An accountant is responsible for preparing financial records. This write-up serves a detailed guide about the accountant duties and various other facets of the job and its salary range.
Just like the legal and medical profession, the finance profession is complex and extensive. With the passage of time, the growth in this field has been tremendous, with an increasing requirement for skilled employees. The plethora of career opportunities in the fields of finance and accounting is amazing.
One of the careers that is regarded as traditional and has been in existence since ages is that of an accountant. Undoubtedly, the job has gone through various changes and has evolved with time; yet, it forms an integral part of every firm.
Accountants are the key people who are linked to almost every financial transaction of a firm.
They are involved in maintaining important accounting and bookkeeping procedures.
They are responsible for maintaining balance sheets and other important financial copies for companies.
In fact, the depth of this field has led to the requirement of different branches that operate individually.
Careers in accounting can help aspirants to choose various careers among the vast options.
List of Duties
Analyzing, recording, and reporting of a company's or an individual's financial status.
Advising clients and helping them review their financial statements, thereby analyzing the pros and cons of any business deals with a prospective client.
Maintaining daily/weekly/monthly/yearly records of the transactions in ledgers and record books and helping firms end a fiscal year.
Assisting the accounting and financial experts in budgetary and accounting policies.
Drafting plans and accounting statements for presentation to the board of directors and chief financial officer of the firm.
Advising the firm by studying the merits of the financial transactions, based on the scientific principles (in case of mergers and acquisitions).
Helping the government and financial institutions check the accuracy of the information given in financial matters.
Preparing financial reports in case of asset management investments.
Using computer accounting principles.
An individual needs to have a bachelor's degree in accounting or a related field.
A master's degree in the same discipline or perhaps business administration will also be an added advantage.
In addition, certifications help an individual rise up the ladder. This can be done immediately after college or after some work experience.
Candidates can earn the CPA (Certified Public Accountant) credential from the IIA (Institute of Internal Auditors).
The salaries depend on the chosen field, work experience, and the educational degree in this field.
According to a research, the current median salary range for this field is $59,400 to $84,000.
The pay is greatly influenced by the type of employer. For instance, people working for the government and federal field earn the highest salaries; while those in NGOs earn comparatively lesser.
On an average, the salary is generally highest in states such as California, New York and Connecticut; while states such as Alaska and Hawaii pay lesser salaries.
The salary range given above is fairly decent for accountants with graduate and postgraduate degrees. The career development path for this field is excellent and the depth is limitless. You can choose any one particular arena and gain expertise. All the best!