Is it possible to make a career out of being an accountant? Here are the pros and disadvantages of both staff and junior accountants. While they perform the same tasks as each other, the roles of both are not identical. Consider their job duties, educational requirements, and potential salaries to get a better understanding of the differences. For recent college graduates, the job duties of a junior accountant could include reviewing financial statements and creating projection reports. Although these reports are typically reviewed by senior executives within the company, junior accountants don't have direct access. Instead, they'd work closely with their supervisors and a supervising accountant.
The primary difference between a staff and junior accountant is in the requirements. The requirements for the staff accountant position require a four-year college degree and at least one year of relevant work experience. Staff accountants must be highly computer-savvy and possess excellent math and accounting knowledge. They must have excellent communication skills, and be open to collaboration. CPAs or controllers are usually the ones reporting to staff accountants. Staff accountants have the opportunity to advance their careers, unlike junior accountants.
A staff accountant is an entry level position in an accounting firm. While they may have the same credentials and responsibilities as a junior accountants, they are often more experienced and responsible. Staff accountants can often perform more difficult tasks and have more experience. Entry-level accountants spend their time preparing budgets, balance sheets, and other financial reports. Staff accountants are often involved with larger projects, including audits and internal checks.
As the BLS reports, the median annual salary for accountants was $60,340 in May 2009, with the lowest 10% earning $37,690. Salaries for staff accountants start off low and then increase as you get more experience. The top 10% of staff accountants are the highest earners. Junior staff accountant positions offer benefits such as health insurance, dental insurance and life insurance. They also get paid leave. Most junior staff accountant positions require an associate's degree in accounting.
You can choose to become either a staff accountant or a junior one, depending on your skills and experience. A staff accountant will be more likely to work as an assistant to a manager. The entry-level junior accountant role is for those who are detail-oriented, proficient in accounting tools, and computer skills. They must also be well-rounded in terms of accounting, including payroll, invoicing, and corporate tax guidelines. And while a junior accountant will generally work under the supervision of a senior staff accountant, the senior accountant usually takes a more strategic role and manages the company's finances.
A junior accountant is an entry-level accountant with responsibilities that are similar to those of a staff accountant. They prepare capital, liability, or asset account entries, as well as perform audits and analyze accounting options. Junior accountants assist with the preparation of financial statements, financial reports, as well as paying monthly payroll. Many of these positions can work overtime, but they are often full-time. Ask the company about their expectations regarding upward mobility when hiring staff accountants.
FAQ
What is the distinction between a CPA & Chartered Accountant, and how can you tell?
Chartered accountants are professional accountants who have passed the required exams to earn the designation. Chartered accountants are usually more experienced than CPAs.
A chartered accountant also holds himself out as being able to give advice regarding tax matters.
The average time to complete a chartered accountancy program is 6-8 years.
What is a Certified Public Accountant?
Certified public accountant (C.P.A.). An accountant with specialized knowledge is one who has been certified as a public accountant (C.P.A.). He/she will assist businesses with making sound business decisions and prepare tax returns.
He/She keeps an eye on the company's cash flow, and ensures that everything runs smoothly.
Why is reconciliation important?
It is vital because mistakes can happen at any time. Mistakes include incorrect entries, missing entries, duplicate entries, etc.
These problems can have serious consequences such as inaccurate financial statements, missed deadlines and overspending.
How can I tell if my company has a need for an accountant?
Many companies hire accountants after reaching certain levels. If a company has $10 million annual sales or more, it will need one.
Many companies employ accountants regardless of size. These include small companies, sole proprietorships as well partnerships and corporations.
The size of a company doesn't count. Accounting systems are the only thing that matters.
If so, then the company should hire an accountant. A different scenario is not possible.
Statistics
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- "Durham Technical Community College reported that the most difficult part of their job was not maintaining financial records, which accounted for 50 percent of their time. (kpmgspark.com)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- Employment of accountants and auditors is projected to grow four percent through 2029, according to the BLS—a rate of growth that is about average for all occupations nationwide.1 (rasmussen.edu)
External Links
How To
How to become an accountant
Accounting is the science that records transactions and analyzes financial data. It also involves the preparation of reports and statements for various purposes.
A Certified Public Accountant or CPA is someone who has passed an exam and received a license from the state board.
An Accredited financial analyst (AFA), or an individual who meets the requirements of the American Association of Individual Investors, is an individual who is accredited by Financial Analysts. The AAII requires that individuals have at least five years of investment experience before becoming an AFA. They must pass several examinations to prove their understanding of securities analysis.
A Chartered Professional Accountant, also known as a chartered accountant or chartered accountant, a professional accountant who holds a degree from a recognized university. CPAs need to meet the specific educational standards set forth by the Institute of Chartered Accountants of England & Wales.
A Certified Management Accountant is a professional accountant who specializes in management accounting. CMAs must pass exams administered by the ICAEW and maintain continuing education requirements throughout their career.
A Certified General Accountant (CGA), member of the American Institute of Certified Public Accountants. CGAs have to pass several tests. One test is known as the Uniform Certification Examination.
A Certified Information Systems Auditor (CIA) is a certification offered by the International Society of Cost Estimators (ISCES). Candidates for the CIA must have completed three levels of education: coursework, practical training, then a final exam.
Accredited Corporate Compliance Office (ACCO), a designation conferred by the ACCO Foundation as well as the International Organization of Securities Commissions. ACOs must hold a baccalaureate or higher degree in business administration, finance, or public policy. Additionally, they must pass two written and one verbal exams.
The National Association of State Boards of Accountancy offers the certification of Certified Fraud Examiners (CFE). Candidates must pass three exams, and get a minimum score 70%.
International Federation of Accountants (IFAC), has awarded a certification to an Internal Auditor (CIA). The four-part exam covers topics such as auditing (auditing), risk assessment, fraud prevention and ethics, and compliance.
American Academy of Forensic Sciences gives Associate in Forensic Accounting (AFE), a designation. AFEs need to have graduated from an accredited college/university with a bachelor's level in any other field than accounting.
What is an auditor? Auditors are professionals that audit organizations' financial reporting. Audits can take place on an individual basis or on the basis of complaints received from regulators.