Employment Experience

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Employment Experience

I am now a senior student and I will graduate within one year. I would like to carry out some research pertaining to what I should do once I am through with my bachelor’s degree in accountancy. The choices here have been circled to two. I could choose to gout in the job market and get a job as an accountant. This would offer me an opportunity to grow in my career and gain some experience that would come in handy in my future growth. Alternatively, I could decide to go back to school and further my knowledge in accountancy through a Masters degree in accountancy.

Limitations and Delimitations

Most companies, when offering job opportunities praise the prospects that come with the opportunity especially as far as promotion is concerned. This, however, would only be determined through experience in the company, where one gets the finer details about the opportunity. In essence, it becomes impossible to determine whether a certain opportunity would be appropriate until one goes through the process.

Data Collection and Analysis

Information pertaining to the application process will be derived from my advisor. In addition, the internet is bound to offer incredible information pertaining to the requirements for every accounting job.

Resources Needed

The internet is a requirement as far as carrying out research is concerned. In addition, I need to get the opinions pertaining to the benefits of working experience verses qualifications in the education.

Executive Summary- – – – – 3

This paper examines information pertaining to requirement pertaining to the job market as concerning accounting opportunities. It aims at giving an overview of the requirements in the job market, the requirements in colleges offering Masters’ in Accountancy, as well as the opportunities that come with both. It gives an overview of the features that I should look for when choosing an educational institution in which to pursue my Masters in Accountancy. The paper also examines the question on what is more appropriate for the career growth of an individual. This is done with the sole aim of determining whether it is more preferable to go back to school for a higher education al qualification in Masters of Accountancy than to to go into the job market and gain experience.

Introduction

The importance of academics has never been doubted in the contemporary times. It has always been a highly held thought that the future of an individual is pegged on his or her education or academic qualifications. Indeed, it goes without saying that academic knowledge is extremely crucial as far as the success of an individual is concerned or even the quality of life that that individual is concerned. Indeed, many institutions will demand that an individual produces certificates that attest to his academic qualifications. This underlines the fact that educational requirements are crucial as far as securing a job is concerned. It also comes as an explanation as to why, many individuals have taken it upon themselves to pursue academic excellence and even rise to higher echelons of academic excellence. However, questions have been raised as to the relationship and correlation between the level of education and excellence in life. At what stage does the education of an individual become a liability rather than an asset? When does it become imperative that an individual gains some experience in his or her professional field or field of practice? Would it be more logical at some point to gain some experience rather than run after higher academic excellence? The key question applies to my academic journey especially considering that I will be clearing my bachelors in accountancy within no time. It has become imperative that I determine whether I should pursue a Masters in Accountancy in a certain education institution or chase work experience. The appropriate decision would only be reached by having an overview of the working conditions of an accountant in my level including features such as salary, working environment and other features. I will also examine the various features pertaining to a Masters’ degree in accountancy. These include the environment, qualifications required as far as the education of an individual is concerned, as well as the tuition fees that would be required so as to pursue the degree. In addition, I will examine the things that one should consider when determining the educational institution. The advice of different experts will also be detailed in the paper so as to lend weight to the research and assist in making the decision. It is understandable that the fundamental aim of academics is securing a quality life. This would be attained in instances where an individual moves to higher echelons of employment. It is understood, however, that an individual will most likely start at lower levels of the accountancy profession and move up the ladder. In essence, the question that comes to mind is what would be more helpful in the application for a job. Would it be more helpful to have working experience of higher qualifications in education, as far as securing a high-paying employment opportunity as an accountant is concerned?

Purpose of Study

Clarification of purpose

As a senior student, it is imperative that I make a decision pertaining to the future career goals. In essence, it would be imperative that I get an overview of the experiences that accounting students undergo, so that I can make the appropriate decision. I aim at doing some research so as to determine the experience that comes in handy in the application of a job.

Scope of Analysis – – – – 4

Scope

This paper examines the various aspects pertaining to work experience and education, with considerable focus on the accounting field. It examines the salary scales of accountants, the work environment, as well as benefits. In addition, it examines the effort that would be required to attain a Masters’ degree, with the hypothetical example of the University of Illinois. The choice of this university has been triggered by the fact that it has been ranked as one of the best in the entire United States. In essence, it would come as appropriate as far as pursuing a Masters course in the University is concerned. On the same note, the paper examines the fees and tuition expenses that would be required for the completion of the course. Expert opinion on the different aspects of work experience and education has been incorporated.

Overview Accounting Jobs

Auditors and accountants are responsible for the preparation, as well as the examination of financial records. They are also responsible for ensuring or safeguarding the accuracy of financial records, as well as ensure that proper amounts are paid within the appropriate time. In addition, accountants and auditors are responsible for assessing the financial work and operations to ensure the efficient running of the organizations. The key role is not to enhance the profitability of an organization, rather it is to ensure the accuracy of the financial records of an organization.

Overview Accounting Master Programs

Masters of Professional Accountancy, also known as Masters of Accountancy or Master of Science in Accounting refers to a graduate professional degree that is designed to prepare candidates for public accounting. It also offers them 150 credit hours necessary to completion of CPA examination.

These programs, more often than not, run for a year and incorporate between ten and twelve, three semester credit courses. The program may be composed of a blend of graduate tax course, graduate accounting course, as well as graduate business electives, or all graduate accounting courses. The design of the program allows for the preparation of students for CPA examinations and offers strong knowledge of business applications and accounting principles.

Section 2

Overview of the various aspects of Accounting Profession

Entry Level Accounting Jobs

Entry level accounting jobs provide the challenge, insight and opportunity into varied industries and fields. They offer a stepping stone for the acquisition of knowledge, technical skills, as well as industry insight. Every government entity, agency or enterprise incorporates entry level positions for accountants, all of which involve offering assistance for the preparation of month end closing, reconciliation of the general ledger accounts to the financial statement accounts, preparation of financial statements, preparation of a company’s journal entry accounts, as well as carrying out account analysis. They also maintain account’s charts, account analysis, customer relations, vendor relations, as well as cash management.

General Company Requirements

There are differences as to the requirements that a certain company places for entry level accountants. These are mainly dictated by variations in jobs for entry level accountants, which may include Full Charge Bookkeepers, Tax preparers, Accounts Receivable and Payable Clerks (also known as bookkeepers), Accounting Consultants, Foundation Consultants, and Payroll Accountants among others. Most companies require that an individual is detail oriented, incorporate an aptitude with figures, as well as impressive computer knowledge and skills. In addition, they must have the capacity to communicate appropriately, as well as work with minimum supervision. It is worth noting that as much as there are variations in the academic requirements for employment as an accountant, most companies only require a bachelor’s degree in accounting or even a related field. However, an individual may improve his job prospects by becoming a Certified Public Accountant. It is worth noting that some companies reserve junior accounting positions for individuals who have bachelors in accounting, as well as some experience. These accountants then advance to higher positions of accountancy by exhibiting their accounting prowess on the job. Work experience comes as extremely crucial in securing a job, with most states requiring that an individual has some work experience before applying for a license as a Certified Public Accountant.

Working Environment

It is worth noting that there are variations as to the working environments of accountants in different fields. However, auditors and accountants in general work full time and for over 40 hours in a week. According to the Bureau of Labor Statistics, auditors and accountants occupied approximately 1.2 million jobs in the United States in 2010. Most auditors and accountants work in offices while others work from home. However, there are instances where they have to travel to the business place of the clients.

Salary Scales

According to the United States Bureau of Labor and Statistics, accountants earn a median salary of $61,690 as at May 2010. The median wage refers to the wage where half the workers in a certain occupation earned less than or more than that amount. The 201o data showed that the lowest paid accountants in the 10 % percentile earned less than $38,940, while those in the top 10 percentile earned over $106,880 in a year. It is worth noting that most auditors and accountants work on a full time basis. The 2010 research showed that about 25 percent of the accountants were working for more than 40 hours in a single week, making it about 8 hours per day. It is typical to have longer working hours at certain periods of the year, for example during the tax returns season or end of the budget year. However, it is worth noting that there are variations as to the amounts of wages attributable to an individual. The salary scale is determined by various factors such as position or title, category of employer, experience and level of education

Salary by title or position in an institution

There are variations in the salary scales with the title or position that an individual occupies in an organization. According to data dating back to July 2010, an entry level accounting clerk earned about $31,000, while an accounting supervisor earned around $67,000 every year. A payroll manager earned $75,000 while a controller earned $166,000 per year.

Salary by the type of employer

There are variations in the salary scales depending on the type or nature of employer. As of July 2010, the average salary scales for individuals in nonprofit organizations ranged between $34,000 to $48,000, while those in private firms earned between $38,000 and $51,000. Individuals working in the federal government agencies had their salaries ranging from $41,000 to $61,000. According to the Bureau of Labor Statistics, the accountants’ average salaries by industry were $61,000for tax preparation, accounting, payroll services and bookkeeping firms, while accountants working in insurance companies earned around $60,000. Those in the state governments earned around $51,000.

Salary scales by years of experience

There are variations in the salary of accountants depending on the number of years that an individual has been working. Research shows that the average salary scale for Certified Public Accountants with less than year’s experience ranges between $39,000 and $51,000. Those with work experience between five and nine years have salaries ranging between $51,000 and $72,000, while accountants with more than 20 years had salaries ranging between $61,000 and $109,000.

Salary scale by educational levels

According to the United States Bureau of Labor Statistics, a 2009 study done by the National Association of Colleges and Employers showed that there was minimal difference in the starting salary offers for candidates with a bachelor’s degree and those with master’s degrees. The starting offers for individuals with a bachelor’s degree averaged at $49,000 while that of individuals with master’s degree averaged at $50000.

Benefits

There are various benefits that come with an occupation as an accountant beyond the salary. First, accountants to have predictable working hours, which usually revolve around regular business hours from Monday to Friday. However, these may be increased during the tax season so as to meet the needs of the clients. In most cases, accountants in government offices have rigid time schedules for their work. Large corporation accountants and self-employed accountants, however, may have an element of flexibility in the time schedules.

Second, they have extensive career options, which may include budget analysis, auditing, administration careers and tax specialist. Accountants may also work independently, for government agencies, private corporations or even for other accounting firms. Nevertheless, independent accountants set their working schedules as they deal with private clients.

Moreover, the Bureau of Labor Statistics underline the fact that auditors and accountants have high prospects for employment growth than average as from 2008 to around 2018. This career would also benefit from the changes pertaining to financial regulations. In addition, reforms in international finance are expected to establish a niche market for accountants who specialize in the fields. Accounting careers are expected to expand thanks to fluctuations and adjustments of the market to the varied changes from global recession.

Lastly, according to the Bureau of Labor Statistics, accounting positions usually come with standard benefits including life insurance, vacation pay, sick pay, retirement plans and health insurance. Individuals in higher echelons of accountancy may also be entitled to extra benefits including company car and expense account.

Section 3

Overview of Master Programs for Accountancy

Accounting Master Programs: An overview of the Three Best Institutions

Most accountants and auditors are licensed as Certified Public Accountants. Recent times have seen a change in the requirements that an individual must meet so as to be a Certified Public Accountant. Most states require that an individual goes through five years of schooling, a deviation from the four that were initially in place. Scholars opine that it is best that an individual gets the fifth year by obtaining a Masters degree in Accounting.

The yearly Public Accounting Report and United States News & World Report rank the University of Illinois at Urbana-Champaign as among the top institutions. Others include the University of Michigan at Ann Arbor and The University of Texas at Austin.

University of Illinois

Masters of Science in Accountancy

Overview

Public Accounting Report, Business Week and The United States News & World Report have rated the graduate and undergraduate accounting programs of the University of Illinois as among the best all over the United States. The Masters of Science in Accountancy (MSA) program refers to a one-year program that is designed to accountants’ career development needs. This program comes as appropriate for individuals who have undergraduate degrees, whether in accounting or other fields. The coursework is tailor-made to reflect the career and educational backgrounds, not to mention the career and educational objectives of individuals. This program offers the academic prerequisites for accountants who would like to undertake CPA examination.

Admission Requirements

The institution requires that candidates for the MSA program have a Bachelors degree in a business-related field from accredited institutions. It is necessary or imperative that  the potential candidate incorporates at least a “B” or its equivalent acquired within the last 2 years of study as undergraduates. Moreover, they must have cleared a minimum of two Principles of Accounting courses, as well as one course in various areas such as macroeconomics, microeconomics, management, statistics, finance and marketing. Moreover, they are required to complete the Graduate Management Admissions Test (GMAT) early enough so as to ensure that the test results are available before admission. On the same note, international students must take an Internet Based Test of English (TOEFL) or International English Language Testing System test (IELTS).

Tuition & Fees

The program’s fees and tuition are set every year and may be changed by the University Board of Trustees. Currently, the university tuition fees are 6,600 for summer, $13,200 for Fall and another $13,200 for Spring making it a total of $33,000.

There is also the accountancy fees which include $1000 for summer, $2000 for Fall and an equal amount for Spring, making a total of $5000.

Choosing a College

The choice of a college has a bearing on the overall success of an individual in accounting. In essence, it is imperative that an individual evaluates the various aspects of an institution.

First, it is imperative that the college incorporates a strong network of alumni. Enrolling into an institution means that an individual has linked himself to every person who has ever attended the institution. This network comes as appropriate in the provision of mentorship, professional guidance, as well as employment opportunities. It is, therefore, imperative that an individual determines the alumni’s level of involvement in the institution. This may be in the form of internship opportunities, jobs and expertise guidance to students pursuing a similar profession.

Second, a candidate has to consider the academic support services offered by the institution. The features encompassed by this aspect include the presence of a writing center, tutors, review and study sessions offered before exams among others.

Moreover, it is imperative that the institution incorporates activities and clubs that match the course or interests. It is noteworthy that it is not the number of activities or clubs that matter, rather it is their nature.

The curriculum of the institution has to be engaging. The institution must present or offer a clear and distinctive rationale for the education program, and leave some room to choosing elective courses. In essence, the individual must consider the requirements for the course in which he or she is interested.

Other factors that an individual must consider may include internships and research activities that the college offers. This is especially considering that nothing comes as more helpful in the application for a job than practical and hands-on experience listed on the resume. In essence, the college must offer students with opportunities to assist in research or even internships. The college should have sufficient financial muscle to prop an independent undergraduate research, as well as foster relationships with organizations and companies to assist students to get meaningful internships. This would also be determined by the alumni network. On the same note, consideration of the ratio of student verses the faculty. Most of the prestigious universities and colleges have low ratios of students and faculty. This means that the faculty members spend a significant amount of time supervising the students, thereby enhancing their academic growth.

Benefits of a Masters of Science in Accounting

A Masters of Science in Accounting has been known to offer a clear advantage in the job market. It is worth noting that applicants of entry-level positions face an extremely high competition. In essence, individual who have the capacity to upgrade their academic qualifications are better placed for career opportunities.

Masters degree assists an individual to have a better position in the accounting field right from the beginning. This means that the candidate has an impressive launching pad for his or her future. Higher positions in accounting mean that, the individual gets valuable experience in which case the individual can be sure of rising to senior positions in the field within a short time.

It is noteworthy that as much as accounting is real-life based, it is an incredibly knowledge-intensive field. A Masters of Science in Accounting ensures that an individual is up-to-date or updated as far as the latest principles and practices of accounting are concerned. In addition, it would give an in-depth understanding and knowledge pertaining to accounting procedures and concepts.

A Masters of Science in Accounting would also come as a stepping stone for the acquisition of higher professional qualifications including Certified Management Accountant (CMA) and Certified Public Accountant, among other professional degrees in financial management and internal audit. The United States Bureau of Labor Statistics has stated or shown that professional accounting degrees offer a clear advantage to accountants in the job market. In essence, anyone who wishes to make a serious accounting career should consider acquiring a Masters degree in accountancy.

Impressive job openings, increased opportunities for wider exposure, enhanced growth and earning potential in accounting, as well as the capacity and option of pursuing other professional degrees or even a career as a private consultant are some of the key reasons why it would be imperative that an individual considers a Masters of Science in Accounting.

Section 4

Experts View on the choice between work experience and academic qualifications

There are differences as to the view of the importance of work experience vis-à-vis high academic qualification. Employers considerations of education qualifications are pegged on the fact that education is associated with a set of or varied characteristics that make an individual suitable. They show that an individual has a proven capacity for analysis of problems, productions of solutions, as well as carrying out research. In addition, it shows that an individual has the capacity to learn complicated and difficult subject matter. Moreover, it offers sufficient proof than an individual has enough drive and motivation, as well as intelligence.

On the other hand, work experience comes as exclusive proof that an individual has the capacity to keep up with the changing trends, as well as keep learning, educating oneself and studying adequately to carry out the required duties. It is not in all instances that an individual can transfer knowledge from academics to real-life challenges, in which case work experience comes as conclusive proof for this fact. Work experience comes as an assurance that the accountant will be successful and not simply giving the appropriate answers in an interview.

Contention on work experience and education qualification as a yardstick

There are variations in preference for a certain type or nature of degree and experience. Companies will always try to align the experience obtained with the position that they have to fill, thereby determining the most suitable candidate. In addition, a candidate may have experience in accountancy but may not be successful, in which case it would not be clear whether he or she learnt from the mistakes she made. On the other hand, a degree obtained long time ago may not come in handy especially accountancy where the trends are always changing. This situation would, therefore, be salvaged in instances where an individual has been accumulating relevant work experience. In addition, it is imperative that an individual defines success in both the short term, as well as the long term. It is worth noting that as much as there is a relationship between the level of academic qualification and earning capacity, the trend changes in higher levels of education. An individual with a Masters degree will earn slightly more than another with a Bachelor’s degree. An accountant with professional qualifications earns more than another one with a diploma in accountancy. However, the trend is reversed when an individual reaches the highest level of qualification, a doctorate, where the earning capacity becomes considerably less than those with masters. Experts also opine that it would be more preferable to have an individual who has a Masters Degree and some work experience. In any case, obtaining the work experience while working would still be an option. Nevertheless, a Masters of Science in Accounting comes as a better option than work experience both in the long term and the short term. Not only does an individual earn a higher salary, but the prospects for growth are considerably enhanced.

Conclusion

The debate pertaining to the most appropriate between education qualification and work experience has always been contentious. It is worth noting that both of them come in handy as far as securing a job is concerned. Both of them have pros or strengths that make them applicable or preferable in certain situations. While choosing between academic qualification and work experience may be a herculean task, it is imperative that an individual determines the benefits in the long term and the short term. Most firms hire accountants who have a Bachelor’s degree in accountancy. However, a Masters degree increases the competitiveness of the individual and enhances his or her growth in the long term. As much as the difference between the earnings of accountants with Bachelors degrees may not be significantly higher at the entry level, it is worth noting that the upward mobility of an individual is incredibly enhanced by a Masters Degree in Accountancy. In essence, a Masters degree would be more preferable than work experience in the long term.