The data sources for the information displayed here include: O*NET™ 12.0; US Department of Labor (BLS); Virginia Workforce Connection; Virginia Career VIEW Research. Accountants Description
Accoutants work closely with numbers. They study financial records, give advice on money matters and prepare financial statements for individuals and organizations. These records and reports determine and maintain information about assets, liabilities, profit, loss, etc. Accountants may also review clients’ records to see if they are properly kept and reported. Duties Include:
The data sources for the information displayed here include: O*NET™ 12.0; Virginia Career VIEW Research. Accountants Related Occupations The data sources for the information displayed here include: US Department of Labor (BLS); Virginia Career VIEW Research. Accountants Nature of Work Specific job duties vary widely among the four major fields of accounting. Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals. For example, some public accountants concentrate on tax matters, such as advising companies of the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns. Others are consultants who offer advice in areas such as compensation or employee healthcare benefits, the design of accounting and data-processing systems, and the selection of controls to safeguard assets. Some specialize in forensic accounting-investigating and interpreting bankruptcies and other complex financial transactions. Still others audit clients’ financial statements and report to investors and authorities that the statements have been correctly prepared and reported. Public accountants, many of whom are Certified Public Accountants (CPAs), generally have their own businesses or work for public accounting firms. Management accountants-also called industrial, corporate, or private accountants-record and analyze the financial information of the companies for which they work. Other responsibilities include budgeting, performance evaluation, cost management, and asset management. Usually, management accountants are part of executive teams involved in strategic planning or new-product development. They analyze and interpret the financial information that corporate executives need to make sound business decisions. They also prepare financial reports for non-management groups, including stockholders, creditors, regulatory agencies, and tax authorities. Within accounting departments, they may work in various areas including financial analysis, planning and budgeting, and cost accounting. Many persons with an accounting background work in the public sector. Government accountants and auditors maintain and examine the records of government agencies and audit private businesses and individuals whose activities are subject to government regulations or taxation. Accountants employed by Federal, State, and local governments guarantee that revenues are received and expenditures are made in accordance with laws and regulations. Those who are employed by the Federal Government may work as Internal Revenue Service agents or in financial management, financial institution examination, or budget analysis and administration. Internal auditing is an increasingly important area of accounting and auditing. Internal auditors verify the accuracy of their organization’s records and check for mismanagement, waste, or fraud. Specifically, they examine and evaluate their firms’ financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate to protect against fraud and waste. They also review company operations-evaluating their efficiency, effectiveness, and compliance with corporate policies and procedures, laws, and government regulations. There are many types of highly specialized auditors, such as electronic data processing, environmental, engineering, legal, insurance premium, bank, and healthcare auditors. As computer systems make information more timely, internal auditors help managers to base their decisions on actual data, rather than personal observation. Internal auditors also may recommend controls for their organization’s computer system to ensure the reliability of the system and the integrity of the data. Computers are rapidly changing the for most accountants and auditors. With the aid of special software packages, accountants summarize transactions in standard formats for financial records and organize data in special formats for financial analysis. These accounting packages greatly reduce the amount of tedious manual work associated with data management and recordkeeping. Personal and laptop computers enable accountants and auditors to be more mobile and to use their clients’ computer systems to extract information from large mainframe computers. As a result, a growing number of accountants and auditors have extensive computer skills and specialize in correcting problems with software or in developing software to meet unique data management and analytical needs. Accountants also are beginning to perform more technical duties, such as implementing, controlling, and auditing systems and networks, and developing technology plans and budgets. Accountants also are increasingly assuming the role of a personal financial advisor. They not only provide clients with accounting and tax help, but also help them develop a personal budget, manage assets and investments, plan for retirement, and recognize and reduce exposure to risks. This role is a response to demands by clients for one trustworthy individual or firm to meet all of their financial needs. The data sources for the information displayed here include: US Department of Labor (BLS); Virginia Career VIEW Research. Accountants Working Conditions Most accountants and auditors generally work a standard 40-hour week, but many work longer hours, particularly if they are self-employed and have numerous clients. Tax specialists often work long hours during the tax season. The data sources for the information displayed here include: US Department of Labor (BLS); Virginia Career VIEW Research. Accountants Special Requirements • Be a person of good character EDUCATIONAL REQUIREMENTS (if sitting for the exam before July 1, 2006): a. Complete a baccalaureate or higher degree from an accredited institution including: b. At least 24 semester hours of accounting including courses covering the subjects of financial accounting, auditing, taxation, and management accounting; and c. At least 18 semester hours in business courses ( other than the courses described above) Each candidate whose application to sit for a CPA exam administered on after July 1, 2006 shall at the time the application is received have completed the following courses at the undergraduate or graduate level: a. At least 30 semester hours of accounting, including courses covering the subjects of financial accounting, auditing, taxation, and management accounting; and b. At least 24 semester hours in business courses (other than the courses listed above) Evidence of education must be submitted in the form of official transcripts. CPA Exam: Each candidate must pass a National Uniform CPA exam approved by the board in auditing and attestation, regulation, business environment and concepts, business law and professional responsibilities, accounting and reporting (taxation, managerial, governmental and not for profit organizations), financial accounting and reporting, and other such related subject areas as deemed appropriate by the board and an ethics exam approved by the board. EXPERIENCE: Each applicant for the issuance of a CPA certificate shall provide documentation of at least one year of acceptable experience in accounting or a related field. The experience may include providing any type of service or advice involving the use of accounting, management, financial, tax, or consulting advisory skills or services. Acceptable experience shall include employment in government, industry, academia or public accounting or related services. The applicant’s experience may be supervised by a non-CPA certificate holder, although, when completing the application for the CPA certificate, the experience must be verified by a CPA certificate holder. One year of experience shall consist of full or part time employment that extends over a period of no less than a year and no more than 3 years and includes no fewer than 2,000 hours of performance in the services described above. CPA CERTIFICATE BY ENDORSEMENT: Each individual who holds a CPA certificate in a state other than Virginia and either has moved the principal place of business to Virginia or does not meet the endorsement requirements listed below must obtain a CPA certificate prior to practicing in Virginia. Each applicant for a CPA certificate by endorsement shall submit an application, on a form provided by the board, which shall document that the applicant holds a corresponding CPA certificate as a certified public accountant issued after meeting the CPA exam and other requirements under the laws of the states from which the applicant is seeking a CPA certificate by endorsement. LICENSE RENEWAL: You must renew your license annually. Licenses expire on Sept. 30 of each year. Required Fees: Initial CPA exam application fee - $25 Welcome to the Board of Accountancy’’s (BOA) CPA Exam Fees. Initial CPA exam applicants are required to pay both an application processing fee and an examination fee. Reexam CPA exam candidates are not required to pay an application processing fee.
For More Information, Contact: Board Of Accountancy The data sources for the information displayed here include: Virginia Career VIEW Research. Accountants Earnings Benefits
The data sources for the information displayed here include: US Department of Labor (BLS); Virginia Workforce Connection. Accountants Employment Projections
The data sources for the information displayed here include: Virginia Workforce Connection. Accountants High School Subjects
The data sources for the information displayed here include: Virginia Career VIEW Research. Accountants Career Advancement Professional recognition through certification or licensure provides a distinct advantage in the job market. All CPAs must have a certificate, and any partners in their firm must have licenses issued by a State Board of Accountancy. The vast majority of States require CPA candidates to be college graduates, but a few States substitute a number of years of public accounting experience for a college degree. Based on recommendations made by the American Institute of Certified Public Accountants, 38 States currently require CPA candidates to complete 150 semester hours of college coursework-an additional 30 hours beyond the usual 4-year bachelor’s degree. Most States have adopted similar legislation that will become effective in the future. Many schools have altered their curricula accordingly, and prospective accounting majors should carefully research accounting curricula and the requirements of any States in which they hope to become licensed. All States use the four-part Uniform CPA Examination prepared by the American Institute of Certified Public Accountants (AICPA). The 2-day CPA examination is rigorous, and only about one-quarter of those who take it each year pass every part they attempt. Candidates are not required to pass all four parts at once, but most States require candidates to pass at least two parts for partial credit and to complete all four sections within a certain period. Most States also require applicants for a CPA certificate to have some accounting experience. The AICPA also offers members with valid CPA certificates the option to receive the Accredited in Business Valuation (ABV), Certified Information Technology Professional (CITP), or Personal Financial Specialist (PFS) designations. The addition of these designations to the CPA distinguishes those accountants with a certain level of expertise in the nontraditional areas of business valuation, technology, or personal financial planning, in which accountants are practicing more frequently. The ABV designation requires a written exam, as well as completion of a minimum of 10 business valuation projects that demonstrate a candidate’s experience and competence. The CITP requires payment of a fee, a written statement of intent, and the achievement of a set number of points awarded for business experience and education. Those who do not meet the required number of points may substitute a written exam. Candidates for the PFS designation also must achieve a certain level of points, based on experience and education, and must pass a written exam and submit references, as well. Nearly all States require CPAs and other public accountants to complete a certain number of hours of continuing professional education before their licenses can be renewed. The professional associations representing accountants sponsor numerous courses, seminars, group study programs, and other forms of continuing education. Accountants and auditors also can seek to obtain other forms of credentials from professional societies on a voluntary basis. Voluntary certification can attest to professional competence in a specialized field of accounting and auditing. It also can certify that a recognized level of professional competence has been achieved by accountants and auditors who acquired some skills on the job, without the formal education or public accounting work experience needed to meet the rigorous standards required to take the CPA examination. The Institute of Management Accountants (IMA) confers the Certified Management Accountant (CMA) designation upon applicants who complete a bachelor’s degree or attain a minimum score on specified graduate school entrance exams. Applicants also must pass a four-part examination, agree to meet continuing education requirements, comply with standards of professional conduct, and have worked at least 2 years in management accounting. The CMA program is administered by the Institute of Certified Management Accountants, an affiliate of the IMA. Graduates from accredited colleges and universities who have worked for 2 years as internal auditors and have passed a four-part examination may earn the Certified Internal Auditor (CIA) designation from the Institute of Internal Auditors. Similarly, the Information Systems Audit and Control Association confers the Certified Information Systems Auditor (CISA) designation upon candidates who pass an examination and have 5 years of experience in auditing electronic data-processing systems. Auditing or data-processing experience and a college education may be substituted for up to 2 years of work experience in this program. The Accreditation Council for Accountancy and Taxation, a satellite organization of the National Society of Public Accountants, confers three designations-Accredited in Accountancy (AA), Accredited Tax Advisor (ATA), and Accredited Tax Preparer (ATP). Candidates for the AA must pass an exam, while candidates for the ATA and ATP must complete the required coursework and pass an exam. Often, a practitioner will hold multiple licenses and designations. For instance, an internal auditor might be a CPA, CIA, and CISA. The Association of Government Accountants grants the Certified Government Financial Manager (CGFM) designation for accountants, auditors, and other government financial personnel at the Federal, State, and local levels. Candidates must have a minimum of a bachelor’s degree, 24 hours of study in financial management, and 2 years’ experience in government, and must pass a series of three exams. The exams cover topics in governmental environment; governmental accounting, financial reporting, and budgeting; and financial management and control. Persons planning a career in accounting should have an aptitude for mathematics and be able to analyze, compare, and interpret facts and figures quickly. They must be able to clearly communicate the results of their work to clients and managers. Accountants and auditors must be good at working with people, as well as with business systems and computers. Because millions of financial statement users rely on their services, accountants and auditors should have high standards of integrity. Capable accountants and auditors may advance rapidly; those having inadequate academic preparation may be assigned routine jobs and find promotion difficult. Many graduates of junior colleges and business and correspondence schools, as well as bookkeepers and accounting clerks who meet the education and experience requirements set by their employers, can obtain junior accounting positions and advance to positions with more responsibilities by demonstrating their accounting skills on the job. Beginning public accountants usually start by assisting with work for several clients. They may advance to positions with more responsibility in 1 or 2 years, and to senior positions within another few years. Those who excel may become supervisors, managers, or partners; open their own public accounting firms; or transfer to executive positions in management accounting or internal auditing in private firms. Management accountants often start as cost accountants, junior internal auditors, or trainees for other accounting positions. As they rise through the organization, they may advance to accounting manager, chief cost accountant, budget director, or manager of internal auditing. Some become controllers, treasurers, financial vice presidents, chief financial officers, or corporation presidents. Many senior corporation executives have a background in accounting, internal auditing, or finance. In general, public accountants, management accountants, and internal auditors have much occupational mobility. Practitioners often shift into management accounting or internal auditing from public accounting, or between internal auditing and management accounting. However, it is less common for accountants and auditors to move from either management accounting or internal auditing into public accounting. The data sources for the information displayed here include: US Department of Labor (BLS); Virginia Career VIEW Research. Accountants Military Training The following military job classifications are available for this occupation:
The data sources for the information displayed here include: Defense Manpower Data Center. Accountants Additional Resources American Institute of Certified Public Accountants 1211 Avenue of the Americas New York, NY 10036 http://www.aicpa.org Information on CPA licensure requirements by State may be obtained from: National Association of State Boards of Accountancy 150 Fourth Ave. North Suite 700 Nashville, TN 37219-2417 http://www.nasba.org Information on careers in management accounting and the CMA designation may be obtained from: Institute of Management Accountants 10 Paragon Dr. Montvale, NJ 07645-1760 http://www.imanet.org Information on the Accredited in Accountancy, Accredited Business Accountant, Accredited Tax Advisor, or Accredited Tax Preparer designations may be obtained from: Accreditation Council for Accountancy and Taxation 1010 North Fairfax St. Alexandria, VA 22314 http://www.acatcredentials.org Information on careers in internal auditing and the CIA designation may be obtained from: The Institute of Internal Auditors 249 Maitland Ave. Altamonte Springs. FL 32701-4201 http://www.theiia.org Information on careers in information systems auditing and the CISA designation may be obtained from: The Information Systems Audit and Control Association 3701 Algonquin Rd. Suite 1010 Rolling Meadows, IL 60008 http://www.isaca.org Information on careers in government accounting and on the CGFM designation may be obtained from: Association of Government Accountants 2208 Mount Vernon Ave. Alexandria, VA 22301 http://www.agacgfm.org Information on obtaining an accounting position with the Federal Government is available from the Office of Personnel Management (OPM) through a telephone-based system. Consult your telephone directory under U.S. Government for a local number or call (912) 757-3000; Federal Relay Service: (800) 877-8339 The first number is not tollfree and charges may result. Information also is available from the OPM Internet site: http://www.usajobs.opm.gov Virginia Accounting Job Search http://accounting.jobsearch.com/Virginia.htm The data sources for the information displayed here include: US Department of Labor (BLS); Virginia Career VIEW Research. Accountants Skills Improvement
The data sources for the information displayed here include: Virginia Career VIEW Research. Accountants Proficiency Ratings important to the job and 5 being extremely important to the job. The data sources for the information displayed here include: O*NET™ 12.0. Accountants Internships FBI Agency The FBI's Budget and Program Management Unit (BPMU) is offering full-time unpaid internships to qualifying students during Spring, Fall, and Summer semesters. The BPMU is located at the FBI Academy on the Marine Corps Base at Quantico, Virginia. The Washington Center The Washington Center works with 500 colleges and universities and has over 33,000 alumni in leadership positions throughout the U.S. and other countries. TWC guarantees all students furnished housing - typically in attractive and conveniently-located high-rise apartment buildings in Northern Virginia. Over 80% of students receive financial assistance which offsets in whole or part their tuition and housing costs for the program. The program operates year-round, with fall and spring semesters and a summer term, as well as quarter terms. The data sources for the information displayed here include: Virginia Career VIEW Research. Accountants Virginia Businesses Booz-Allen & Hamilton, Inc. Booz-Allen & Hamilton is a diversified, international, management consulting organization offering services in both the commercial and public sectors. Deloitte & Touche Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, Deloitte delivers services in four professional areas — audit, tax, consulting, and financial advisory services — and serves more than one-half of the world’s largest companies. Ernst & Young LLP The members of the Ernst & Young global organization help companies in businesses across all industries—from emerging growth companies to global powerhouses—deal with a broad range of business issues. Our 107,000 people in 140 countries around the globe pursue the highest levels of integrity, quality and professionalism to provide clients with a broad array of services relating to audit and risk-related services, tax, and transactions. KPMG Peat Marwick LLP In a global marketplace distinguished by remarkable growth and consolidation, companies face a host of new challenges in today's economy. KPMG helps clients successfully respond to changing opportunities by providing professional services, wherever and whenever they're needed PriceWaterHouseCoopers PricewaterhouseCoopers provides industry-focused services for public and private clients in order to build public trust and enhance value through the application of what we call Connected Thinking. The data sources for the information displayed here include: Virginia Career VIEW Research. Virginia Career VIEW does not represent or endorse the accuracy or reliability of any of the information, content contained on, distributed through, or linked, downloaded or accessed from any of the services contained on this website nor the quality of any businesses, information or other materials displayed, purchased, or obtained by you as a result of any other information or offer in or in connection with the service. |
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