Accounting Term Paper
Man A Career In Accountancy As Chief Financial Officer
One of the major careers being practiced today is accountancy. Hundreds of
people are completing their degrees in accounting like CPA's and ACCA's because
there seems to be bright future-awaiting accountants with sound qualifications.
Accountants in their career help ensure that the organizations are run more
efficiently, their public records kept more accurately, and taxes paid properly
and on time. They perform these vital functions by offering an increasingly wide
array of business and accounting services to their clients. These services
include public, management, and government accounting, as well as internal
auditing. However, accountants and auditors are broadening the services they
offer to include budget analysis, financial and investment planning, information
technology consulting, and limited legal services. And amongst these accountants
leads the chief financial officer. Chief financial officers are usually
Chartered Accountants in the Eastern countries but in America there are chief
financial officers who are Certified Professional Accountants. This career
offers a lot of exposure to the corporate world and the realities of the
business circle. Beyond the fundamental tasks of the occupation-preparing,
analyzing, and verifying financial documents in order to provide information to
clients-many accountants now are required to possess a wide range of knowledge
and skills. Accounting is the language of resource measurement and management.
Careers in accounting are challenging and rewarding, whether they be in private
industry, public accounting, or the government sector.
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Accountants can obtain a variety of professional certifications, including
certified public accountant, certified internal auditor, certified fraud
examiner, certified information systems auditor, and certified management
accountant. Each professional certification program includes rigorous
examination and experience requirements. Usually the chief financial officers
are quite capable people possessing the following skills: Risk management,
handling of human resources, purchasing benefits, reimbursement and investment
policies, knowledge of regulatory updates, debt capacity, financial modeling,
dealing in joint ventures, compliance with statutory requirements, product line
profit and loss analysis, using financials in decision making and constituency
communication. Therefore the career as a chief financial officer offers a great
scope for learning and becoming competent and definitely having an edge. Also,
almost all organizations all over the world need financial officers to support
their entity in financial matters, which ultimately means that there are always
chances of placement. A career leading to chief financial officer would make you
learn a number of abilities as you progress ahead in achieving the degrees like,
ability to organize, analyze and interpret numerical data, ability to give
advice on financial matters, ability to explain banking, loan, and financial
services, ability to plan and administer budgets and to examine and evaluate
financial records.
Proficiency in preparing financial reports, proficiency in preparing and
organizing numerical records, sound decision-making abilities, proficient in
oral and written communications which essential for working in any environment,
knowledge of financial and economic history, practices, and trends. Chief
financial officers are able to work independently, or as part of a team and
knowledge of the methods for creating and managing change in organizations helps
financial officers to evaluate the current situations and make the right choices
beneficial for the organization. Lisa Crooke, Chief Financial Officer & VP,
finance & administration, has over 17 years of financial management experience
with both venture backed technology and publicly held companies. Most recently,
Crooke held the position of CFO and Interim CEO at Viquity Corporation, a
commerce network service provider where she raised over $20M in equity and debt
financing. Prior to that, she was the Corporate Controller at Documentum where
she managed the company's financial operations from the startup phase through a
highly successful IPO and annual revenue of over $125 million. Prior to
Documentum, Crooke held various senior financial management roles at Shiva
Corporation, Banyan Systems and Ernst & Young. Crooke is a CPA and holds a
bachelors degree in Accountancy. (fasturn.com)
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The above piece of information clearly shows that chief financial officers have
respect and can find jobs with ease as they gain more and more experience and
are considered to be a major asset for the organization they work for.
Accounting involves the examination, organization, management and design of
accurate recording and reporting procedures of financial and
business transactions. The study of accounting attempts to make the student
aware of the various ways one can maintain accurate, up-to-date, financial and
business practices. Knowledge and implementation of good accounting procedures
are required if financial or business success is to be realized, whether it is
for an individual, family or business. So, when an accounting professional like
a chief financial officer makes the firm successful, there is no reason for him
to stay behind; his ways keep moving.
Also the monetary factor involved is fruitful too. Chief financial officers are
usually able to earn around US $5000 till US $5500 in their initial years of
practice and this amount gradually increases to US $6000 and so on. Enrollment
Management is critical to the success of all colleges. A CFO must know how to
effectively understand how to work with the admissions and financial aid
professionals. (Lapovsky) The above-mentioned extract shows that a CFO can work
with a number of institutions worldwide having a number of opportunities like in
colleges and business organizations. Therefore a career as a CFO is definitely a
choice to work for and gain experience in the relevant field to be able to
attain the bright horizon in the profession.
Works Cited
OPN Operation Performance Network, November 19, 2001,
www.fasturn.com
Lapovsky; Lucy, Roles and Responsibilities of the Chief Financial Officer (New
Directions for Higher Education, 107): Jossey-Bass; March 1999,
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