Making a career in accounting

Vocabulary to be memorized

1. to comply (with) – підпорядковуватись

2. to expand (into) – розвиватися (в)

3. suggestion – пропозиція, порада; to make a suggestion – запропонувати; внести пропозицію

Read the text to find out what sort of careers modern accounting offer and what fields of accounting can create better opportunities for professional growth.

In many countries of the world accounting offers interesting, challenging and well-paid careers today. The profession can be divided into four broad fields: financial accounting, management accounting-public accounting, government and other non-profit accounting and accounting education. Each field of accounting is an important specialisation and represents a challenging career.

For example, the field of public accounting offers services in auditing, taxes and management consulting to the public for a fee. The purpose of auditing is to give the auditor's professional opinion as to whether the company's financial reports fairly represent its financial position and operating results. Auditors check and test the accounting records and controls, as it is necessary to satisfy themselves about the quality of the financial statements. Auditors must prove cash balances, confirm physical inventories, and verify the amounts owed by customers. They must also decide if there are adequate controls and if the company's records are kept in accordance with accepted accounting practices.

As for tax services, public accountants help businesses and individuals in preparing tax returns and complying with tax laws. One of the most important parts of public accounting firms' practice is consulting. With their intimate knowledge of a business's operations, accountants can make important suggestions for their improvement and, as a matter of fact, usually do. In the past, these recommendations dealt mainly with accounting records, budgeting and cost accounting. But in the last few years they expanded into marketing, organisational planning, personnel and recruiting, production, systems and many other business areas. The wide use of computers has led to the offering of services in systems design and control and to the use of mathematical and statistical decision models. Agencies and departments at all levels of government hire accountants to prepare reports so that officials can carry out their duties responsibly. Many other non-profit enterprises besides the government employ accountants. For example, such organisations as hospitals, colleges, and universities are, like the government, interested in compliance with the law and the efficient use of public resources.

Accounting educators provide still another career choice. A position of an accounting instructor offers opportunities for teaching, research, and consulting as well. Accounting educators contribute to the accounting profession in many ways. One, of course, lies in effective teaching, another, in publishing significant research findings; and a third, in influencing top students to pursue careers in accounting. Training new accountants is challenging and rewarding, and today instructors of accounting are in great demand in many countries.

At the same time, to make a career in accounting one should be qualified enough to offer high quality professional services. As a rule, professional bodies set qualification standards as well as standards of entry for training. In Britain and the US, to enter training for the qualification, you should have relevant degrees. Relevant degrees are academic degrees that allow entry into the training programmes, or exemption from some parts of the examinations, of various accountancy bodies. In some cases the term-qualifying degree is used instead. Normally such degrees contain financial accounting, management accounting, business finance, taxation, economics, law and statistics. Thus, some degrees that might be though as be relevant for the work of an accountant (Like a degree specialising in economics) will not be counted for this purpose. It should be said that the degree does not amount to a professional qualification. It simply qualifies the holder of the qualifying degree to enter training for the qualification. For example, in Britain to get a popular world-recognized accounting qualification one must become a member of the Association of Certified Chartered Accountants of Great Britain (ACCA). To obtain the title of Certified Chartered Accountant one is to pass 14 examinations. In addition to completing examinations successfully, candidates are required to obtain a minimum of three years practical experience to qualify. In order to earn the title of Certified Public Accountant in the USA, one must meet rigorous requirements too. Suffice it to say that an applicant must have a high school education, and four years of college with a major in accounting. Further, the applicant must pass a difficult and comprehensive two-and-one-half-day examination in accounting practise, accounting theory, auditing, and business law. The examination is prepared by the American Institute of Certified Public Accountants and is held twice a year.

Answer the following questions.

1. What careers can accounting offer today?

2. What fields are there in accounting?

3. How many accountants can be employed by a company?

4. What positions at lower managerial level may be held by accountants?

5. What sort of services does a field of public accounting offer?

6. What is the purpose of auditing?

7. What field of accounting offers consulting services?

8. What recommendations can accountants make?

9. Why do governmental agencies and other non-profit organisations employ accountants?

10. What people can make a career in accounting?

11. What is meant by professional qualification?