A growing economy means a growing need for accountants and auditors.
That’s according to the U.S. Bureau of Labor Statistics, which predicts the employment of accountants and auditors will increase 10 percent from 2016 to 2026, faster than the average for all occupations.
The employment of accountants is closely tied to the health of the overall economy. As the economy improves, more workers are needed to prepare and examine financial records.
“There are many different career paths available for students majoring in accounting,” said Lynn Lupomech, accounting instructor. “Positions exist in public accounting firms, private industry, nonprofit organizations and educational institutions. Knowledge of accounting will also prove helpful in almost any career.”
In addition to ensuring that financial records are accurate and that taxes are paid properly and on time, accountants and auditors also assess financial operations to help organizations and entrepreneurs run efficiently. Demand has outpaced supply in recent years.
The Bureau shows that approximately 1.4 million auditing and accounting jobs were available in the U.S. as of the end of 2016, the most recent year for which data is available. The median pay was $32.76 per hour, or about $68,150 per year.
Securing those jobs, however, takes some effort. Employers typically require prospective employees to have some form of training in accounting or a related field. An associate degree makes a candidate more marketable.
Accounting is one of 10 areas of emphasis MPCC offers as a part of an Associate of Applied Science degree in Business. Classes are available that will transfer toward a four-year degree.
The courses prepare students for employment as accounting clerks, bookkeepers and other entry-level positions. Accounting clerks work in such areas as billing, payroll and accounts payable or accounts receivable. Bookkeepers maintain financial records and perform other general accounting duties.
Students who successfully complete the accounting program are able to perform all steps in the accounting cycle for business entities, compute and record amounts arising from transactions unique to partnerships or corporations, analyze financial statements, recognize potential problem areas and suggest appropriate actions to alleviate or eliminate those concerns.
They can also prepare a variety of tax forms; record cost accounting transactions and reflect the effect of those transactions in financial statements; prepare financial forecasts, cash budgets, production budgets and subsequent variance reports; demonstrate proper use of accounting software and apply basic economic principles to the business decision-making process.
More information about the accounting program offered through MPCC can be found on the college’s website: mpcc.edu.