{"id":39001,"date":"2024-08-22T13:57:38","date_gmt":"2024-08-22T18:57:38","guid":{"rendered":"https:\/\/wp.stolaf.edu\/pipercenter\/?page_id=39001"},"modified":"2025-09-25T13:26:59","modified_gmt":"2025-09-25T18:26:59","slug":"accounting-finance","status":"publish","type":"page","link":"https:\/\/wp.stolaf.edu\/pipercenter\/accounting-finance\/","title":{"rendered":"Accounting"},"content":{"rendered":"<div data-modular-content-collection>\t\t\t<div\n\t\t\tclass=\"site-section site-panel__wysiwyg panel panel-wysiwyg site-section__bg--normal\"\n\t\t\tdata-depth=\"\"\n\t\t\tdata-js-panel=\"wysiwyg\"\n\t\t>\n\t\n\t\t\t<div class=\"site-section__inner l-wrapper \">\n\t\n\t\n\t\t\n\t\n\t\n\t<div class=\"site-section__content \">\n\t\t<div class=\"site-grid site-grid__wrapper site-grid__wrapper-stagger\"\n\t\t\t data-depth=\"0\"\n\t\t\t data-name=\"columns\"\n\t\t\t data-livetext>\n\n\t\t\t\t\t\t\t<div class=\"site-grid__col\">\n\t\t\t\t\t<div class=\"site-panel__wysiwyg-content\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"t-content \"\n\t\t\t\t\t\t\t\t data-depth=\"0\"\n\t\t\t\t\t\t\t\t data-index=\"0\"\n\t\t\t\t\t\t\t\t data-autop=\"true\"\n\t\t\t\t\t\t\t\t data-name=\"column_content\"\n\t\t\t\t\t\t\t>\n\t\t\t\t\t\t\t\t<h3><span style=\"font-weight: 400;\">What is Accounting?\u00a0\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Accountants and auditors examine financial statements for accuracy and conformance with laws.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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. (<\/span><i><span style=\"font-weight: 400;\">Source: Occupational Outlook Handbook<\/span><\/i><span style=\"font-weight: 400;\">)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accountants and auditors typically do the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Examine financial statements to ensure that they are accurate and comply with laws and regulations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compute taxes owed, prepare tax returns, and ensure that taxes are paid properly and on time<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inspect account books and accounting systems for efficiency and use of accepted accounting procedures and identify potential risks for fraud<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Organize, analyze, and maintain financial records<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assess financial operations, identify risks and challenges, and make best-practices recommendations to management<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Suggest ways to reduce costs, enhance revenues, and improve profits<\/span><\/li>\n<\/ul>\n<p><b>Explore Further:<\/b> <a href=\"https:\/\/www.bls.gov\/ooh\/business-and-financial\/accountants-and-auditors.htm\"><span style=\"font-weight: 400;\">Accountants and Auditors<\/span><\/a><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.indeed.com\/career-advice\/finding-a-job\/public-vs-private-accounting\"><span style=\"font-weight: 400;\">Public vs. Private Accounting: Definition and Key Differences<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.liveabout.com\/accounting-job-titles-2061488\"><span style=\"font-weight: 400;\">Common Roles in Accounting<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.roberthalf.com\/blog\/job-market\/private-vs-public-choose-your-accounting-career-path\"><span style=\"font-weight: 400;\">Public or Corporate: Choose your Accounting Career Path<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.accountingedu.org\/career-resources.html\"><span style=\"font-weight: 400;\">Careers in Accounting<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/accounting.uworld.com\/cpa-review\/cpa-career\/jobs\/\">CPA Career Paths<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.accountingcoach.com\/blog\/big-4-accounting\"><span style=\"font-weight: 400;\">The \u201cBig 4\u201d<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.theforage.com\/blog\/careers\/accounting-careers\"><span style=\"font-weight: 400;\">What Accounting Careers Are Right for Me? Quiz<\/span><\/a><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">About the Industry\u00a0<\/span><\/h3>\n<h5><em><span style=\"font-weight: 400;\">Public (<\/span><span style=\"font-weight: 400;\">Audit, Tax, Advisory)<\/span><\/em><\/h5>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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)<\/span><\/p>\n<p><b>Explore Further<\/b><span style=\"font-weight: 400;\">: <\/span><a href=\"https:\/\/www.accountingcoach.com\/blog\/what-is-public-accounting\"><span style=\"font-weight: 400;\">What is public accounting?<\/span><\/a><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.accountingedu.org\/public.html\"><span style=\"font-weight: 400;\">Public Accountant Job Description<\/span><\/a><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/www.coursera.org\/articles\/public-accounting\">Careers, Skills, and How to Become a CPA<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.investopedia.com\/terms\/t\/tax-accounting.asp\"><span style=\"font-weight: 400;\">Audit and Assurance Accounting<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.vault.com\/industries-professions\/professions\/t\/tax-accountants\/the-job\"><span style=\"font-weight: 400;\">Tax Accounting<\/span><\/a><\/li>\n<\/ul>\n<h5><em><span style=\"font-weight: 400;\">Private<\/span><span style=\"font-weight: 400;\"> (<\/span><span style=\"font-weight: 400;\">Corporate Accounting, Internal Audit, Tax)<\/span><\/em><\/h5>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><b>Explore Further<\/b><span style=\"font-weight: 400;\">: <\/span><a href=\"https:\/\/pdf.wondershare.com\/accounting\/corporate-accounting.html\"><span style=\"font-weight: 400;\">What is Corporate Accounting?<\/span><\/a><span style=\"font-weight: 400;\"> | <\/span><a href=\"https:\/\/global.theiia.org\/about\/about-internal-auditing\/Pages\/About-Internal-Auditing.aspx\"><span style=\"font-weight: 400;\">About Internal Audit<\/span><\/a><span style=\"font-weight: 400;\"> | <\/span><a href=\"https:\/\/www.devry.edu\/blog\/tax-accounting.html\"><span style=\"font-weight: 400;\">Tax Accounting<\/span><\/a><span style=\"font-weight: 400;\"> | <\/span><a href=\"https:\/\/corporatefinanceinstitute.com\/resources\/careers\/map\/corporate\/fpa-analyst-career\/\"><span style=\"font-weight: 400;\">Financial Analyst<\/span><\/a><\/p>\n<h5><em><span style=\"font-weight: 400;\">Government<\/span><\/em><\/h5>\n<p><span style=\"font-weight: 400;\">Federal, state, and local governments are some of the United States&#8217; 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. <\/span><i><span style=\"font-weight: 400;\">(Source: accounting.com)<\/span><\/i><\/p>\n<p><b>Explore Further: <\/b><a href=\"https:\/\/www.accounting.com\/careers\/government-accounting\/\"><span style=\"font-weight: 400;\">Government Accounting<\/span><\/a><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.acfe.com\/career\/career-paths\/career-path-accounting\/career-path-detail-forensic-accountant\"><span style=\"font-weight: 400;\">Forensic Accounting<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.sec.gov\/page\/oca-landing\"><span style=\"font-weight: 400;\">Securities and Exchange Commission<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/home.treasury.gov\/about\/careers-at-treasury\/careers-at-headquarters\"><span style=\"font-weight: 400;\">U.S. Department of the Treasury<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.jobs.irs.gov\/\"><span style=\"font-weight: 400;\">Internal Revenue Service<\/span><\/a><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Pathway for St. Olaf Students<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Students are encouraged to review the Minnesota Society of CPAs information on <\/span><a href=\"https:\/\/www.mncpa.org\/becoming-a-cpa\/\"><span style=\"font-weight: 400;\">Becoming a CPA<\/span><\/a><span style=\"font-weight: 400;\"> which gives you helpful information on education and credit requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">St. Olaf does not have an Accounting major &#8211; 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.\u00a0 Many students choose to obtain these requirements through a<\/span> Master of Accountancy Program (usually one year at full-time).<\/p>\n<h5><em>Curricular Recommendations<\/em><\/h5>\n<p><span style=\"font-weight: 400;\">While all majors can go on to work in the Accounting field, a concentration in Business &amp; Management Studies is recommended.\u00a0 Majoring in Economics or Quantitative Economics with a Finance or Management Emphasis is also a common choice.\u00a0 \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Taking both BUS225: Principles of Accounting and BUS237: Managerial Accounting while you are at St. Olaf is strongly recommended.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additional coursework to consider:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">BUS251:Management<\/span><\/li>\n<li><span style=\"font-weight: 400;\">BUS383:Management Policy and Strategy<\/span><\/li>\n<li><span style=\"font-weight: 400;\">BUS252: Legal Aspects of Business<\/span><\/li>\n<li><span style=\"font-weight: 400;\">BUS266: Business Modeling in Excel<\/span><\/li>\n<li><span style=\"font-weight: 400;\">BUS281: Corporate Finance<\/span><\/li>\n<li><span style=\"font-weight: 400;\">ECON 248: Money and Banking<\/span><\/li>\n<\/ul>\n<h5><em>Job\/Internship Pathway<\/em><\/h5>\n<p><span style=\"font-weight: 400;\">St. Olaf students most typically pursue the \u201c<a href=\"https:\/\/www.investopedia.com\/terms\/t\/transfer-pricing.asp\" target=\"_blank\" rel=\"noopener\">Transfer Pricing<\/a>\u201d career path within the Big 4 or other firms, while earning a Master of Accountancy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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<\/span><\/p>\n<p>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.<\/p>\n<h5><em>Government Accounting and Private Sector<\/em><\/h5>\n<p>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.<\/p>\n<h3 class=\"wp-block-heading\">Student Involvement Opportunities<\/h3>\n<ul class=\"wp-block-list\">\n<li>Pause Kitchen Finance Officer<\/li>\n<li>SGA Finance Officer<\/li>\n<li>Student employment: Business Office<\/li>\n<li>Student employment: Teaching Assistant for Financial or Managerial Accounting Classes<\/li>\n<li>Treasurer of student government branches, clubs\/organization<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">Job Postings<\/h3>\n<ul class=\"wp-block-list\">\n<li>St. Olaf\u2019s <a href=\"https:\/\/wp.stolaf.edu\/pipercenter\/handshake\/\" target=\"_blank\" rel=\"noopener\">Handshake database<\/a><\/li>\n<li><a href=\"https:\/\/www.indeed.com\/career-advice\/career-development\/audit-vs-assurance\">MN Accounting &amp; Auditing Student Conference<\/a><\/li>\n<li><a href=\"https:\/\/wp.stolaf.edu\/pipercenter\/minnesotas-private-colleges-job-internship-fair\/\" target=\"_blank\" rel=\"noopener\">MN Private Colleges Job and Internship Fair<\/a> (February)<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\">Professional Groups<\/h3>\n<ul class=\"wp-block-list\">\n<li><a href=\"http:\/\/www.mncpa.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">MN Society of Certified Public Accountants<\/a><\/li>\n<li><a href=\"http:\/\/www.acfe.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Association of Certified Fraud Examiners<\/a><\/li>\n<li><a href=\"https:\/\/www.nabainc.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">National Association of Black Accountants<\/a><\/li>\n<li><a href=\"https:\/\/community.nabainc.org\/twincities\/home\" target=\"_blank\" rel=\"noopener noreferrer\">National Association of Black Accountants-Twin Cities Chapter<\/a><\/li>\n<li><a href=\"https:\/\/www.afwa.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">American Society of Women Accountants<\/a><\/li>\n<\/ul>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div> <!-- .site-grid__col -->\n\t\t\t\n\t\t<\/div> <!-- .site-grid, .site-grid__wrapper -->\n\t<\/div> <!-- site-section__content -->\n\n\n\t\t\t\t\n\t\t\t<\/div>\n\t\n\t\t\t<\/div>\n\t\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2082,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-39001","page","type-page","status-publish","hentry"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/wp.stolaf.edu\/pipercenter\/wp-json\/wp\/v2\/pages\/39001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.stolaf.edu\/pipercenter\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wp.stolaf.edu\/pipercenter\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/pipercenter\/wp-json\/wp\/v2\/users\/2082"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/pipercenter\/wp-json\/wp\/v2\/comments?post=39001"}],"version-history":[{"count":17,"href":"https:\/\/wp.stolaf.edu\/pipercenter\/wp-json\/wp\/v2\/pages\/39001\/revisions"}],"predecessor-version":[{"id":50573,"href":"https:\/\/wp.stolaf.edu\/pipercenter\/wp-json\/wp\/v2\/pages\/39001\/revisions\/50573"}],"wp:attachment":[{"href":"https:\/\/wp.stolaf.edu\/pipercenter\/wp-json\/wp\/v2\/media?parent=39001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}