Accountants and auditors

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Accountants and auditors help ensure firms run more efficiently, public records are kept more accurately and taxes are paid on time. Basic services include public, management and government accounting and internal auditing; an increasingly broader array of services includes budget analysis, financial and investment planning, information technology consulting and limited legal services. Specific job duties vary widely.

Public accountants perform a broad range of accounting, auditing, tax and consulting activities for their clients, which may be corporations, governments, nonprofit organizations or individuals. Some public accountants concentrate on tax matters. Others offer advice in areas such as compensation or employee health-care benefits, the design of accounting and data-processing systems and the selection of controls to safeguard assets. Some specialize in forensic accounting — investigating and interpreting bankruptcies and other complex financial transactions. Others audit financial statements to verify the statements have been correctly prepared and reported. Public accountants, many of whom are Certified Public Accountants (CPAs), generally have their own businesses or work for public accounting firms.

Management accountants — also called industrial, corporate or private accountants — record and analyze the financial information for the companies they work for. Other responsibilities include budgeting, performance evaluation, cost management and asset management. Management accountants are involved in strategic planning or new-product development. They analyze and interpret the financial information that corporate executives need to make sound business decisions.

Government accountants and auditors maintain and examine the records of government agencies and audit private businesses and individuals whose activities are subject to government regulations or taxation.

Internal auditors verify the accuracy of their organization's records and check for mismanagement, waste or fraud. They also evaluate efficiency, effectiveness and compliance with corporate policies and procedures, laws and government regulations.

Computers are rapidly changing the nature of the work for most accountants and auditors. Special software packages greatly reduce the amount of tedious manual work associated with data management and recordkeeping. Accountants are beginning to perform more technical duties, such as implementing, controlling and auditing systems and networks, and developing technology plans and budgets.

Accountants also are increasingly assuming the role of a personal financial adviser. They provide clients with accounting and tax help, as well as help develop a personal budget, manage assets and investments, plan for retirement, and recognize and reduce exposure to risks.

Most accountants and auditors work a standard 40-hour week. Tax specialists often work long hours during tax season.

Training and qualifications

Most accountant and internal auditor positions require at least a bachelor's degree in accounting or a related field. Some employers prefer applicants with a master's degree in accounting or with a master's degree in business administration with a concentration in accounting. Professional recognition through certification or licensure provides a distinct advantage in the job market.

Nearly all states require CPAs and other public accountants to complete a certain number of hours of continuing professional education for license renewal. Accountants and auditors can seek credentials from professional societies.

Accountants should have an aptitude for mathematics and be able to analyze, compare and interpret facts and figures quickly. They must be able to clearly communicate results to clients and managers. Accountants and auditors must be good at working with people, business systems and computers. They should also have high standards of integrity.

Job outlook

Employment of accountants and auditors is expected to grow about as fast as the average for all occupations through the year 2010. Accountants and auditors who have earned professional recognition through certification or licensure should have the best job prospects, especially CPAs and Certified Management Accountants. Applicants with a master's degree in accounting or business administration with a concentration in accounting will have an advantage.

Proficiency in accounting and auditing computer software or expertise in specialized areas, such as international business, specific industries or current legislation, also may be helpful. Employers increasingly seek applicants with strong interpersonal and communication skills because many accountants work on teams with non-accountants.

Earnings

Accountants and auditors held about 976,000 jobs in 2000. Almost one in four salaried accountants worked for accounting, auditing and bookkeeping firms. Approximately three in 25 were self-employed.

In 2000, the median annual earnings of accountants and auditors were $43,500. In 2000, median annual earnings in the industries employing the largest numbers of accountants and auditors were:

Computer and data processing services $47,110
Accounting, auditing and bookkeeping 45,890
Federal government 44,380
Local government 41,240
State government 40,780

Related links

American Institute of Certified Public Accountants, 1211 Avenue of the Americas, New York, NY 10036.

For information on CPA licensure requirements by state:

National Association of State Boards of Accountancy, 150 Fourth Ave. North, Suite 700, Nashville, TN 37219-2417.

For information on careers in management accounting and the CMA designation:

Institute of Management Accountants, 10 Paragon Dr., Montvale, NJ 07645-1760.

For information on the Accredited in Accountancy, Accredited Business Accountant, Accredited Tax Advisor or Accredited Tax Preparer designations:

Accreditation Council for Accountancy and Taxation, 1010 North Fairfax St., Alexandria, VA 22314.

For information on careers in internal auditing and the CIA designation:

The Institute of Internal Auditors, 249 Maitland Ave., Altamonte Springs, FL 32701-4201.

For information on careers in information systems auditing and the CISA designation:

The Information Systems Audit and Control Association, 3701 Algonquin Rd., Suite 1010, Rolling Meadows, IL 60008.

For information on careers in government accounting and on the CGFM designation:

Association of Government Accountants, 2208 Mount Vernon Ave., Alexandria, VA 22301.

For information on accounting positions in the federal government:

Office of Personnel Management. Consult your telephone directory under U.S. Government for a local number or call (912) 757-3000; Federal Relay Service: (800) 877-8339.

Adapted from the Labor Department's Occupational Outlook Handbook.