Accounting Job Outlook
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Institution
Introduction
Accounting is arguably one of the most prestigious careers in the contemporary world. It mainly involves the preparation, as well as examination of financial records to ensure that the information presented therein is accurate (Eisen, 2007). On the same note, they ensure that a business entity, individual, or corporation has remitted the appropriate amount of taxes at the right time (Panda, 2006). Accountants, in general, evaluate the financial operations of a business entity and strive to ensure that they are run in an efficient manner (Gaylord & Ried, 2006).
There are varied titles that an individual in the accounting field may have. One may be a management accountant, whose analysis of financial information is meant for internal usage purposes (Panda, 2006). Government accountants, on the other hand, analyze and record financial information for organizations that are subject to government taxes, while public accountants carry out a broad range of auditing, tax, accounting and consultancy for individuals, corporations and governments (Gaylord & Ried, 2006).
Accountants have a median yearly wage at $61690, as at May 2010 with the lowest 10% earning lower than $38940 while the top 10% took over $106, 880 (Bureau of Labor Statistics, 2013). Accountants usually work for less than 40 hours a week, though the number of hours may increase at certain times of the years (Eisen, 2007).
In 2010, a total of 1,216,900 accountants were employed, a figure that is projected to increase in the coming years. It is projected that the employment prospects for auditors and accountants will increase by 16 percent for the decade from 2010 to 2020 (Bureau of Labor Statistics, 2013). This is especially because of the stricter regulations in the financial sector that have the potential to heighten demand for accountants as business entities and organizations strive to meet the new standards. On the same note, business entities are required by new lending standards to demonstrate that they are creditworthy, which heightens the important of accountants.
References
Bureau of Labor Statistics, (2013). Occupational Outlook Handbook, 2012-13 Edition, Accountants and Auditors, on the Internet at HYPERLINK “http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm” t “_new” http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm (visited May 15, 2013).
Eisen, P. J. (2007). Accounting. Hauppauge, N.Y: Barron’s Educational Series.
Gaylord, G. L., & Ried, G. E. (2006). Careers in accounting. New York: McGraw-Hill.
Panda, J.K (2006). Accounting & Finance For Management. New York: Sarup & Sons
