What You Can Expect After Getting an Accounting Degree - CareerAlley

What You Can Expect After Getting an Accounting Degree - CareerAlley We may receive compensation when you click on links to products from our partners. Getting an education is definitely one way to significantly increase your earning power.New graduates are often anxious about finding employment soon after finishing school and curious about how much money they will make, especially if they have student loan payments looming in their future.An associates in accounting opens a great number of doors for employment; the range of possibilities is quite extensive. Entry Level Accounting Positions According to the Bureau of Labor Statistics, entry level accounting positions for accountants pay approximately $61,000 per year.The growth rate for employment for entry level accountants is average, at around 16 percent.Entry level accounting positions include auditors, budget analysts, cost estimators and financial analysts. Entry level accounting positions are generally responsible for examining financial documents, assessing financial activities, and ensuring the overall accuracy of accounting procedures. Common responsibilities include: Examine financial documents for accuracy and legal compliance Prepare e-file tax returns, calculate tax payments and make sure that taxes are paid correctly Review and inspect accounting systems for accounting procedure and efficiency Organize financial records Maintain financial records Assess and evaluate financial operations Make practice recommendations to management Make cost-improvement recommendations to management Daily activities may include making general ledger entries or preparing end-of-the-month account reconciliations, preparing financial statements in addition to other financial activities. Accountants often meet with supervisors to review their activities and justify any suggestions or recommendations they make. Accountants may work for financial services firms, within governmental departments, for general business organizations, or be self-employed. Educational Requirements Most entry level accounting positions require an undergraduate degree in business, accounting or a related financial field. Although not required for all positions, becoming a Certified Public Accountant (CPA) provides a significant advantage for many job applicants, as many employers prefer accounting applicants with this qualification. CPAs must pass an extensive exam for certification and complete additional educational courses. They are also required to take continuing education courses to maintain their certification. The Securities and Exchange Commission (SEC) requires accountants filing reports with them to be a CPA. Individuals with an undergraduate degree often find advancement in their field requires them to earn an MBA. A graduate degree in business administration and accounting provides valuable experience that many employers make a prerequisite for middle and upper management positions. Compared to entry level accounting positions, employment with an MBA substantially increases earning potential. According to the Bureau of Labor Statistics, the average salary for top level executives is approximately $101,000 per year. Salaries increase significantly for individuals who specialize in a field of accounting, such as investment banking or financial services management. Typical employment positions for accountants with an MBA include general and operations managers, financial services manager, investments services manager, financial advisor, school superintendent, governmental department managers, chief financial officer, chief operations manager, chief information officer, and chief executive officer. Duties for middle and top level executives and managers shift from daily financial entry activities to managing and supervising these activities. Mangers and executives determine departmental goals and policies, oversee and direct budgetary and financial activities, negotiate contracts, appoint managers and department heads, analyze financial reports, identify areas to improve costs, and improve generally work to increase company and employee performance. There are many opportunities for individuals seeking employment in the field of accounting. With an undergraduate degree in business administration or accounting, you can find employment within a wide variety of organizations, from banking to government to nonprofit organizations. In many cases, employers offer assistance to employees seeking to earn an MBA in order to advance their career and increase their income. Gloria Rosenberg is a certified CPA for over twenty years. She holds an MBA in Finance and understands the importance of education. Learn where you can get a masters degree online This is a Guest post. If you would like to submit a guest post to CareerAlley, please follow these guest post guidelines. Good luck in your search. Visit me on Facebook