1. Accounting
What do accountants do?
Accountants offer a wide array of business and accounting services including public, management, and government accounting, as well as internal auditing. In each of these major fields, accountants and auditors prepare, analyze, and verify financial documents in order to provide information to clients.
Public Accountants: Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals.
Consultants: Consultants offer advice in areas such as compensation or employee health care benefits; the design of accounting and data processing systems; and the selection of controls to safeguard assets.
Forensic Accountants: Forensic accountants investigate and interpret bankruptcies and other complex financial transactions.
Management Accountants: Management accountants record and analyze a corporation''''s financial information in addition to budgeting, performance evaluation, cost management, and asset management.
Public Sector Accountants: Government accountants and auditors maintain and examine the records of government agencies and audit private businesses and individuals whose activities are subject to government regulations or taxation.
What degree options are available in accounting?
Undergraduates can earn a bachelor’s degree in accounting or take accounting classes as part of a business degree. MBA students can choose concentrations in accounting, and some schools offer master¹s degree in accountancy (MAcc).
What''''s the difference between a master''''s in accounting and an MBA with an accounting concentration?
While both an MBA with a focus on accounting and a Master of Accounting (MAcc) degree will prepare you to assume managerial positions within the field of accounting, the MBA degree will provide you with more general skills that are transferable to other areas. The MAcc will provide you with greater accounting expertise and will prepare candidates for the Certified Public Accountant (CPA) exam, but fewer transferable skills. Some MBA programs provide candidates with sufficient credit hours required to sit for the CPA exam. The MBA degree''''s broad curriculum also helps accountants with client management and other strategic issues in performing their jobs, especially in management advisory services.
What will I study?
The MAcc curriculum generally includes preparation for the CPA exam, and the Certified Management Accountant (CMA) examination, in addition to courses in financial and managerial accounting, research, business valuation, cost management, information systems, auditing, policy, taxation, and consulting services. MBA curriculum with an accounting concentration emphasizes general management and business coursework as well as in depth accounting applications and concepts.
What skills are necessary to work in the field of accounting?
Certification and licensure in accounting and auditing are standard requirements for employment in this field. Successful accountants and auditors are generally detail-oriented, highly motivated researchers, and knowledgeable about U.S. and international tax laws, economics and money markets. In addition to self-confidence, maturity, and the ability to work independently, candidates for accounting positions need a broad range of skills including:
Excellent mathematical and computer skills
Excellent analytic and problem solving skills
Excellent oral and written communication skills
Strong interpersonal skills
What career paths do MBA or MAcc graduates follow?
Many graduates enter into the profession as financial analysts or internal auditors in such areas as financial planning, resource allocation, and management information systems. Beginning public accountants usually start by assisting with work for several clients. Those who excel may become supervisors, managers, partners, open their own public accounting firms, or transfer to executive positions in management accounting or internal auditing in private firms. Management accountants often start as cost accountants, junior internal auditors, or as trainees for other accounting positions. As they rise through the organization, they may advance to accounting manager, chief cost accountant, budget director, or manager of internal auditing. Some become controllers, treasurers, financial vice presidents, chief financial officers, or corporation presidents. In general, there is a large degree of mobility among public accountants, management accountants, and internal auditors. Practitioners often shift into management accounting or internal auditing from public accounting, or between internal auditing and management accounting.
What certification or training is necessary for a career in accounting?
Professional recognition through certification or licensure provides a distinct advantage in the job market. All CPAs must have a certificate and the partners in their firm must have licenses issued by a State Board of Accountancy. The vast majority of States require CPA candidates to be college graduates, but a few States substitute a number of years of public accounting experience for the college degree. Nearly all States require CPAs and other public accountants to complete a certain number of hours of continuing professional education before their licenses can be renewed. Voluntary certification can attest to professional competence in a specialized field of accounting and auditing. Graduates from accredited colleges and universities who have worked for 2 years as internal auditors and have passed a four-part examination may earn the designation Certified Internal Auditor (CIA) from the Institute of Internal Auditors.
What''''s the overall career outlook for accountants?
According to the US Bureau of Labor Statistics, employment of accountants and auditors is expected to grow about 10 to 20 percent through the year 2008. As the economy grows, more accountants and auditors will be needed to set up books, prepare taxes, and provide management advice. In response to market demand, these accounting professionals will offer more management and consulting services as they take on a greater advisory role and develop more sophisticated and flexible accounting systems. Also, internal auditors will increasingly be needed to discover and eliminate waste and fraud. Competition is keen for the most prestigious jobs in major accounting and business firms, but graduates with a master''''s degree in accounting or a master''''s in business administration will have a distinct advantage in the job market.
2. e-commerce
What do employees in e-Commerce fields do?
Students with backgrounds in e-Commerce typically work in Information Technology (IT) fields, often as the managers of IT infrastructures. They can also oversee the development and marketing of Internet web sites as project managers. Graduates of e-Commerce programs leave school prepared to fill positions in the technical staffs of corporations.
I do not have a background in Computer Science. Will an e-Commerce MBA be too technical for me?
While a Master’s in e-Commerce might require greater familiarity with IT concepts, most e-Commerce and e-Business programs are designed for traditional MBA students in addition to those with IT experience.
What degree options are available in this area?
Undergraduates can earn a Bachelor’s in e-Commerce or e-Business. Graduate students can earn a Master of Science in e-Commerce or an MBA with an e-Commerce or e-Business concentration.
What is the difference between a Master’s Degree in e-Commerce and an MBA with a concentration in e-Commerce?
The basic difference between these two options is that the master’s degree is highly specialized and will allow you to focus almost exclusively on computer science and business administration. In contrast, an MBA program will permit you to develop a general set of management skills as well as e-Commerce knowledge. There are advantages to each: a master’s program will enable you to delve into e-Commerce issues in greater depth; an MBA program will allow you to spend your first year developing a set of skills that can be transferred to other areas.
While both a master’s degree and an MBA concentration will prepare you to hold management positions within the field of e-Commerce, master’s programs are designed to help you become a leader in technology management and integration. In contrast, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.
What subjects will I study?
As an e-Commerce student, you will study traditional business topics like finance, accounting and marketing, but your coursework will emphasize Information and Communication Technology (ICT). Your studies will probably include classes on e-management, electronic marketing marketing, online business strategies, MIS, web site development and IT applications. Students with IT backgrounds may take advanced computer science courses as well.
What careers do e-Commerce students pursue?
e-Commerce graduates can assume management roles in e-Business and e-Commerce fields, including operations, marketing, technical support and administration. Many become consultants for large corporations that want to incorporate internet business into their strategic plans. Companies may need you to improve B2B online transactions, vitalize internet product sales, or research e-Commerce competition.
What’s the overall career outlook for this field?
e-Commerce has suffered setbacks since the failure of many startup dot-coms, but the overall demand for business managers with information technology backgrounds should not decrease in the long run. The marketplace has changed dramatically with the introduction of companies like ebay and Amazon.com; most companies now recognize that they must develop and maintain e-Business programs in order to remain competitive. Consequently, the need for employers with e-Commerce skills remains. E-Commerce opens up entirely new business opportunities around the world; as old market practices incorporate new technologies, the field will increase in importance.
3. Entrepreneurship
What do entrepreneurs do?
Entrepreneurs have many options: they can be business owners and managers, venture capitalists, or small business consultants. In addition, some become intrapreneurs within established companies.
What is intrapreneurship?
Intrapreneurs work within corporations to develop new products, increase innovation, and build employee morale. Intrapreneurship appeals to some because it allows them to pursue creative business ideas with the support of a large company’s resources.
What degree options are available in this area?
Some schools offer undergraduate degrees in Entrepreneurship. In addition, graduate students can earn an MBA with an entrepreneurship concentration.
What subjects will I study?
Entrepreneurship MBAs are encouraged to draw upon their creative potential as they learn to build ventures. They are prepared to manage different stages of growth for business enterprises. Entrepreneurship programs allow you to focus on the specific business skills needed to bring an early stage company or small business to life. In addition to the core MBA course, you may take classes in entrepreneurial management, growth strategies, venture financing, cash flow management, and market research.
Many MBA programs offer students chances to work with small businesses; some also give top MBA students opportunities to launch their own ventures in the second year of study.
What skills will I need?
In addition to an overall comprehension of business administration, entrepreneurs should have:
Business savvy: You must understand business theories and practices to build a successful venture. Although some entrepreneurs have not attended graduate school, others believe that an MBA provides small business managers with invaluable administration skills.
Innovation and creativity: Creativity is imperative to entrepreneurs. How will your business stand out from its competition? Your venture may benefit from the introduction of new products, public relations techniques, or even new management practices. It will be up to you to determine what is best for your business.
People skills: As an entrepreneur, you will be the one who pitches products to potential investors or assists customers during sales. Understanding the needs of clients is crucial to your success, as is the ability to communicate with your partners and supporters.
The ability to multitask: Even if you start a business with other partners, you will probably have to tackle a range of tasks in different areas before the venture returns enough capital to hire additional employees. You may meet with potential clients in the morning, then design advertisements at the office during the evening.
The ability to take risks: Starting your own venture always entails uncertainty. You will put your own business reputation on the line, donating personal time and effort to build a customer base. Moreover, a new business requires sizeable financial investments – a start-up is not easy, but the opportunity to manage business operations is probably worth the risk.
What’s the overall career outlook for this field?
Entrepreneurs have always been the backbone of the American economy. Today’s corporate conglomerates were started by men and women with innovative – even outlandish – ideas who had the dedication to make their new ventures thrive. As an entrepreneur, you will be a leader in the business community, whether you take over the family business, purchase or start your own venture, or work within a larger company to revitalize its practices.
4. Finance
What do finance professionals do?
A tremendous range of opportunities for finance professionals can be found in the private, public and non-profit sectors. Most in the financial services industry are employed in such areas as commercial banking, corporate finance, financial planning, investment banking, money managing, insurance, and real estate. Also, almost every firm, government agency, and organization have financial managers who oversee the preparation of financial reports, direct investment activities, and implement cash management strategies.
Commercial Banking: A career in commercial banking offers opportunities in financial management, accountancy and auditing, securities, commodities, and financial services sales, as well as in financial and credit analysis.
Corporate Finance: Employees working in corporate finance find the money to run the business, grow the business, make acquisitions, plan for it''''s financial future and manage any cash on hand.
Financial Planning: Financial planners help individuals plan their financial futures.
Insurance: Jobs in insurance involve helping individuals and business manage risk to protect themselves from catastrophic losses and to anticipate potential risk problems. A variety of areas in insurance include work as an underwriter, a sales representative, an asset manager, or an actuary.
Investment Banking: Investment bankers help companies and governments issue securities, help investors purchase securities, manage financial assets, trade securities and provide financial advice.
Money Management: Money managers hold stocks and bonds for institutional clients.
Real Estate: In the real estate fields many are employed such areas as title insurance, construction, mortgage banking, property management, real estate appraisals, brokerage and leasing, and real estate development.
What degree options are available in finance?
Undergraduates can earn a bachelor¹s degree in finance or take finance classes as part of a business degree. MBA students can choose concentrations in finance, and some schools offer master’s degrees in finance or PhD programs.
What''''s the difference between a master''''s in finance and an MBA with a finance concentration?
The basic difference between these two options is that a master’s in finance is a highly specialized degree that will allow you to focus almost exclusively on issues related to finance. In contrast, an MBA program will allow you to develop a general set of management skills in addition to specific finance knowledge. There are advantages to each: a master¹s program will enable you to delve into finance issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master¹s degree and an MBA concentration will prepare you to hold management positions within the field of finance at some point in your career, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.
What will I study?
Coursework generally covers statistics, economics, accounting policies and procedures, corporate budgeting, and financial analysis methods. Advanced courses in options pricing or bond valuation and knowledge of risk management are often covered. Courses in investments, taxes, estate planning, and risk management also are helpful.
What skills are necessary to work in the field of finance?
Financial professionals must be detail-oriented, highly motivated researchers, and knowledgeable about U.S. and international tax laws, economics and money markets. In addition to self-confidence, maturity, and the ability to work independently, candidates for financial industry positions need a broad range of skills including:
Excellent mathematical and computer skills
Excellent analytic and problem solving skills
Excellent oral and written communication skills
Strong interpersonal skills
What certification or licensing is necessary?
A college degree, and in most cases an MBA, is recommended for a career in the finance industry. A license is not required to work as a personal financial advisor, but advisors who sell stocks, bonds, mutual funds, insurance, or real estate, may need licenses to perform these additional services. Certification, although not required for financial analysts or personal financial advisors to practice, can enhance professional standing and is strongly recommended by many financial companies. Financial analysts may receive the title Chartered Financial Analyst (CFA) and personal financial advisors may obtain a Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC) designation. Both titles demonstrate to potential customers that a planner has extensive training and competency in the area of financial planning.
As an MBA graduate what career options will I have in finance?
The financial field offers many possibilities to MBAs, but the most sought after jobs are within corporate finance, investment banking, and securities firms. Finance MBAs often go into the corporate world as Financial Analysts or Investment Banking Associates. Other careers for MBAs are in asset management, equities research, and private client services. Many MBAs become management consultants with expertise in cash management, restructuring and workouts, emerging markets, or strategy. MBAs on the corporate side may aspire to careers that lead to corporate treasury, and ultimately the Chief Financial Officer (CFO) role in the corporation. Financial analysts may advance by becoming portfolio managers or financial managers, directing the investment policies of their companies or those of clients. Personal financial advisors who work in firms also may move into managerial positions, but most advisors advance by accumulating clients and managing more assets.
What''''s the overall career outlook in finance?
According to the U.S. Bureau of Labor statistics, increased investment by businesses and individuals is expected to result in faster-than-average employment growth of finance professionals through 2010. However, competition is expected to be keen for these highly lucrative positions. The majority of salaried advisors and analysts work for security and commodity brokers, exchanges, and investment services firms. Candidates with a master''''s degree should have the best job opportunities. Familiarity with computer financial software packages also should enhance a jobseeker''''s employment prospects.
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