An accountant's remit is very broad. In general, it includes producing financial reports; analyzing reports created by other accountants; and the design and management of bookkeeping systems. There are several job categories that fall under the umbrella of accounting. Accounting admin professionals usually oversee other accountants, while accounting bookkeepers keep track of expenses and ensure accurate records. Accounting & finance jobs are usually within accounting firms or financial/investment companies and these professionals might consult with executives on financial matters or accounting concerns.
Accounting Job Education Requirements
For most positions, the minimum qualification will be a bachelor's degree in either accounting or a closely related field. An M.B.A., M.A. or other Master's degree can confer a significant advantage, as some employers prefer candidates with more advanced qualifications.
Some accountants choose to pursue a career in accounting academia, such as a university professorship. For such a career, budding applicants would need a doctorate, such as a PhD (Doctor of Philosophy) or DBA (Doctor of Business Administration).
To work in any facet of accounting, it is generally expected for applicants to hold degrees in accounting, finance, business, or a related field.
Accounting Job Market
The main fields in accounting include accounting admin, bookkeeping, management accounting, public accounting, government accounting, and auditing. As all companies or government institutions, no matter the size, need to regulate their finances, there will always be demand for accountants. It is in any entity's best interest to manage the accounts in a proper fashion for financial, tax and legal reasons.
Management accounting is also known by other terms, including private, cost, managerial, corporate or industrial accounting. One of the main duties of a management accountant is to develop, install and maintain the systems used for a company's internal financial decision-making process, known as management reporting systems.
Public accounting involves assisting businesses, government bodies, private individuals and other organizations in preparing financial records, reports and statements. Public accounting also involves helping clients to prepare and submit accurate tax returns. While large businesses retain their own accountants in-house, they may need the services of a public accountant in auditing crucial financial statements.
Government accounting involves the preparation and maintenance of financial records for government bodies, at all levels, from local to federal. Government accountants may also be tasked with auditing organizations and individuals for regulatory or tax purposes.
Auditing involves checking the financial records and statements produced by private individuals or by organizations such as businesses, government entities and charities. An internal auditor works in-house, auditing the company they're employed by; an independent auditor is employed by an outside agency. While Canada's growth is not particularly high, it is still a positive figure and with this growth, the demand for all types of accountants is also rising.
Accounting Job Salary Information
Pay will depend on location, level of education and training, and specialization. The typical annual salary ranges from under C$55,000 to C$100,000. The mean annual salary is C$72,500.