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By Carina Zaragoza
, Accounting Crossing,
www.accountingcrossing.com
Accounting professionals, in particular certified public
accountants, are in demand according to industry analysts. A growing number
of companies are in need of CPAs due to various factors. Thus, more and more
employers are hiring certified public accountants.
Whoever thought
working as a certified public accountant would be anyone’s ''dream'' job?
Most people I know are trying to break into professions that are a little
more glamorous. Living in Los Angeles, I know plenty of aspiring actors,
directors, models, singers, and even chefs. Even trying to break into
advertising or public relations is considered hip.
But becoming a CPA? Why? Well, with CPA salaries rising sharply and a
growing need, why not? Nowadays, accounting is the place to be.
Tougher Federal
Regulations Mean High Demand for CPAs
Accounting failures at Enron, Tyco, and WorldCom led to the passage of the
Sarbanes-Oxley Act, which imposed
tougher financial reporting regulations. Since its passage in 2002,
accounting budgets have increased by 50 percent or more, says Georgia Fisher.
Fisher is the director of the undergraduate business program at the
University of St. Thomas Opus College of Business. The result has been
growing demand for certified public accountants.
But the Sarbanes-Oxley Act is not the only reason for the CPA need.
Accounting as an industry and business practice waned in the 1990s; thus,
many qualified and experienced certified public accountants moved into other
fields. But with a switch in companies’ priorities, and relatively few CPAs
to go around, more and more employers are looking to hire and are willing to
pay handsomely for the accounting professionals they need.
As the Baby Boom
Generation of Accounting Professionals Retires, Generation Y Is Set to
Pounce and Enter the Accounting Professional Workforce
Industry analysts anticipate that many accountants, the majority of whom are
Baby Boomers, are about to retire or have already done so. This means a
large segment of CPA professionals will leave the job market and thus create
a vacuum. This is creating the perfect environment for the next generation,
Generation Y, to take over. In fact, large accounting firms, and even
private and public companies, are recruiting at campuses in large numbers.
What Exactly Does a
CPA Do?
The certified public accountant field has changed from traditional
accounting duties. CPAs now need to understand financial trends in the
market, apply a variety of financial controls, and root out possible causes
of accounting disasters like Enron.
Certified public accountants fall into two major categories. Accountants
analyze financial information and prepare financial reports to track the
financial activities of an organization. Tax preparers prepare tax returns
for individuals or businesses but may not necessarily be accredited.
CPA
Jobs Are Easily $100,000-Plus Jobs
Accountants’ careers are among the fastest-growing careers, and in-house
accountants are among the best paid. Salaries for senior CPAs can be as high
as $110,000, a more than 5 percent increase from just a year ago.
Obviously, all CPAs will not be hired as senior accountants the day after
graduation. Still, the salaries for entry-level CPAs and accountants are
competitive. An entry-level CPA can earn upwards of $60,000. Not bad for a
22-year-old college graduate.
Certified Public Accounting — Today’s Hot Career
With the growing demand for certified public accountants and legislation
enacted to ensure businesses are accountable for their financial activities,
accounting may just be the next hot career.
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