Accounting is not so much math as understanding the concept of "debit and credit". According to Occupational Employment Statistics (OES), accountants examine, analyze, and interpret accounting records to prepare financial statements, give advice, or audit and evaluate statements prepared by others. They also install or advise on systems of recording costs or other financial and budgetary data, analyze financial information, and prepare financial reports to determine or maintain record of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
| Types of Accountants | ||
|---|---|---|
| Jobs | Functions | Degree Required |
| Bookkeeper |
|
High School (Entry Level Position) |
| Controller |
|
Bachelors Degree |
| Technical Accountant/Certified Public Accountant (CPA) |
|
Bachelors Degree + State Certification |
| Chief Financial Officer (CFO) |
|
Bachelors Degree + Experience in a related position |
| Source: www.onetonline.org | ||
There are many colleges in Minnesota that offer many different certificates and awards in accounting with curricula that give a solid foundation in accounting principles and practices for entry-level accounting positions in nearly every industry. The higher the educational attainment in accounting, the better the compensation. Below is a table showing wages for graduates who obtained a range of accounting certificates and awards between 2012 and 2013.
| Degrees and Certificates Available in Accounting | |||||
|---|---|---|---|---|---|
| Awards | Instructional Program | Graduates | Median Hourly Wage (1 Year After) | Median Hourly Wage (2 Years After) | Top Industry of Employment |
| All Awards | Accounting and Related Services | 2,104 | $19.54 | $21.64 | Professional and Technical Services |
| Certificates (less than Bachelor's Degrees) | Accounting and Related Services | 160 | $14.73 | $16.14 | Retail Trade |
| Associate Degree | Accounting and Related Services | 584 | $15.58 | $17.10 | Finance and Insurance |
| Bachelor Degree | Accounting and Related Services | 1,281 | $21.75 | $24.04 | Professional and Technical Services |
| Graduate Degree | Accounting and Related Services | 79 | $24.86 | $26.41 | Professional and Technical Services |
| Source: DEED, Labor Market Information Office, Graduate Employment Outcomes in Minnesota | |||||
Since the primary goal of any business is to make a profit and stay in business without the threat of liquidation for the foreseeable future, all businesses need skilled accounting services. Accountants in Minnesota work in industries from Professional and Business Services to Natural Resource and Mining. Below is a table showing the industries in which accountants are employed, total employment, and median wage in Minnesota.
| First Quarter 2015 Employment Estimates | ||
|---|---|---|
| Industry | OES Employment | OES Median Wage |
| Professional and Business Services | 11,320 | $31.17/hr |
| Financial Activities | 3,800 | $30.03/hr |
| Trade, Transportation, and Utilities | 2,340 | $30.67/hr |
| Manufacturing | 2,170 | $32.56/hr |
| Educational and Health Services | 1,910 | $28.48/hr |
| Public Administration | 1,330 | $30.43/hr |
| Construction | 790 | $33.34/hr |
| Other Services | 460 | $28.78/hr |
| Leisure and Hospitality | 320 | $23.02/hr |
| Natural Resources and Mining | 50 | $29.26/hr |
| Source: DEED, Labor Market Information Office, Occupational Employment Statistics | ||
Currently there are over 25,000 accountants employed in Minnesota. Statewide employment projections show that this occupation is set to grow by 7.2 percent between 2012 and 2022, opening up 1,854 new accounting jobs over the 10-year period. An additional 7,620 accounting job openings will result from retirements, changes of careers, occupation change, or workers who leave the geographical area. This will result in an estimated 9,470 total openings according to the 10 year projection. Most accountants in Minnesota are hired in the Seven-County Minneapolis-Saint Paul area. The table below shows areas, projections, and median wage distributions.
| First Quarter 2015 Employment Estimates | |||
|---|---|---|---|
| Geography | OES Employment | Median Wage | Projections % Change 2012-2022 |
| Minnesota | 24,490 | $30.60/hr | 7.20% |
| Seven County Metro | 18,950 | $31.55/hr | 6.90% |
| Central Minnesota | 1,760 | $27.89/hr | 11.90% |
| Southwest Minnesota | 1,190 | $27.21/hr | 3.80% |
| Northwest Minnesota | 890 | $28.35/hr | 11.40% |
| Northeast Minnesota | 810 | $27.58/hr | 4.50% |
| Southeast Minnesota | N/A | $28.62/hr | 1.50% |
| Source: DEED, Labor Market Information Office, Occupational Employment Statistics | |||
Regardless of the size of an organization, a good bookkeeping and accounting presence is very pertinent to business continuity. Accounting is a system that identifies, records, and communicates information that is relevant, reliable, and comparable to other firms', to help both internal and external users make informed decisions. Accounting's influence in operating, financing, and investing is critical to the survival and growth of any business.
