Think twice before you get that accounting degree (interviewing, reputation, find a job)
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The term I heard is "principles-based." Can't remember the term for what the US currently has [think it is "rules-based"], but basically a lot of things here are determined by quantitative things like dollar values and percentages. A principles-based system would not give that clear of a guidance, and theoretically would be harder to wiggle out of.
Thing is, though, it probably wouldn't be that relevant to the vast majority of people in the field, aside from those who worked for publicly traded companies, Big 4 and other larger firms, etc.
Automation cuts both ways. It lessens the amount of administerial work companies have to do, but it also greatly allows them to do things they never used to do before.
For example, large scale mergers or a series of frequent mergers were rare in the past, because it took too long to integrate businesses (sometimes years). With technology today, it is much easier for companies to acquire new businesses, bring new products to market, enter foreign markets, etc. So business is much more complex than it ever was before. A mid sized parts business may have had a single factory in Michigan and 1 client in Ford, and financed its operations through a local bank.
Now, that company might have factories in South America, have clients throughout the world, has a sophisticated distribution system, has foreign currency issues, complex international tax issues, and is financed with a syndicate of lenders from throughout the world. It may also see opportunities in Asia and investigate whether to buy a foreign company to complement their existing product line. None of that would be feasible 30 years ago, or even 15 years ago for smaller companies.
With that added complexity, there are now much more difficult accounting issues and management needs much more sophisticated reports to run their business than in the past.
The trend is that business is getting much more complex, so businesses will still demand increasingly sophisticated accountants.
one thing to bear in mind is that a large number of accounting services can be done by a computer (or overseas), with minimal human input.
and yes, I know that leaves other work (ala auditing) but if you have a tens of thousands people leaving Tax for Audit, you will see those jobs start to pay less too.
There are now too many of us chasing a few high paying jobs, and those jobs get less every year.
Modern-day accounting is done through computers. Quickbooks, major ERP systems. I worked for a major company that off-sourced the AP function to China. The human is there to double check the work of the program and for any technical problems.
I'm graduting with a bachelors in accounting. Lets hypothetically say I dont get an internship before I graduate. If I have to start as a bookkeeper, AR & AP clerk, accounting clerk/assistant, etc can I later move up to staff accountant? Or will I be stuck at these lower jobs for the rest of my career?
Also, I'll be CPA eligible at the time I get my bachelors. Should I even pursue a MACC or just get the CPA?
Last one, if I do start at one of the lower level jobs and sit for the CPA would firms hire me for a staff accountant then?
I'm graduting with a bachelors in accounting. Lets hypothetically say I dont get an internship before I graduate. If I have to start as a bookkeeper, AR & AP clerk, accounting clerk/assistant, etc can I later move up to staff accountant? Or will I be stuck at these lower jobs for the rest of my career?
Also, I'll be CPA eligible at the time I get my bachelors. Should I even pursue a MACC or just get the CPA?
Last one, if I do start at one of the lower level jobs and sit for the CPA would firms hire me for a staff accountant then?
Thanks for the advice! :-)
You can work up but remember your primary goal is to start out as a staff accountant and work up to a senior...you'll have an accounting degree, you shouldn't settle for an A/P, A/R, or bookeeper position...
The MAcc often has no purpose for people if they are already CPA exam eligible. Programs vary, but a lot of them are designed for people with no previous accounting coursework to get exam eligible.
One exception might be for an undergrad to give themselves another chance to get in front of recruiters, especially the bigger firms that tend to only hire people within their college recruiting pipeline.
Here's my advice: work for the local government. Start off as an a/p clerk and work your way up.
That's how I became the CFO. I don't even have a CPA but now I teach governmental/fund accounting to CPA's. I also review CAFRS and Budgets for the GFOA. It's a good career that most people don't even consider. A lot of government accountants are retiring so there will be quite a few openings.
We also get good retirement benefits, especially in Texas.
Don't restrict yourself to cities only, but look in counties and special districts.
Don't limit yourselves with those degrees, kids
Also, in this type of field, you can bet your patootie it ain't gonna be outsourced not on taxpayers money it ain't There would be an uproar!!! Remember this is LOCAL government!!
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