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Great Minors for Accounting Majors

2010-02-02T12:27:00.000-08:00

Accounting is a very useful major and one of the best degrees to have if you want to find a good job after college. However, you can add even more value with a diverse skill set. Consider the following minors to help broaden your skills and knowledge:

Management information systems

Companies are demanding technical skills from employees, especially recent college graduates. A degree in management information systems will make you a very competitive candidate for any accounting job.

International Business

Increasing globalization and technology mean workers will need to be familiar with foreign business practices and customs. Chances are you will travel to other countries several times during the course of your career. Learning a foreign language is another great way to get ahead in your career.

Finance

Finance is an obvious minor choice for accounting majors. A minor in finance can be particularly helpful if you want to work in banking or finance. It can also help you pass the CPA exam.

These aren't the only minors that can prove beneficial to accounting majors. Marketing, management, communications, math, economics, and computer science are just some of the minors that can supplement your accounting courses. When choosing a minor, think about where you want to work after college and what industries or subjects you find interesting.

Accounting and Finance Jobs for Introverts

2009-12-28T06:55:00.001-08:00

Many jobs in accounting and finance are appropriate for introverts. Although all positions will require some interaction with clients or coworkers, certain jobs are better for those that prefer to work alone or with one-on-one interaction.

Staff Accountant
Staff accountants work for corporations, small businesses, non-profit organizations and public accounting firms. Most accounting graduates begin as staff accountants, then move up to senior or management level.

Internal Auditor
Unlike external auditors, internal auditors stay within the organization for which they work and do not have to regularly travel around to different businesses. They may visit different offices, but the number of people to interact with is limited.

Other accounting and finance jobs for introverts to consider:

Accounting Clerk

Financial Analyst

Budget Analyst

If you work in public accounting, you'll need to have good people skills. However, many jobs are suitable for introverts because most actual work is done alone.

Steps to Taking the CPA Exam

2009-12-12T17:26:00.000-08:00

1. Before applying to take the CPA exam, make sure you meet the education requirements for your state. Visit the NASBA site to see the education requirements for each state. Some state require a master's degree in order to sit for the exam. In most states, you can take the exam with a bachelor's degree as long as you meet the 150 hour requirement.

2. Familiarize yourself with the test.. There are four sections on the CPA exam : Auditing and Attestation; Financial Reporting; Business Environment and Concepts; and Regulation. Each year there are four testing windows, with a month off between each window. See the testing windows here. You can take as many sections as you would like during each window. If you're busy, you may want to spread the sections out among two or three windows.

3. Begin studying for the test. To see some sample tests, look at the tutorial and sample tests at CPA-exam.org. There are several study guides, such as Becker CPA Exam Review, which has very impressive pass rates. You can now take the Becker Review online if you don't have time to attend traditional review courses. CPA Review for Free has hundreds of test questions that you can access for free. Finally, several CPA study guides are available at Amazon.com.

4. Apply to take the exam. You'll need to visit your state's board of public accountancy website to find the application. NASBA has links to each state's website. You should send in your application at least 45 days before you want to take the exam.

5. Schedule your appointment. If your application is approved you should receive a Notice to Schedule (NTS). Once you've received your notice, visit http://www.prometric.com/CPA/default.htm to schedule your exam.

Audit or Tax?

2009-11-21T11:53:00.000-08:00

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:

may require substantial travel for engagements
must have familiarity with business environment
a lot of teamwork and meeting new people

Tax:

more likely to work alone
little or no travel
must be able to keep up with changing tax rules

Choosing audit or tax will be similar to choosing a career or a work environment. You have to consider your interests, personality, and values.

Accounting Resume for Recent Graduates

2009-11-21T06:00:00.000-08:00

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.

Accounting Certifications

2009-11-20T17:04:00.000-08:00

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.

Where Should You Work?

2009-11-20T15:45:00.000-08:00

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.

Resources for Accounting Students

2009-11-20T14:17:00.000-08:00

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.