There Are Many Specialties In Accounting!
If one were to look at the accounting field as an army, the Certified Public Accountant would be considered the foot soldier, the Certified Internal Auditors the MPs. As for the officers? They start with the Certified Management Accountant. None of these, however, will start without a degree.
Management accountants assess an organization’s state, local and federal taxes. The role requires identifying ways to lower expenses and analyze monthly, quarterly and annual budgets. Depending on the organization, they might be involved in corporate strategic planning initiatives, manage costs related to new project and product development. They also prepare reports and white papers for investors, regulators and auditors.
While one can gain entry into the accounting profession with a Bachelors in Accounting, its professional organization, the Institute of Management Accounting, states getting a Masters in Accounting and/or Finance is a need. Management accountants also are required to take a two-part certification test before they can officially carry the title. If you are interested in getting more information about online graduate degrees research the internet.
A certified management accountant is more a generalist than others. They have to not only know all the basic accounting principles and techniques, but have a solid idea about statistics, marketing, operations management and finance. In other words, a management accountant is more a generalists than others in the field. They apply their knowledge to monitor the overall health of a company.
To do this, one must further his/her education; usually at an online college with by work-study. The Institute is very helpful in pointing out ways to get financial aid, both grants and scholarships. Companies who hire young accountants many times also offer financial assistance as part of their employment package. For any additional information about distance learning programs check the internet.
There aren’t many management accountants out there. The Bureau of Labor Statistics sites only about 65,000 of them. When there are slightly over 2 million accountants in the country, it’s a rather small percentage. Yet there is a crying need for more, the Bureau estimates a need for 22% more by 2018.
Salaries are highly attractive. The lowest current salary recorded is $47,000. Median income is around $55,000, but the high end borders at the $100,000 mark. Perks are more than just continued education. The package almost always has excellent health care and life insurance policies, expense accounts, 401(k) and other retirement/investment clauses. Stock options are not out of the realm of possibility. For an abundance of information about accounting degree colleges check out the web.
For those involved in this field, it started with a degree. It should be noted that many sitting on boards were certified management accountants less than a decade previously. If sitting at board meetings and making decisions isn’t enough, many management accountants set up their own consulting firms with top governmental agencies and the Fortune 500 as their clients. In all, having an accredited accounting degree and working up the ladder sounds like a good way for an officer in the financial world to travel the career path.
Incoming search terms for the article:
- Powered by Article Dashboard 401k