Khayatun T.

Aniah (A1C010135)
OVER TO YOU 5

THE FUTURE OF ACCOUNTING I think the future of accounting is bright, according to the Bureau of Labor Statistics which projects a 16% increase in job openings by the year 2016. Much of this reflects the increasing complexity of corporate transactions. Demand is especially high in the tax and health care areas. Enrollment has now started to rise and the job prospects for CPAs are better than ever. Many firms are focusing on activity-based management, process-view analysis, constraint checking and business process analysis as well. The world of management accounting is evolving rapidly and there is high demand for accountants who are knowledgeable about these trends. There is also high demand for individuals who can go beyond technical skills and display good interpersonal abilities, legal knowledge sales abilities and foreign language skills. Accountants are broadening as business globalizes and becomes more team-oriented. There is also rising demand for persons with consulting skills or industry experience and falling demand for college graduates. CPA and CMA both highly valued. A recent survey found that over half of corporations which hire accountants feel that the CPA (Certified Public Accountant) designation and the CMA (Chartered Management Accountant) as very important. Skill that I will need to be successful in this profession are: (1) Analytical skill. The ability to visualize and solve problems and make accurate and informed decision; (2) Teamwork. Accountants must possess the ability to cooperate in a team environment. This can be particularly important at entry level, since individuals are likely to be grouped into teams while they learn about the job and the company. Junior accountants must illustrate that they can fit into the firm's culture and work with their colleagues effectively, so that they can gain promotion in the company; (3) Leadership. The successful accountant will be able to manage these team members and be able to elicit their support on tasks. The field of accountancy works to tight deadlines, and part of successful leadership involves making sure that other accountants are on target to complete all of the required work in time. This can involve the team leader finding ways to motivate and encourage his juniors. (4) Computer skill. This ability is important because of accountants have to use software programs to produce and record accounting information; (5) Communication Skill. Effective communication skills are important here, since others must understand the reports and the implications of the work. Choosing the right method of communication is also a consideration; for example, sometimes a written report is appropriate, while at other points a face-to-face meeting will be most effective; (6) Laws, rules and regulations. Much of business and tax accounting involves working with various rules imposed by the city, state or federal government. Its crucial to not only know these regulations, but to stay update on any changes. To prepare myself for the future I have to learn a skill that I have mentioned above very hard and expand relationships in order to add connections.