Consider a career to become an accountant. Here are the pros & cons of both staff accountants, and junior accountants. While both positions do the same job, the roles they play are different. Consider their job duties, educational requirements, and potential salaries to get a better understanding of the differences. A junior accountant might be a recent college graduate. Their day may include reviewing financial statements or preparing projection reports. The reports would be reviewed by the company's executives, but junior accountants are rarely allowed to see them directly. They'd instead work closely together with their supervisors or a supervising account.
The first difference between a staff accountant and a junior accountant lies in the requirements. The requirements for the staff accountant position require a four-year college degree and at least one year of relevant work experience. Staff accountants need to be computer-literate, have excellent math and accounting knowledge. They should also be able to communicate effectively and have a collaborative attitude. Staff accountants usually report to a CPA or controller. Staff accountants have the potential to progress their careers, and are more capable than junior accountants.
A staff accountant can be described as an entry-level job in an accounting business. Although they hold the same credentials as junior accountants and have more responsibility, staff accountants often have greater experience and responsibility. Staff accountants typically have more experience than junior accountants and can handle more complex tasks. Entry-level accountants spend most of their time preparing balance sheets and budgets. Staff accountants are often involved in larger projects, such as audits and internal controls.
According to the BLS, the average annual salary of accountants was $60340 in May 2009. The lowest 10% earned $37,690. As you gain experience, salaries for staff accountants tend to increase. Senior staff accountants make up the top 10% of earners. Junior staff accountant positions offer benefits such as health insurance, dental insurance and life insurance. They also get paid leave. Associate's degrees in accounting are required for most junior staff accountant jobs.
You can choose to become either a staff accountant or a junior one, depending on your skills and experience. A staff accountant will be more likely to work as an assistant to a manager. The entry-level junior accountant role is for those who are detail-oriented, proficient in accounting tools, and computer skills. They must also be well-rounded in terms of accounting, including payroll, invoicing, and corporate tax guidelines. And while a junior accountant will generally work under the supervision of a senior staff accountant, the senior accountant usually takes a more strategic role and manages the company's finances.
A junior accountant is an entry-level accountant with responsibilities that are similar to those of a staff accountant. They create asset, liability, capital and capital account entries, audits, and evaluate accounting options. These duties are not the only ones junior accountants have to perform. Many of these positions can work overtime, but they are often full-time. Ask about the company's expectations of staff accountants when hiring.
FAQ
What is an audit?
An audit is a review or examination of financial statements. Auditors examine the accounts of a company in order to make sure everything is correct.
Auditors check for discrepancies and contradictions between what was reported, and what actually occurred.
They also check whether the company's financial statements are prepared correctly.
What's the purpose of accounting?
Accounting is a way to see a financial picture by recording, analyzing and reporting transactions between people. It allows organizations to make informed financial decisions, such as whether to invest more money, how much income they will earn, and whether to raise additional capital.
Accounting professionals record transactions to provide financial information.
This data allows the organization plan for its future business strategy.
It's essential that the data is accurate and reliable.
How does an accountant work?
Accountants work closely with their clients to make sure they get the most from their money.
They work closely with professionals such as lawyers, bankers, auditors, and appraisers.
They also interact with departments within the company, such as sales and marketing.
Balanced books are the responsibility of accountants.
They determine how much tax must be paid, and then collect it.
They also prepare financial statements, which reflect the company's financial performance.
Statistics
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- In fact, a TD Bank survey polled over 500 U.S. small business owners discovered that bookkeeping is their most hated, with the next most hated task falling a whopping 24% behind. (kpmgspark.com)
- Given that over 40% of people in this career field have earned a bachelor's degree, we're listing a bachelor's degree in accounting as step one so you can be competitive in the job market. (yourfreecareertest.com)
- Employment of accountants and auditors is projected to grow four percent through 2029, according to the BLS—a rate of growth that is about average for all occupations nationwide.1 (rasmussen.edu)
- The U.S. Bureau of Labor Statistics (BLS) projects an additional 96,000 positions for accountants and auditors between 2020 and 2030, representing job growth of 7%. (onlinemasters.ohio.edu)
External Links
How To
How to be an Accountant
Accounting is the science of recording transactions, and analysing financial data. Accounting also includes the preparation of statements and reports for different purposes.
A Certified Public Accountant or CPA is someone who has passed an exam and received a license from the state board.
An Accredited Financial Analyst (AFA), is someone who has met certain criteria set by the American Association of Individual Investors. A minimum of five years' experience in investment is required by the AAII before an individual can become an AFA. They must pass a series of examinations designed to test their knowledge of accounting principles and securities analysis.
A Chartered Professional Accountant, also known as a chartered accountant or chartered accountant, a professional accountant who holds a degree from a recognized university. CPAs must comply with the Institute of Chartered Accountants of England & Wales’ (ICAEW) educational standards.
A Certified Management Accountant is a professional accountant who specializes in management accounting. CMAs must pass exams administered annually by the ICAEW. They also need to continue continuing education throughout their careers.
A Certified General Accountant (CGA), member of the American Institute of Certified Public Accountants. CGAs are required to take several tests; one of these tests is known as the Uniform Certification Examination (UCE).
International Society of Cost Estimators' (ISCES) offers the Certified Information Systems Auditor certification. Candidates for the CIA must have completed three levels of education: coursework, practical training, then a final exam.
Accredited Corporate Compliance Official (ACCO), a title granted by ACCO Foundation and International Organization of Securities Commissions. ACOs need to have a bachelor's degree in finance, public policy, or business administration. They must also pass two written exams as well as one oral exam.
The National Association of State Boards of Accountancy gives the credential of Certified Fraud Examiner (CFE). Candidates must pass three exams with a minimum score 70 percent.
International Federation of Accountants (IFAC), has awarded a certification to an Internal Auditor (CIA). The International Federation of Accountants (IFAC) requires that candidates pass four exams. These include topics such as auditing and risk assessment, fraud prevention or ethics, as well as compliance.
American Academy of Forensic Sciences gives Associate in Forensic Accounting (AFE), a designation. AFEs must be graduates of an accredited college or university that has a bachelor's in accounting.
What does an auditor do? Auditors are professionals who audit financial reporting and internal controls of an organization. Audits may be conducted on a random basis, or based in part on complaints made by regulators.