Accounting Career - Assignment Example

ACCOUNTING CAREER Accounting career Accounting is a career that involves the love and passion for seeing things happen right as far as keeping financial records is concerned. It involves a comprehensive and systematic recording of financial transactions that pertain to any business that requires a high level of accountability. This field of practice requires a high level of personal discipline for the individual performance of a practitioner. Entry into this field of practice is attached to a number of compulsory requirements, most of which are academic in nature. Since accountants are required to compile and provide financial information about businesses to help company managers and stakeholders in making sound business decisions, it is a requirement that they should have the right knowledge and experience which is relevant for them to be able to perform will (Riahi-Belkaoui, 2003). The field involves a large probability of risk occurrence thus the right training may be instrumental in reducing the chances of losses and major financial mistakes. This justifies the highly set qualifications for those who wishing to get into this profession. The field being vast and specific, depending on where one wishes to specialize in, the educational requirements may vary. One may be required to possess a bachelor’s degree in Accounting, and at times, may be required to possess an MBA in Accounting. To practice as a public accountant, which is the desired option, one will be required to undertake and pass CPA examinations. One will also be required to undertake ethics examinations and seek to attain a CPA license, which further has more requirements. Experience in the field also bears an added advantage since it is believed that such experience lowers the probability of risks turning tragic (Bhimani& Bromwich, 2010). Some organizations require that its employees be members of Organizations for CPAs if they are to be seriously considered for job opportunities or even for promotions into higher job groups. Other possible fields of specialization apart from public accounting may include internal auditing, management, cost estimation, financial analysis, budget analysis, personal financial advising and tax examination. It is an expectation that one seeks satisfaction in the field of accounting by ensuring that all conditions at the work place are in their favor. A good way to secure trust and respect is by being highly qualified academically. This may be ensured by having acquired a Master’s Degree in the field and Further having a PhD with 3.0 plus. This will be a de-jure assurance of job security. This level of academic qualification also comes with a lot of knowledge that provides different possible solutions to challenges faced at the workplace (Alba,Bathija, Thornton &Vault (Firm), 2005). Such a qualification backed with a level of relevant experience will ensure maximum level of performance expected of the accountant. Generally, higher academic qualifications are associated with performance and therefore is has the effect of opening doors in the actual practicing industry. Another common way to ensure maximum performance in the field is by ensuring that the practitioner makes good use of his/her early age actively in the practice. By ensuring that you start practicing early, say by 30years of age, one will be able to acquire the necessary experience before they are too late. This will ensure that they are not affected by factors of ageing that highly undermine any form of performance expected. These factors may include hearing and vision problems, energy and physical strength, inability to handle pressure and great memory loss. The field of accounting requires a high level of memory. Memory loss cannot be entertained in this field of practice since it is involved with large amounts of resources that cannot be left subject to loss. As a result, it would be advisable that one is already an established accountant by the age of 35 years for highest productivity and morale (Jackling&Calero, 2006). The value of a good reputation for any job position remains uncontested even with the rise of other factor of individual performance in an office scenario. As a result, the impact of a good or bad reputation cannot be disregarded. It is clearly a factor that is taken to indicate abilities of an employee and as such, can be used as a silent assessment criterion. It is important that one tries to accomplish tasks awarded to them in good time. Only then can they manage to go through the work and ascertain accuracy and check for gross mistakes. Another clear way of keeping a good reputation is by being in good terms with everyone at the workplace, or at least pretending to. Ability to keep peace and work with cohesion is a clear indication that one has the company’s interest at heart. It also indicates the ability to solve problems peacefully thus further showing the capability of being able to help a company come into terms with several financial adjustments and settle problems amongst workers (Sugahara, Hiramatsu& Boland, 2009). This is a sign of possible ability to lead and thus may be considered for any leadership position should the need arise. This is how important one’s reputation is. It should therefore be guarded and kept on the positive side at most times. Educational papers do not indicate the amount of knowledge one has. With interest and passion, education processes can be turned into learning sessions where one internalizes whatever knowledge that they are given. With the right knowledge, one is capable of sorting out issues that arise in their areas of specialization. When there is a knowledgeable employee in the office, everyone seems to be interested in associating with them. This type of employees is preferably consulted by colleagues where there is need for the stereotyped “right” information. These employees are also consulted by the managers in the office to seek their opinions or facts about certain things within the office (Chao, 2009). These employees tend to be considered for any positions that come up. Therefore, it is wise to ensure one has the relevant knowledge before they go into the practice so as to avoid blank stares and awkward silences that result from lack of the information that is required of them. Whenever employees go into practice, there are expectations that they go with. These expectations vary based on someone’s past experience and set standards. These expectations may be classified on grounds on how the person will benefit from the company for the services they offer. They may be in terms of the salary that one earns, insurance covered by the company, scholarship positions for kin. For a start-up salary, an employee could demand a reasonable figure such as $7,093.0. That figure will ensure a competitive ground basis is set and that when the employee rises in rank, he/she may be able to earn amicably bigger figure. This figure may seem quite high but a PhD holder wouldn’t settle for less in any part of the world for a similar position. It would be clearer to indicate that this figure is the basic salary in which case any allowance have not been mentioned, however much they will be expected to appear in the pay slip (Cai-yun, 2012). The employee may also decide to demand insurance cover as part of the benefits he expects to get from the company. The insurance cover may be medical or any other based on the agreement that the employee reaches with the company. It is normally clear that the contract that an employee signs with any employer clearly indicates all the agreements of benefits, even minor, to ensure that any breach by the company is taken into consideration. The employee may even decide to demand free tickets on an annual basis to destinations of his/her choice. Another common benefit that most employees seek is free scholarships for the children. Under such agreements, the company caters for the education of the children under agreed terms of service. The contract of service clearly indicates whatever limitations that exist in the benefits that the employee gets from the company (Donald, 2012). Under certain agreements, the children may continue to benefit from the company even after their parents have retired or gone into retrenchment. All monetary agreements between employees and employers should always be kept in writing because such information can be used as evidence in the case where the employer/employee files a lawsuit on breach of this type of agreements. Only then can there be assurance of the same With the right levels of education and qualifications, one can work as an accountant at any part of the world. CPA qualifications are taken to be universal and one can even practice as an expatriate certified public accountant in any part of the world. However, the demand for accountants is directly related to the society of existence and how the presence of monetary institutions, numerous businesses and growing industries. One such place is Kuwait. It is traditionally known as a trading hub. It was Kuwait that thrived in the craft industry before the Japan overtook them and as a result took away its wide-spread market. However, over the years, Kuwait has grown greatly in the business field due to the discovery of oil in 1938. The Oil Industry has continuously grown leading to development of Banking and Finance and foreign investment (Geri, 2010). Since then, economic development became nearly continuous. As a result, it offers a wide market for highly specialized accountants. It would therefore act as a genuine reliable destination for job seekers in the field of accounts. Accountants seeking employment in Kuwait would obviously get absorbed into the oil industry, agriculture and fishing and international investment as financial officers in different levels of finance management. Practicing in Kuwait is obviously competitive and therefore highest of qualifications are considered. As a result, it would require that those considering it as a possible destination to have high qualifications. These qualifications may include aspects such as post graduate and doctoral levels of academic achievements. They may also be required to have useful experiences in accounts and auditing work, be knowledgeable and learned in information and technology, and have the experiences of having worked in offices and taken up managerial positions (Steuerle, 2004). Academic qualifications in other related fields such as investment and security, insurance and actuarial science may be of advantage due to the ability to analyze and prevent losses due to risks taken by a company. As an additional advantage and for the effectiveness of service, one needs to be fluent in Modern Standard Arabic, which is the official and national language spoken in Kuwait. In general terms, highest level of qualifications would play to one’s advantage in seeking a job opportunity. References Alba, J., Bathija, M., Thornton, M., & Vault (Firm). (2005). Vault career guide to accounting. New York, NY: Vault Inc. Bhimani, A., & Bromwich, M. (2010).Management accounting: Retrospect and prospect. Amsterdam: CIMA/Elsevier. Cai-yun, J. I. N. G. (2012). Accountant Innovation Talent Cultivation Mode and the Realization Way.Journal of Southwest University of Science and Technology (Philosophy and Social Science Edition), 4, 008. Chao, Z. H. O. U. (2009). On Accountant Credit.Journal of Yangtze Normal University, 2, 026. Donald, L. (2012). Why Be an Accountant: Should I Be an Accountant? What You Should Know Before Entering the Accounting Career. Victor Lee. Geri, N. (2010). Making the numbers count: the accountant as change agent on the world-class team, by BH Maskell. Jackling, B., &Calero, C. (2006). Influences on undergraduate students intentions to become qualified accountants: evidence from Australia. Accounting Education: an international journal, 15(4), 419-438. Riahi-Belkaoui, A. (2003). Accounting: By principle or design?. Westport, Conn: Praeger. Steuerle, G. (2004). The Vital Role of the Accountant. Sugahara, S., Hiramatsu, K., & Boland, G. (2009). The factors influencing accounting school students career intention to become a Certified Public Accountant in Japan. Asian Review of Accounting, 17(1), 5-22. Read More