Accountant Career Guide

What Does an Accountant Do?

Accountants and auditors prepare and examine financial records, identify potential areas of opportunity and risk, and provide solutions for businesses and individuals. They ensure that financial records are accurate, that financial and data risks are evaluated, and that taxes are paid properly. They examine financial statements to ensure compliance with laws and regulations, compute taxes, inspect account books for efficiency, and organize and maintain financial records. Accountants may use technology like AI and automation to increase productivity, allowing them to focus on higher-level analysis and advisory work.

Education & Requirements

• Typical Education: Bachelor's degree in accounting or related field
• Certifications: CPA (Certified Public Accountant) license for many roles; other certifications available in specialized areas
• Key Skills: Analytical thinking, attention to detail, math proficiency, communication skills, organizational abilities
• Experience: Entry-level positions typically require a bachelor's degree; some positions accept associate's degree with relevant experience

Salary Information

According to the Bureau of Labor Statistics (May 2024 data):

• Median Annual Salary: $81,680 per year ($39.27 per hour)
• Entry-Level (10th percentile): $52,780
• Experienced (90th percentile): $141,420
• Top-Paying Industries: Finance and insurance ($87,980), Management of companies ($86,010)
• Total Employment: 1,579,800 jobs nationwide

Job Outlook & Growth

Employment of accountants and auditors is projected to grow 5% from 2024 to 2034, faster than the average for all occupations. About 124,200 openings are projected each year. Globalization, a growing economy, and a complex tax and regulatory environment drive strong demand. As the economy grows, these workers will continue being needed to prepare and examine financial records. The continued globalization of business will lead to increased demand for accounting expertise related to international trade and mergers. While some routine tasks may be automated through AI and cloud computing, this will make accountants' advisory and analytical duties more prominent rather than reduce overall demand.

How to Break Into This Field

1. Education: Earn a bachelor's degree in accounting or related field. Many schools offer 5-year combined bachelor's and master's programs to meet the 150-hour CPA requirement.
2. Entry-Level Roles: Start as staff accountant, junior accountant, or accounting assistant. Internships during college provide valuable experience.
3. Build Skills: Master accounting software (QuickBooks, SAP), Excel, and financial analysis. Consider pursuing CPA certification early in your career.
4. Network: Join professional organizations like AICPA, attend accounting conferences, connect with alumni, and build relationships with professors and mentors.
5. Apply Strategically: Target public accounting firms (Big Four, regional firms), corporate accounting departments, government agencies, and non-profits.

Career Path & Advancement

Entry-level accountants typically start as staff accountants and can advance to senior accountant, accounting manager, controller, and ultimately CFO or partner at public firms. Public accountants may progress from staff to senior, manager, and partner roles. Some specialize in areas like forensic accounting, tax, or auditing. Management accountants may become budget directors, chief cost accountants, or managers of internal auditing. With experience and a CPA license, accountants can also transition into financial management, consulting, or executive leadership positions. Career progression depends on performance, certifications earned, and specialization choices.

Pros & Cons

Related Careers

If you're interested in Accountant, you might also consider:

• Budget Analyst - Develop budgets and analyze spending for organizations
• Financial Analyst - Guide investment decisions and evaluate financial data
• Financial Manager - Direct investment activities and develop long-term financial goals
• Tax Examiner - Determine tax obligations and collect taxes on behalf of government
• Bookkeeping Clerk - Record and manage day-to-day financial transactions