Job Responsibilities
Entering monthly journal entries (70%), monitoring cash flows
for millions and billions of dollars (10%), drafting financial
statements (5%), corresponding with clients, regulators, other
company departments (15%). A typical week as an investment bank
corporate accountant is 50-65 hours.
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Job Requirements
B.S. Accounting (now usually a 5- year program): usually
involved some difficult business classes that are pretty
valuable in terms of the knowledge that is taught.
CPA - rough test, proceed with caution. Great if you can get it.
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Uppers
In accounting, you will always have a job, no matter what state the economy is
in. If you join a big enough company, compensation is decent and typically
ranges between $50 and $150 K, depending on experience and career advancement.
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Downers
Like many jobs, the work itself can become quite monotonous.
Lack of motivation is rampant because many people are bored of
their hum-drum lives as accountants. Auditing (public
accounting) can be more interesting because of travel and change
of clients, but it is all generally dirty work that is looked
down upon by many executives and individuals who drive the
profit of the businesses. The high pressure sucks also.
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Lifestyle
Well, work-life balance is reall tough to establish. There always seems to be
more work to do - in my job at an investment bank, they just keep adding more to
your plate until you either a) quit or b) mess up enough that they realize you
are completely overloaded and overworked. If you are reasonably intelligent and
have a good work ethic, you might end up being a good sucker for 10 years and get
promoted to a managerial position that has some weight. But don't hold your
breath on that one. In general, accountants tend to be very passive and get
crapped on by their companies. They usually get abused by the same employer for
x years until they decide that they have been miserable long enough, so they
leave and find a better situation (if they are fortunate).
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Compensation
$65 K base + $20 to $30 K bonus, depending on the economy and
firm profitability.
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Advice to Jobseekers
Accounting sucks. Use your mind and intelligence for something
worthwhile, something *relevant*, something that will make
someone else's life better.
Accounting will always have jobs, even after a nuclear meltdown -
there will be insects and accounting jobs, even if there is
nothing else.
My advice is to make sure you truly love it - otherwise, run the
other way as fast as you can and do something you are passionate
about.
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