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What is the life of an accountant like?
#accounting #accountant #business
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13 answers
Updated
Madi’s Answer
Hi Gianna,
The beauty of accounting is that every accountant's life is different depending on a number of different factors including their area of specialization (auditing, tax, advisory), time of year, type of clients, etc.
For example, an auditor for large, public companies may be very busy during the beginning of the year because that period of time is known as "busy season," where they must audit financial statements within a certain time frame. Auditors may work up to 70 hours a week during that period. However, that same auditor may have slow seasons in the summer where they work 40 hours or less and have a lot of time for hobbies, traveling, hanging out, etc.
Another thing to remember is that after the start of the COVID-19 pandemic, the lives of accountants are changing even more. Some accountants used to spend a lot of time in their clients' buildings, whereas now the work might be done from home.
Essentially, every accountants life looks different depending on the factors surrounding their employment. If you are considering accounting as a career field, I encourage you to explore the different types of work that accountants may do and pick the lifestyle that works best for you.
The beauty of accounting is that every accountant's life is different depending on a number of different factors including their area of specialization (auditing, tax, advisory), time of year, type of clients, etc.
For example, an auditor for large, public companies may be very busy during the beginning of the year because that period of time is known as "busy season," where they must audit financial statements within a certain time frame. Auditors may work up to 70 hours a week during that period. However, that same auditor may have slow seasons in the summer where they work 40 hours or less and have a lot of time for hobbies, traveling, hanging out, etc.
Another thing to remember is that after the start of the COVID-19 pandemic, the lives of accountants are changing even more. Some accountants used to spend a lot of time in their clients' buildings, whereas now the work might be done from home.
Essentially, every accountants life looks different depending on the factors surrounding their employment. If you are considering accounting as a career field, I encourage you to explore the different types of work that accountants may do and pick the lifestyle that works best for you.
Thank you, this is amazing! I really needed it.
Gianna
Updated
Brandon’s Answer
Its not what you think it would be. Many students think of accounting as just number crunching but technology has made that part of work a lot easier. Now we focus a lot of analyzing the number and translating what it means for the business. One of my professors in college described accounting as the language of business and I agree with that. I also find that as you progress in any company you spend even less time doing the accounting/ number crunching as you have more newer team members doing that. I spend a large part of my day meeting with clients and also coaching and developing my team members.
Thank you!
Gianna
Updated
Daniel’s Answer
It depends what type of accountant you are or want to be. Public Accounting (often known as the BIG4 Firms) (obviously there are other public accountancy firms but those are the most common/well known in the industry), or an "industry accountant" in which you work for a firm or business that actually has a product or brand attached to it. In Public accounting, during busy season (january through march for most auditors, a few months for tax as well), your life can be very oriented around the job. This means very little time for hobbies, traveling, etc etc. Some weeks can range from 50 to 80 hours worked, and even more in certain occasions. But, the benefits related to this are you often have a lot of downtime in the summer, in which you can take vacations, travel, flex fridays and have fridays off, and so on. The job is very flexible outside of those few months, and often has a lot of cool perks like halloween parties, christmas parties, open bar events and so on. Industry accountants have a more stable life, usually similar amount of hours year round. But, you have less flexibility as you will always have work to focus on. Thus, you are not able to travel as much in the downtimes, there are less fun events (these companies have far less money to spare), and sometimes the job can become mundane as you often do the same thing year after year unless obviously the business changes. But the best part about being an accountant is you will always be in demand, and often have some of the best job security in any line of work.
I'm excited to put your great advice to good use!
Gianna
Updated
samantha’s Answer
The life as an accountant varies depending on which accounting industry you choose. There are different 'busy season' based on the niche chosen. For example, in Consulting, we are steadily busy all year and have our 'busier' season in January and February. Depending on the firm, there can also be quite a bit of flexibility and importance placed on work-life balance.
Updated
James’s Answer
Hi Gianna,
The life of an accountant is very busy. But it is a very rewarding career. You can definitely earn a good living in accounting. It definitely helps when you go to a reputable college as well. This will increase the chances of you landin a good paying job out of college.
The life of an accountant is very busy. But it is a very rewarding career. You can definitely earn a good living in accounting. It definitely helps when you go to a reputable college as well. This will increase the chances of you landin a good paying job out of college.
Updated
Bill’s Answer
Hi Gianna!
If you study accounting basically there are two different paths you can choose. Public accounting and private or managerial accounting. You can specialize further than that but let’s start with that.
A managerial accountant does not need a license because it will not be performing work that the pubic relies on. That does not mean it is not important work. There is a certification The CMA or Certified Managerial Accountant that you can take. There is also the Certified Internal Auditor certificate.
Their job can range from account payable, accounts receivable, inventory, taxes, payroll. Every enterprise will need them. While its slowly being automated there will always be a need for them.
Large entities will ussually have internal audit departments. Internal auditors will look at the way the institution is being run. Make sure they comply with internal regulations as well as laws. They look at internal controls.
Publicly traded corporations need to report earning every quater. That means that the books have to be in pretty good shape in order to comply with the reporting requirements.
Having said that, its mostly a 9–5 job and every month typically looks and goes exacly like the previous one. Changes in tax laws, anomalies year end closings and tax season can and will give you more work load but it’s temporary.
You can have a work like balance being a managerial accountant. Most accountants fall in this category.
Internal auditors do travel a lot. The bigger the entity the more they travel
The pay is not great to start with but it does get a lot better with time and experience
If you on the other hand decide to go into public accounting you will be working for an accounting firm. Think of a law firm but for accountans.
You should study for the Uniform Certified Public Accounting test. Should you pass you then become a certified public accountant or CPA. That’s a professional license just like a doctor’s or an engineer. It also carries professional responsibility and liability like the other professions.
A CPA firm It’s a school and the work load is incredibly high. It’s brutal! The turnover rate is huge and the ones who stay are the ones promoted. Every season brings fresh meat, I associates, to do the heavy lifting. If you don’t pass the CPA test your days at the firm are numbered.
In a normal CPA firm you could work on Taxes, Audit and Bookeeping.
Tax professionals prepare both personal and corporate tax returns. Not only income tax but property, sales tax, trust inheritance etc. They are complex tax returns and the regulations are constantly changing. They also do tax planing and consulting.
The audit department goes to all different types of clients and makes sure that the balance that they are reporting on their books are reasonable. A lot of people will rely on the work you do to make investment decisions. Banks use it to decide whether or not to give a loan to that business and at what rate.
The Bookeeping department works as the accounting department for a client. Instead of having accountants on payroll with their salaries and benefits, they outsource the whole thing to a CPA firm.
That’s usually for startups and small clients. As soon as you start to grow it starts getting really expensive and eventually growing businesses will have their own accounting department. It’s geat to see a business being born. From birth to graduation. You see the life of the business.
The experience you will gather as a public accountant has no equal. You get to see a lot of different industries meet a lot of different people for a very short and intense period of time. Among the good things about it is the exposure you get.
You will learn which industries you like and whoch ones you don’t.
Lots of job offers from clients. If You don’t wish to stay your whole carrier in public accounting you will probably end up working at a former client.
Paid training. The firm will pat for your training and they will want you to keep Up to date with the latest federal and state Regulations
Your starting salary will be significantly higher than in other areas of accounting. However unless you make Partner or director you won’t make loads of money
If you don’t like a particular client or supervisor it’s not a big deal. Just bear it and grin, you’ll be at another client in a couple of weeks and being supervised by someone else.
On the other hand there is not much work life balance. Your work is your life.
Very high divorce rates and very high alcohol consumption are normal.
Id say about a third of Public accountants end up working as managerial accountants, another third leave and open their own small firm and perhaps the final third stay and become managers, directors and partners.
If you study accounting basically there are two different paths you can choose. Public accounting and private or managerial accounting. You can specialize further than that but let’s start with that.
A managerial accountant does not need a license because it will not be performing work that the pubic relies on. That does not mean it is not important work. There is a certification The CMA or Certified Managerial Accountant that you can take. There is also the Certified Internal Auditor certificate.
Their job can range from account payable, accounts receivable, inventory, taxes, payroll. Every enterprise will need them. While its slowly being automated there will always be a need for them.
Large entities will ussually have internal audit departments. Internal auditors will look at the way the institution is being run. Make sure they comply with internal regulations as well as laws. They look at internal controls.
Publicly traded corporations need to report earning every quater. That means that the books have to be in pretty good shape in order to comply with the reporting requirements.
Having said that, its mostly a 9–5 job and every month typically looks and goes exacly like the previous one. Changes in tax laws, anomalies year end closings and tax season can and will give you more work load but it’s temporary.
You can have a work like balance being a managerial accountant. Most accountants fall in this category.
Internal auditors do travel a lot. The bigger the entity the more they travel
The pay is not great to start with but it does get a lot better with time and experience
If you on the other hand decide to go into public accounting you will be working for an accounting firm. Think of a law firm but for accountans.
You should study for the Uniform Certified Public Accounting test. Should you pass you then become a certified public accountant or CPA. That’s a professional license just like a doctor’s or an engineer. It also carries professional responsibility and liability like the other professions.
A CPA firm It’s a school and the work load is incredibly high. It’s brutal! The turnover rate is huge and the ones who stay are the ones promoted. Every season brings fresh meat, I associates, to do the heavy lifting. If you don’t pass the CPA test your days at the firm are numbered.
In a normal CPA firm you could work on Taxes, Audit and Bookeeping.
Tax professionals prepare both personal and corporate tax returns. Not only income tax but property, sales tax, trust inheritance etc. They are complex tax returns and the regulations are constantly changing. They also do tax planing and consulting.
The audit department goes to all different types of clients and makes sure that the balance that they are reporting on their books are reasonable. A lot of people will rely on the work you do to make investment decisions. Banks use it to decide whether or not to give a loan to that business and at what rate.
The Bookeeping department works as the accounting department for a client. Instead of having accountants on payroll with their salaries and benefits, they outsource the whole thing to a CPA firm.
That’s usually for startups and small clients. As soon as you start to grow it starts getting really expensive and eventually growing businesses will have their own accounting department. It’s geat to see a business being born. From birth to graduation. You see the life of the business.
The experience you will gather as a public accountant has no equal. You get to see a lot of different industries meet a lot of different people for a very short and intense period of time. Among the good things about it is the exposure you get.
You will learn which industries you like and whoch ones you don’t.
Lots of job offers from clients. If You don’t wish to stay your whole carrier in public accounting you will probably end up working at a former client.
Paid training. The firm will pat for your training and they will want you to keep Up to date with the latest federal and state Regulations
Your starting salary will be significantly higher than in other areas of accounting. However unless you make Partner or director you won’t make loads of money
If you don’t like a particular client or supervisor it’s not a big deal. Just bear it and grin, you’ll be at another client in a couple of weeks and being supervised by someone else.
On the other hand there is not much work life balance. Your work is your life.
Very high divorce rates and very high alcohol consumption are normal.
Id say about a third of Public accountants end up working as managerial accountants, another third leave and open their own small firm and perhaps the final third stay and become managers, directors and partners.
Thanks for your encouragement!
Gianna
Updated
Grace’s Answer
I work in a public accounting firm and most of the work I do is IT internal audit. The average work week for me is about 50 hours. There's a lot of meetings every week with clients to walkthrough how their processes work. I am usually assigned to a different client each week and I spend approximately 8-10 hours in meetings with the clients. Overall, I find the work to be enjoyable and as I gain more experience, I learn more and take on additional responsibilities.
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
176
Answers
Updated
Anthony’s Answer
Please, note the following :-
1. An accountant is in-charge of
accounts within an organisation,
either in the public or private
service.
2. Especially in the public sector,
he/she works from Monday to
Friday.
3. Sees to it that all accounting
entries are done in the right
order. (NO WRONG
ADDITIONS or
SUBTRACTIONS).
4. Sees to it that all accounting
books are in the right
perspective.
5. No corruptible practices.
Best wishes to you.
1. An accountant is in-charge of
accounts within an organisation,
either in the public or private
service.
2. Especially in the public sector,
he/she works from Monday to
Friday.
3. Sees to it that all accounting
entries are done in the right
order. (NO WRONG
ADDITIONS or
SUBTRACTIONS).
4. Sees to it that all accounting
books are in the right
perspective.
5. No corruptible practices.
Best wishes to you.
I will use this advice as I prepare for my career.
Gianna
Updated
Mark’s Answer
Life as an accountant can be quite varied and depends on where you decide to take your career. It can be demanding in terms of hours, but also quite rewarding and interesting with a fair amount of flexibility. My dad told me that being an accountant would be boring, however my life has been quite the opposite. I've traveled, worked on complicated projects and had great mentors over my career. I would say that it is a profession where you can continually learn and change things up over time.
Updated
Winnie’s Answer
Hi Gianna,
Your life as an accountant will depend on the career path you take. There is so much you can do in the accounting career whether you decide to do public or private accounting. Technology has changed the accounting field from the number crunching that everybody identifies to a more tech controlled world.
The pandemic has also reshaped the accounting career in that you can probably do most of the work from home. When working in public accounting, there are busy seasons that you put in 50-70 hours per week. The busy season do not last but I feel like it's the part that most people look at when thinking about the life of an accountant. You still have flextime, mingle with friends, take vacations and all those things you want to do and still continue to grow.
Your life as an accountant will depend on the career path you take. There is so much you can do in the accounting career whether you decide to do public or private accounting. Technology has changed the accounting field from the number crunching that everybody identifies to a more tech controlled world.
The pandemic has also reshaped the accounting career in that you can probably do most of the work from home. When working in public accounting, there are busy seasons that you put in 50-70 hours per week. The busy season do not last but I feel like it's the part that most people look at when thinking about the life of an accountant. You still have flextime, mingle with friends, take vacations and all those things you want to do and still continue to grow.
Hi Gianna,
I agree with Winnie. Your life as an accountant will depend on whether you choose to work in industry or public accounting and also your specialization whether tax or audit will determine your busy periods of the year. For tax specialists with the regular updates to the tax law tax accountants tend to be busy all year round.
Shreyasee Patil
Updated
grant’s Answer
There are many different types of accountants so the "life of an accountant" will be different from accountant to accountant. See below for a summary of some of the different types of accountants and a typical day-in-the life.
Auditor - Your primary job duty is to perform various tests and procedures to ensure that a company's financial records are accurate. One of the interesting aspects about being an auditor is that you get to work with many different types of businesses and you get exposure to all levels of the company. You will constantly be on the move from client to client every few weeks (although auditors have switched more to a remote work environment due to the pandemic). The general "busy season" for an auditor is around February through May, so life is pretty busy during this period. A career in auditing is good for those that enjoy working in a fast paced environment and constantly being on the move.
Tax Accountant - You will be working with clients to assist them with their tax returns and other tax matters. The tax regulations are constantly changing, so tax accountants will constantly have to be learning new tax laws. Unlike an auditor who is constantly on the move, a tax accountant is generally working at the same location throughout the year. So if you prefer working at a more predictable location then being a tax accountant is for you. A tax accountant's busy period is January through April 15 (tax day) so expect to be very busy during this time! The rest of the year is not as busy.
Bookkeeper/ Private Accountant - You will be in charge of your company's accounting. Unlike an auditor or tax accountant that works with many different clients, a bookkeeper or private accountant is focused on the accounting of only one company. Your work schedule and hours tend to be a bit more predictable in the private sector.
For anyone interested in pursuing a career in accounting, I recommend that you learn more about the different types of accountants. Some accountants may be constantly traveling and have demanding schedules, whereas other accountants have no travel and work a standard 9-5. I have been an auditor for almost 20 years and can say that it has been very enjoyable.
Auditor - Your primary job duty is to perform various tests and procedures to ensure that a company's financial records are accurate. One of the interesting aspects about being an auditor is that you get to work with many different types of businesses and you get exposure to all levels of the company. You will constantly be on the move from client to client every few weeks (although auditors have switched more to a remote work environment due to the pandemic). The general "busy season" for an auditor is around February through May, so life is pretty busy during this period. A career in auditing is good for those that enjoy working in a fast paced environment and constantly being on the move.
Tax Accountant - You will be working with clients to assist them with their tax returns and other tax matters. The tax regulations are constantly changing, so tax accountants will constantly have to be learning new tax laws. Unlike an auditor who is constantly on the move, a tax accountant is generally working at the same location throughout the year. So if you prefer working at a more predictable location then being a tax accountant is for you. A tax accountant's busy period is January through April 15 (tax day) so expect to be very busy during this time! The rest of the year is not as busy.
Bookkeeper/ Private Accountant - You will be in charge of your company's accounting. Unlike an auditor or tax accountant that works with many different clients, a bookkeeper or private accountant is focused on the accounting of only one company. Your work schedule and hours tend to be a bit more predictable in the private sector.
For anyone interested in pursuing a career in accounting, I recommend that you learn more about the different types of accountants. Some accountants may be constantly traveling and have demanding schedules, whereas other accountants have no travel and work a standard 9-5. I have been an auditor for almost 20 years and can say that it has been very enjoyable.
Updated
Carlos’s Answer
It can vary depending on the type of field you are decide to work in. If you work in tax, you could be preparing tax returns for individuals or companies. You can expect to be working long hours during busy seasons and be constantly aware of changing tax laws. As an auditor, you will performing audits on financial statements and most of the time be up against tight deadlines. I have done both and they each are completely different so it is totally ok to try various fields within accounting.
Tania Franolic
Solutions Architect for the Accountant Channel, also a Bookkeeper
3
Answers
Updated
Tania’s Answer
In addition to the above, you do have the option (once you have enough experience) to go out on your own and do accounting for small businesses. With the advent of the cloud accounting industry it doesn't limit you as much to having more work/life balance and turning more to advisory services. There are times, as mentioned, when it's the bulk of tax/payroll season, but with new technology there is also more automation to get the day-to-day information in. By being self employed in a private practice you do need to consider overhead costs, lack of benefits, etc. However you do have the flexibility to take on as little or as much work as you choose & set your own pricing.
Thank you so much for the advice.
Gianna