Accounting: The Degree With Extended Possibilities

86800277_CPAMaybe you have already decided to make a career in the accounting profession. Maybe it’s not too clear in your mind yet. This article attempts to eradicate all those hesitation and doubt, and will try to enlighten you of all the unlimited possibilities an accounting degree may contribute to your success.

To start off with, accounting is the degree that will equip you with the skill sets to succeed in literally any facets of the business world.

It can form the base of your preparation to partner up with an accounting firm. With accounting you can follow the path of finance or business management, you can work for the government, or even become an entrepreneur and run the show yourself. Accounting background can open up doors of several career paths.

Over few decades, the accounting field has evolved significantly with the trends in technology, governmental regulations, tax law, business expansion and globalization, and structural changes in the corporate world.

These trends have impacted the business environment to increase competitiveness. With more competition in the market, the demand for accounting skills has increased.

With dynamic organizational rearrangements, now accountants get opportunities to enjoy the impressive roles such as financial analysts, financial experts, system experts, management consultants, budget consultants and budget analysts, or even as a fraud-buster.

History and current issues

Accounting was officially established as a profession in Britain during the industrial revolution. Nevertheless, the growing demand for public accounting services after the failure of several joint supply companies was the prime reason for the development of accounting profession.

Therefore, it is correctly said that the accounting field did not evolve in the modern world as a science but it evolved in response to economic and social factors.

Despite its strong foundation, the accounting profession is challenged with several issues. And these include:

A) Globalization

For quick progress countries increase their trade and investments internationally. With globalization, reliability, transparency and comparability of financial information have become cynical. The international accounting profession is highly affected by the flow of capital which pressurizes accounting standards.

B) Regulatory oversight

The level of negligence in accounting is another problem. Auditing and the reports generated should reflect high quality data to ensure universal high accounting standards.

C) Recognition for small and medium sized enterprises (SMEs)

SMEs tend to drive national economies; hence there is a need to focus on SMEs for developing their profiles.

D) Technological progression

Automation has long back replaced manual data collection and recording. New accounting software and services should be used optimally to maximize their benefit. This also calls for aggressive training of accountants to handle businesses.

E) Lack of resources

There is a need for maturity and professionalism in regulatory bodies. With increasing challenges and trends only high accounting professionals can face them effectively to come up with a solution that will be beneficial to the accounting world.

As an accounting professional, these current issues in accounting may help you to decide your specialization in accounting.

Preparing for accounting exams and International accounting certifications:

A wide range of studying options can help you out in preparation for accounting exams.

There are quite a lot coaching institutions that may help you get through and pass the exam.

Self study is one great option, where you can analyze and create a study plan for yourself. Following online instructions and live classes is the modern way of studying.

Candidates may also be interested in having international accounting certifications.

Certified Public Accountant (CPA): The CPA credential is a license issued by any of the 55 States or territories of the United States that authorizes the holder to practice as a certified public accountant in that jurisdiction. Licensing of CPAs helps to protect the public interest because only those individuals who have met prescribed, stringent requirements are permitted to identify themselves to the public as Certified Public Accountants.

Certified Management Accountant (CMA): The CMA seal is widely regarded as the advanced professional accounting certification that demonstrates the titleholder’s strong command of the critical accounting and financial management skills demanded by today’s dynamic businesses.

Certified Fraud Examiner (CFE): CFEs are recognized as experts in the anti-fraud field to ensure the quality of financial information and protect the global business community.

There are many more options in the international accounting certifications that offer fields of specialization, like the Certified Information Systems Auditor (CISA) and, very recently, the Chartered Global Management Accountant (CGMA).

The reason accounting may be the best career option is because it is an evolving and ever-changing profession, and will always create 360 degrees of excellent possibilities.

Insights CMA & CIA Course Orientation

Paddling Your Accounting Career

165477500_ASKAccounting is dynamic. To be able to go with the waves, CPAs should be dynamic, too.

Mady, a fresh graduate from college, went to the beach to relax and pamper herself in an exotic resort in the Philippines. She deserves it. After all, she just hurdled past the tough Philippine CPA board examinations last May.

She sat down in one of the chairs stationed at the coast line. After a while, she noticed two men pulling a kayak down the water against the dancing waves with paddles firmly gripped on their sides.

“Wow! I’d like to go kayaking, too,” she told herself.

She keenly observed how the two men did kayaking. After twenty minutes of observing, she thought she learned a lot that she wanted to try kayaking. She was about to stand up to go to the kayak when a thought came up and she realized, kayaking just reminded her of one of the truths of being an accountant – that we should keep on paddling!

Waves in the accounting industry do not cease. The business world is so dynamic. There is a concerted effort around international accounting bodies and organizations to promote and expand accounting education. Through higher quality teaching, accountants develop their communication skills to facilitate effective financial and management reporting. Innovative accounting concepts continue to be discovered to adapt to the changing times.

Accounting, being the language of business, is ever-changing. Because of this, accountants as we are cannot afford to stay stagnant. Steadiness, complacency even, should not be part of any accountant’s dictionary. In fact, if you stop paddling your accounting know-how, you don’t stay the same either. It’s either you get drifted away from the point you should be paddling to or you get pulled to a direction you never envision of going to. To stay in charge of your accounting career, you have to keep on paddling.

How then can you do this?

There are a lot of ways to paddle your accounting career, and going after international accounting certifications definitely tops the menu.

You may choose to further study and get your next title which may be CMA (the gold standard of achievement in accounting and financial management), CIA (the globally accepted certification for internal auditors and remains the standard by which individuals demonstrate their competency and professionalism in the internal auditing), or CFE (accounting professionals tasked to reducing business fraud world-wide to inspire public confidence in the integrity and objectivity within the profession). Select which field that you want to specialize in and paddle your way to your desired destination. With the options presented below, you can be harnessed in paddling your way to a more rewarding career in the industry.

Certified Management Accountant: With this, you can move your career as a management accountant and be of contribution to the business in the field of risk management, internal decision making, planning and cost management, and budgeting, among others. As the business organization keeps on growing, complexities in decision making follow. Be of help to your organization. Be a Certified Management Accountant.

Certified Internal Auditor: Businesses grow into empires. The larger it gets, the riskier it becomes. This is the reason why organizations started to consider hiring more competent professionals to serve as chief audit executives, audit managers, audit staff, risk management staff, and the like. By being a Certified Internal Auditor, you can go even further.

Certified Fraud Examiner: Accounting scandals are one of the big waves that attack business entities. At times, they need Superman or Iron Man to save the stakeholders from big losses that fraud may cause. And because CFEs have a unique set of skills in resolving allegations of fraud, examining data and records to detect and trace fraudulent transactions, obtaining evidence, taking statements, writing fraud examination reports, testifying to findings, and assisting on the improvement of fraud prevention and detection, they can be the Superman and Iron Man to save the valuable investments of business stakeholders. You can be one of them. Be a Certified Fraud Examiner.

Certified Information Systems Auditor: Information systems (IS) play a major role in business enterprises. It is something that you need to have. But information systems are not created equal. Because of this, there is a need for IS audit, control and security professionals. Do you want to grab this highest paying and sought-after IT certification? Raise your banner – be a Certified Information Systems Auditor.

These are not mutually exclusive and if you want to, you can get all these certifications. Don’t you worry, there are still more if you finish these four.

Take it from Mady’s realization – the similarity of kayaking and accounting. Accounting is dynamic and so shall accountants be. As a CPA, to keep on paddling is not an option but rather a necessity in order to stay competitive.

Paddle your way to the end zone.

“The man who graduates today and stops learning tomorrow, is uneducated the day after.” – Newton D. Baker