Licensed Profession Spotlight: Accountancy

JOB DESCRIPTION:

Accountants:
• Analyze operations, trends, costs, revenues, financial commitments, and obligations incurred by businesses and individuals, to project, using computer, future revenues and expenses.
• Predict revenues and expenditures and submit reports to management.
• Survey establishment operations to ascertain accounting needs.
• Compute taxes owed, ensure compliance with tax payment, reporting, and other tax requirements.
• Adapt accounting and record-keeping functions to current technology of computerized accounting systems.
• Appraise, evaluate, and inventory real property and equipment and records description, value, location, and other information.
• Prepare forms and manuals for workers performing accounting and bookkeeping tasks.
• Audit contracts and prepare reports to substantiate transactions prior to settlement.
• Establish table of accounts and assign entries to proper accounts.
• Develop, implement, modify, and document budgeting, cost, general, property, and tax accounting systems.
• Analyze records of financial transactions to determine accuracy and completeness of entries, using computer.
• Report finances of establishment to management and advise management about resource utilization, tax strategies, and assumptions underlying budget forecasts.
• Prepare balance sheets, profit and loss statements, amortization and depreciation schedules, and other financial reports, using calculator or computer.

SALARY:

According to the U.S. Bureau of Labor Statistics, accountants and auditors who worked for or owned accounting and bookkeeping services earned an average yearly income of $64,340 in 2005. Income estimates vary by experience, as shown below:
• Up to one year of experience: $34,000–$47,000
• One to three years of experience: $38,000–$55,000
• Senior accountants and auditors: $45,000–$69,000
• Managers: $57,750–$92,000
• Directors: $69,000–$125,000

HOW TO GET THERE:

• Take four years of math, including calculus.
• Sign up for accounting and economics classes.
• Take full advantage of English and speech classes to sharpen your communication and presentation skills.
• Build strong computer skills.
• Practice accounting skills by saving money, creating a budget, and sticking to it.
• Run for the office of class treasurer.
• Learn about the business world in Junior Achievement or a similar group.

STATE OF THE ART:

“Government economists expect jobs for accountants to grow faster than the average for all careers through 2014. Many factors should fuel job growth for accountants. The number of businesses should grow, creating more financial records. And because more firms are doing business across borders, they'll need accountants who understand world trade and the laws that govern it.”

‘"I consider the background I developed in accounting to be the pivotal element in my career success as a public accountant, a corporate executive, and an entrepreneur." This statement comes from Larry Lundy, owner of 31 Pizza Hut franchises and one of America's most successful African-American businessmen, and it illustrates perfectly the wide-open path to success that accounting offers. Accountants are essential to every single business field in the country—from advertising to zinc mining—and successful accountants have tremendous opportunities in public accounting, in business and industry, and in establishing their own businesses.’ http://www.black-collegian.com/career/career-reports/rpacct.shtml

“A 2002 study by the American Institute of Certified Public Accountants (AICPA) cites the breakdown of CPA firm new hires as follows: 82 percent white and 18 percent minority (specifically, Asian/Pacific Islander, Black, Hispanic, Native American/Alaskan Native and "other.")

The numbers are improving, says Dan Hobson, manager of the AICPA’s Minority Initiatives Committee, but nowhere near what they need to be. The good news, he adds, is that minorities in accounting are on the rise for not only undergraduate, but also graduate degrees. In the academic year 2000-2001, minorities comprised 25 percent of accounting Bachelor’s degrees, 27 percent of Master’s degrees and 27 percent of accounting Ph.D.s.” http://www.insight-mag.com/insight/04/01-02/col-5-pt-1-CurrentAffairs.asp

INSTITUTIONS OFFERING RELATED MAJORS:

Adelphi University, Baruch College, Berkeley College - White Plains, Brooklyn College, Cazenovia College, Dominican College of Blauvelt, Fordham University, Hartwick College, Hofstra University, Ithaca College, Long Island University - Brentwood, Long Island University - Brooklyn, Long Island University - C.W. Post, Long Island University - Southampton College, Manhattan College, New York Institute of Technology, New York University, Niagara University, Nyack College, Olean Business Institute, Pace University, Queens College, Rochester Institute of Technology, St. Francis College, St. John's University, St. Joseph's College, Brooklyn Campus, St. Joseph's College, Suffolk Campus, St. Thomas Aquinas College, State University College at Brockport, State University College at Fredonia, State University College at Geneseo, State University College at New Paltz, State University College at Old Westbury, State University College at Oneonta, State University College at Oswego, State University College at Plattsburgh, State University of New York at Albany, State University of New York at Binghamton, SUNY College of Technology at Alfred, SUNY Empire State College - Coordinating Center, SUNY Institute of Technology at Utica/Rome, Syracuse University, Touro College, Utica College of Syracuse University, Wagner College, York College - CUNY.

ONLINE RESOURCES:

http://www.collegeboard.com/csearch/majors_careers/profiles/careers/106541.html
http://nymentor.org/career/careercenter