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Giraffe Career Guide to Accounting

Excerpt:
These are good times for the accounting profession. There is an increase in demand for accountants in
almost every sector of the U.S. economy. There are many factors driving this growth. Accountants are
needed to manage the financial, technological and internal control systems that are an integral part of US
business. The sheer volume of financial and non-financial information is skyrocketing – and who is
creating, analyzing and interpreting this information? Accountants!

Accounting firms are expanding their traditional areas of specialization. New regulations such as
Sarbanes-Oxley have resulted in greater emphasis on external auditing and growth in compliance related
services. Tax planning and preparation services are growing due to the complexity of the tax code contrary
to government efforts. Business advisory and management consulting services are in demand with the
increased complexity of corporate transactions and organizations.

.....The most widely accepted and respected credentials in the accounting profession are the Certified
Public Accountant (CPA) and Certified Management Accountant (CMA) certifications. A recent survey found
that the management of more than half of US corporations feels that these certifications are very
important. Accountants and auditors who have earned the CPA or the CMA have an advantage in the job
market. Individuals with multiple certifications such as CPA, CMA and CISA are even more marketable.

.....The Big Four accounting firms dominate the public accounting profession by almost any measure.
These four firms are the survivors of an evolutionary process that started with eight firms. The firms are
PricewaterhouseCoopers, Deloitte & Touche, Ernst & Young and KPMG. These firms handle the
accounting and auditing of approximately 80% of public US companies (those listed on stock exchanges).

.....The growth of international business has led to more demand for accounting expertise and services.
Trends in globalization and the integration of the world economy are reflected in the increasing presence
of US companies around the world. The outsourcing of US production and services has resulted in US
business interests across Asia, South America and Europe. These trends are creating more jobs for
accountants and auditors.