Accounting

    What is Accounting?  

    Accountants and auditors examine financial statements for accuracy and conformance with laws.

    Accountants and auditors prepare and examine financial records, identify potential areas of opportunity and risk, and provide solutions for businesses and individuals. They ensure that financial records are accurate, that financial and data risks are evaluated, and that taxes are paid properly. They also assess financial operations and work to help ensure that organizations run efficiently. (Source: Occupational Outlook Handbook)

    Accountants and auditors typically do the following:

    • Examine financial statements to ensure that they are accurate and comply with laws and regulations
    • Compute taxes owed, prepare tax returns, and ensure that taxes are paid properly and on time
    • Inspect account books and accounting systems for efficiency and use of accepted accounting procedures and identify potential risks for fraud
    • Organize, analyze, and maintain financial records
    • Assess financial operations, identify risks and challenges, and make best-practices recommendations to management
    • Suggest ways to reduce costs, enhance revenues, and improve profits

    Explore Further: Accountants and Auditors

    About the Industry 

    Public (Audit, Tax, Advisory)

    Public accounting can be viewed as firms of accountants that serve clients such as businesses (retailers, manufacturers, service companies, etc.), individuals, nonprofit organizations, and governmental organizations.

    Public accounting firms range in size from sole practitioners to a few huge international firms that employ hundreds of thousands of CPAs throughout the world. In between are local and regional firms as well as very large national and international firms.

    The people employed in public accounting are often certified public accountants or CPAs. Many accountants leave the larger public accounting firms after several years of experience and become an employee at a business or other organization. In their new position they are referred to as a private accountant, corporate accountant or internal accountant.(Source: Accounting Coach)

    Explore Further: What is public accounting?

    Private (Corporate Accounting, Internal Audit, Tax)

    Private accounting, also commonly called industry or corporate accounting, refers to accountants who work for a single organization within its internal finance department. Private accountants work across every industry and sector, making this a stable career choice no matter where you live and work.

    Explore Further: What is Corporate Accounting? | About Internal Audit | Tax Accounting | Financial Analyst

    Government

    Federal, state, and local governments are some of the United States’ top employers for accountants. Government accountants oversee public funds and investigate white-collar crime. These professionals may assess financial efficiency and perform audits within government offices and departments. They also ensure compliance with funding policies and laws. (Source: accounting.com)

    Explore Further: Government Accounting

    Pathway for St. Olaf Students

    Students are encouraged to review the Minnesota Society of CPAs information on Becoming a CPA which gives you helpful information on education and credit requirements.

    St. Olaf does not have an Accounting major – most students who are interested in this career field will need to pursue additional coursework or graduate level study to secure intermediate and advanced coursework and credits.  Many students choose to obtain these requirements through a Master of Accountancy Program (usually one year at full-time).

    Curricular Recommendations

    While all majors can go on to work in the Accounting field, a concentration in Business & Management Studies is recommended.  Majoring in Economics or Quantitative Economics with a Finance or Management Emphasis is also a common choice.   

    Taking both BUS225: Principles of Accounting and BUS237: Managerial Accounting while you are at St. Olaf is strongly recommended.

    Additional coursework to consider:

    • BUS251:Management
    • BUS383:Management Policy and Strategy
    • BUS252: Legal Aspects of Business
    • BUS266: Business Modeling in Excel
    • BUS281: Corporate Finance
    • ECON 248: Money and Banking
    Job/Internship Pathway

    St. Olaf students most typically pursue the “Transfer Pricing” career path within the Big 4 or other firms, while earning a Master of Accountancy.

    Other entry-level roles that do not require an accounting degree and will build relevant experience include: Bookkeeping, Payroll Specialist, Accounting Coordinator/Assistant/Clerk, Tax Preparer, Loan Officer

    Freshman and Sophomore Summer Leadership Programs are common among public accounting firms. They last 2-3 days and are a great way to gain exposure to public accounting careers, the firm, and are the first step to receiving an internship offer for the following year. Recruiting takes place in Spring semester.

    Government Accounting and Private Sector

    Summer internships are open to juniors, with some open to sophomores. Large companies recruiting take place in fall semester, while small and medium-sized companies recruit in spring semester.

    Student Involvement Opportunities

    • Pause Kitchen Finance Officer
    • SGA Finance Officer
    • Student employment: Business Office
    • Student employment: Teaching Assistant for Financial or Managerial Accounting Classes
    • Treasurer of student government branches, clubs/organization

    Job Postings

    Professional Groups