http://www.onetonline.

org/
http://www.bls.gov/home.htm
Accounting

Introduction

Accountants work with the financial records of businesses or individuals to prepare

financial statements. . They analyze and communicate financial information for various
entities such as companies, individual clients, and Federal, State, and local governments.
Fundamental tasks of the occupation consist of analyzing and interpreting business and
financial records such as income statements, balance sheets, cost studies, and the
preparation of tax returns in order to provide their clients with advice on financial
matters. They also provide consulting services to companies and advise on different areas
of business management (SIGI, Accounting). Specific job duties vary widely among the
four major fields of accounting and auditing: public accounting, management accounting,
government accounting, and internal auditing.

Public accountants perform a broad range of accounting, auditing, tax, and

consulting activities for their clients, which may be corporations, governments, nonprofit
organizations, or individuals. Public accountants, many of whom are Certified Public
Accountants (CPAs), generally have their own businesses or work for public accounting
firms.

Management accountants, who are also called cost, managerial, industrial,

corporate, or private accountants record and analyze the financial information of the
companies for which they work. Among their other responsibilities are budgeting,
performance evaluation, cost management, and asset management.

Government accountants and auditors examine the records of government

agencies and audit private businesses and individuals subjected to government
regulations. Accountants employed by Federal, State, and local governments ensure that
revenues are received and expenditures are made in accordance with laws and
regulations. Those employed by the Federal Government may work as Internal Revenue
Service (IRS) agents.

Interests/Skills Used

The average accountant must possess strong skills in problem identification, information
gathering, solution appraisal, and the management of financial resources. They must also
have medium skills in reading comprehension, active listening, writing, speaking,
mathematics and monitoring (Choices, Accounting).

Work Conditions
The work environment for most accountants and auditors is a typical office setting.
Some may be able to do part of their work at home. Accountants and auditors employed
by public accounting firms, government agencies, and organizations with multiple
locations may travel frequently to perform audits at branches, clients' places of business,
or government facilities. Almost half of all accountants and auditors worked a standard
40-hour week, but many work longer hours, particularly if it is during the tax season
(bls.gov).

Training/Education/ Licenses

Most accountants and auditors need at least a bachelor's degree in accounting or a related
field. Many accountants choose to obtain certification and becoming a Certified Public
Accountant (CPA).

Education and training - Most accountant positions require at least a bachelor's degree in
accounting or a related field. Some employers prefer applicants with a master's degree in
accounting, or with a master's degree in business administration with a concentration in
accounting. Most beginning accountants and auditors may work under supervision or
closely with an experienced accountant or auditor before gaining more independence and
responsibility.

Licensure and certification - Any accountant filing a report with the Securities and
Exchange Commission (SEC) is required by law to be a Certified Public Accountant
(CPA). This may include senior level accountants working for or on behalf of public
companies that are registered with the SEC. CPAs are licensed by their State Board of
Accountancy. Any accountant who passes a national exam and meets the other
requirements of the State where they practice can become a CPA.

All States use the four-part Uniform CPA Examination prepared by the American
Institute of Certified Public Accountants (AICPA). The CPA examination is rigorous,
and less than one-half of those who take it each year pass every part on the first try.
Candidates are not required to pass all four parts at once, but most States require
candidates to pass all four sections within 18 months of passing their first section. The
CPA exam is now computerized and is offered 2 months out of every quarter at various
testing centers throughout the United States. Most States also require applicants for a
CPA license to have some accounting experience; however requirements vary by State
(certified public accountant) (Occupational, Accounting).

Other qualification – Any previous experience in accounting or auditing can help an

applicant get a job. Many colleges offer students the opportunity to gain experience
through summer or part-time internship programs. In addition, many business processes
are now automated, practical knowledge of computers and their applications is a great
asset for jobseekers in the accounting and auditing fields.

Outlook
Accountants and auditors are expected to experience much faster than average
employment growth. Employment of accountants and auditors is expected to grow by
22% between 2008 and 2018, which is much faster than the average for all occupations.
This occupation will have a very large number of new jobs arise, about 279,400 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 job growth.

An increased need for accountants and auditors also will arise from a greater emphasis
on accountability, transparency, and controls in financial reporting. Increased scrutiny
of company finances and accounting procedures will create opportunities for
accountants and auditors, particularly CPAs, to audit financial records more thoroughly
and completely. Management accountants and internal auditors increasingly will be
needed to discover and eliminate fraud before audits, and ensure that important
processes and procedures are documented accurately and thoroughly. Forensic
accountants also will be needed to detect illegal financial activity by individuals,
companies, and organized crime rings.

In addition to openings from job growth, the need to replace accountants and auditors
who retire or transfer to other occupations will produce numerous job openings in this
large occupation.

Salary

The median salary of accountants is $60,340 annually, they also usually receive standard
benefits, including health and medical insurance, life insurance, a 401(k) plan, and paid
annual leave. (onet.com)

According to a salary survey conducted by the National Association of Colleges and

Employers, bachelor's degree candidates in accounting received starting offers averaging
$48,993(2009) initially.

Conclusion

In Conclusion to my research on accounting as a career, I have discovered that

accounting is a very promising field to get into. I also learned that the types of
accountants and tasks perform varies greatly. Accounting requires a high level of aptitude
for mathematics and the ability to analyze, compare, and interpret facts and figures
quickly. They must be able to clearly communicate the results of their work to clients and
managers both verbally and in writing. Accountants and auditors must be good at
working with people, business systems, and computers. The most important aspect I
believe an account should have is a high level of integrity because the money is at their
finger tips and financial decisions are made on the basis of their statements and services.
Financial Analysis

Introduction:
A Financial analyst provides guidance to businesses and individuals making investment
decisions. Financial analysts assess the performance of stocks, bonds, commodities, and
other types of investments. They make investment decisions or recommendations based
upon a company’s financial statements, commodity prices, sales, costs, expenses, and tax
rates. They also determine a company's value by projecting its future earnings.

Financial analysts generally focus on trends impacting a specific industry, region, or type
of product.. They must understand how new regulations, policies, and political and
economic trends may impact the investments they are watching. Recently two portfolio
managers were on campus talking about how they got to the position they are in now and
what they do on a daily basis. Two key points I took away from the presentation was
first, financial analysts is an endless game of learning and research. Secondly, unlike a
salesman, a financial analysts works to benefit the client rather than pressuring them to
buy something they don’t need

Interests/Skills Used

Financial analysts use spreadsheet and statistical software packages to analyze financial
data, spot trends, create portfolios, and develop forecasts; Therefore, complex problem
solving skills, reading comprehension, critical thinking, information gathering, idea
evaluation, judgment, decision making and processing data on computers is a necessity in
this occupation. Ultimately, the analysts use the data they find to measure the financial
risks associated with making a particular investment decision. On the basis of their
results, they recommend whether to buy, hold, or sell particular investments(Choices,
Financial).

Work Conditions

Financial analysts usually work in offices. They may work long hours, travel frequently
to visit companies or potential investors, and face the pressure of deadlines. Much of their
research must be done after office hours because their days are filled with telephone calls
and meetings (bls.gov).

Training/Education/ Licenses

Education and training - Most companies require a bachelor’s degree in a related field,
such as finance, business, accounting, statistics, or economics. An understanding of
statistics, economics, and business is essential, and knowledge of accounting policies and
procedures, corporate budgeting, and financial analysis methods is recommended. An
MBA or a master's degree in finance is often required. During the informational
presentation the portfolio managers emphasized that (CFA) – (below) is to the equivalent
if not more attractive than a (MBA).
Certification -. Financial analysts can earn the Chartered Financial Analyst (CFA)
designation, sponsored by the CFA Institute. To qualify for this designation, applicants
need a bachelor's degree, four years of related work experience, and must pass three
exams. Applicants can take the exams while they are obtaining the required work
experience. Passing the exams requires several hundred hours of self-study. These exams
cover subjects such as accounting, economics, securities analysis, financial markets and
instruments, corporate finance, asset valuation, and portfolio management.

Licensure - The Financial Industry Regulatory Authority (FINRA) is the main licensing
organization for the securities industry.

Outlook/ Salary

Employment of financial analysts is expected to grow much faster than the average.
However, keen competition will continue for these well-paid jobs, especially for new
entrants; therefore, the annual job openings are very small (Choices, Financial). This also
was emphasized during the presentation.

As the level of investment increases, overall employment of financial analysts is

expected to increase by 20 percent during the 2008–18 decade, which is much faster than
the average for all occupations (onet).

Median annual wages, excluding bonuses, of wage and salary financial analysts
were $73,670 (2009), which is more than double the national median wage. \Annual
performance bonuses are quite common and can be a significant part of their total
earnings. (Onet.com)

Conclusion

Despite employment growth, keen competition is expected to be very high for these high-
paying jobs. Growth in financial services will create new positions, but there are still far
more people who would like to enter the occupation. For those aspiring to enter the
financial analyst career, a strong academic background, including courses such as
finance, accounting, and economics, is essential. Certifications and graduate degrees,
such as a CFA certification or a master’s degree in business or finance, significantly
improve an applicant’s prospects. Strong math, analytical, and problem-solving skills are
essential qualifications for financial analysts. Good communication skills are necessary
because these workers must present complex financial concepts and strategies. Self-
confidence, maturity, and the ability to work independently are important. Financial
analysts must be detail-oriented, motivated to seek out obscure information, and familiar
with the workings of the economy, tax laws, and money markets.
Loan Officer

Introduction

A Loan Officer facilitates lending to potential clients and helps them through the process.
Loan officers gather information to determine the likelihood that individuals and
businesses will repay the loan. Essentially the Loan officers provides guidance to
prospective borrowers which may include individuals who are looking to take loans out
to buy a house, car, or pay for a college. Businesses also use loans to start companies,
purchase inventory, or invest in capital equipment.

Loan officers guide clients through the process of applying for a loan. The process
begins with the client contacting the bank through a phone call, visiting a branch, or
filling out a Web-based loan application. The loan officer obtains basic information from
the client about the purpose of the loan and the applicant’s ability to pay the loan. The
loan officer may need to explain the different types of loans and credit terms available to
the applicant. Loan officers answer questions about the process and sometimes assist
clients in filling out the application.

After a client completes an application, the loan officer begins the process of analyzing
and verifying the information on the application to determine the client's
creditworthiness. Often, loan officers can quickly access the client's credit history by
using underwriting software that determines if a client is eligible for the loan. When a
credit history is not available or when unusual financial circumstances are present, the
loan officer may request additional financial information from the client or, in the case
of commercial loans, copies of the company's financial statements. Commercial loans are
often too complex for a loan officer to rely solely on underwriting software. The variety
in companies’ financial statements and varying types of collateral require human
judgment. Collateral is any asset, such as a factory, house, or car, owned by the
borrower that becomes the property of the bank if the loan is not repaid. Loan officers
comment on, and verify, the information of a loan application in a loan file, which is
used to analyze whether the prospective loan meets the lending institution's
requirements. Loan officers then decide, in consultation with their managers, whether to
grant the loan.

Interests/Skills Used

Work Conditions

Working as a loan officer usually involves considerable work outside the office. For
example, commercial and mortgage loan officers frequently work away from their offices
and rely on laptop computers and cellular telephones to keep in contact with their
employers and clients. Mortgage loan officers often work out of their home or car,
visiting offices or homes of clients to complete loan applications. Commercial loan
officers sometimes travel to other cities to prepare complex loan agreements. Consumer
loan officers, however, are likely to spend most of their time in an office.

Most loan officers work a standard 40-hour week, but many work longer, depending on
the number of clients and the demand for loans. Mortgage loan officers can work
especially long hours because they are free to take on as many customers as they choose.
Loan officers are especially busy when interest rates are low, causing a surge in loan
applications.

Training/Education/ Licenses

Education and training - Loan officer positions generally require a high school degree.
Loan officers receive on-the-job training consisting of some formal company-sponsored
training and informal training on the job over their first few months of employment.
Commercial loan officer positions often require a bachelor's degree in finance,
economics, or a related field. Because commercial loan officers analyze the finances of
businesses applying for credit, they need to understand business accounting, financial
statements, and cash flow analysis. Loan officers often advance to their positions after
gaining experience in various other related occupations, such as teller or customer
service representative.

Licensure - Recent federal legislation requires that all mortgage loan officers be
licensed. Licensing requirements include at least 20 hours of coursework, passing a
written exam, passing a background check, and having no felony convictions. There are
also continuing education requirements for mortgage loan officers to maintain their
licenses. There are currently no specific licensing requirements for other loan officers.

Certification and advancement - The Mortgage Bankers Association offers the Certified
Mortgage Banker (CMB) designation to loan officers in real estate finance. The
association offers three CMB designations: residential, commerce, and master to
candidates who have 3 years of experience, earn educational credits, and pass an exam.
Completion of these courses and programs generally enhances employment and
advancement opportunities.

Outlook/ Salary
Loan officers can expect average employment growth. Good job opportunities should
exist for loan officers.

Employment change. Employment of loan officers is projected to grow 10 percent

between 2008 and 2018, which is about as fast as the average for all occupations.
Employment growth will be driven by economic expansion and population increases—
factors that generate demand for loans. Growth will be partially offset by increased
automation that speeds the lending process and by the growing use of the Internet to
apply for and obtain loans. However, these changes have also reduced the cost and
complexity associated with refinancing loans, which could increase the number of loans
originated.

The use of automated underwriting software has made the loan evaluation process much
simpler than in the past. Underwriting software allows loan officers—particularly loan
underwriters—to evaluate many more loans in less time. In addition, the mortgage
application process has become highly automated and standardized, a simplification that
has enabled mortgage loan vendors to offer their services over the Internet. Online
vendors accept loan applications from customers over the Internet and determine which
lenders have the best interest rates for particular loans. With this knowledge, customers
can go directly to the lending institution, thereby bypassing mortgage loan brokers.
Shopping for loans on the Internet is expected to become more common in the future and
to slow job growth for loan officers.

Job prospects. Most job openings will result from the need to replace workers who retire
or otherwise leave the occupation permanently. Good job opportunities should exist for
mortgage and consumer loan officers. College graduates and those with banking,
lending, or sales experience should have the best job prospects. Excellent opportunities
should exist for commercial loan officers as banks report having a hard time finding
qualified candidates.

Job opportunities for loan officers are influenced by the volume of applications, which is
determined largely by interest rates and by the overall level of economic activity.
Although loans remain a major source of revenue for banks, demand for new loans
fluctuates and affects the income and employment opportunities of loan officers. An
upswing in the economy or a decline in interest rates often results in a surge in real
estate buying and mortgage refinancing, requiring loan officers to work long hours
processing applications and inducing lenders to hire additional loan officers. Loan
officers often are paid by commission on the value of the loans they place, and when the
real estate market slows they often suffer a decline in earnings and may even be subject
to layoffs. The same applies to commercial loan officers, whose workloads increase
during good economic times as companies seek to invest more in their businesses. In
difficult economic conditions, an increase in the number of delinquent loans results in
more demand for loan collection officers.

Median annual wages of wage and salary loan officers were $54,700 in May 2008. The
middle 50 percent earned between $39,710 and $76,860. The lowest 10 percent earned
less than $30,850, while the top 10 percent earned more than $106,360. Median annual
wages in the industries employing the largest numbers of loan officers were as follows:

Federal Executive Branch $69,070

Management of companies and enterprises 58,100
Nondepository credit intermediation 54,240
Activities related to credit intermediation 54,140
Depository credit intermediation 53,490
The form of compensation for loan officers varies. Most are paid a commission based on
the number of loans they originate. Some institutions pay only salaries, while others pay
their loan officers a salary plus a commission or bonus based on the number of loans or
the performance of the loans that they originated. Loan officers who are paid on
commission usually earn more than those who earn only a salary, and those who work
for smaller banks generally earn less than those employed by larger institutions.

Earnings often fluctuate with the number of loans generated, rising substantially when
the economy is strong and interest rates are low.

Conclusion
People planning a career as a loan officer should be good at working with others,
confident, and highly motivated. Loan officers must be willing to attend community
events as representatives of their employer. Sales ability, good interpersonal and
communication skills, and a strong desire to succeed also are important qualities for
loan officers. Banks generally require their employees to pass a background check. Most
employers also prefer applicants who are familiar with computers and banking and
financial software.