Career Essay

Before Chuck The Iceman Liddell became

a UFC (Ultimate Fighting Championship) Hall of
Famer and UFC World Champion, Liddell studied
accounting and graduated from California
Polytechnic State University with a Bachelors of
Arts in Business Accounting in 1995. Generally
speaking though, being a world class mixed martial
artist is not a prerequisite for becoming an accountant. Nor is it a prerequisite for a successful
mixed martial artist to obtain a degree in accounting. So if not knocking out opponents in the
UFC is what accountants spend their days doing, then what are the typical duties of an
accountant? From the Bureau of Labor Statistics, Accountants and auditors prepare and
examine financial records. They ensure that financial records are accurate and that taxes are paid
properly and on time. Accountants and auditors assess financial operations and work to help
ensure that organizations run efficiently (Accountants and Auditors: Occupational Outlook
Handbook: U.S. Bureau of Labor Statistics). This essay will explore the many different facets of
a career in the accounting field.
Working environments vary slightly between the different types of accountants; but on
average most work in a professional office environment (Accountants and Auditors:
Occupational Outlook Handbook: U.S. Bureau of Labor Statistics). The hours also vary; for
example an accountant that works primarily from their homes may work less hours. For the
most part though, accountants work a 40 hour week most of the year. Speaking to Certified
Public Accountants (CPA) that are in my family it is typical to see a large spike in working hours
during end of the budget
year and the three month
period between January
and April when federal
taxes are due. This
increase in hours usually
ranges from 60-80 hours a week, which includes working most weekends. One family member
who is a Tax compliance manager at a payroll processing firm see this increase every quarter due
to the fact that most business pay their taxes on a quarterly basis instead of yearly. 40, 60, 80
hour work weeks, with so many working hours, what exactly is it that keep accountants so busy?
Well for starters, accountants (Welcome to America's Career InfoNet, n.d.):
Prepare, examine, or analyze accounting records, financial statements, or other financial
reports to assess accuracy, completeness, and conformance to reporting and procedural
standards.
Report to management regarding the finances of establishment.
Establish tables of accounts and assign entries to proper accounts.
Develop, implement, modify, and document recordkeeping and accounting systems,
making use of current computer technology.
Compute taxes owed and prepare tax returns, ensuring compliance with payment,
reporting or other tax requirements.
Maintain or examine the records of government agencies.
Advise clients in areas such as compensation, employee health care benefits, the design
of accounting or data processing systems, or long-range tax or estate plans.
Develop, maintain, and analyze budgets, preparing periodic reports that compare
budgeted costs to actual costs.
Provide internal and external auditing services for businesses or individuals.
Analyze business operations, trends, costs, revenues, financial commitments, and
obligations, to project future revenues and expenses or to provide advice.
According to accountants and CPAs I have spoken too, this is just scraping the surface.
Higher Education is a must for the future accountant. According to the website
www.acinet.org (Welcome to America's Career InfoNet, n.d.), 57% of all accountants have a
Bachelors degree. While 20% have obtained
a Masters degree or better. The education
literally pays off. The median wage for an
accountant with a Bachelors degree in 2012
was $63,550 (ETA O*NET, Employment &
Training Administration (ETA) - U.S.
Department of Labor, n.d.). To become a
CPA though a student must have at a minimum of 150 semester hours. These hours are
necessary to even sit for the exam. What essentially adds up to an extra year of schooling pays
off as the median salary of a CPA is roughly $75,000 a year, with your more experienced CPAs
generating salaries in the six figure range (Accountants and Auditors: Occupational Outlook
Handbook: U.S. Bureau of Labor Statistics). Passing the exam though is not easy. As seen in
the image below from the American Institute of CPAs for 3 out of 4 sections the passing rate is
less than 50%!


With this success rate one would think that the decline in candidates for the exam must be
attributed to the success rate. The results of that question through my research is inconclusive,
but one debate raging in the Accounting education circles is that the 150 hour requirement and
the effective use of that extra 30 hours may be an explanation. Some critics argue that the
additional hours involved keep prospective candidates away and that the 150 hour requirement is
not necessary. But a study published in Issues in Accounting Education (Gramling & Rosman,
2013, p. 504) points out that those who took the exam with 150 extra hours requirement
fulfilled outperformed those with only 120 hours. So it seems that if an accountant has the desire
to sit for the CPA exam the extra education is worth it.
After 120 to 150 hours of college education, the exams, the stress, and associated costs,
what are the potential employment opportunities for accountants? In life there are only two
things that are certain, Death and taxes. Since taxes are a certainty, and thanks to our federal
government, paying our share is one of the most complicated things we do as adults it is fair to
say that there will always be a need for accountants and CPAs. The Bureau of Labor Statistics
projects that the industry will grow 13% between now and 2022
(http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm). Although the
journey will not be easy, I feel that this career will be a good fit for me. According to personality
studies done on accountants I fit the mold. According to a study published in Issues in
Accounting Education (Gramling & Rosman, 2013, p. 23), my personality type of ISTJ
(practical, sensible, decisive, logical, and dedicated. Management and administrative.) fit the
bill perfectly. Plus the money is not bad either.
As I have stated, accountants have a lot of responsibility, work long hours, and get paid
fairly well. With a lot of hard work and determination I can make this career choice a successful
one. I have the utmost confidence that I can be a successful accountant and one day make a
respected CPA.