Notes
Outline
The B.S. in Accounting
Opportunities Awaiting You:
Local / Federal Government
Industrial Accounting
Public Accounting
Advanced Degrees (Masters, Ph.D.)
Certification
What’s Hot in Accounting?
Auditing Services
Consulting Services
Information Technology(IT) Services
Forensic Accounting
Environmental Accounting
International Accounting
Tax and Financial Planning
Local / Government
Various levels of the government
From the federal government down to the municipal level, all employ a large number of accountants
Three of these stand out as employers of highly qualified accounting majors
Internal Revenue Service (IRS)
General Accounting Office (GAO)
Defense Contract Audit Agency (DCAA)
Federal Positions
Filled through civil service procedures
Identified through a series of highly detailed job descriptions
Accompanied by a GS (general schedule) rating, which determines one pay scale
Accountants’ service scale range from GS-7 to GS-15
Internal Revenue Service
accountants
Personnel working for the IRS are usually referred to as “tax  agents”
Generally perform the same tasks handled by men and women in public accounting
Working for the Federal Government does not  necessarily mean working in Washington, D.C..
Government operations employ many professional accountants all across the nation
General Accounting Office (GAO)
GAO, the audit arm of the U.S. Congress
Oversees the spending of the federal funds and the administration of governmental contracts
This covers a broad scope of activities
Hiring standards of the GAO are extremely stringent
The Defense Contract Audit Agency
In charge of auditing all defense-oriented federally funded contracts
The task of the DCAA is that of performing audits
This agency closely approximates work for a large national firm
The work at DCAA emphasizes
cost accounting and
“operational” accounting
Position Levels in Government
Top Administrator
District Director
Supervisor
Auditor
Industrial Accounting
Industry is probably a greater  employer of accountants than public accounting firms
All industrial firms maintain accountants on their payroll
Since there are far more industrial firms than there are accounting firms, the need for accountants in industry is great and constantly increasing
Professional Positions in Industrial Accounting
Staff Accountant
Chief Accountant
Controller
Internal Auditor
Vice-President of Finance
Staff Accountants
the number and assignments of the staff accountants in sizeable companies are highly variable
at least one is likely to be a cost analyst
another in charge of general accounting
and some would be concerned with computerizing the accounting procedures
staff constitutes the entry-level position in most industrial accounting activity
Chief Accountant
Directly below the Controller is the Chief Accountant who assumes some administrative functions over his/her staff
Staff accountants reporting to the Chief Accountant , number from 2 - 10
 Each person is in charge of a specific operation
Promotion to Chief Accountant presumes at least three to five years of accounting experience
Controller
The step below the VP of Finance in the administration ladder is that of the Controller
The Controller controls the functions of the accounting department
Have a separate staff
Promotion to the position of Controller presumes 5 to 20 years of appropriate accounting experience
Internal Auditor
Reporting administratively to the VP of Finance
Tours the various plants of the company
Works in the general office, makes sure that the accounting records are accurate
Makes sure procedures of the company are being followed
Most internal auditors are CPAs
Vice-President of Finance
The highest level of accounting in industry is that of VP of Finance or “Chief Financial Officer”(CFO)
This is a typical executive position and calls for coordination with other corporate subdivisions.
The personal requirements for this position is, for a typical executive, the ability to communicate effectively.
The vice-president of finance must be able to express accounting ideas clearly to non-accountants and he/she must be outgoing in his/her efforts.
Public Accounting/ CPA
The work done by accountants in public accounting varies on whether they work for a national or local CPA firm.
The services generally differ.
The small local firms concentrate on the bookkeeping, accounting, and tax return aspects of the business firms.
Whereas, the large national firms concentrate on the performance of audits and on offering management services.
Professional Positions in Public Accounting:  Senior Partner
Because originally all the CPA firms were partnerships, rather than corporations as most are today, the top position is usually called “senior partner”.
If the firm is a national firm with multiple offices, then at the top of the pyramid will be the senior partner of the entire firm.
He/She will administer from the headquarters office of the firm and is responsible for 4,000 to 10,000 professional accountants.
To hold such a position, this administrator must not only be a brain-as far as the mechanics and the theory of accounting is concerned- but he/she must also be an extrovert and an excellent administrator.
The position of senior partner (even in a smaller local firm) brings with it part ownership of the firm, and consequently this position offers substantial responsibility and great prestige.
Partners
Generally, the remaining partners manage client audits or tax services for the firm.
These are also highly prestigious positions and bring with them the benefits of partnership and share in the ownership of the firm.
Partnership in a CPA firm is restricted exclusively to accountants who are certified as CPAs.
Generally, it takes from 10 to fifteen years to rise to partner.
Managers
The position of manager is the highest position that one can obtain in any CPA firm without being invited to partnership.
Most offices of CPA firms employ several managers in charge of various groups of clients.
The rise to manager usually requires from five to nine years of experience.
Senior Accountants
The bulk of the responsibility and demanding work of handling the accounts of a firm’s client is conducted by senior accountants working with the help of several junior accountants.
The work of a senior accountant is really what practicing as a CPA is all about.
To become a senior accountant usually requires from two to five years of accounting practice with more rapid promotion accruing to accountants who are CPAs.
Junior Accountants
All accountants freshly out of college start as junior accountants when joining an accounting firm.
Obtaining a position as junior accountant is an accomplishment
Almost all senior partners started out as “juniors”
Almost all CPA firms promote from within the firm
Certification: Important
Participation in a recognized professional group
An improved professional training program arising out of the certification process
Recognition among peers for obtaining the designation
An extra credential for the employment market/career ladder
Personal satisfaction of attaining a recognized degree of competence