Question

What is the benefit of being an Accountant? What professional associations are associated with the accounting field or Accountant job?

Answer 1

Benefits of being an Accountant

1. Accountants Have a Better Understanding of Finances

After years of studying the art of managing money, accountants gain the type of knowledge many people are happy to pay for. Earning an accounting degree at FNU offers students a wide array of knowledge beyond ledger management and financial reporting; the FNU accounting curriculum also includes courses in areas such as micro and macroeconomics, business and tax law, corporate finance, spreadsheet analysis, banking and finance, management, and supervisory skills. These skills are applicable to any job profession, and this means that employers would greatly benefit from job candidates who possess these skill sets. Accounting skills can also be applied toward other professions such as financial planners, fund managers, banking specialists, and others.

2. The Growing Demand for Accountants

As previously mentioned, there are no guarantees that anyone will land a job once they have earned their degree, but it is worth noting that the demand for accountants consistently ranks high. Since accounting essentially entails managing money, it can be considered to be a major driving force of our economy. Every business needs at least one accounting professional to handle their finances; in some cases, large corporations will employ accounting departments with hundreds of employees at offices around the world. It is safe to assume that significant demand for accountants will continue in the 21st century and beyond.

Everyone needs accounting; the demand is always constant, spanning across all business and industrial sectors, thus creating job security along with career longevity. It is up to prospective accountants to take the first step and learn more about what FNU has to offer. The Bachelor of Science in Accounting program can be fully completed online; however, you can also take a blended approach that combines classroom education with internet courses. Students with full-time jobs can take evening classes at FNU campus locations in Hialeah and Miami, and they can also apply for financial aid. For more information about this FNU program, get in touch with one of our academic counselors.

3. Opportunities for Advancement

With the right kind of networking connections, an entry-level accountant may increase his or her salary potential within a year. With the right combination of college accounting skills plus continuing professional education, accountants can expand their options by pursuing specialized positions such as Budget Analyst, Auditor, Controller, Tax Accountant, Payroll Clerk, Certified Public Accountant, and even a Corporate Financial Officer. Additionally, the combination of accounting with other business skills will create an attractive resume that employers will certainly notice.

Having general knowledge of accounting principles provides a good foundation for advancing into higher positions. With positions such as Cost Accounting and Financial Planning and Analysis, it is important to know how reported figures are generated. Modern financial statements and reporting are more than just PowerPoint presentations; the finance sector is under pressure to become more strategic because this is what shareholders demand. Companies expect their accounting and finance departments to analyze, explain, and take action.

4. The Pay Range for Accountants is Competitive

Because of the nature of their profession, accountants typically begin their careers at enticing salary levels. The Bureau of Labor Statistics reported that the median annual wage for accountants and auditors was $70,500 in May 2018. 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 $43,650, and the highest 10 percent earned more than $122,840. These salary figures may vary depending on one’s regional location, whether the company is privately owned, public, or operated by the government. It is also likely that higher-paid salaries are offered in bigger metropolitan areas.

5. The Ability to Start Your Own Business

It is not uncommon for accounting professionals to become entrepreneurs; this often happens after years of on-the-job experience when accountants have developed a good amount of business contacts. Accountants may feel more comfortable after years of networking to use the contacts that they’ve developed to start their own business. Whether it’s consulting or specializing in tax accounting and representation, the options are endless when it comes to financial affairs.

Forbes magazine often lists accounting as one of the best for prospective college students, and this is likely because it is the type of profession that can hold its own in today’s job marketplace, and it is often recommended for people who live with disabilities because of easy accommodations. Even as a self-employed accountant, there is good potential to earn a great deal of income just because of the steady demand for money management.

6. Gaining a Better Understanding of Taxation and Business Law

A good accounting degree curriculum will include courses on business law as well as taxation, and this is what the FNU Bachelor of Science in Accounting program offers. Because of the personal, legal and business repercussions of breaking or neglecting tax laws, accountants must acquire some taxation knowledge. As part of FNU’s commitment to serving the South Florida community and maintaining its degree-granting accreditation with the Southern Association of Colleges and the Florida Commission for Independent Education, courses and programs are regularly evaluated for freshness and relevance; in the case of accounting, making sure students learn about taxation and business law topics is crucial.

Professional Association

• Accountant-Lawyer Alliance (ALA) is a member association built to overcome the obstacles of modern accountants and legal professionals.
• American Accounting Association (AAA) is the largest community of accountants in academia.
• American Association of Finance & Accounting (AAFA) is an alliance of executive search firms specializing in the recruiting and staffing of finance and accounting professionals.
• American Institute of Certified Public Accountants (AICPA) is the national, professional organization for all CPAs.
• American Payroll Association (APA) is the nation’s leader in payroll education, publications, and training for payroll professionals.
• American Society of Cost Segregation Professionals (ASCSP) establishes a measurable standard by which cost segregation consultants can be evaluated.
• Association of Accountants and Financial Professionals in Business (IMA) is the worldwide association of accountants and financial professionals working in business.
• Association of Accounting and Finance Professionals (ANAFP) is the largest professional association dedicated solely to those working in and/or interested in the field of nonprofit accounting and finance.
• Institute of Internal Auditors (IIA) is the internal audit profession’s global voice, recognized authority, acknowledged leader, chief advocate, and principal educator.
• National Association of Certified Public Bookkeepers (NACPB) serves bookkeepers providing bookkeeping services to the public.
• National Association of Estate Planners & Councils (NAEPC) is a multi-disciplinary membership organization comprised of estate planners and estate planning councils for excellence in estate planning.
• National Association of Enrolled Agents (NAEA) is the professional society representing tax preparers who have earned the distinction of “enrolled agent” (EA).
• National Association of Professional Accountants (NAPA) trains, certifies, and licenses bookkeeping students, employees, and professionals.
• National Association of Tax Professionals (NATP) provides its members the support, education, products and services needed to succeed in the tax profession.
• National Conference of CPA Practitioners (ncCPAp) is a membership organization advocating on issues that affect CPAs.
• National Society of Accountants (NSA) is the association for main street tax and accounting professionals.
• Professional Association of Small Business Accountants (PASBA) represents CPAs, public accountants, and enrolled agents who provide accounting services to small businesses.
• Tax Executives Institute (TEI) is a diverse, inclusive member-based organization, dedicated exclusively to the professional needs of the in-house tax community worldwide.