Accountants design, set up, maintain, and use accounting systems by applying principles of accounting for specific needs, such as to determine product cost or "financial health" of a business. Accountants and Auditors record, analyze, and communicate financial and related economic information. Accountants also interpret financial information for their employers and clients.

JOB DUTIES

Accountants and Auditors may:

Design or modify accounting systems, including computer systems

Develop software to meet accounting/data management needs

Collect and analyze data to detect deficient controls, duplicated effort, extravagance, fraud, or non-compliance with laws

Direct and coordinate the activities of employees in maintaining accounts and records

Audit control procedures, contracts, purchase orders and vouchers and prepare reports concerning them

Develop and implement technology plans & budgets

Represent employers or agencies before other parties

Use accepted accounting and statistical procedures to assess financial condition and facilitate financial planning

Prepare periodic financial statements and other reports for management, stockholders, or outside agencies

Advise management and other supervisory personnel on issues pertaining to resource utilization, tax procedures and strategies, and assumptions for underlying budget forecasts and constraints

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The tools and equipment used may include:

• Personal Digital Assistants (PDAs)

• Electronic calculators

• Computers (with Internet access) and accounting software (including compliance, Enterprise Resource Planning, financial analysis, and tax preparation software)

New less expensive personal computers and laptops allow Accountants and Auditors to receive information from large mainframe computers. Special computer software systems organize figures into standard formats for financial records or management analysis and prepare income tax forms.

OCCUPATIONAL SPECIALTIES

Accountants and Auditors may specialize in these areas:

160.162-018 ACCOUNTANTS design, set up, maintain, and use various accounting systems to record, analyze, and communicate financial and related economic information. They also interpret financial information for employers and clients.

160.162-010 TAX ACCOUNTANT S prepare federal, state, or local tax returns of individuals, businesses, or other organizations and advise clients about tax matters. Some might specialize in a particular kind of tax accounting, such as income, property, or real estate taxes.

160.162-022 BUDGET ACCOUNTANTS apply principles of accounting to analyze past and present financial operations and

to estimate future revenues and expenditures to prepare a budget.

160.162-026 COST ACCOUNTANTS plan, set up, and direct the operation of an accounting system to determine the cost of producing or selling an item or service. Cost Accountants may also tell management why they are making a profit or suffering a loss.

160.167-054 AUDITORS examine and analyze the accounting records of a business and prepare reports on its financial status and operating procedures. Auditors might specialize as bank examiners, payroll auditors, or in other areas.

160.167-030 COUNTY OR CITY AUDITORS direct the activities of workers who record deeds and similar legal instruments, keep records of county or city accounts, compile and transmit records to state officials, prepare financial statements for publications, and audit the books of county or city offices and departments.

160.167-026 SYSTEMS ACCOUNTANTS devise and install special accounting systems and related methods in firms that cannot use standardized systems.

160.167-034 INTERNAL AUDITORS conduct protective and constructive audits for management to review the effectiveness of the controls, financial records, and operations of a business.

160.167-038 TAX AUDITORS review and analyze the financial records of a business or individual to determine their tax liability.

160.162-030 DATA PROCESSING AUDITORS examine and modify computer systems and applications to safeguard assets, ensure accuracy of data, and promote operational efficiency.

In addition to learning about these specialties, you may also find it helpful to explore the following Career Exploration Scripts:

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WORKING CONDITIONS AND REQUIREMENTS

Accountants and Auditors may work alone in small businesses or with other Accountants and Auditors in large businesses and accounting firms. Depending on the size of the business, Accountants may supervise bookkeepers and accounting clerks. Senior Accountants may supervise and help train beginning or junior accountants. Some of these workers may also be self-employed and work alone or as a partner in an accounting firm.

Some Accountants work in offices that are comfortable, well lighted, and well ventilated. Others work in clients' offices where working conditions vary from job to job.

Accountants and Auditors generally work 40 hours a week. Overtime may be necessary during income tax season, audit periods, or when closing a regular accounting cycle. Tax Accountants work under considerable pressure during tax season in order to meet deadlines. Travel may be involved for Auditors examining the records of agencies or businesses not located in the same area.

Most employers encourage their Accountants and Auditors to join professional associations such as the  American Accounting Association ,  National Society of Public Accountants ,  American Institute of Certified Public Accountants , and  Institute of Internal Auditors . Members of these associations must pay periodic dues.

You Should Prefer:

• Working with things and objects and with numbers

• Working with things which require thought and analysis

• Performing activities which require special processes or methods

You Should Be Able To:

• Use reason and logic

• Communicate well, both orally and in writing

• See details and recognize errors in written and numerical data

• Use mathematics quickly and accurately

• Plan, direct, and control an entire activity

• Rate information by personal judgment and standards

• Work within precise limits or standards of accuracy

• Get along with clients

Math Problem You Should Be Able to Solve:

The Waters Company acquired a machine for $12,000 on September 1, 2008. The machine has an estimated salvage value of $1,000 and an estimated useful life of ten years. The company operates on a calendar year accounting period and uses the sum-of-the-years' digits method of depreciation. What amount of depreciation (rounded to the nearest dollar) should be recorded for years 2009 and 2010?

Reading Example You Should Be Able to Read and Comprehend:

Must be able to read and comprehend accounting terminology such as depreciation, allowance for uncollectible accounts, interest-bearing note, maturity value, net income, and income statement

Writing Example You Should Be Able to Produce:

Waters Company acquired land and a building by paying $500,000 of cash and agreeing to assume liability for $25,000 of back taxes. Waters also incurred legal costs of $10,000 in the acquisition. Book values on the seller's books were: land, $40,000 and building, $160,000. An appraiser placed appraised values on the land of $60,000 and $360,000 on the building.

Prepare a schedule showing the total cost of the property to Waters and how this total cost should be allocated to the land and the building acquired, assuming Waters intends to remodel and use the building.

Thinking Skill You Should Be Able to Demonstrate:

Demonstrate excellent analytical skills when developing and maintaining client's financial statements and other reports.

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EDUCATION AND PREPARATION OP PORT UNITIES

NOTE: A Bachelor's Degree (four years of study beyond high school) or a Master's Degree (five to six years of study beyond high school) may qualify a person for this occupation.

The following education and preparation opportunities are helpful in preparing for occupations in this Career Exploration Script:

* **SCHOOL SUBJECTS***

0600 BUSINESS , 0700 CAREERS , 0900 COMMUNICATIONS , 1000 COMPUTERS , 1100 ECONOMICS , 1300 ENGLISH , 2000 LIFE MANAGEMENT

***VOCATIONAL EDUCATION PROGRAMS***

There are no Vocational Education Programs related to this Career Exploration Script.

***POSTSECONDARY PROGRAMS***

001  ACCOUNTING

Programs in Accounting provide opportunities to gain the knowledge and skills needed for preparation emphasizing the development of basic conceptual accounting as a foundation for career development, and employment preparing and interpreting business data. Professional careers in Accounting are found in three general areas: Managerial Accounting, Certified Public Accounting, and Governmental Accounting. Individuals who teach Accounting at the secondary school level must have a Michigan Teaching Certificate.

Courses will vary from school to school but may include:

***APPRENTICESHIP OPPORTUNITIES***

There are no Apprenticeships related to this Career Exploration Script.

***MILITARY TRAINING OPPORTUNITIES***

Please check Military website at  http://www.myfuture.com .

FINANCE AND ACCOUNTING MANAGERS

Each year, the services spend billions of dollars on personnel, equipment, and supplies. Only through careful management can military funds be put to their best use. Finance and accounting managers direct and manage the financial affairs of the military. They also advise commanders on financial and accounting matters.

What they do

Finance and accounting managers in the military perform some or all of the following duties:

• Set policies for the use of military funds

• Direct the preparation of budgets and financial forecasts

• Advise management personnel on accounting, budgeting, and fiscal matters

• Develop ways to track financial transactions

• Prepare and examine financial records and reports

• Direct the activities of finance and accounting staff

Training Provided

Job training consists of classroom instruction. Training length varies depending on specialty. Course content typically includes:

• Financial management techniques, including budget preparation and review

• Financial management techniques

• Military accounting

• Duties of finance and accounting managers

• Personnel management and payroll procedures

• Statistical analysis and fiscal planning

Special Requirements

A 4-year college degree in accounting, finance, or a related field is required to enter this occupation. Some specialties require a master's degree in business administration or recognition as a Certified Public Accountant (CPA).

Helpful Attributes

Helpful attributes include:

• Preference for working with numbers and statistics

• Interest in work requiring accuracy and attention to detail

• Interest in planning and directing the work of others

Work Environment

Finance and accounting managers work in large finance or accounting offices.

Civilian Counterparts

Civilian finance and accounting managers work for businesses, accounting firms, universities, hospitals, or government agencies. They perform duties similar to those performed by military finance and accounting managers. They usually specialize in certain areas of finance and accounting, such as budgets, internal auditing, or cost accounting. In large business firms, they may be called executive controllers or company treasurers.

Opportunities

On average, the military will need new finance and accounting mangers each year. After job training, managers are assigned to finance and accounting offices. Initially, they perform work in accounting, auditing, or finance management operations. With experience, they may advance to senior management and command positions.  

E-Learning Courses and Programs

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OPPORTUNITIES FOR EXPERIENCE AND METHODS OF ENTRY

Some independent auditing firms and certain legal firms may require staff Accountants to be certified, but in private industry and most CPA firms, a bachelor's or a master's degree in accounting is accepted for entry-level positions. The State of Michigan provides a license for this occupation.  Click here  for "Michigan Licensed Occupations," see Accountant (see Certified Public Accountant) for specific licensing information.

Experience can be gained by working as a bookkeeper or an accounting clerk. Similar work in related military jobs can also help you explore this field. Postsecondary accounting programs may be helpful also. The Internal Revenue Service (IRS) and the Department of Treasury are two federal agencies that participate in the Federal Cooperative Education Program, offering the chance to gain work experience and an income while attending college.

School-to-Work opportunities include:

informal apprenticeships

mentorships

job shadowing experiences

touring a local Accountant employer

internships

volunteer work with a Accountant employer

community service work with an agency

The most common method of entry is direct application to accounting firms and other employers. Assistance in locating a job may be available through college placement offices and Michigan Works! branch offices.   Some professional publications and trade journals, such as the "Journal of Accountancy" and "Internal Auditor", list job openings in their classified ad sections. Newspaper classified ads may also list openings. In addition, you should access and search the

Internet's on-line employment services sites such as:  

American Association of Finance and Accounting

Accountemps

Accounting Board

Accounting Professional

Michigan Jobs & Career Portal

simplyhired.com       

Indeed | one search. all jobs.

Career Bank

Michigan Talent Bank

Flip Dog

Yahoo! hotjobs

MONSTER.COM

You should also enter an electronic resume on these on-line services.

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EARNINGS AND ADVANCEMENT

Earnings of Accountants and Auditors vary according to experience, level of education, responsibility and certification. Those with graduate degrees and a Certified Public Accountant license may earn a higher beginning salary than those individuals without these credentials. Large Accountant firms generally pay the highest salary.

Nationally, in mid 2008, recent graduates of college programs in accounting were offered beginning average annual salaries of $47,429 with a bachelor's degree and $46,374 with a master's degree. The median yearly earnings of Accountants and Auditors in the U.S. were $50,336 in 2007.  The median yearly earnings of "all" workers in the U.S. were $36,140 in 2007.

The average annual salaries of Accountants and Auditors by area of specialization in mid 2008 were:

First year managers in major public accounting firms in 2008 had beginning annual earnings of $81,800 and with experience earned up to $145,600, depending on their geographic location. Senior partners in a CPA firm can earn $156,000 or more depending on the size of the firm and their responsibilities.

General Accountants working for major employers in the Detroit area had starting earnings of $41,011 per year in mid 2008. With experience, Senior General Accountants had average earnings of $58,754.

                         Accountants' annual earnings in Michigan, in mid 2008 were:

Accountants employed by the State of Michigan earned from $37,125 to $62,828 per year (early 2009). Auditors earned between $35,099 and $65,751. Auditor managers earned up to $94,273 per year.

Accountants employed by the City of Detroit earned from $27,900 to $38,700 per year (mid 2008).

Most Accountants and Auditors receive paid vacations and holidays; life, accident, disability, and hospitalization insurance; retirement plans; and sick pay. Some employers may offer stock purchase or savings plans for salaried employees.

In public accounting, Accountants may advance to senior Accountant, Accounting Manager, and to a partnership in the firm. Industrial accounting may advance to Senior Cost Accountant, Cost Accounting Manager, Controller/Treasurer, and Chief Financial Officer.

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EMPLOYMENT AND OUTLOOK

Nationally, about 1,274,400 Accountants and Auditors were employed in 2006. Employment is expected to increase faster than the average for all occupations through the year 2016. About 6.5% of them were self-employed. The industry distribution for Accountants and Auditors looked like this:

To find employers, click Employer/Business Locator.

Because of the growing complexity of accounting requirements, college graduates with good grades will be in demand. Strongest demand will be for those who are able to perform cost systems analysis and those who are familiar with computer spreadsheets and data bases. Due to increases in outsourcing, employment prospects are good for

Accountants specializing in international business, specific industries and management consulting.

There are approximately 35,125 Accountants and Auditors employed in Michigan. Most of them worked in urban areas.

Employment of Accountants and Auditors in Michigan is expected to grow faster than the average for all occupations through the year 2014. An average of 1,080 annual openings is expected, with 420 due to growth and 660 to replacement of those workers who retire or leave the labor force for other reasons. Additional openings will occur to replace those who transfer to other jobs or occupations.

Prior to Sarbanes-Oxley Act any accounting firm was able to perform both duties of advising and financial planning to meet all of the needs of a client.  Now, accountants are restricted from providing advisor duties such as developing budgets to managing assets and investments for firms or clients, whose financial statements they also prepare.  However, they may still advise these same clients on tax issues, such as establishing a tax shelter.

New accounting specialties are emerging in response to the changing business world.   Forensic accountants respond to increased regulatory scrutiny. Certified Fraud Examiners, with investigative skills, tighten procedures to prevent and detect fraud. Others who specialize in financial analysis identify trends and anomalies, as well as participate in forecasting and budgeting to improve profitability. Globalization, the cross-border transactions and international trade agreements require companies to hire Accountants with expertise in international accounting rules.

Factors affecting growth of accounting and auditing include greater use of accounting information in business management, changing tax systems, growth of large corporations that must provide financial reports to stockholders, and increased use of accounting systems by small businesses. Growing use of computerized accounting systems is expected to increase the demand for well-trained Accountants.

Click  here  to view CPA Recruitment / Career Development videos that give a synopsis in the life of Controllers, CFO's, and Certified Public Accountants in large public companies.

MICHIGAN 'S EMPLOYMENT OUTLOOK TO 2014

SOURCES OF ADDITIONAL INFO RMATION

Printed occupational information is available upon written request from sources below:

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