What’s the difference between an accountant and an auditor? Basically, accountants keep track of an organization’s money, and auditors check their work. But there’s much more to the work than simply balancing the books. These financial professionals make sure the organization’s finances operate properly. They are involved in analyzing financial information and records, and preparing reports related to budgeting, cost control, employee compensation, new product development, and of course… calculating taxes. If money’s involved, accountants and auditors are too. In fact, so many areas need accounting and auditing services that many professionals opt to specialize. Some become tax specialists. Others become employee benefits experts, while still others concentrate on preparing the income statements and balance sheets every publicly-held corporation must file. Auditors and accountants work in a wide range of industries – from accounting companies to hospitals, insurance firms to manufacturing. To take full advantage of the many opportunities for accountants and auditors, you need to have at least a bachelor’s degree in accounting. To become a “Certified Public Accountant” or “CPA,” in many states you will need 150 hours of college coursework to qualify to take the state licensing exam. And, as long as there is money to spend, accountants and auditors will be needed to make sure it’s accurately recorded.
Typical Work Tasks
People who work in this career often:
- Examine financial records or processes.
- Examine financial records.
- Collect evidence for legal proceedings.
- Investigate legal issues.
- Discuss business strategies, practices, or policies with managers.
- Report information to managers or other personnel.
- Prepare financial documents, reports, or budgets.
- Calculate data to inform organizational operations.
- Verify accuracy of financial information.
- Verify accuracy of records.
Typical Working Conditions
- Using e-mail.
- The importance of being accurate or exact.
- Working indoors in environmentally controlled conditions.
- Meeting strict deadlines.
- Sitting.
- Freedom to make decisions without supervision.
- Dealing with external customers.
Tools & Technology used by Accountants
Source: Minnesota CAREERwise
Most Important Skills for Accountants
- Listening—Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Mathematics—Using mathematics to solve problems.
- Reading—Understanding written sentences and paragraphs in work related documents.
- Speaking—Talking to others to convey information effectively.
- Thinking Critically—Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Understanding a System or Organization—Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
- Making Decisions—Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Monitoring Performance—Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- Learning New Things—Understanding the implications of new information for both current and future problem-solving and decision-making.
- Writing—Communicating effectively in writing as appropriate for the needs of the audience.
Most Important Knowledge Areas for Accountants
- Economics and Accounting—Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- Clerical—Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
- Mathematics—Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Customer and Personal Service—Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Computers and Electronics—Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- English Language—Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Administration and Management—Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
- Law and Government—Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Communications and Media—Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.
- Education and Training—Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Interests
Different careers may be a good fit for your personality or interests. This career is:
- Conventional—Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
- Enterprising—Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Source: Minnesota CAREERwise
| Wages Per Hour For Accountants (MN) | ||
Low$30.13 |
Median$37.86 |
High$48.34 |
Low indicates 25% of workers earn less and 75% earn more. Median indicates 50% of workers earn less and 50% earn more. High indicates 75% of workers earn less and 25% earn more.
Demand
This career is seeing high growth compared to other careers. There will be a 9.7% growth for Accountants to meet market demand between 2018-2028. This includes the demand due to replacement (workers leaving the occupation or retiring) as well as growth.
Source: Minnesota CAREERwise
This career requires at least at least a Bachelors degree, and some professionals have a Masters degree. This career does not require a license (unless you want to be a CPA), but there are certifications are helpful for growth.
View the local post-secondary education options for this career from Central Lakes College.
Spotlight on Central Lakes College
- Why consider CLC?
- Virtual Campus Tours: Brainerd Campus, Staples Campus
- Learn more about the CLC Honors Program.
- Attend CLC, and you may never need to buy a textbook.
If you have a physical, mental, developmental, or cognitive condition that requires educational support, learn about support options at CLC.
Helpful High School Courses
Examples of helpful classes that help you prepare for this career:
- Accounting
- Algebra I and II
- Business Law
- Business Management
- Composition
- Economics
- International Business
- Marketing
- Office Procedures
- Public Speaking
- Statistics
- e-Commerce
Source: Minnesota CAREERwise
Help look for fraud and errors in this accounting simulation by Knowledge Matters, Inc.
Earn points while you explore where Accountants work by taking a 360 degree look inside a typical office building.
Videos
Accountant
Fraud Forensics Accountant
“Day in the Life” Videos
Accountant (SEEK Learning)