Summary
Accountants and auditors prepare and examine financial records.
What they do
Accountants and auditors ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently.
Accountants and auditors typically do the following:
- Examine financial statements to ensure that they are accurate and comply with laws and regulations
- Compute taxes owed, prepare tax returns, and ensure that taxes are paid properly and on time
- Inspect account books and accounting systems for efficiency and use of accepted accounting procedures
- Organize and maintain financial records
- Assess financial operations and make best-practices recommendations to management
- Suggest ways to reduce costs, enhance revenues, and improve profits
Work Environment
Most accountants and auditors work in offices, but some work from home. Although they complete much of their work alone, they sometimes work in teams with other accountants and auditors. Accountants and auditors may travel to their clients’ places of business.
Most accountants and auditors work full time. Some work more than 40 hours per week. Longer periods of work are typical at certain times of the year, such as at the end of the budget year or during tax season.
How to become an Accountant or Auditor
Most accountants and auditors need at least a bachelor’s degree in accounting or a related field. Certification, including the Certified Public Accountant (CPA) credential, can improve job prospects.
Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field. Some employers prefer to hire applicants who have a master’s degree, either in accounting or in business administration with a concentration in accounting.
A few universities and colleges offer specialized programs, such as a bachelor’s degree in internal auditing. In some cases, those with associate’s degrees, as well as bookkeepers and accounting clerks who meet the education and experience requirements set by their employers, get junior accounting positions and advance to accountant positions by showing their accounting skills on the job.
Many colleges help students gain practical experience through summer or part-time internships with public accounting or business firms.
Every accountant filing a report with the Securities and Exchange Commission (SEC) is required by law to be a Certified Public Accountant (CPA). Many other accountants choose to become a CPA to enhance their job prospects or to gain clients. Many employers will pay the costs associated with the CPA exam. Certification provides an advantage in the job market because it shows professional competence in a specialized field of accounting and auditing. Accountants and auditors seek certifications from a variety of professional societies.
College Majors in Accounting
Accounting Studies Major
Accounting Studies prepares individuals that prepares individuals to practice the profession of accounting and to perform related business functions.
Accounting Studies majors and degree programs likely include instruction in accounting principles and theory, financial accounting, managerial accounting, cost accounting, budget control, tax accounting, legal aspects of accounting, auditing, reporting procedures, statement analysis, planning and consulting, business information systems, accounting research methods, professional standards and ethics, and applications to specific for-profit, public, and non-profit organizations.
What can you do with a major in Accounting Studies?
Many Accountants specialize depending on the employer. Some may work for organizations that specialize in assurance services or risk management. As well, there are organizations that focus on certain industries, such as finance, insurance, or healthcare.
Accounting and Business Management Combined Major
Accounting and Business Management Studies is an integrated or combined program in accounting and business administration/management that prepares individuals to function as accountants and business managers.
Accounting and Business Management Studies majors and degree programs likely include instruction in accounting principles and theory, financial accounting, managerial accounting, cost accounting, budget control, tax accounting, legal aspects of accounting, auditing, reporting procedures, statement analysis, planning and consulting, business information systems, accounting research methods, professional standards and ethics, and applications to specific for-profit, public, and non-profit organizations. As well, courses in management theory, human resources management and behavior, purchasing and logistics, organization and production, marketing, and business decision-making.
What can you do with a combined major in Accounting and Business Management?
There are a wide range of career positions in government, industry, and education with a degree in this field of study. Overall, you will likely use your business knowledge in marketing, finance, accounting, international business, operations, and project management.
Auditing Studies Major
Auditing Studies is a program that prepares individuals, including certified accountants, to perform independent internal and external appraisals to evaluate organizational financial and operational activities, ensure compliance with laws and policies, safeguard assets, and promote effective planning and resource allocation.
Auditing Studies majors and degree programs likely include instruction in advanced accounting, audit tools and techniques, sampling, risk and control, audit planning, audit function management, law and regulations, environmental auditing, information technology applications, professional standards and ethics, and specific industry and service sector problems.
What can you do with a major in Auditing Studies?
There are so many public and private sectors of business, government, and academia that need accounting and auditing services that many professionals opt to specialize. Options include tax specialists, employee benefits experts, income statement preparation, and/or balance sheets every publicly held corporation must file (just to name a few). Auditors work in a wide range of sectors from accounting companies to hospitals, insurance firms to manufacturing.
Accounting and Finance Combined Major
Accounting and Finance Studies is an integrated or combined program in accounting and finance that prepares individuals to function as accountants and financial managers or analysts.
Accounting and Finance Studies majors and degree programs likely include instruction in accounting principles and theory, financial accounting, managerial accounting, cost accounting, budget control, tax accounting, legal aspects of accounting, auditing, reporting procedures, statement analysis, planning and consulting, business information systems, accounting research methods, professional standards and ethics, and applications to specific for-profit, public, and non-profit organizations. As well, courses in business principles and business laws and ethics. Students should expect to complete core business coursework in topics such as micro- and macroeconomics, marketing, and management.
What can you do with a major in Accounting and Finance Studies?
There are a wide range of career positions in government, industry, and education with a degree in this field of study. Overall, you will likely use your business knowledge in marketing, finance, accounting, international business, operations, and project management.
Accounting Technology and Bookkeeping Major
Accounting Technology/Technician and Bookkeeping Studies is a program that prepares individuals to provide technical administrative support to professional accountants and other financial management personnel.
Accounting Technology/Technician and Bookkeeping Studies majors and degree programs likely include instruction in posting transactions to accounts, record-keeping systems, accounting software operation, and general accounting principles and practices.
What can you do with a major in Accounting Technology and Bookkeeping Studies?
Basically, an associate degree would be sufficient to launch a career in this field. Opportunities as a bookkeeper, clerk or accounting assistant working under a CPA are entry level jobs. The work environment could be accounting firms, stores, non-profit organizations, and small businesses.
Pay
The median annual wage for accountants and auditors was $71,550 in May 2019. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $44,480, and the highest 10 percent earned more than $124,450.
Job Outlook
Employment of accountants and auditors is projected to grow 4 percent from 2019 to 2029, about as fast as the average for all occupations. Globalization, a growing economy, and a complex tax and regulatory environment are expected to continue to lead to strong demand for accountants and auditors.
Demand for accountants may lead to good prospects for entry-level positions. However, competition will be stronger for jobs with the most prestigious accounting and business firms.
Accountants and auditors who have earned professional recognition, especially as Certified Public Accountants (CPAs), should have the best prospects. Job applicants who have a master’s degree in accounting or a master’s degree in business administration (MBA) with a concentration in accounting also may have an advantage.
Similar Job Titles
Accountant, Accounting Manager, Accounting Officer, Accounting Supervisor, Business Analyst, Certified Public Accountant (CPA), Cost Accountant, General Accountant, Project Accountant, Staff Accountant, Assurance Manager, Assurance Senior, Audit Manager, Audit Partner, Auditor, Auditor-in-Charge, Financial Auditor, Internal Audit Director, Internal Auditor, Revenue Tax Specialist, Compliance Auditor
Related Occupations
Compensation and Benefits, Finance Manager, Financial Analysts, Risk Management Specialists
More Information
The trade associations listed below represent organizations made up of people (members) who work and promote advancement in the field. Members are very interested in telling others about their work and about careers in those areas. As well, trade associations provide opportunities for organizational networking and learning more about the field’s trends and directions.
- American Accounting Association - With an emphasis on thought leadership, this organization seeks to shape the future of accounting through teaching, research and a powerful network, ensuring our position as thought leaders in accounting.
- American Institute of CPAs - Membership in this organization will connect you to a professional network 400,000 strong. Support and guidance for the work you do every day is emphasized along with the challenge to seize that next career milestone.
- Association of Certified Fraud Examiners - With more than 85,000 members, the ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. An informative webpage on career paths is available along with scholarship information.
- The Institute of Internal Auditors - With over 200,000 members worldwide, members of this organization work in internal auditing, risk management, governance, internal control, information technology audit, education, and security.
Video Transcript
What's the difference between an accountant and an auditor? Basically, accountants keep track of an organization’s money, and auditors check their work. But there's much more to the work than simply balancing the books. These financial professionals make sure the organization’s finances operate properly. They are involved in analyzing financial information and records, and preparing reports related to budgeting, cost control, employee compensation, new product development, and of course... calculating taxes. If money's involved, accountants and auditors are too. In fact, so many areas need accounting and auditing services that many professionals opt to specialize. Some become tax specialists. Others become employee benefits experts, while still others concentrate on preparing the income statements and balance sheets every publicly held corporation must file. Auditors and accountants work in a wide range of industries – from accounting companies to hospitals, insurance firms to manufacturing. To take full advantage of the many opportunities for accountants and auditors, you need to have at least a bachelor's degree in accounting. To become a "Certified Public Accountant" or "CPA," in many states you will need 150 hours of college coursework to qualify to take the state licensing exam. And, as long as there is money to spend, accountants and auditors will be needed to make sure it’s accurately recorded.
Some content retrieved from US Bureau of Labor Statistics, CareerOneStop, O*Net Online.
Some companies offer Internships and hire recent accounting graduates directly, these opportunities are listed in the search bar under the "Accounting" career area.
PwC (New York)
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Andersen (San Francisco)
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UHY Advisors (Farmington Hills, MI)
Kearney and Company (Alexandria, VA)