Certified Public Accountant Career OutlookPublish Date: Apr 22, 2010
Would you say that you have job security today? Chances are you don't, no matter your profession or industry. However, it may surprise you to find out that there is one job that is not only relatively secure today but that is also experiencing unprecedented career growth.
And that would be certified public accounting, or becoming a CPA. It's believed that this industry will grow some 10%-20% over the next decade or so. Not only does a CPA experience a certain level of job security and potential growth, the salary levels for a CPA are also very substantial, with many entry-level jobs for CPAs starting around $50,000 and growing into the six figures over time.
Internal auditing is one field in which there is tremendous job growth potential.
If you're considering a job in accounting, here are some interesting notes regarding its outlook as far as growth in the industry.
Internal auditing is one field in which there is tremendous job growth potential. That is because there is quite a bit of new legislation in place to help combat financial fraud on the part of companies, and some legislation even holds business owners personally responsible for financial errors and fraud.
This means that many businesses will be using the services of auditors more frequently in order to protect themselves. This auditing may include not just financial reports but also audits for compliance, such as for companies that need to adhere to environmental requirements.
Auditors are also needed to work government jobs since new legislation means hiring those to enforce that legislation. CPAs will perform the function of auditing the books of companies that need to be in compliance with these new regulations.
Personal Financial Advisor
Companies and corporations have been using CPAs for financial advice for years, but today many individuals turn to CPAs for advice on how to handle their own personal finances as well. Being able to purchase and sell stocks online doesn't mean that a person necessarily understands what stocks are solid buys and what other investment opportunities they have available to them.
A personal financial advisor needs to be constantly aware of new investment opportunities, legislation regarding those investments, and market trends. They also need to communicate clearly with their clients regarding the current state of their portfolio.
As more and more persons become concerned with the volatility of the stock market and the state of their retirement savings, more personal financial advisors will be needed. This industry is expected to see tremendous job growth in the next decade and beyond.
Tax laws change constantly, and this means those affecting businesses as well as individuals. Accountants need to constantly update their knowledge of these laws, and because of these changes, many individuals are more prone these days to hire CPAs to handle their taxes. Most believe it's worth the small fee they may pay in order to receive the maximum refund and to take advantage of credits for housing, lower income, and the like.
Within corporations, CPAs also are used to give advice on how to best maximize tax laws for the company's overall financial health. Rather than just preparing the tax returns at the end of the year or end of the quarter they are often used to offer advice on how to maximize their tax benefits. A CPA is much more than a "paper pusher" but is considered more and more as a valuable member of the team, offering advice on how to keep any company financially sound and profitable.
All of these are reasons why the job outlook for CPAs is very solid and is expected to grow in the coming decade and beyond.