A career in Accounting

What is Accounting?

Accounting, or accountancy, is the measurement, processing and communication of financial information about economic entities.[1][2] Accounting, which has been called the "language of business",[3] measures the results of an organization's economic activities and conveys this information to a variety of users including investors, creditors, management, and regulators.[4] Practitioners of accounting are known as accountants. The terms accounting and financial reporting are often used as synonyms.

Accounting can be divided into several fields including financial accounting, management accounting, auditing, and tax accounting.[5][6] Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers;[7] and management accounting focuses on the measurement, analysis and reporting of information for internal use by management.[1][7] The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.

Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms,[9] and are prepared in accordance with generally accepted accounting principles (GAAP).[7] GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States[1] and the Financial Reporting Council in the United Kingdom.[10] As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS).[11]

Careers in Accounting

• Certified Public Accountant
• Certified Management Accountant
• Certified Internal Auditor
• Certified Fraud Examiner
• Enroll Agent
• Certified Financial Planner
• Certified Financial Government Management
• Chartered Financial Analyst
• Chartered Global Management Accountant
• Forensic Accountant

Accountant Salaries

According to a report released by the bureau of labor statistics in May 2013, the average median salary for accountants and auditors was $72,500 annually. The top 10% make on average $133,740 annually.

Industries with the highest employment of auditors and accountants include accounting firms, tax preparation, bookkeepers, payroll services, management of companies and enterprises, local and state governments, management,scientific, and technical consulting services.

The top paying industries employing accountants and auditors include securities and commodity brokerages, securities and commodity exchanges, federal government, financial investment firms and software publishers.