Accountancy

Career Profile (Salary, Job Titles, Grad School Data)

Accountants prepare, develop, analyze, evaluate, and verify financial documents. They disseminate information that their clients need to ensure that their businesses are run efficiently and that they comply with the terms of their contracts. Accounting is a system by which financial information is identified, recorded, analyzed, summarized, and reported for the use of decision makers. Put simply, accounting is the language of business. Many accountants are employed by Professional Services firms, such as the Big Four, which are defined as the four largest public accounting/professional services firms. They also work for public accounting firms of all sizes. Many others work in corporate accounting (from Fortune 500 companies to"mom-and-pop" shops), in government accounting, and for nonprofit organizations. Some own their own accounting firms.

Accounting Pathways

Public Accounting

A public accounting firm generally provides auditing, tax, consulting, and accounting services for a number of clients across a range of sectors, including businesses, individuals, nonprofits, and governments. A job in public accounting will give you experience in many different facets of the accounting field, from the preparation and review of financial statements to analyzing budgets to tax work to consulting and advice on a range of financial issues. Public accounting firms range in size from local (Martin Hood Friese, Sikich, Frost, Ruthenberg&Rothblatt) and regional firms (BDO, Crowe Horwath, Grant Thornton, RSM, Plante Moran) to large international firms (Deloitte, EY, KPMG, PwC).
Private Accounting

These roles help a company improve their business strategy and operations. Many public accounting firms offer consulting services, helping clients review particular business needs; restructure their financial reporting, organizational hierarchy, expenses, risk, evaluation and analysis of information; make recommendations; and implement changes in any area of a business. Many accounting consultants specialize in a certain industry or clientele. Accounting consultants are quick problem solvers, creative thinkers, very fast learners, and have honed math and analytical skills.
Tax Accountant or Consultant

As the name suggests, a tax account focuses solely on tax-related accounting work, preparing quarterly and annual tax returns (local, state, and federal) for individuals and companies.
Forensic Accountant

Forensic accountants examine companies'financial statements and provide analysis for legal cases, investigating crimes such as embezzlement or fraud.
Financial Accountant

Financial accountants work for a single organization or business, preparing reports that assess fiscal performance (for example, profit and loss statements, balance sheets, and cash flow statements) for stockholders, creditors, and taxing agencies - essentially, individuals external to the company.
Managerial Accountant

Managerial accountants perform similar work to financial accountants but focus on internal stakeholders - they prepare reports for internal review to help businesses plan, budget, and improve performance.
Financial Planner

Some accounting professionals choose to work for financial planning firms or as independent financial consultants. Financial planners assist individuals with their finances, from budgeting to taxes to investing.
Internal Auditor

In large corporations, internal auditors ensure that resources are being used effectively, the company is in compliance with all state and federal requirements, and funds are not being mismanaged.

Is Accounting Right For You?

Whether you are just beginning to consider becoming an accountant or already have a multi-point plan in place to launch your career, here are five questions you should ask yourself about becoming an accountant.

Do you like solving puzzles?

To solve a puzzle you need to think logically, be persistent, and enjoy the process of untangling a situation to get a final answer. Puzzles and accounting both require creativity and an appreciation for the rules of the game. The process of putting pieces together to see the big picture is reflected in the problem solving and mathematical problems accountants work on every day. Accounting work often requires a lot of"figuring out"and reverse engineering in order to make sense of the information you'll have available. Being energized by solving this sometimes twisted knot of information is a huge plus.

Do you enjoy planning ahead and strategizing?

If you are asking yourself these questions, you probably already plan ahead for your education and career. It's critical for an accountant to plan ahead for the financial outcomes facing the individual, business, or organization they serve.

Are you comfortable learning new technology?

Accountants today rely on software programs and AI, which are regularly updating and evolving. A strong accountant is able to stay ahead of new technology and quickly adapt to processes that make accounting professionals more efficient and accurate.

Are you comfortable working with data?

Accounting is all about managing financial data. Working with data requires a strong attention to detail and comfort working with important information. Small errors can have large, real-world consequences. This makes the work of an accountant both incredibly valuable and uniquely challenging.

In addition to an attention to detail, working with data and information requires accountants to understand what individual pieces of data mean and how that influences the overall picture. Accounting is known as the language of business, and accountants have to be able to communicate the implications of that language.

Are you interested in business?

Though accountants work for nonprofits and individuals as well as businesses, all accountants manage financial information in the broader field of business. Becoming an accountant gives individuals a deep and complex understanding of the business world.

Accounting definitely has the stigma of being one dimensional work. However, the actual work of accounting is vital, dynamic, and opens many doors to individuals who would like to grow into new opportunities down the road.

How to Land Your First Accounting Job

Use Keywords

When using job search platforms, such as Handshake, utilize keywords to find appropriate positions in the industries you are interested in.

Examples of titles Gies Alumni have had:

Accountant/Financial Analyst
Accounting Associate
Advisory
Associate/Consultant
Analytics Consultant
Assurance Associate
Audit&Assurance
Audit Analyst/Analytics
Audit and Tax Associate
Broker Placement Specialist Associate
Business Analyst
Business Advisory Consultant
Business Systems Analyst
Business Technology Analyst
Business Valuation Analyst
Commercial Tax Associate
Consultant
Core Assurance Associate
Deal Advisory/Associate
External Auditor
Federal Tax Consultant
Finance Analyst
Financial Advisor
Financial Due Diligence Associate
Financial Management Program
Forensics Advisory Services Associate
Human Capital Business Analyst
Internal Audit &Financial Advisory Consultant
International Tax Associate
Investment Analyst
Legal Entity Accountant
Management Consultant
Private Equity Investment Professional
Risk Advisory Associate
Risk And Compliance Consultant
Staff Accountant
Tax Accountant
Tax Analyst/Associate
Tax Consultant
Underwriting Analyst

For current job openings, view open jobs on Handshake.

Use the Right Resources

A simple way to get started is by learning more about the companies that hired Gies students in the past. Once you have identified your target companies, follow these companies on Handshake to be informed about opportunities and info sessions, during which you can network with recruiters and professionals.

Examples of employers who have hired Gies students:

AIG

Accenture

Allstate Insurance Company

Anixter

Baker Tilly Virchow Krause

Baxter Healthcare

BDO

BMO Capital Markets

Brunswick Corporation

Keefe, Bruyette & Woods

Oberweis Asset Management

Plante Moran

PwC

Protiviti

Prudential Capital Group

True Partners Consulting

W.W. Grainger

Wells Fargo

West Monroe Partners

William Blair & Company

ZS Associates

Customize your Resume & Cover Letter

It's important to customize your application documents for the industry/position you will be pursuing. Highlight your relevant experience by incorporating desired skills and qualifications into your application documents.How does your experience align with the skills the employer is seeking?

Some of the important skills you may want to highlight:

Standards of accounting
Knowledge of regulatory standards
General business acumen
Data analysis—knowing how to turn Big Data into concise, decision-driving insights
Detail-oriented
Critical thinking
Problem-solving
Prioritizing/Organization
Ethics
Strong written communication skills
Strong oral communication skills
Adaptability to changing procedures/regulations
Advanced Microsoft Excel Skills
Data presentation skills
Business Intelligence Software (Cagnos, Power BI, Tableau, SAS)
Cloud accounting
Enterprise resource planning systems
Ability to work with a team

Learn More

Sample Interview Questions for Accounting Roles

General and Behavioral Questions

Why did you choose accounting as a career?
Which accounting platforms have you worked with?
Describe a past experience where you were faced with an incredibly tight deadline. What did you do to make sure you could hand over the deliverable on time?
Tell me about a time when you had to discuss a complex accounting concept with someone who wasn't familiar with it. How did you make sure they understood?
Describe one of the biggest challenges in the accounting field and how you strive to overcome it.
Do you have prior experience with ERP systems? If so, which ones?
What impact do you think AI and automation will have on accounting?
Which skills do you think are essential for accountants?
Can you tell me about a time when you had to work with a particularly difficult client? How did you handle the situation?
Errors can be detrimental in accounting. How do you reduce the chance that you'll make a mistake?
Can you tell me about a time when you made a mistake? What did you do once it was spotted?
Please describe your experience with Microsoft Excel.
What is the difference between public and private accounting?
When tax season arrives, are you open to working long hours?
Which accounting skill do you like using the most? What about the least?
What is the difference between accounts payable and accounts receivable?
Do you have any certifications? Do you plan to get any in the near future?
Please define and describe the three kinds of financial statements and what they contain.
How do you handle challenging situations or difficult conversations with others?
Tell me about a time you were in a ethicial dilemna.
How do you organize and prioritize your day?

Professional and Career Development

Should you pursue a Master's Degree?

The Master of Accounting Science (MAS) program at Gies College of Business is a nine-month, STEM-designated program for students who already hold a Bachelor of Science in Accountancy.

As an MAS student, you will design your own curriculum by choosing a core concentration in Financial Reporting&Assurance (FRA) or Tax and then applying to a graduate business concentration based on your interests and career goals. Regardless of your concentration, you will acquire the data analytics knowledge and capabilities that top firms demand.

Build on your undergraduate accountancy education through advanced study in the field as well as other business disciplines. MAS students engage in problem identification and information analysis to find solutions. Learn and use data analytic tools and techniques to address common business problems as well as apply best practices in data visualization. These lessons facilitate team-based analysis and communication.

The MAS curriculum emphasizes the emerging trend of data analytics in the practice of accounting. Our standard course plan leads to a graduate concentration in data analytics in accountancy as you fulfill the graduate electives. Students have the choice of remaining in the standard course plan or selecting from the following alternative graduate concentrations:

Finance
Data Analytics
Information Technology and Control
Supply Chain Management

Should you become a CPA?

Becoming a CPA takes work and effort, but the benefits go far beyond job security and salary. You're working to become an essential part of the business world.

View the CPA Resource page here.

10-15% higher salary than regular accountants

Becoming a CPA is an investment. CPAs have the potential to boost their earnings by $1 million in their lifetime compared to a non-CPA in the same position.

Job Outlook

Accountants and auditors who have earned professional recognition, especially as Certified Public Accountants (CPAs), have the best prospects (U.S. Bureau of Labor Statistics). Currently, there is a shortage of CPAs, and businesses are always in need of accounting services.

Career Growth

As a CPA, you'll also have access to jobs with higher authority and responsibility—and you'll enjoy greater career stability.

Accounting Resources and Articles

Private or Public? Which Accounting Career Path is Right For You?

Public Accounting vs. Industry—Human Capital

Accounting Career Overviews

Resources for Minority Accountants