global set of rules, such as IFRS or International Financial Reporting Standards, is being discussed, which will help companies compete for business around the world.

An accounting major offers many other career opportunities in auditing, financial and tax management, and management accounting. Corporations of all sizes need accounting professionals to help with financial planning, treasury, tax issues, and financial statements.

This field is becoming increasingly computerized, with new job opportunities for people with technical skills. Technology in the field of accounting has played a bigger role in recent years, and many career opportunities have materialized for the accounting graduate.

The government is another entity that hires a large number of accountants, with jobs at the Internal Revenue Service and General Accounting Office. Certain sectors of the economy, such as energy services, medical devices, education, and hospital administration have grown rapidly and as a result added more accountant jobs to the rolls.

A career in accounting requires:

Responsibilities are diverse, depending on the firm you work for. Many entry-level jobs begin in auditing, which allows the graduate to learn a lot about the finances of a company. Recent changes in tax laws and audit requirements have led to an expansion in this field.

The accounting major can establish his or her own private practice and make money through consulting or managing the affairs of smaller firms. This is a growing area, as consultants are relied upon to bring new ideas to a company and challenge existing practices.

Employment Chart

A substantial amount of money can be made in the profession, with top partners making several million dollars a year. In the past few years, larger firms have not added as many new jobs as smaller firms, because of fear of exposure and liability issues. However, overall, the accounting profession will remain strong in years to come and will continue to change with global and technological demands.

Accounting Major Specializations