Dear student of accounting

Posted by Bruce Mc on Jul 19, 2009 in Opinions, Things forgotten | 1 comment

 I am passing on “Passing the week” this week so that I may speak my mind to a comment from an accounting student.

A new blogger to the world of tax blogs also has another blog titled Confessions of a CPA. In her recent post, Accountant’s Got Talent she addresses a readers  comment to her post America Thinks It’s Got Talent. (The reader is a student of accounting.) 

This post is addressed to that student and others who feel the same way. 

           To the accounting student who is concerned that you may not have the talent or skill required to actually be successful as a working “Accountant”.

 Balderdash! 

          Listen to Monica, she speaks very wisely. I wish I had heard the words she has spoken to you. 

Maximize your strengths

Learn to minimize your weaknesses.

Find an area in accounting that interests you

Network (in person or online) with people who share your professional interests

Never stop learning

 With great emphasis on the last, never stop learning.

           A few other notes:

           If you are a junior or senior accounting student, you are almost certainly contemplating your work options after graduation. Before interviewing with prospective employers, ask yourself the following questions:

1. (1)   Do I want to work with a small, local firm or a large national firm? And more specifically, do I want a clear, fast path to advancement, or am I willing to wait awhile, until a path opens up?
2. (2)   Do I prefer a regular, nine-to-five workday, or am I willing to work additional overtime and weekends on a normal basis?
3. (3)   Do I prefer to do more mundane, yet essential tasks, or do I want diverse and complicated assignments?
4. (4)   Do I prefer an “easygoing” office environment or would I be able to handle an “intense” one?
5. (5)   Do I prefer to work at the same office location all the time or am I willing to travel regularly?

          Be honest with yourself when answering these questions. To be paid well but to be unhappy with your job is a mistake.

           What can you expect when you walk through the doors for your first day is before you go directly to work, you will need information – and it doesn’t just come from a book! 

          You may have to access the computer, acquire source documents, run reports, and do research in books, periodicals, journals, and other secondary sources.

          Beyond that, you may need to interview the people you work with for valuable information.

 Key Areas for Accounting Careers 

• Audit: Audit is at the core of accounting work.
• Budget Analysis: develops and manages an organization’s financial plans.
• Financial: Financial accountants draw information from the general ledgers to prepare financial statements. They also take part in the business’s important financial decisions involving mergers and acquisitions, employee benefits planning and long-term financial projections.
• Management Accounting: work in companies and contribute to decisions about capital budgeting and business analysis.
• Tax: corporate and/or personal income tax statements. They also prepare strategies for deferring taxes, when to expense items, how to approach a merger or acquisition, etc. You need to have a thorough understanding of economics and the tax code.

             Finally, please understand - 

Accounting is – the study of how businesses track their income and assets over time.

           Accountants engage in a wide variety of activities besides preparing financial statements and recording business not to mention there’s a lot to get out of an accounting position. Most importantly perhaps, you will learn how business works.

          To me an accounting job offers stimulating and challenging work that is constantly evolving. Because accountants spend a lot of time looking under the hoods of businesses they really learn the nuts and bolts of business. 

          It’s also worth bearing in mind that accountants are in continuing short supply. Accounting jobs are plentiful even in this current weak economy. 

Remember – taxes, audits, and bookkeeping will always need to be done.  

A personal story: 

           I would like to point out a story of a young man whose grades were so high in his accounting studies he was approached by several local accounting firms, including the Largest National firm in the country. 

          In his eagerness to please family members he chose the road to greatness, accepted the offer from the big National Corporation. First internship, then a full time position right out of college. (His head was so swollen he barely fit through the doors but managed.) 

          The first year of his employee, he’d been passed around to a great many departments. He tried desperately to keep up with others in the office in every department, those who have been around. Only to be frustrated, time and time again. He had done so well in school, yet here he was unknowing and inexperienced in the workings of real life of accounting. 

           Ready to quit, he approached his “lead” to express his concerns. She told him, that in the past year they had been trying to evaluate where his strengths were. He had worked so hard to keep up with every task they thrown at him they had no clue where to place him. They were looking to find an area of accounting where he fit. Something he enjoyed something that he excelled in over other areas. AP, AR, Audits, Corporation areas, payroll, just everywhere. 

            After a very long meeting with his “lead” and a few of the various partners, he was placed in “Individual Taxation”. And this worked out for him to a point, until he realized that he wasn’t happy in a corporate environment. 

            At this point he had lost his way, wondering about the time he’d spent in school, was it worth it. For several years, he learned and attempted other lines of work but remained unhappy with the choices. He got back into the accounting field but in an office that was much different from that of the major accounting firm.

          He enjoyed this place very much but was crowded by the owner who held his problems on his sleeves and his knowledge on those who worked for him. 

            Eventually he learned that he could do things better on his own. He took the CPA exam and passed wonderfully. Open his own accounting business and went to work. Having his CPA license he received business a plenty. Just not the kind he enjoyed until January rolled around. When the end of April hit he was very disappointed. 

         You see, his heart and happiness came only in that while doing tax work. His strength was in the preparation of tax returns for individuals. Those around him noticed that he was happiest when deal with tax issues. 

         From this, he learned and ventured into the specialization of Individual tax preparation. In this he is prospering well. 

What does all this have to do with you?  If you don’t know – read the top part again.