By DeVry University
October 19, 2020
5 min read
October 19, 2020
5 min read
Accounting is a diverse, engaging and continuously growing field. In fact, according to the Bureau of Labor Statistics (BLS) an estimated 1.53 million workers were employed as accountants and auditors in 2022. Additionally, projections indicate that the field will grow on a national level over the next decade by 126,500 jobs each year between 2022 and 20321. Growth projected on a national level. Local growth will vary by location. BLS projections are not specific to DeVry University students or graduates and may include earners at all stages of their career and not just entry level.
Let’s take a look at this exciting industry as we dive into some of the accounting careers you can prepare to pursue in today’s business world.
Preparing financial reports
Auditing companies and individuals
Reviewing financial operations of a business
Providing advice on how to reduce costs and increase revenue or profits
Researching new accounting practices to implement into a business
Advising managers on which financial projects should be canceled or pursued
Preparing and filing tax returns
Software proficiency: As the accounting profession continues to adopt various technologies, the use of software, from word processing and spreadsheet applications to specialized software used exclusively in the accounting field, is an essential technical skill.
Standard principles of accounting: The principles and procedures for gathering and reporting on financial data as outlined in the Generally Accepted Accounting Principles (GAAP) is an essential guide that every accountant must be familiar with.
Financial reporting: The process of documenting a company’s financial activities over specific time periods is referred to as financial reporting. This includes creating financial statements focused on specific objectives including tracking cash flow, evaluating assets and liabilities, analyzing shareholder equity and measuring profitability.
Quantitative analysis: In the financial services industry, quantitative analysis, or QA, is used to analyze investment opportunities. Accountants may deploy QA to examine metrics such as earnings per share or price-earnings ratios as part of a prudent investment decision-making process.
Market forecasting and modeling: In an advisory capacity, accountants may use forecasting techniques to determine how a company should allocate its budgets or plan for anticipated expenses for a specified time period. These projections and models are based on projected demand for the products or services the company offers.
Strong communication skills: Accountants need to be effective communicators as they interact with clients, managers, upper-level executives or other accountants. Highly refined skills in this area help them to listen actively and express themselves verbally and in writing.
Time management: It’s typical for accountants to work on multiple assignments, which all have deadlines, demanding they be effective multitaskers. Time management skills also enable accountants and other financial services professionals to maintain a healthy work-life balance.
Problem-solving: The ability to identify and understand problems and formulate solutions is another essential skill for accountants, enabling them to determine why accounts aren’t balancing, improve record-keeping methods or overcome issues that may be the result of accounting errors.
Critical thinking: This close relative of problem-solving is an important skill when accountants are called upon to make judgements. They must examine problems critically and make their decisions objectively, based on the financial information that is available to them.
Financial Clerk: As a financial clerk, you can use your essential skills to embark on an administrative career in bookkeeping, accounting or auditing. You will need to be comfortable with technology, as new innovations in automation streamline tasks and minimize manual labor. Financial clerks can be found at organizations of all sizes and in virtually every industry sector.
Junior Staff Accountant: As a junior staff accountant, you can expect to help your organization maintain financial records, analyze balance sheets and post journal entries. You may also be tasked with preparing special reports and reconciling bank accounts.
1Credits and degrees earned from this institution do not automatically qualify the holder to participate in professional licensing exams to practice certain professions. Persons interested in practicing a regulated profession must contact the appropriate state regulatory agency for their field of interest. For instance, typically 150 credit hours or education are required to meet state regulatory agency education requirements for CPA licensure. Coursework may qualify for credit towards the State Board of Accountancy requirements. However, it is the student’s responsibility to contact the state board of accountancy for the jurisdiction in which they are applying to determine whether they have completed the appropriate credit hours and coursework to qualify to take the CPA exam. Employees of DeVry University and its Keller Graduate School of Management are not in a position to determine an individual’s eligibility to take the CPA exam or satisfy licensing.
2Growth projected on a national level. Local growth will vary by location. BLS projections are not specific to DeVry University students or graduates and may include earners at all stages of their career and not just entry level. https://www.bls.gov/ooh/business-and-financial/accountants-and-Auditors.htm
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In New York, DeVry University operates as DeVry College of New York. DeVry University is accredited by The Higher Learning Commission (HLC), www.hlcommission.org. The University’s Keller Graduate School of Management is included in this accreditation. DeVry is certified to operate by the State Council of Higher Education for Virginia. Arlington Campus: 1400 Crystal Dr., Ste. 120, Arlington, VA 22202. DeVry University is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission, www.tn.gov/thec. Lisle Campus: 4225 Naperville Rd, Suite 400, Lisle, IL 60532. Unresolved complaints may be reported to the Illinois Board of Higher Education through the online compliant system https://complaints.ibhe.org/. View DeVry University’s complaint process https://www.devry.edu/compliance/student-complaint-procedure.html Program availability varies by location. In site-based programs, students will be required to take a substantial amount of coursework online to complete their program.
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