Accounting Opportunities Report Example

Type of paper: Report

Topic: Accounting, Business, Finance, Accountant, Skills, Workplace, Job, Employment

Pages: 5

Words: 1375

Published: 2020/12/14

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Introduction

Accounting is the processing, measurement and communication of financial records and information in regard to the economic entities (Coyne et. al. 2010, p.36). Proper financial planning and record keeping is a vital aspect to the success of any company. In the world of business today, accuracy is more significant than before. Accountants assist the institutions, organizations, and companies to meet the standards and requirements set by the industry and the government. Accredited Accountants are often required to keep individual as well as business financial affairs in a flawless order. This paper, therefore, purpose to research on the employment trends in accounting in the present and the future. It establishes the existing opportunities for the young graduate accountants, how they are advertised, the types of roles and responsibilities they involved themselves. It also analysis the skill required in terms of academic qualification and experience. Lastly it analyzes an existing job opportunity, that I can apply for immediately after graduation for the first time.

Main findings

Accounting current trends
The current trends in accounting are very impressive for graduates. The occupation has seen a continued demand over the years, meaning that there is stability, increased mobility, constant career growth and excellent compensation. Numerous factors within the market have combined to see sustained demand for accountants. For instance, greater and widespread wrongdoing and fraud within the occupation has fuelled the demand for labor in the occupation. The demand, domestically and internationally has highly been boosted by the move towards international standards of reporting (IFRS 2012). The world market necessitates experts with proper skills, who understand the entire scope of accounting from international ethics of business to the international standards of financial accounting standards. Also, there are new business models, evolving technology, and more complex information. It means accountants with it skills are required to design, implement and integrate advanced software systems (Clinton Et. al. 2011, p. 34).
Nevertheless, since 2013 there have been a slowdown in the recruitment process for accountants. Though experts say, it is inevitable for business to require skilled accountants regularly, with the breadth of ability to promote and support business growth. In Australia, for instance, business has resorted into head-hunting from other organizations in pursuit of suitable candidates, due to high competition. In China, the demand for accountants is buoyant and is expected to change over the coming years. Recruitment in France had faced stagnation has a result of economic conditions that are difficult. In Hon Kong recruitment is in high demand and is on continuous pros. In Japan skill shortages is a greater inhibitor on employment, hence there is a very high demand for accountants. In the United Kingdom, there is hope. However the uncertainty of the economic outlook and predicting the effect of recruitment is challenging. The recent years did show no improvements with recruiting professional’s acknowledging the fact that recruitment has slowed down further (EHTSC).
It is expected that, in 15 years’ time most of the accountants estimated at 75% will be retiring (BLS). As they exit the full-time practice, the qualified accountants demand to fill these positions will be rising continuously. Also due to the aging population, in general, there is an increased need for accountants to help out in the retirement planning. The Bureau of Labor Statistics estimates that 166,700 new auditing and accounting jobs will open up by the year 2022 (BLS). It is equivalent to 13.1 percent occupation growth rate that is as fast as the normal for all professions.
According to the Bureau of Labor Statistics, the average annual salary for any accountant is estimated at 31.29 US dollars per hour translated to 65,080 US dollars monthly. Among the best the 10 percent analysts who get paid the average salary is at 113,740 US dollars per month while the lowest paid is at 40,370 US dollars per month. The well-compensated accountants work in the fields of commodity contracts and securities, commodity exchange and brokerage for securities. It is believed that the highest paid analysts’ occupation is at New York, San Jose, Newark, and California.

Graduate accounting opportunities

Existing opportunities for an accountant include; Managerial accounting, financial accounting, and auditing. Graduate financial accountants are involved in the preparation of income statements, statements of financial position changes, balance sheet, and statement of retained earnings. The statements are presented to the creditors, stockholders, or regulatory organizations (Needles et. al., 2013, p. 8)). Graduate managerial accountants are involved in the preparation of budgets, evaluation of performances of top managers and units of business against the benchmark. Also, they prepare a business plan and analyzing of reports (Van Der Marwe, 2011 p. 123). Graduate Accountants can also be employed as auditors that are; the government auditors, internal auditors or as external auditors. All this is opportunities available for account in a medium or large companies or businesses. While in small businesses a graduate accountant can be employed to perform all of the above roles.
All institutions, organizations, and companies recruit accountants. There is no business, institution or organization that can operate without accountants. Each and every sector regardless of what it is doing requires an accountant to work on the budgets, keep financial records as well as prepare them for submission. Just to mention but a few are, schools, businesses, companies, Non-governmental institutions, government agencies and systems and military among many other institutions. Advertisements for accounting jobs are often done in the respective organization’s websites. Also, the publication is always put on the media, for instance, the newspapers, magazines and in some cases journals though it is also advertised on the television and radio stations. Further, advertisements are also placed under recruiting agencies, which advertize and conduct the interviews for the jobs. By and large with an improved technological era advertisements are placed on the internet sites mostly the recruitment and advertisement site.

Skills and Knowledge required

Best skills, knowledge and experience are necessary for a successful accountant. Just as any other profession communication skill is essential for an accountant. One should possess strong communications skills. An accountant should also possess a commerciality knowledge, that is one must clearly understand the business operation in and out in order to take part in a strategic and commercial decision-making process. In addition, a graduate accountant should have skills in product and valuation control as an added advantage due to shortage in this sector. Again an accountant in audit and compliance specialization has increased opportunities due to the set regulatory requirements and standards. Due to the growing nature of the role and career of an accountant, an accountant should be technical in the sense that, one is up-to-date with the changing accounting procedures as well as legislative proceedings. Further an accountant should be well conversant with the industry ventured into, for instance, the accountant can easily anticipate the future business financial trends as well as developments across the globe. Also with the technological advancement in the world an accountant should be well packaged with Information technology skill, for instance using the computer software of accounting. An accountant should be a person of integrity and honesty. Also, one should be very organized and accurate, since accuracy guides accountancy.

Recruitment and Selection Method

Recruitment and selection of accountants is done either internally or externally. Internally, the hiring process is done within the business or organization; that is among the staff inside the corporation are given the opportunity to apply for the job. External recruitment is done on the company that is the application is opened for the public. Secondly the hiring process can be done by the corporation itself or can be outsourced to an external recruiting agency, for example, the Morgan Hunt recruiting firm. The selection of an accountant is often based on the advertised qualifications, experience, and skills. The advertised academic qualifications are the very fundamental aspect checked then, followed by other specified requirements upon which the best-suited candidate with almost the entire meet specifications and skills is shortlisted and contacted for the interviews. During the interviews the recruiting person tests once knowledge and understanding of the industry, current affairs in the market and personal communication as well as presentation skill. After this process, the selection panel makes a choice based on who convinced the more to be suitable for the job.

Advertised Job Opening

The National Business and Finance Center has an opening for a competitive and suitable assistant accountant. The base station will be at Sydney. It is a full-time job opportunity for the department of finance. The assistant accountant will be reporting to the Financial Accounting Manager. The primary responsibilities include; Creating and maintaining an effective relationship with Business and Finance unit stakeholders, performing financial accounting activities and processes efficiently and effectively. Contributing to other accounting activities, performing assigned tasks, preparing monthly balance sheet, ensuring compliance of accounting processes with accounting standards and lastly performing and supporting timely, accurate and value add reports of financial accounting. The qualifications for the job include; a bachelor’s degree in business (accounting/finance), excellent communication skills with the capability to create a strong relationship with the stakeholders. One should be a team player with the inspiration to support the financial group often. Have the ability and enthusiasm to work under pressure in a demanding and evolving environment. This job is relevant in my field since I am a graduate in Business Accounting option. Secondly this option will provide me with enough experience, in my area to enhance my career development

Conclusion

In conclusion, I have learned that in accounting to have an added advantage one should be able to equip oneself with enough skill across the accounting fields. Building on one's ability to ensure success and prosperity in my career path is my goal. Ensuring that I am well conversant with the dynamics of the changing accounting market as well as all industries that would be of my interest to work in is important (Pope, 2007, p. 15).

References

IFRS Foundation, 2012. The move towards global standards. Retrieved on April 27, 2012.
Needles, Belverd E.; Powers, Marian 2013. The Principles of Financial Accounting.
Financial Accounting Series (12 e.d.). Cengage Learning.
Clinton, B.D.; Matuszewski, L.; Tidrick, D. 2011. "Escaping Professional Dominance?". Cost
Management (New York: Thomas Reuters RIA Group) (Sep/Oct)
Pope, M. 2009. Jesse Buttrick Davis (1871-1955): Pioneer of vocational guidance in the schools.
Career Development Quarterly
Coyne, Joshua G., Scott L. Summers, Brady Williams, and David a. Wood. 2010. “Accounting
Program Research Rankings by Topical Area and Methodology.” Issues in Accounting
Education 25 (4) (November): 631–654.
Van der Merwe, Anton 2011. Presentation at IMA's annual conference - Managerial Costing
Conceptual Framework Session. Orlando, FL: Unpublished.
EHTC. TRENDS IN ACCOUNTING. www.ehtc.com/resources/news-articles/bid/88667/Five-
Trends-Shaping-the-Accounting-Industry U.S Bureau of Labor Statistics. CURRENT
EMPLOYMENT STATISTICS www.bls.gov/ces

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