Advantages And Limitations Of Career Planning Accounting Essay

Category: Accounting

Exploration:Â the transition that occurs in mid-twenties as one looks at work after college education, seeking answer to various questions about careers from teachers, friends etc.

Establishment:Â this is the stage where one begins the search for work, picks up the first job, commits mistakes and learns thereafter.

Mid-career:Â Between 35 and 50 one is typically confronted with a plateaued career, where your maturity and experience are still valued but there is the nagging feeling of having lost the initial fire in the belly

Late career: This is the stage where one relaxes a bit and plays an elderly role, offering advice to younger ones as to how to avoid career mistakes and grow continually.

Decline:Â This is the stage where one is constantly reminded of retirement, after a series of hits and misses. Career And Succession Planning

Advantages and Limitations Of Career Planning

Career planning offers significant benefits to both the individual and the organisation. The employee has advance knowledge of available career opportunities. He or she can set appropriate career goals and plan to achieve them over a period of time. Organisations, too, can separate the stars from the mediocre and reward the efforts of those who are hardworking and talented. This would, in turn, improve employer-employee relations. On the negative side, for small scale units, career planning may prove to be a difficult and costly exercise. Sometimes, local laws, union pressures could upset career planning efforts. Not every company would be able to resolve all career related issues success full.

INTRODUCTION

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions including computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management.

There's a lot to get out of a career in accounting. Perhaps most important: You will learn how business works. The field of accounting offers stimulating and challenging work that is constantly evolving. Because accountants spend a lot of time looking under the hoods of businesses they really learn how business works. It's no surprise that many successful players in business began their careers as accountants. It's also no surprise that most Chief Financial Officers of large corporations have a background in accounting. An accountant is perfectly positioned to become a CFO because he or she probably has the best understanding of what drives business and profits in a company.

Careers in Accounting

The field of accounting offers a wide spectrum of job opportunities with very competitive salaries. Accounting is an integral part of all businesses; therefore career opportunities exist in a wide variety of work environments. Career options include large and small accounting firms, national and international companies, government agencies, and not for profit organizations. Provided below is a brief overview of some potential careers in accounting.

Opportunity overview

The need to meet now stringent government regulation combined with an aging working force and expanding global market has made this a great time to be looking for a career in accounting. Many firms that feel under scrutiny of new government regulations have paradoxically benefited from those same rules, facing less competition while reaping hefty fee for government-mandated service. Add to this a relatively healthy economy and opportunities abound for entry-level and midcareer types in both public and management accounting.

Most industry hires are recent graduates of college or university accounting programs.

Growth is projected in the government, corporate and public job market.

By far the most hires are for audit positions especially senior level audit specialists, but specialty areas such as financial analysis and forensic accounting are also experiencing increased growth.

Big four accounting jobs are still highly coveted and offer a predictable career path with great experience should you decide to leave one of these firms.

Major pluses

The big four and other firms give you exposure to a wide range of companies, industries and a lot of responsibility. I will develop an impressive skills set that I can take elsewhere, whether I want to hang out my own accounting shingle, go into industry, or pursue an entirely different profession

I'll use to flight technology if I go to work in the big four. These firms have been among the most savvy and aggressive users of intranets, extranets and e-commerce technologies.

Now more than ever, corporations and other instructions need accountants and it remains de rigueur for fortune 500 companies to use the big four for accounting services.

In general employment opportunities at every level can be found across the country. Specifically senior level skills are in demand, with abundant vacancies in the north-eastern southern regions.

Major minuses

Internal political play a big role when in comes to staffing at the big four.

Bureaucracy central : accounting involves myriad rules, regulations, reviews, and checklists and some insiders complain that a feeling of administration overload often creeps unnecessarily into other aspects of their professional lives.

Accountants are notorious for working late, especially during the tax season. There are always client demands to be met and numbers to be checked and double checked. Thank fully, life is often relatively sane during the off season.

Lack of both creativity and daily work variation are often associated with the industry

Non-public Accounting Career Path

Management accountants often start as cost accountants, junior internal auditors or trainees for other accounting positions. As they advance in their organizations, they may rise to accounting manager, controller, chief cost accountant, budget director or manager of internal auditing. Some also become treasurers, vice presidents of finance, chief financial officers or corporate presidents. Many senior corporate executives have a background in accounting, internal auditing or finance.

Financial accounting and reporting

Staff accountant (1-3 years)

Financial accounting and reporting staff work under the direction of a senior accountant performing detailed work assignments in one or several of the following areas: receivables, payroll, payables, property, general ledger and financial statements

Senior accountant (3-6 years).

Senior accountants supervise the work of staff accountants and are responsible for special reports and financial analyses.

Accounting manager (6+ years)

Accounting managers assist the controller and are often responsible for one of the functional areas such as financial accounting or budgetary planning and control. They direct the work of personnel involved in detailed accounting entries, internal financial reporting and financial statements (james 2007)

Job Outlook

According to the 2008-2009 Occupational Outlook Handbook, "employment of accountants is expected to grow by 18 percent between 2006 and 2016, which is faster than the average for all occupations. This occupation will have a very large number of new jobs arise, almost 226,000 over the projections decade. An increase in the number of businesses, changing financial laws, and corporate governance regulations, and increased accountability for protecting an organization's stakeholders will drive growth.

Skills Needed for a Career in Accounting

Accuracy, Analytical skills Ï… High Ethical Standards

Communication skills, both oral and written Ï… Computer skills

Ability to work with limited supervision Ï… High standards of integrity

Ability to work with others as part of a team Ï… Decision-making skills

Typical Job Titles for Accounting Majors

Auditor

Consultant

Tax Advisor

Cost Accountant

Financial Analyst

Internal Auditor

Staff Accountant

Tax Accountant

Business Analyst

My career plan

The Careers Action Planning Cycle

Where am I now?

In my life cycle now I'm in the very important stage, this is the stage that decide my entire life plan, I spend 22 years in this world, in these year I got some of the educational and experience knowledge shows below

Advance level in business studies

HND in Accountancy

Working experience as Bookkeeper (4 months )

Working as crew trainer in McDonalds

Now I'm doing BA (Hons) Business studies In London school commerce. And I'm very good in mathematics and accounting.

Where do I want to be?

I want to be a finical accountant, if I want to reach my dream job, I have to get some of the stages, experience and education level. For that I have to find my career path in that bath there is some stage of careers

Book keeper

Finance assistant

Assistant accountant

Financial accountant

Finance manager

Book keeper

Bookkeepers are managing all the financial data for companies. If the subscribe to the idea that information is power, you will agree that the bookkeeper has a tremendous amount of power within a company. Information tracked in the books help business owners make key decisions involving sales planning and product offering and manage

many other financial aspects of their business.

Requirements

There are no minimum entry requirements but employers often ask for GCSEs (A-C)/ S grades (1-3) or equivalent in maths and English. Computer skills are also useful.Â

For details of qualification equivalents see:Â

Qualifications and Curriculum Authority (England, Wales and Northern Ireland)Â

Scottish Qualifications AuthorityÂ

A number of useful qualifications are available. These include:Â

The Association of Accounting Technicians (AAT) offers a number of qualifications including NVQ/SVQs in accounting at levels 2, 3, and 4. There are no minimum entry requirements. The AAT Bookkeeping Certificate (ABC) is also available. The AAT also offers a range of specialist qualifications including the NVQ/SVQ in Audit (Internal), the NVQ/SVQ in Payroll Administration and the AAT Diploma in Government Finance. After successfully completing any of AATs qualifications, except ABC, students automatically become AAT Affiliates and can progress to Membership.Â

International Association of Book-Keepers (IAB) offers a range of examinations at various levels. After passing certain IAB exams you can apply for IAB membership.Â

LCCI Practical Book-keeper (first level), Book-keeper (first level) and Book-keeping and Accounts (second level).Â

OCR Practical Book-keeping (stage I-II) Book-keeping (stage I) and Computerised Accounting (stage I-II).Â

SQA National Units in Accounting at Intermediate 1 level.Â

Pitman qualifications in Book-keeping and Accounts, Computerised Accounts and Accounting. .( http://www.redgoldfish.co.uk/job-roles/171-book-keeper-job-role.aspx)

Assistant Accountant

Under general supervision, performs paraprofessional accounting, payroll and lead work duties and other work as assigned.

Knowledge, Skills and Abilities:

Knowledge of the principles and practices of bookkeeping and accounting; knowledge of standard office practices and procedures; knowledge of data processing, personal computer and network functions; knowledge of basic statistical methods and applications; may require knowledge of laws and regulations governing payroll processing and record keeping; may require knowledge of filing procedures for form 941; may require knowledge of FLSA labor laws and HIPAA requirements; ability to interpret and follow complex written and oral instructions; ability to prepare neat, concise and accurate reports; ability to identify problems and recognize their component parts; and the ability to establish and maintain effective working relationships.

Requirements

The Assistant Accountant will be educated to graduate level and currently studying towards an accounting qualification, either ACCA or CIMA or looking to start.Â

A minimum of 1 years' experience within a varied finance role is essential for this role.Â

The Assistant Accountant will be looking to work within a fast paced and challenging environment and have strong communication skills with the ability to liaise at all levels confidently.Â

Financial accounting

A financial accountant is a figure in charge of an accounting department. financial accountant typically work in public or private companies and are in charge of cash flow for the company. This is a position that an accountant has to work towards through experience.

Requirements

A strong financial accounting background. CCAB qualification, ideally ICAEW Capable of demonstrating up to date technical financial reporting knowledge including in-depth knowledge of International Financial Reporting Standards (IFRS) Experience of owning and producing statutory financial statements Experience of managing teams with a range of capabilities Strong finance system skills including advanced Excel skills Good written and oral communication skills, able to communicate complex financial

matters to non-technical experts Team player, able to work with colleagues across the organisation A „hands on‟ approach and the ability and desire to „muck in‟ if needed A positive 'can do' approach Strong fit with The National Archives‟ values1

.

How do I get there?

A careers action plan is a personal statement that can be reviewed. It will help you manage the transition from education to employment and prepare you for lifelong learning. It maps out the steps you need to take from where you are now to where you want to be. It should have

SMART objectives:

• S Specific; my action plan needs a specific focus.

My career plan is become a financial accountant, for that I have to get

Degree in a subject with direct relevance to study: examples include accounting, business studies, law, mathematics, economics and the MBA

Registration with one of the professional bodies

Association of Chartered Certified Accountants (ACCA)

• M Measurable; make sure objective is measurable, how will i know if i have reached your goal?

In my career path I'm in the begging, but im very confident and interest to reach my future position

• A Achievable; ask myself: what's in it for me?

In career and Education field everything achievable, if we give full attention and interest on it. When I was come to UK I'm very worried about my English knowledge, in my LSC first class I didn't understand anything, because even I couldn't guess what they teaching, then teacher tells about Student portal, then next class I prepared myself to next class and I cloud understand lecture, so if I prepare and plan my career it should achievable.

• R Realistic; how achievable are your objectives and your overall career goals?

• T Timed; put in a range of timescales to help with your planning.

Within 7 years I will become as a financial accountant, in 2012 I will finish my this degree, after that I will study MSc in Finance and Accounting, at the same time I will finish my ACCA studies, so I should my dream job within 7 years.

Conclusion