Accounting is the system used by businesses to track their assets and liabilities over time. Broadly, this career field includes public, management, and government accounting, as well as internal auditing.

In addition to preparing financial statements and recording business transactions, accounting professionals engage in a wide variety of finance-related activities. Many also compute costs and efficiency gains from new technologies, participate in strategy development for mergers and acquisitions, manage quality assurance, develop information systems to track financial performance, devise tax strategies, and manage health care benefits.

Due to the increasing complexity of corporate transactions and growth in government, job openings in accounting are expected to increase steadily through the year 2014. Demand will be especially high in the tax and health care areas, but competition will be strong for prestigious jobs in major accounting and business firms.

Persons planning a career in accounting should have an aptitude for mathematics and an ability to analyze, compare, and interpret figures quickly and accurately. They also need high standards of integrity and an ability to clearly communicate work results to clients and managers.

Accounting professionals must possess a thorough understanding of accounting principles and methods of preparing, analyzing, and verifying financial documents. They also need strong interpersonal and communication skills and may benefit from expertise in specialized areas such as international business, specific industries, or current legislation.

Computers have dramatically changed the nature of accounting and increased the need for technical and accounting software skills. Computer programs have simplified many basic tasks and expanded the role of clerical staff. Accountants with technical skills are now in demand to provide consulting services and develop sophisticated and flexible accounting systems.

Educational requirements range from a high school diploma for clerks to a master’s degree and certification or licensure for accountants. In general, this field offers great opportunity for advancement. For example, graduates of business and correspondence schools can obtain junior accounting positions and advance to positions with greater responsibility; public accountants who excel may become supervisors, managers, or partners; management accountants may advance to positions such as controller, financial vice president, chief financial officer, or corporation president.

Most accounting professionals work in typical office settings. They usually work a standard 40-hour week but often work longer hours to meet critical deadlines at month-end, year-end, and during tax and audit season. Frequent travel is required for many accountants.