Why Study Accounting

For those who don’t know, Accounting is the language of business and is needed now more than ever before.  It is the backbone of all businesses and therefore is a very broad subject.  Today, there are more CEOs with degrees in accounting than any other area of study.  College students that are unsure which area of business they would like to study should seriously consider accounting.  Career opportunities associated with a degree in accounting are practically endless due to how broad the subject is.  Job opportunities include public accounting, government, private industry and forensic accounting.  There are also opportunities in tax preparation, cost management and even jobs with the FBI.  Accounting opportunities are not limited to the ones named above.  

Another reason college students should consider studying accounting is the condition of the economy.  Due to the recession that our economy is going through, many industries are cutting down on jobs.  One area of business that is still thriving is accounting.  Various businesses are realizing how important it is to cut down on costs to make their business more profitable during this time of economic crisis.  They also realize how important it is to have strict set of internal controls to make their business more efficient.  The only way to ensure that both of these can happen is through stringent accounting.  After reading this it should be no surprise that accounting jobs may be on the rise. 

According to the American Institute of Certified Public Accountants, 91% of accounting firms expect hiring to increase or at least remain the same.  This is great news for college graduates who are seeking a career in accounting.  So many college students have been worried that they may not have a job when they graduate due to today’s economic crisis.  With a steady rise in unemployment it is comforting to see that there is still a high demand for accountants. 

Job opportunities are not the only reason that college students should consider accounting.  The job can be very rewarding as well.  The average salary for accountants as of March 9, 2009 is $51,000.  This salary can change based on company, location and industry. 

Internal controls are important for a business to control internal theft.  Without a good set of internal controls it would be too easy for employees to steal cash or even merchandise.  An important aspect of internal controls that is important is separation of duties.  This means that no one person performs all the jobs of a company.  This ensures that one person checks someone else’s work making it difficult to fabricate accounting data to steal money from the company.  Accounting provides a basis for these controls and checks to see if they are being enforced. 

With accounting frauds becoming more and more of a problem there is more of a demand for people with accounting knowledge in the FBI.  They need people who are able to decipher financial statements and pick out bad accounting form in order to uncover sophisticated accounting frauds.  Accountants are also needed during trial to provide lawyers and prosecutors with testimonial evidence.  It can be a very exciting and rewarding area of accounting.  Many accountants feel rewarded by uncovering and prosecuting those who try to profit from manipulating financial data.  With more and more accounting frauds being committed each year, there is more of a need for strict audits by accounting firms.  This means more business for accounting firms and ultimately more jobs for accountants. 

If you are a college student searching for a major it would seem wise to pursue a degree in accounting.  The opportunities that this degree can provide for you may be endless.  You may find yourself working for a large accounting firm or even owning your own private, small scale CPA Firm.  You may also become a CEO or a CFO of just about any company being that accounting is the backbone of business.  It is safe to say you can’t go wrong with a degree in accounting.

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