2 answers
Ali
Student
White Lake, WI
1
Question
Asked
342 views
What types of accounts are there and after college what jobs will I be offered?
tax complience
Bachelors degree
math
taxes
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2 answers
Michael Torio
Consultant - Data Reporting & Analysis (HQ Finance)
240
Answers
Alpharetta, Georgia
Updated
Michael’s Answer
Hi Ali,
According to Indeed.com, here is a list of Tax-Related Accounting positions:
- Payroll Specialist
- Tax Preparer
- Auditor
- Tax Specialist
- Tax Associate
- Tax Analyst
- Tax Accountant
- Financial Planner
- Financial Adviser
- Tax Consultant
- Tax Manager
https://www.indeed.com/career-advice/finding-a-job/careers-in-taxes
While in high school, one will need to focus on science and math classes to prepare for a career in Accounting. Physics and chemistry will be the core science courses. For math, algebra, statistics, geometry and calculus will be needed. Other classes to take will be computer science, economics, business, finance and applied technology. The combination of these concentrations will enable you to focus and refine your analytical skills; complex problem solving; investigative and innovative critical thinking; attention to detail and observation skills; etc.
Other skills that will need to be built upon center around team building, team work and communication. In any work culture, collaboration amongst team members, partner departments and clients occur on a daily basis. A college course in public speaking, communications and English will help with one's communication and writing skills since analysis reports are generated and findings are presented to colleagues and other professionals who deal with Accounting. Another recommendation is to seek the advice from your high school guidance counselor and teachers. They can help guide your educational pathway for Accounting.
A Bachelor of Science Degree in Accounting will take 4 years to complete at a college or university. Upon completion, one has earned the designation of a Public Accountant (PA). From a public accounting firm, a PA will cover services such as audits, consultations and taxes.
After gaining years of accounting experience, the career path of a PA will lead one to pursue the CPA designation. CPA means Certified Public Accountant. In order to achieve this designation, one has to successfully pass the CPA exam as administered by the American Institute of Certified Public Accounts (AICPA). The CPA exam consists of four parts:
- Auditing and Attestation (AUD)
- Business Environment and Concepts (BEC)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
Additional testing will be dependent upon the State where the CPA will be practicing. Per year, there will be a minimum of 40 hours of professional training for the maintenance of the CPA license. CPAs usually handle financial matters for clients; preparing and filing tax documents and creating detailed financial analysis reports.
According to U.S. News & World Report, here is a list of the top Accounting Programs in the United States:
https://www.usnews.com/best-colleges/rankings/business-accounting
- University of Texas at Austin
- University of Illinois (Urbana-Champaign)
- Brigham Young University (Provo)
- Indiana University (Bloomington)
- University of Michigan (Ann Arbor)
- University of Notre Dame
- University of Pennsylvania
- New York University
- University of Southern California
- University of Florida
When reviewing colleges and universities, it is best to check the following:
- In-State vs Out of State Tuition
- Internships
- Scholarships
- Career Placement upon graduation
- Course work and offered classes
- Post-Graduate Degrees - Master and Doctoral
Scholarship applications can start to be submitted during your Junior year and will continue throughout your Senior year in high school. It is best to ask your Academic Advisor/School Counselor on the timeline process as well. Scholarship applications will have specific deadlines and requirements to meet in order to be submitted for review and consideration.
You may want to start to compile your resume/portfolio since a majority of scholarship applications will require academic grade point average (GPA), academic accomplishments, school activities (clubs, sports, etc.), community involvement (volunteer, church, etc.), academic and personal recommendations, etc. There may be essay requirements on why you are a qualified candidate to receive the scholarship, what your future goals are academically and professionally and other questions centering around who you are, your beliefs, etc.
Here are a couple of links for College Scholarships:
https://www.mometrix.com/blog/scholarships-for-college/
https://www.nchchonors.org/students/awards-scholarships/national-scholarships
Also, it will be best to check with the colleges and universities that you will be applying to. You can check with the School/Department of your desired major, the Campus Career Center and the Register's Office for additional information for college scholarships and grants and specific requirements for qualifications.
Best wishes for your education and future career as an Accountant specializing in Tax Compliance!
According to Indeed.com, here is a list of Tax-Related Accounting positions:
- Payroll Specialist
- Tax Preparer
- Auditor
- Tax Specialist
- Tax Associate
- Tax Analyst
- Tax Accountant
- Financial Planner
- Financial Adviser
- Tax Consultant
- Tax Manager
https://www.indeed.com/career-advice/finding-a-job/careers-in-taxes
While in high school, one will need to focus on science and math classes to prepare for a career in Accounting. Physics and chemistry will be the core science courses. For math, algebra, statistics, geometry and calculus will be needed. Other classes to take will be computer science, economics, business, finance and applied technology. The combination of these concentrations will enable you to focus and refine your analytical skills; complex problem solving; investigative and innovative critical thinking; attention to detail and observation skills; etc.
Other skills that will need to be built upon center around team building, team work and communication. In any work culture, collaboration amongst team members, partner departments and clients occur on a daily basis. A college course in public speaking, communications and English will help with one's communication and writing skills since analysis reports are generated and findings are presented to colleagues and other professionals who deal with Accounting. Another recommendation is to seek the advice from your high school guidance counselor and teachers. They can help guide your educational pathway for Accounting.
A Bachelor of Science Degree in Accounting will take 4 years to complete at a college or university. Upon completion, one has earned the designation of a Public Accountant (PA). From a public accounting firm, a PA will cover services such as audits, consultations and taxes.
After gaining years of accounting experience, the career path of a PA will lead one to pursue the CPA designation. CPA means Certified Public Accountant. In order to achieve this designation, one has to successfully pass the CPA exam as administered by the American Institute of Certified Public Accounts (AICPA). The CPA exam consists of four parts:
- Auditing and Attestation (AUD)
- Business Environment and Concepts (BEC)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
Additional testing will be dependent upon the State where the CPA will be practicing. Per year, there will be a minimum of 40 hours of professional training for the maintenance of the CPA license. CPAs usually handle financial matters for clients; preparing and filing tax documents and creating detailed financial analysis reports.
According to U.S. News & World Report, here is a list of the top Accounting Programs in the United States:
https://www.usnews.com/best-colleges/rankings/business-accounting
- University of Texas at Austin
- University of Illinois (Urbana-Champaign)
- Brigham Young University (Provo)
- Indiana University (Bloomington)
- University of Michigan (Ann Arbor)
- University of Notre Dame
- University of Pennsylvania
- New York University
- University of Southern California
- University of Florida
When reviewing colleges and universities, it is best to check the following:
- In-State vs Out of State Tuition
- Internships
- Scholarships
- Career Placement upon graduation
- Course work and offered classes
- Post-Graduate Degrees - Master and Doctoral
Scholarship applications can start to be submitted during your Junior year and will continue throughout your Senior year in high school. It is best to ask your Academic Advisor/School Counselor on the timeline process as well. Scholarship applications will have specific deadlines and requirements to meet in order to be submitted for review and consideration.
You may want to start to compile your resume/portfolio since a majority of scholarship applications will require academic grade point average (GPA), academic accomplishments, school activities (clubs, sports, etc.), community involvement (volunteer, church, etc.), academic and personal recommendations, etc. There may be essay requirements on why you are a qualified candidate to receive the scholarship, what your future goals are academically and professionally and other questions centering around who you are, your beliefs, etc.
Here are a couple of links for College Scholarships:
https://www.mometrix.com/blog/scholarships-for-college/
https://www.nchchonors.org/students/awards-scholarships/national-scholarships
Also, it will be best to check with the colleges and universities that you will be applying to. You can check with the School/Department of your desired major, the Campus Career Center and the Register's Office for additional information for college scholarships and grants and specific requirements for qualifications.
Best wishes for your education and future career as an Accountant specializing in Tax Compliance!
Brian Marinas
Tax Accountant
1
Answer
Dallas, Texas
Updated
Brian’s Answer
The accounting industry comprises four types of employers: (1) public accounting firms, (2) private firms/companies, (3) government and not-for-profits, and (4) educational institutions. Unlike lawyers or doctors, who must be licensed to practice law or medicine, only accountants who do certain types of work are required to hold a certified public accounting (CPA) license. Therefore, it is not necessary to hold a CPA license to be a successful accountant; however, opportunities will be more limited for an accountant who is not a CPA (certified public accountant) because public accounting firms generally only hire CPAs and non-public accounting businesses very often prefer accountants who are CPAs.
Accountants can also be categorized by what they do and their specialized field of knowledge. The term "accountant" sometimes is used broadly and includes anyone who prepares the financial records (called the "books") of a company. Someone who has enough basic accounting knowledge to prepare a business' books is usually called a bookkeeper. However, when the books of a company become very complex (such as for a large company) or are relied upon by people outside of the business (called "stakeholders") such as investors, lenders, taxing authorities, or donors, the users of the financial information from the books will want assurance that the books have been prepared accurately, which requires someone with a solid knowledge of accounting, finance, economics, and business ethics. The term accountant usually connotes someone with this more advanced knowledge.
The needs of the various types of stakeholders has given rise to the different types of accounting jobs. The most prominent field for accountants comes from the need of investors and lenders for financial reports that accurately reflect the financial health and performance of a for-profit company so that they can decide whether to make a investment or loan. This is the field of financial reporting, which has two types of jobs. The first is the job of preparing the financial statements, which requires accountants who understand "generally accepted accounting principles" (GAAP); the second is the job of "auditing" (i.e., checking or testing ) the financial reports to ensure that they were prepared in accordance with GAAP. While accountants who specialize in financial reporting work throughout the accounting industry, auditors usually work for public accounting firms unless they work on internal company audits or work for a governmental auditing agency.
Not all reports are used outside of the company. When reports are prepared for the use of company management, these reports fall under management accounting. While financial reporting is certainly useful to internal management as well as external investors or lenders, management often needs additional financial information that is customized to the company and is not necessarily prepared in accordance with GAAP. Management accountants seek to provide reporting that would help company leaders make good business decisions.
The need of taxing agencies for accurate reporting of financial information has led to the field of tax accounting. Taxing agencies collect taxes based according to some measure called a tax base and that base can vary widely from income to sales revenue to property value to the weight of a vehicle. Governments often promulgate a large body of laws, regulations, administrative rulings, and court cases to determine how the tax base should be calculated. Tax accountants must learn this large body of rules in order to advise clients on how to compute, report, and minimize their tax liabilities and otherwise comply with tax laws.
While most accountants work for for-profit businesses, there are many accountants who work for entities whose goal is not to make a profit such as government entities, charities, and educational institutions. For these entities, the importance of financial reporting is to ensure that the money contributed to these entities through taxes or donations are responsibly and efficiently spent. Therefore, the financial accounting rules for these entities differ from for-profit entities, and accountants are needed who have knowledge of this specialized reporting.
Finally, some accountants who work for educational institutions do not perform financial reporting but are educators who are training current accountants or the next generation of accountants. If you have an interest in more theoretical accounting questions or have a passion for sharing knowledge, it is possible to be an accountant who teaches students to gain the preparatory knowledge to become accountants or trains other accountants who are working in the industry by keeping them up-to-date on the latest accounting topics, issues, or rules or by teaching them how to improve their accounting businesses.
Accountants can also be categorized by what they do and their specialized field of knowledge. The term "accountant" sometimes is used broadly and includes anyone who prepares the financial records (called the "books") of a company. Someone who has enough basic accounting knowledge to prepare a business' books is usually called a bookkeeper. However, when the books of a company become very complex (such as for a large company) or are relied upon by people outside of the business (called "stakeholders") such as investors, lenders, taxing authorities, or donors, the users of the financial information from the books will want assurance that the books have been prepared accurately, which requires someone with a solid knowledge of accounting, finance, economics, and business ethics. The term accountant usually connotes someone with this more advanced knowledge.
The needs of the various types of stakeholders has given rise to the different types of accounting jobs. The most prominent field for accountants comes from the need of investors and lenders for financial reports that accurately reflect the financial health and performance of a for-profit company so that they can decide whether to make a investment or loan. This is the field of financial reporting, which has two types of jobs. The first is the job of preparing the financial statements, which requires accountants who understand "generally accepted accounting principles" (GAAP); the second is the job of "auditing" (i.e., checking or testing ) the financial reports to ensure that they were prepared in accordance with GAAP. While accountants who specialize in financial reporting work throughout the accounting industry, auditors usually work for public accounting firms unless they work on internal company audits or work for a governmental auditing agency.
Not all reports are used outside of the company. When reports are prepared for the use of company management, these reports fall under management accounting. While financial reporting is certainly useful to internal management as well as external investors or lenders, management often needs additional financial information that is customized to the company and is not necessarily prepared in accordance with GAAP. Management accountants seek to provide reporting that would help company leaders make good business decisions.
The need of taxing agencies for accurate reporting of financial information has led to the field of tax accounting. Taxing agencies collect taxes based according to some measure called a tax base and that base can vary widely from income to sales revenue to property value to the weight of a vehicle. Governments often promulgate a large body of laws, regulations, administrative rulings, and court cases to determine how the tax base should be calculated. Tax accountants must learn this large body of rules in order to advise clients on how to compute, report, and minimize their tax liabilities and otherwise comply with tax laws.
While most accountants work for for-profit businesses, there are many accountants who work for entities whose goal is not to make a profit such as government entities, charities, and educational institutions. For these entities, the importance of financial reporting is to ensure that the money contributed to these entities through taxes or donations are responsibly and efficiently spent. Therefore, the financial accounting rules for these entities differ from for-profit entities, and accountants are needed who have knowledge of this specialized reporting.
Finally, some accountants who work for educational institutions do not perform financial reporting but are educators who are training current accountants or the next generation of accountants. If you have an interest in more theoretical accounting questions or have a passion for sharing knowledge, it is possible to be an accountant who teaches students to gain the preparatory knowledge to become accountants or trains other accountants who are working in the industry by keeping them up-to-date on the latest accounting topics, issues, or rules or by teaching them how to improve their accounting businesses.