Majors at the University of Connecticut
Accounting
Accounting Majors at the University of Connecticut may specialize in one of three areas: Financial Accounting, Managerial Accounting, or Taxes and Assurance Services.
The study of financial accounting includes learning to prepare a company’s financial statements based on information gathered in its general ledgers. Financial accountants also participate in the marketing of important financial decisions for a company, including mergers & acquisitions, benefits/Employee Retirement Income Security Act (ERISA) planning, and long term financial projections.
The study of managerial accounting, however, focuses on the decision-making process and application of accounting information to that process. The skills learned through the study of managerial accounting include cost analysis, analysis of new contracts, and expense control. Managerial accounts are often involved in analyzing the structure of an organization to better control costs and expenses.
The study of Taxes and Assurance Services as an undergraduate can eventually lead to public accounting positions. Further Study in this field can result in students sitting for the CPA exam and becoming certified in this field. Tax accountants prepare corporate and personal income tax statements and formulate tax strategies that involve financial choice, mergers and acquisitions, deferral of taxes, or itemized expensing.
Academic Department
Nature of Work
The services that Accountants provide are public accounting, managerial accounting, government accounting, and internal auditing. There are many different jobs within accounting depending on which field of accounting you decide to go into. Some Public accountants work on tax matters while others may work offering advice in compensation or employee health care benefits. Still other accountants may offer advice on the design of accounting and data processing systems. Management accountants analyze and record financial information for the company they work for. They may also perform budgeting, performance evaluation, cost management, and asset management duties. Within a company department an accountant can work in areas like financial analysis, planning and budgeting, and cost accounting. As the proliferation of computers grows, accountants must learn to work with a variety of software packages that are designed to replace manual bookkeeping. Furthermore, accountants with extensive computer skills can specialize in creating and troubleshooting such software.
Sample Job Titles
- Staff Accountant
- Revenue Accountant
- Senior Accountant
- Senior Payroll Administrator
- Accounting Policy Research Accountant
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- Tax Manager
- Payroll Accountant
- Accounts Receivable Manager
- Fixed Asset Accounting
- Senior Tax Analyst
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Potential Employers
Those who graduate with a degree in accounting can be found in every industry. Potential employers of accounting majors include accounting, auditing, or bookkeeping firms. All companies, especially those that are publicly traded, will have accounting departments that require employees with a background in accounting. Other potential employers include the government, private industry, and universities.
Useful Skills
One of the most useful skills an accountant can have is the ability to do mathematical calculations quickly and accurately. The ability to comprehend and organize a problem and then to select a mathematical method or formula in order to solve the problem is also crucial to this profession. Furthermore, excellent communication skills in both written and oral form are important keys to success in the field of accounting.
Getting Experience
The University of Connecticut has an impressive internship program in which third-year accounting students are placed with one of the big five accounting firms or with one of a number of the well known local accounting firms. Another great way to gain experience in accounting is through job shadowing and/or co-ops. Through these methods of gaining experience one can develop am understanding of the different potential career fields and begin to build a comprehensive resume.
Employment Opportunities
There are many employment opportunities for accounting majors. Some are public accounting firms, the government (local, state or federal level), and corporations. Another possibility is to open one’s own firm. Once an accountant becomes a CPA (certified public accountant), he/she can solicit clients of his/her own and build a private business. This option offers much more independence and allows the accountant to work closely with clients.
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