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Accounting Research Report

Job Description

Organize and maintain financial records. Prepare financial reports. Compute taxes owed, prepare

tax returns and ensure taxes are paid on time; monthly, quarterly and yearly. Examine financial

statements are accurate and comply with laws and regulations (GAAP/IFRS) Find and suggest

ways to reduce costs, enhance revenues, and improve profits. Some other skills that are useful

are writing skills, communication skills, organizational skills, math skills and analytical skills.

[ CITATION Top \l 1033 ][ CITATION USDL \l 1033 ]

General Career Path

There are several different career paths someone can take when considering an accounting

career. The four main careers are public accountant, management accountant, government

accountant, and internal/external auditors.

A public accountant can have their own business or work for public accounting firms. These

accountants perform a wide range of jobs. These include auditing a companys financial

information, preparing tax returns, and preparing financial reports. These accountants can work

for individuals, small or large companies, and corporations.

Management accountants record and analyze financial information for their companies. The

reports created by this accountant are used internally. They may help with a companys budget,

help with financial investment selections or/and asset management.


Government accountants work with government agencies and companies that are subject to

government regulations and taxations. These accountants are employed by federal, state, and

local governments and ensure that moneys received and spent follow the laws and regulations.

Internal and External Auditors perform similar tasks. Internal auditors work for a specific

company and look for ways to eliminate fraud and ensure that the financial information follows

GAAP and IFRS guidelines and regulations. External Auditors are employed by an independent

company and will have more than one client. They will examine the financial information from

a client to ensure regulations are followed but also inform investors that the statements have been

prepared and reported correctly.[ CITATION All \l 1033 ]

General Education Experience

A minimum of a bachelors degree is required to become an accountant. A CPA license is

required if an accountant is providing information to the SEC. Applicants need at least 150

semester hours to qualify to sit for the CPA test. Because of this, schools may combine their

bachelors and masters degree programs to meet this requirement or a student will complete a

masters degree after receiving their bachelors.[ CITATION USDL \l 1033 ][ CITATION

Uta17 \l 1033 ]

CPA Examination

The AICPA (American Institute of Certified Public Accountants) provides the CPA test for all 50

states. There website states, The Uniform CPA Examination protects the public interest by

helping to ensure that only qualified individuals become licensed as U.S. Certified Public

Accountants (CPAs). Individuals seeking to qualify as CPAs the only licensed qualification in

accounting are required to pass the examination.[ CITATION AIC17 \l 1033 ]


Average Salary

The U.S. Bureau of Labor Statistics has published the median wages across the country:

Finance and insurance $72,950

Accounting, tax preparation, bookkeeping, and payroll service 68,130

Government 65,820

The lowest 10% averaged $42,140 and the highest 10% averaged $120,910[ CITATION USDL \l

1033 ]

In the state of Utah, the average salary for an accountant was $62,300 in 2014. [ CITATION

Dep15 \l 1033 ]

Career Outlook

The outlook for accountants is high. U.S. Department of Labor reports that accounting jobs will

grow by 10%. [ CITATION USDL \l 1033 ] Companies and individuals will always need the

services of an accountant to recorded incoming and outgoing monies and to help prepare

financial reports and tax statements.[ CITATION USDL \l 1033 ]

Accounting jobs needed in Utah are being projected even higher than the nation. According to

the Department of Workforce Services, CPAs will have the best prospects.[ CITATION Dep16 \l

1033 ]

Bio of Spencer Bowman


Spencer has a masters degree in accounting and has received his CPA license. He has been at

Ernst an& Young for 3 years. His title is: Audit Assurance, Senior 3.

Accounting auditor entry level pay for Ernst & Young is $52,000. At Ernst & Young auditors are

promoted every year or two. Each employee also receives a pay increase each year between

10%-15%. The non-partner maximum pay is $150,000.

One of the main responsibilities of Spencers job is testing a customers balance sheet to ensure

that the customer is following GAAP and/or IFRS regulations to report revenues, expenses, and

liabilities correctly. He also creates statements for investors insuring that they can rely on the

companys financials, correcting grammatical errors in a customers financial reports and footer

notations.

Spencer also trains new auditors. This is one of the aspects he likes most about his job. He gets

to ensure that these new auditors understand what is required of them and how to complete their

new responsibilities. He also enjoys watching these men and women grow and attain ownership

of their projects.

The biggest surprises in his profession, and ones that he hadnt been prepared for were first, how

much writing was involved and second, how important a knowledge of Excel is. With the

number of reports and memos that are written each day it would be a good idea to take a creative

writing class in college. An accountant also uses Excel when preparing some reports and having

a knowledge of how to use Excel to highlight or separate information is important.

Some other skills that are crucial in this profession are the ability to problem solve and the ability

to create meaningful relationships with co-workers and customers. These skills are important

when there is a conflict or there is a question that comes up during an audit. If there is a good
relationship and the customer or co-worker trusts that youre not looking to blame but that you

will explore and question things that look incorrect or need further clarification, questions are

answered more quickly and accurately.

I enjoyed interviewing Spencer and really got a better understanding of his career field. There

were many aspects that I hadnt considered. Such as the need to take a creative writing class and

the need to know how to use Excel.

Pros and Cons

One of the biggest pros is the outlook and continuing need for this occupation. Accountants will

never become obsolete. The beginning wage is appealing along with the many different kinds of

accounting jobs that are available. For me another pro is the opportunity to work part-time or

from home depending on the company and area of accounting I may choose.

For the cons there is the possibility of extremely long hours that may be required at the end of a

quarter or year-end for a business. After interviewing Spencer, I realized that there is also a form

of paying your dues before moving up into a company. This may not be all bad, but I want to

be judged by my job not just the time Ive put in at a company.

Fit with Accounting Career

I feel that I have a good fit with an accounting job. I have the necessary math skills and am

working towards an accounting degree. I also have many years of bookkeeping experience to add

to my qualifications. I enjoy working with people and dont mind long hours if they are only for

a few weeks each month or year. After interviewing Spencer Bowman though, I realized that I

would not want to be an auditor. I would like to explore more about a specific department like
accounts payable or payroll. After interview someone who is in the career path that Im

considering, I feel that my eyes have been opened to additional pros and cons in the accounting

field. For me, the pros outweigh the cons. The industry is recession resistant and seems to be

unaffected by the ebbs and flows of the nations economy.


Sources
AICPA.org. (2017). Retrieved from The Uniform CPA Examination:
https://www.aicpa.org/becomeacpa/cpaexam.html

All Business Schools. (n.d.). Retrieved from Accounting job Description:


https://www.allbusinessschools.com/accounting/job-description/

Bowman, S. L. (2017, November 11). (H. Kendall, Interviewer)

Department of Workforce Services. (2015, June). Retrieved from State of Utah, Median Annual Wage
detail: https://jobs.utah.gov/wi/data/occupation/occupationalwages.html

Department of Workforce Services. (2016). Retrieved from Accountants and Auditors Occupation
Outlook: https://jobs.utah.gov/jsp/utalmis/#/occupation/13-2011.01/outlook

Top Accounting Degrees. (n.d.). Retrieved from What does and Accountant Do:
https://www.topaccountingdegrees.org/faq/what-does-an-accountant-do/

U.S. Department of Labor,. (2017, October 24). Retrieved from Bureau of Labor Statistics:
https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm

Utah Accountant I Salaries. (2017, September 27). Retrieved from Salary.com:


http://www1.salary.com/UT/Accountant-I-salary.html

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