Sample Paper on a Career Choice on Accounting
One of the crucial career decisions that accountants make is deciding which particular area of accounting to specialize in. The entire career path is dictated by this decision that takes place early in one’s career. I have been faced with many important decisions concerning my college major and the career path that suits my strengths and interests. However, picking a major in Accounting and deciding to pursue the auditing field remains the most critical decision I have had to make. Accounting is a profession that involves collecting, maintaining and analysing financial records for businesses, and compile reports for the use of various stakeholders. Auditing, on the other hand, is one of the major fields of accounting. As an auditor, one is required to evaluate financial statements either for individuals, businesses or governments in order to ensure their statements are accurate and correspond with correct accounting principles. This paper explains why I chose a major in accounting and specifically, the field of auditing.
Important Aspects of Accountancy (Auditing)
Accountants and auditors are tasked with examining financial statements to ensure that they are not only accurate but also comply with established laws and regulations. Other responsibilities that are expected from an auditor include computing tax reports and inspecting account books for both efficiency and use of accounting procedures. As the auditors assess the financial operations, they inform the management about best-practices and suggest to them a number of ways they could minimize the costs, enhance revenue, and maximize profits. Accounting can, therefore, be viewed as the basic tool of business.
Minimum Qualifications, Placement, and Challenges of Pursuing the Career. Most accountants require at least a bachelor’s degree in Accounting from an accredited university. This means that for internal and external auditors, a bachelor’s degree is the minimum requirement for pursuing an auditing career. A master’s degree is an added advantage that is desired by potential employers. Other certification requirements that are mostly required from an auditor include a CPA (Certified Public Accountant) or CIA (Certified Internal Auditor) designation. The CIS designation is mostly recommended for internal auditors who are likely to work in large organizations. Higher learning institutions offer degrees in Accounting with a special emphasis on auditing.
Accounting is both a challenging and a rewarding career. In 2015, the median annual salary was approximately $67,190. The lowest-paid 10% earned about $41,400 while the best-paid made approximately $118,930. In 2016, auditors with less than four years of experience earned an annual salary of between $38,960 and $65,700 while those with an experience exceeding ten years earned a salary of between $40,290, and $100,410. This proves that a career in accounting is rewarding. The prospects of placement in the career are also positive. The U.S. Bureau of Labour of Statistics expects an 11% increase in the number of employed accountants and auditors in the next ten years.
Despite the noted rewards of accounting, pursuing the career demands a strong personal commitment, resilience, and hard work. The four-year bachelor’s degree is not only demanding, but also costly. Also, students have to complete about 150 credit hours to be awarded a state license for CPA, which is 30 hours more than those required to complete the bachelor’s degree. However, any person who pursues accounting is likely to grow in the career from the many available opportunities in the job sector. With experience, auditors can rise to become financial managers and top executives at the height of their career. Beginning accountants have been noted to advance to positions of higher responsibility within two years. Others who excel may also open their accounting firms or transfer to executive roles in internal auditing for private companies. This is an indication that those who pursue the career are likely to gain vast experience that will propel them further in the career.
Why Accounting Is Attractive
Accounting appeals to me because it opens more opportunities in the business field. It is a career choice that can guide me to become a partner in an auditing firm, work in the public sector, or even become a consultant. My dream has always been to pursue a career that is diverse and business-oriented. Also, the demand for accountants has been rising and the job opportunities for auditors in today’s business climate are promising. The career guarantees personal and professional fulfilment, which are some of the attributes that most students find attractive in a career.
Apart from the appeal of accounting, I believe that I have the necessary skills that complement the career responsibilities. I have good quantitative and analytical skills, which are important in identifying issues in documentation and suggesting solutions. However, my communication skills are less impressive. They are likely to come in the way of my career. Auditors must have good communication skills to engage effectively with clients. To tackle this challenge, I plan on taking up a course in communication skills and attending a training program in my school. This will be a step that will help me to achieve my dream of becoming an auditor.
Career choices are important for any person’s professional life. I have decided to pursue a career in Accounting and focus on the field of Auditing. It is a career path that will fulfil my professional goals. Auditors are well-paid professionals who display a wide range of skills and qualities. My goal is to be part of this group after I finish my studies.