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    A is for Accountant

    What Exactly Do Accountants Do?

    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
    • post the transactions and reconcile the accounts of the business
    • Accounts Receivable/Payable
    		 High School (Entry Level Position)
    Controller
    • financial statement preparation and analysis
    • budgeting and planning, cost control
    • risk assessment
    • internal control, segregation of duties, and industry knowledge
    		 Bachelors Degree
    Technical Accountant/Certified Public Accountant (CPA)
    • payroll tax (although a good bookkeeper or controller will know how to do this, too) and year-end requirements (W-2s and 1099s)
    • Sales tax compliance and filing
    		 Bachelors Degree + State Certification
    Chief Financial Officer (CFO)
    • complex strategies such as IPOs and financing for the larger company
    • manage cash flow, debt ratios, and financing options.
    • highest level of accounting executive
    		 Bachelors Degree + Experience in a related position
    Source: ONet Online

    Degrees and Certificates Available in Accounting

    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

    Where do Accountants Work 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

    Wage and Employment Outlook

    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

    Conclusion

    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.

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