Audit:
- may require substantial travel for engagements
- must have familiarity with business environment
- a lot of teamwork and meeting new people
- more likely to work alone
- little or no travel
- must be able to keep up with changing tax rules
Saturday, November 21, 2009
Audit or Tax?
If you interview with a public accounting firm, you'll probably be asked if you prefer audit or tax. How can you know if you've never worked in an accounting firm? Besides thinking about which courses you liked best, here are a few characteristics of the audit and tax specialties:
Audit:
Audit:
Accounting Resume for Recent Graduates
Creating a resume when you have little or no experience can be a challenge. Most sample resumes are for experienced workers. Fortunately, students and recent graduates with limited experience can still use their resumes to demonstrate valuable skills and knowledge.
Relevant Coursework
Depending on the position you're applying to, you may want to include courses in finance, information systems, management, marketing and economics, in addition to your accounting courses.
Projects and Papers
Work on projects and papers will demonstrate your ability to work both in teams and independently.
Computer Skills
Employers will expect you to be familiar with Excel and Word, but it doesn't hurt to put down your computer proficiencies even if they are assumed.
Internships and Part-Time Jobs
Even if the jobs you've held haven't been accounting related, you probably learned a lot of useful skills that you can bring to any job.Awards and Honors
List all academic awards and honors you've received while in college.
Volunteer Work
Volunteer work, especially if it demonstrates leadership or business skills, should be on your resume.
Work experience and education aren't the only items you can include on your resume. There are several activities and experiences that allow students to acquire important work-related skills.
Friday, November 20, 2009
Accounting Certifications
The CPA license is just one of the many professional certifications that accountants and auditors can obtain. Some other accounting-related designations to consider:
Certified Management Accountant
The CMA designation is for accountants working in industry. Candidates must complete two years of management accounting or financial management experience. See the Institute of Management Accountants website for more information.
Certified Internal Auditor (CIA)
In order to become a certified internal auditor, you must pass a four-part exam. Each exam section consists of 100 multiple-choice questions. For more information, visit The Institute of Internal Auditors website.
Certified Financial Services Auditor (CFSA)
The CFSA measures an individual's knowledge of audit principles within the banking, finance, and insurance industries. Candidates can choose from three exam formats: banking, insurance, and securities. Visit The Institute of Internal Auditors site for more information.
Certified Governmental Auditing Professional (CGAP)
Fund accounting, grants, and legislative oversights are some of the concepts tested on the CGAP exam. The IIA website has more information on this certification.
Certified Information Systems Auditor (CISA)
The CISA certification signifies proficiency in information systems auditing, control and security. Five years of information systems auditing experience is required. See the ISACA website for more information.
No matter what you decide to specialize in or where you want work, there is a certification that can help advance your career.
Certified Management Accountant
The CMA designation is for accountants working in industry. Candidates must complete two years of management accounting or financial management experience. See the Institute of Management Accountants website for more information.
Certified Internal Auditor (CIA)
In order to become a certified internal auditor, you must pass a four-part exam. Each exam section consists of 100 multiple-choice questions. For more information, visit The Institute of Internal Auditors website.
Certified Financial Services Auditor (CFSA)
The CFSA measures an individual's knowledge of audit principles within the banking, finance, and insurance industries. Candidates can choose from three exam formats: banking, insurance, and securities. Visit The Institute of Internal Auditors site for more information.
Certified Governmental Auditing Professional (CGAP)
Fund accounting, grants, and legislative oversights are some of the concepts tested on the CGAP exam. The IIA website has more information on this certification.
Certified Information Systems Auditor (CISA)
The CISA certification signifies proficiency in information systems auditing, control and security. Five years of information systems auditing experience is required. See the ISACA website for more information.
No matter what you decide to specialize in or where you want work, there is a certification that can help advance your career.
Where Should You Work?
The great thing about accounting is that you can work almost anywhere. Hospitals, the government, small businesses, corporations, and accounting firms are just some of the places where accountants work. Even if you're still a freshman or sophomore, you should start considering the type of place you want to work. A few factors to consider when thinking about where to work:
Career Goals
In some states, CPA candidates must work in a public accounting firm in order to meet the experience requirements. Most accounting graduates want to get a CPA license, so working at a public firm is an obvious choice. If you plan to work in public accounting, you will still need to decide what kind of firm you want to work at. A larger firm may offer a greater range of experiences and more resources that will help you pass the CPA exam. However, at a smaller firm you may take on more responsibilities due to a smaller staff. In order to decide the size of the firm that's best for you, also consider your personality and values.
Personality
If you're an independent person, working at a small company might be best. Large companies often have many levels that allow for a lot of training and assistance to new employees. At a small company, you'll probably have to learn more on your own. Smaller companies are also less likely to have big social events, so they might be the best choice for introverts.
Values
Security, work/life balance, and relationships are a few key values to consider when choosing a workplace. If you value a work/life balance might want to avoid public accounting because the hours can be long, particularly during tax season. Consider working for the government if you value security. In a small company, you're more likely to get to know your coworkers and establish closer relationships.
Interests
Accountants have the opportunity to choose from many different specialties. Forensic accounting, governmental accounting, not-for-profit accounting, and management accounting are some of the choices available to accountants. If you're interested in a specific cause, you can choose to work at a related not-for-profit. An accounting professional has many opportunities to get involved with an organization that interests him or her.
It's a good idea to focus on obtaining your CPA license as soon as possible once you're out of college, because a CPA license is useful even if you don't plan on working in public accounting your entire career. After you've completed your experience requirement, you might decide to move to a work environment that better suits your personality and values.
Career Goals
In some states, CPA candidates must work in a public accounting firm in order to meet the experience requirements. Most accounting graduates want to get a CPA license, so working at a public firm is an obvious choice. If you plan to work in public accounting, you will still need to decide what kind of firm you want to work at. A larger firm may offer a greater range of experiences and more resources that will help you pass the CPA exam. However, at a smaller firm you may take on more responsibilities due to a smaller staff. In order to decide the size of the firm that's best for you, also consider your personality and values.
Personality
If you're an independent person, working at a small company might be best. Large companies often have many levels that allow for a lot of training and assistance to new employees. At a small company, you'll probably have to learn more on your own. Smaller companies are also less likely to have big social events, so they might be the best choice for introverts.
Values
Security, work/life balance, and relationships are a few key values to consider when choosing a workplace. If you value a work/life balance might want to avoid public accounting because the hours can be long, particularly during tax season. Consider working for the government if you value security. In a small company, you're more likely to get to know your coworkers and establish closer relationships.
Interests
Accountants have the opportunity to choose from many different specialties. Forensic accounting, governmental accounting, not-for-profit accounting, and management accounting are some of the choices available to accountants. If you're interested in a specific cause, you can choose to work at a related not-for-profit. An accounting professional has many opportunities to get involved with an organization that interests him or her.
It's a good idea to focus on obtaining your CPA license as soon as possible once you're out of college, because a CPA license is useful even if you don't plan on working in public accounting your entire career. After you've completed your experience requirement, you might decide to move to a work environment that better suits your personality and values.
Resources for Accounting Students
Accounting textbooks don't always explain concepts well. If you're an accounting student, there are great resources to help you understand important principles and prepare for tests.
Study Tips for Accounting Students offers basic studying tips and advice on how to prepare for accounting tests.
Accounting Coach is a comprehensive site including tutorials, quizzes, drills, and many other features.
Understand Accounting has pages with clear, concise explanations of GAAP, financial statements, fixed assets, and many others.
Don't forget to visit your textbook's companion site. You should be able to find the address in the front pages of your textbook. The companion site will have quizzes, powerpoints, and extra problems. For more help with your accounting work and for information about accounting careers, see the sidebar links.
Study Tips for Accounting Students offers basic studying tips and advice on how to prepare for accounting tests.
Accounting Coach is a comprehensive site including tutorials, quizzes, drills, and many other features.
Understand Accounting has pages with clear, concise explanations of GAAP, financial statements, fixed assets, and many others.
Don't forget to visit your textbook's companion site. You should be able to find the address in the front pages of your textbook. The companion site will have quizzes, powerpoints, and extra problems. For more help with your accounting work and for information about accounting careers, see the sidebar links.
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