Considering a Career in Accounting and Finance

EliteC

Hi, I'm currently doing my Leaving Cert and the CAO forms will soon be filled out. I am considering a job in Accounting as I'm good at it and am interested, by my Career Guidance Teacher isn't an expert in this field. So I really don't understnad the actually career of accounting. I've looked it up online but there seems to be several different options which is confusing me. I'm interested in all areas of Accounting.

What qualification is required to be an accountant and what careers opportunities are there?

saw_man

I just finished an internship at one of the big 4 in their advisory practice. The typical accountancy qualification is the ACA but there are two other ones that people do in Ireland ACCA and CIMA. If you go down the auditing route it will almost certainly be the ACA's that you would do.
Auditing is the typical accounting route if there is such a thing as 'typical'. Their job is to check all the finances of a company and ensure it is correct and as it should be. Usually a graduate gets a degree from university (this can be in any discipline) and gets a job in an accountancy firm as a Trainee. As a trainee they take accountancy exams and work side by side. Typically takes 3.5 years to qualify and most people qualify from the big four firms.

Take a look at the big 4 recruiting websites to get a good idea of what it is they do. Salary starts small but grows rapidly especially after you are fully qualified. Most accountants leave the firm the trained in after they qualify.

womandriver

saw_man wrote: »

Auditing is the typical accounting route if there is such a thing as 'typical'. Their job is to check all the finances of a company and ensure it is correct and as it should be.

This is not what an auditor does.

saw_man

Sorry I didn't go into detail here is a description from Wikipedia:
"A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion. The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. The purpose of an audit is to provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements."

womandriver

saw_man wrote: »

Sorry I didn't go into detail here is a description from Wikipedia:
"A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion. The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. The purpose of an audit is to provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements."

It wasn't an issue of not enough detail, to state that an auditor "checks all the finances of a company" simply isn't correct.

saw_man

You are right there ill give you that. I have corrected myself. The thrust is that an auditor does have to investigate the finances of a company to come to a professional conclusion on whether the provided financial statements are correct. So by conducting an audit they will at least to some degree "check the finances of the company".

Also, it would have been really helpful for the thread if you had explained why it was wrong rather than just stating it. I mean we're trying to help a student understand what an accountant does.

womandriver

saw_man wrote: »

You are right there ill give you that. I have corrected myself. The thrust is that an auditor does have to investigate the finances of a company to come to a professional conclusion on whether the provided financial statements are correct. So by conducting an audit they will at least to some degree "check the finances of the company".

Also, it would have been really helpful for the thread if you had explained why it was wrong rather than just stating it. I mean we're trying to help a student understand what an accountant does.

It would save time to check the accuracy of the information before you post it rather than post and wait have it corrected and explained why it is wrong.

Over and out.

saw_man

Always have to have the last word!

womandriver

saw_man wrote: »

Always have to have the last word!

Chill!

There's a lot of misconception about what an auditor's role is. I was simply pointing out that what you said wasn't accurate.

I didn't want a tit for tat exchange which is why I was leaving it at that. Not because I give a toss who had the last word.

randylonghorn

Actually, I'll have the last word.

Thank you both for your efforts to be helpful, but let's leave the sniping outside the door, shall we?

- Mod

didntgotoplan

I just wanted to add based on my experience that I studied accounting in college and graduated in 2005 with a top honours degree. I applied to approx. 25 jobs during my final year including the 2 of the big 4 and when I got a replies to my application, I was told my lack of previous experience was the reason. At the time, the majority of people who got jobs in my class had work experience before graduating.

I'm not sure if this is something that applies now as our lecturers believed this was because of the recession back then, but if I was you I would try to get some work experience to see if that is what you want to do. I eventually got experience in helping a company and found out where I want to go in my career!

womandriver

didntgotoplan wrote: »

I just wanted to add based on my experience that I studied accounting in college and graduated in 2005 with a top honours degree. I applied to approx. 25 jobs during my final year including the 2 of the big 4 and when I got a replies to my application, I was told my lack of previous experience was the reason. At the time, the majority of people who got jobs in my class had work experience before graduating.

I'm not sure if this is something that applies now as our lecturers believed this was because of the recession back then, but if I was you I would try to get some work experience to see if that is what you want to do. I eventually got experience in helping a company and found out where I want to go in my career!

Getting some experience is excellent advice.