As many of you already know, when an accountant walks into a room of non-accountants and tells everyone what he does for a living, the first question is usually “can you do my taxes?” That stereotype was exactly what industry veteran Stan Ross hoped to blow to bits when he worked with the AICPA to create the new book The Inside Track to Careers in Accounting.
“The bell rang when the grandkids kept asking ‘what is an accountant and what do you do?'” he told us. Wanting to answer that question without simply printing out a picture of a guy hunched over a 10-key in a green eyeshade, Ross put together a guide to various career paths in orate, government and non-profit accounting. It includes interviews with industry rockstars like Ernst & Young’s Jim Turley and former AICPA chairman Ernie Almonte. Hundreds of industry experts and professionals were interviewed in the development process, with the best of those included in the book and accompanying CD-ROM.
Covering everything from education to licensure, compensation to careers, Ross cut no corners to put together an all-in-one resource for those considering accounting as a career or even accountants looking to switch career paths and take on a new specialty.
The Big 4, et al.
Those interested in a career dedicated to public accounting will find tips on getting hired, moving up the corporate ladder, interning and even dealing with awkward intergenerational exchanges. One excellent piece of advice: “From the moment you start with the firm, try to learn as much as you can in your current position, and learn from your supervisors, the people you work with and others in the firm. Ask questions not just about your current position or work assignments, but about the larger firm, its organization, its services and its people.”
Who needs public?
If corporate accounting is more your style, you can follow the corporate ladder from staff accountant to CFO, working in management accounting (sorry, that means cost accounting too), payroll, A/P, internal auditing, financial reporting, tax or IT. Corporate accountants can also work in forecasting, working closely with department managers, the CFO and/or top executives within the organization to weigh in on the company’s plans and budget forecasts. As of 2007, there are 31 million businesses in the United States and they made a combined $26 trillion in revenue – don’t you think those businesses need sharp talent to crunch their numbers?
Are you good enough for government work?
Let’s not forget about government accounting. Ross told us that he initially did not even plan on putting in a separate chapter for government but in his research for this book, he discovered that there are unlimited possibilities in government and it just made sense to put them in. “When we talked to government people and regulators, we found out how many different career paths were there; city, state, county, all the agencies, the Federal Reserve… it was unlimited!” he said. Those interested in a government accounting career could find themselves working for the State Department, NASA, the FAA, the DOD, the GAO, the FBI, the IRS and many other agencies. You can find more information on opportunities in government (a booming industry when everyone else is hurting, you know) via the AICPA’s website here.
Last but not least, Ross highlights opportunities in non-profit accounting. Non-profit includes public charities as well as universities, private foundations, HMOs, labor unions and business/professional organizations. According to the book, The Conference Board said in a 2007 report that “widespread executive-level and leadership skill shortages currently affecting many nonprofits are predicted to get much worse as the sector expands and experience executives retire.” That means the sector needs qualified accountants who, unfortunately, can expect to earn less than for-profit positions but get reimbursed through warm fuzzy feelings and real world experience with non-profit accounting.
Ross reminds all of us that the best bet is always to seek out a mentor (or several) and use their knowledge to your advantage. Want to switch career paths? Track someone down who already has and ask questions. Want to find out the quickest way to climb the public accounting ladder? Listen to someone who’s done it already and learn from their mistakes and experience. Ross himself mentors hundreds of USC students and you better believe mentored students have a better chance to be promoted as they’ve gotten a broader picture of their future industry outside of the traditional black and white of their accounting school textbooks.
So whether you’re miserable in your current position or just starting out in your accounting career and trying to figure out which path to take, The Inside Track to Careers in Accounting will give you plenty of food for thought and useful information on what lies ahead, regardless of which fork in the road you head down. Accounting is no longer just doing taxes (as if it ever was) and, as Ross says, it is the best foundation for any career path, be that CFO, COO, investment officer or just about any corporate world gig dealing even indirectly with budgeting, finance and economics.
Ya get it? We hope so.
UCLA’s Office of Academic Planning & Budget is looking for a Senior Strategic Planning Analyst.
This person in this position will provide analysis and recommendations to the University’s Executive Budget Committee.
Qualifications include knowledge of corporate accounting standards, GAAP, GASB (including internal and external audit processes), Sarbanes Oxley, and budgeting concepts, as well as a working knowledge of strategic planning and budgeting.
Company: UCLA – Office of Academic Planning & Budget
Title: Senior Strategic Planning Analyst
Location: Los Angeles
Compensation: $66,900 – $120,200
Description: The Senior Strategic Planning Analyst will provide strategic support to senior campus decision-makers on issues relating to the campus planning and budgeting process. Analyst will also provide strategic analysis and recommendations to the Executive Budget Committee which support the resource allocation decision process for selected Vice Chancellors and Deans.
Responsibilities: Perform analytical studies of the application of actual or proposed budget policy; the interpretation, application and implementation of approved budget policy; and the effective use of campus resources; ensure adherence to budgetary policy, assessment of campus wide impact of actual or proposed operating budget policy, and the identification of when changes in policy are necessary. For selected Schools/Colleges and Administrative Units, serve as internal consultant, advising Vice Chancellors/Deans on application of UC and UCLA budgetary policy and practice to strategic planning and budgeting processes.
Qualifications/Skills: Working knowledge of strategic planning and budgeting. Ability to integrate complex operational and financial considerations while using critical thinking skills; Possesses an assured, professional approach in facilitating a wide range of programmatic and technical issues; Strong analytical skills to develop creative, creditable solutions and recommendations; Demonstrated skill in all facets of financial analysis, planning, administration, control and evaluation of a master budget with multiple fund sources; Knowledge of corporate accounting standards, GAAP, GASB (including internal and external audit processes), Sarbanes Oxley, and budgeting concepts; Demonstrated ability to coordinate, facilitate and chair meetings for the purpose of resolving differences and working toward institutional goals; Strong writing skills to produce effective reports, correspondence, and other documents suitable for signature by senior administration; Strong platform skills to make presentations to diverse academic and administrative groups at every organizational level; Demonstrated skills in using computer software to facilitate budgetary, programmatic and financial analysis; expert skills in MS Office (Excel, Word, PowerPoint, Access), MS Outlook, and SQL; Working knowledge of integrated financial systems and data warehouses, including budget input and reporting capabilities, Hyperion preferred.