Budget analysts assist management in deciding how to allocate resources and estimate future financial requirements by developing, analyzing, and executing budgets. Their main task is to determine how to most efficiently distribute financial resources within private, non-profit, or government organizations. They examine budget estimates or proposals submitted by managers and department heads, and determine their completeness, accuracy, and conformance with established procedures, regulations, and organizational objectives. They may perform cost-benefit analysis, examine past budgets, research exterior economic developments. They then consolidate the various department's budgets into a budget summary and submit the summary to senior management.
Job Skills
Budget analysts should have strong analytical and statistical skills, as well as be familiar with word processing, financial software packages, and other computer applications such as electronic spreadsheets, databases, and graphics software. They must have strong written and oral communication skills because they are required to prepare, present, and defend budget proposals. They must also be able to handle the pressure that comes from working under strict time deadlines.
Income
In 2002, budget analysts earned a median annual salary of $52,480. Earnings ranged from the lowest 10%, who earned less than $34,580, and the highest 10%, who earned more than $82,720. Starting salaries in small, private companies ranged from $29,750 to $36,250. Starting salaries in the Federal Government ranged from $23,442 to $29,037. Candidates with master's degrees usually start around $35,519. In 2003, the average salary for Federal Government budget analysts was $62,400.
Training and Education
While private and government employers require at least a bachelor's degree, many require candidates to have a master's degree. In some cases, a degree in a field that closely matches the industry of the employer may suffice as qualification for employment. Some employers prefer candidates with degrees in business, while others prefer those with majors such as political science, economics, public administration, or public finance. Some work experience related to budget or finance can substitute for formal degrees. Entry-level employees may receive on-the-job training, while others are trained by working through a 1-year budget cycle. Federal, State, and local government budget analysts can become certified as a Certified Government Financial Manager (CGFM) through the Association of Government Accountants, which requires a bachelor's degree, 24 hours of financial management study, 2 years of experience in government work, and successful passing of three exams.
Employment
In 2002, budget analysts held about 62,000 jobs. 46% were employed by Federal, State, and local governments. 20% worked for the Federal government, and others worked in manufacturing, financial services, or management services.
Job Outlook
Between 2002 and 2012, the number of budget analysts is expected to increase about as fast as the average. Growth will be due to demand for quality accounting advice in all sectors of the economy, as well as to workers who retire, change occupations, or leave the labor force for other reasons. Computer automation has increased productivity, but budget analysts' jobs have become more complicated because of the increase in information available. The complexity of their jobs and the increased importance given to financial management will offset any adverse effects of computer automation. Job prospects will best for those candidates with master's degrees, as well as those who are proficient in computer financial software packages.
http://www.education-online-search.com/articles/careers/business_careers/budget_analyst
Monday, May 28, 2007
Bookkeeping Accounting Auditing Clerk
Bookkeeping, accounting, and auditing clerks maintain accurate financial records for their employers by counting and arranging numbers and figures. Those with less experience use 10-key calculators, typewriters, and copy machines, while those with more experience may use computers and accounting software packages. Bookkeeping clerks maintain records of accounts and financial arrangements by verifying and entering information into computers or ledgers, balancing the books, compiling reports and statements, balancing checkbooks monthly, and calculating employee wages. Accounting clerks, also known as accounts payable clerks, accounts receivable clerks, or assistant bookkeepers, keep up-to-date records of financial and statistical documents by calculating, posting, and verifying financial data. Auditing clerks verify the accuracy of other workers' figures and calculations. They verify expense accounts, commissions payments, cash receipts, bank records, and inventory records, and correct any mistakes that need to be corrected.
Job Skills
Bookkeeping, accounting, and auditing clerks need to have an aptitude for mathematics and be able to use a 10-key adding machine. They need to be very detail-oriented and be able to complete their work with an extremely high degree of accuracy. Employers look for people with good communication skills and the ability to use computers. They must also be willing to sit for lengthy periods of time and complete a high volume of mathematical calculations. In the hotel, restaurant, or sales industries, they may be required to work longer hours during particular seasons, such as holidays or vacations.
Income
The income of bookkeeping, accounting, and auditing clerks depends on a number of factors such as location, experience, level of responsibility, and skills. Entry level clerks may start at minimum wage up to $11.50 per hour. More experienced clerks may make up to $14.00 per hour, while clerks who work more than three years with a particular firm may make up to $19.50 per hour. They usually work a standard 40-hour work week, with occasional overtime. Some employers offer benefits such as paid vacations and sick leave, life and health insurance, bonuses, participation in a credit union, or retirement and profit sharing plans.
Training and Education
While most employers require a high school diploma, some look for candidates who have a degree from a business school or community college. Others prefer candidates with at least two years of bookkeeping experience. Training in typing, bookkeeping, and computer accounting are recommended. Many employers provide on-the-job training through work-experience programs at schools such as high school Regional Occupational Programs (ROP). This type of training can be highly advantageous in finding and securing a job after graduation.
Job Outlook
Job opportunity for bookkeeping, accounting, and auditing clerks is expected to grow about as fast as the average. New jobs will account for some of the growth, while job openings resulting from workers retiring or changing occupations will account for the rest. Job growth will be somewhat tempered by the increased use of computers and automation, creating organizational structures that requires fewer workers. This also means that job opportunity will be best for those workers who possess the necessary computer skills.
http://www.education-online-search.com/articles/careers/business_careers/bookkeeping_accounting_auditing_clerk
Job Skills
Bookkeeping, accounting, and auditing clerks need to have an aptitude for mathematics and be able to use a 10-key adding machine. They need to be very detail-oriented and be able to complete their work with an extremely high degree of accuracy. Employers look for people with good communication skills and the ability to use computers. They must also be willing to sit for lengthy periods of time and complete a high volume of mathematical calculations. In the hotel, restaurant, or sales industries, they may be required to work longer hours during particular seasons, such as holidays or vacations.
Income
The income of bookkeeping, accounting, and auditing clerks depends on a number of factors such as location, experience, level of responsibility, and skills. Entry level clerks may start at minimum wage up to $11.50 per hour. More experienced clerks may make up to $14.00 per hour, while clerks who work more than three years with a particular firm may make up to $19.50 per hour. They usually work a standard 40-hour work week, with occasional overtime. Some employers offer benefits such as paid vacations and sick leave, life and health insurance, bonuses, participation in a credit union, or retirement and profit sharing plans.
Training and Education
While most employers require a high school diploma, some look for candidates who have a degree from a business school or community college. Others prefer candidates with at least two years of bookkeeping experience. Training in typing, bookkeeping, and computer accounting are recommended. Many employers provide on-the-job training through work-experience programs at schools such as high school Regional Occupational Programs (ROP). This type of training can be highly advantageous in finding and securing a job after graduation.
Job Outlook
Job opportunity for bookkeeping, accounting, and auditing clerks is expected to grow about as fast as the average. New jobs will account for some of the growth, while job openings resulting from workers retiring or changing occupations will account for the rest. Job growth will be somewhat tempered by the increased use of computers and automation, creating organizational structures that requires fewer workers. This also means that job opportunity will be best for those workers who possess the necessary computer skills.
http://www.education-online-search.com/articles/careers/business_careers/bookkeeping_accounting_auditing_clerk
Become A CFO
This article provides an overview of CFO careers and the requirements to become a CFO. This article will outline a CFO's job duties, salary levels, and employment prospects, as well as discuss the necessary skills, training, educational requirements, and certification requirements.
CFO Job Duties
A chief financial officer (CFO) may also be known as the vice president, senior vice president, or executive vice president of finance. Whatever the title, a CFO is responsible for the finance and accounting operations of an organization, including financial reporting, and compliance with accepted finance and accounting standards and regulatory requirements.
In public companies, CFOs literally sign-off that the company's reported financial statements, and financial well being are accurate, free from error and misrepresentations, and are in compliance with all applicable standards and regulatory requirements. There are substantial civil and criminal penalties for CFOs who deliver inaccurate, erroneous, or misrepresented financial information.
CFOs are typically a senior executive and an officer of their company. They typically report into the chief executive officer (CEO). CFOs also have substantial reporting responsibility to the chairman of the board of directors and the head of the board's audit committee.
The job duties of a CFO can differ depending on whether they work for a public or a private company. The job duties of a CFO can include:
* Participating in the organization's strategic business and financial planning processes
* Setting financial goals in support of business operations and strategic directions
* Planning and managing the finances of the entire organization
* Managing securities and cash portfolios, other liquid assets, and debt
* Obtaining financing for major initiatives or acquisitions
* Providing financial due-diligence for any merger and acquisition activities
* Managing people
* Managing important vendor relationships
* Managing business and financial operations
* Researching and staying abreast of the latest regulatory trends
* Researching and staying abreast of the latest financial accounting reporting trends
* Monitoring financial processes, policies, systems and personnel
* Assuring compliance with accepted financial accounting standards
* Assuring compliance with the recently enacted Sarbanes-Oxley legislation and other SEC regulations, in public companies
* Attending business conferences
* Reporting on the financial well-being of their organization to the CEO, board of directors, stock holders, and regulatory bodies such as the Securities and Exchange Commission (SEC)
* Providing assurance that financial reporting is accurate, error-free, and free from misrepresentation
* Acting as the point of contact with the stock market, business press, and financial analyst community
* Depending on the organization's structure and reporting relationships, a CFO may also have information technology (IT) responsibilities, legal responsibilities, human resource responsibilities, organization responsibilities, and more
As with any senior executive job, the CFO's job can be very demanding. Long hours, including evenings and weekends, and frequent travel, can be a normal part of the job.
CFO Job Skills
As a senior executive, a CFO is expected to have a broad and varied range of skills. These include:
* Accounting and financial management skills
* Understanding of complex financial concepts
* Attention to detail and facility with numbers
* Effective communications skills
* Strategic thinking and planning skills
* Understanding business processes and operations
* Understanding business strategy
* Understanding of non-financial areas of the business such as information technology and legal
* Understanding industry trends and market forces
* Leadership and motivation skills
* Self-confidence
* Managerial skills
* Integrity, honesty, and high ethical standards
* Sound business skills and judgement
* Ability to assimilate and evaluate large amounts of information
* Decision making skills
* Negotiation skills
* Sales Skills
* Political skills
CFO Income
CFO pay varies greatly depending on the size and type of organization. Compensation of CFOs can include a base salary, bonus, stock options, stock grants, long-term incentives, and other compensation. Other benefits enjoyed by top executives, such as use of company cars, planes, memberships, and other perks, often are also a part of their compensation package.
There can be a very wide disparity in CFO compensation between large and small companies. CFO Magazine reported that median annual compensation for CFOs in 2002 at the largest companies (companies with revenues in excess of $1 billion) was almost $1 million, with additional median pay outs on long-term incentives of $500,000. A larger survey of CFO compensation done by The Todd Organization in 2001 reported that CFOs as a group had a median annual compensation of almost $900,000. CFOs at small companies had a total median annual compensation of almost $600,000, and those at large companies had a total median compensation in excess $2 million.
Training and Education Required to Become a CIO
The formal education for CFOs can vary greatly. No specific degree is an absolute requirement for CFOs, although financially oriented degrees are strongly preferred. CFOs typically have an accounting or finance background. Most would have at least a bachelor's degree in accounting or finance. Many have MBAs and other advanced degrees. CFOs often attend executive education programs to further their skills and understanding of the issues that CFOs manage in their work.
Click here for more more information on Business Schools and the programs that they offer.
CFO Employment
Almost every organization of substantial size has an individual at a director level or above who is responsible for the organization's financial operations and reporting.
CFO Job Outlook
Because of the high pay and prestige of top management positions, competition for top executive positions such as CFO is very keen. While numerous openings can be expected as executives transfer to other positions, start their own businesses, or retire, many people will be attracted to the available positions. As a result of the Sarbanes-Oxley legislation, many CFOs and financial professionals are being forced out or leaving because of the increased knowledge and responsibility required of a CFO in the current regulatory climate. Some CFOs are voluntarily leaving publicly traded companies for private companies with less of a regulatory burden. This should increase the competition for CFO jobs at private companies.
With stricter legal penalties and more stringent regulatory mandates for CFOs, individuals considering this career should carefully analyze the requirements of this position.
CFO employment growth, similar to the growth for all top executives, can be expected to be about as fast as the average for all occupations through most of the next decade. Certain industries, such as professional services, scientific services, technical services, administrative services, and support services can expect to see faster than average employment growth. Others, such as some manufacturing industries, can expect employment declines.
http://www.education-online-search.com/articles/careers/business_careers/become_a_cfo
CFO Job Duties
A chief financial officer (CFO) may also be known as the vice president, senior vice president, or executive vice president of finance. Whatever the title, a CFO is responsible for the finance and accounting operations of an organization, including financial reporting, and compliance with accepted finance and accounting standards and regulatory requirements.
In public companies, CFOs literally sign-off that the company's reported financial statements, and financial well being are accurate, free from error and misrepresentations, and are in compliance with all applicable standards and regulatory requirements. There are substantial civil and criminal penalties for CFOs who deliver inaccurate, erroneous, or misrepresented financial information.
CFOs are typically a senior executive and an officer of their company. They typically report into the chief executive officer (CEO). CFOs also have substantial reporting responsibility to the chairman of the board of directors and the head of the board's audit committee.
The job duties of a CFO can differ depending on whether they work for a public or a private company. The job duties of a CFO can include:
* Participating in the organization's strategic business and financial planning processes
* Setting financial goals in support of business operations and strategic directions
* Planning and managing the finances of the entire organization
* Managing securities and cash portfolios, other liquid assets, and debt
* Obtaining financing for major initiatives or acquisitions
* Providing financial due-diligence for any merger and acquisition activities
* Managing people
* Managing important vendor relationships
* Managing business and financial operations
* Researching and staying abreast of the latest regulatory trends
* Researching and staying abreast of the latest financial accounting reporting trends
* Monitoring financial processes, policies, systems and personnel
* Assuring compliance with accepted financial accounting standards
* Assuring compliance with the recently enacted Sarbanes-Oxley legislation and other SEC regulations, in public companies
* Attending business conferences
* Reporting on the financial well-being of their organization to the CEO, board of directors, stock holders, and regulatory bodies such as the Securities and Exchange Commission (SEC)
* Providing assurance that financial reporting is accurate, error-free, and free from misrepresentation
* Acting as the point of contact with the stock market, business press, and financial analyst community
* Depending on the organization's structure and reporting relationships, a CFO may also have information technology (IT) responsibilities, legal responsibilities, human resource responsibilities, organization responsibilities, and more
As with any senior executive job, the CFO's job can be very demanding. Long hours, including evenings and weekends, and frequent travel, can be a normal part of the job.
CFO Job Skills
As a senior executive, a CFO is expected to have a broad and varied range of skills. These include:
* Accounting and financial management skills
* Understanding of complex financial concepts
* Attention to detail and facility with numbers
* Effective communications skills
* Strategic thinking and planning skills
* Understanding business processes and operations
* Understanding business strategy
* Understanding of non-financial areas of the business such as information technology and legal
* Understanding industry trends and market forces
* Leadership and motivation skills
* Self-confidence
* Managerial skills
* Integrity, honesty, and high ethical standards
* Sound business skills and judgement
* Ability to assimilate and evaluate large amounts of information
* Decision making skills
* Negotiation skills
* Sales Skills
* Political skills
CFO Income
CFO pay varies greatly depending on the size and type of organization. Compensation of CFOs can include a base salary, bonus, stock options, stock grants, long-term incentives, and other compensation. Other benefits enjoyed by top executives, such as use of company cars, planes, memberships, and other perks, often are also a part of their compensation package.
There can be a very wide disparity in CFO compensation between large and small companies. CFO Magazine reported that median annual compensation for CFOs in 2002 at the largest companies (companies with revenues in excess of $1 billion) was almost $1 million, with additional median pay outs on long-term incentives of $500,000. A larger survey of CFO compensation done by The Todd Organization in 2001 reported that CFOs as a group had a median annual compensation of almost $900,000. CFOs at small companies had a total median annual compensation of almost $600,000, and those at large companies had a total median compensation in excess $2 million.
Training and Education Required to Become a CIO
The formal education for CFOs can vary greatly. No specific degree is an absolute requirement for CFOs, although financially oriented degrees are strongly preferred. CFOs typically have an accounting or finance background. Most would have at least a bachelor's degree in accounting or finance. Many have MBAs and other advanced degrees. CFOs often attend executive education programs to further their skills and understanding of the issues that CFOs manage in their work.
Click here for more more information on Business Schools and the programs that they offer.
CFO Employment
Almost every organization of substantial size has an individual at a director level or above who is responsible for the organization's financial operations and reporting.
CFO Job Outlook
Because of the high pay and prestige of top management positions, competition for top executive positions such as CFO is very keen. While numerous openings can be expected as executives transfer to other positions, start their own businesses, or retire, many people will be attracted to the available positions. As a result of the Sarbanes-Oxley legislation, many CFOs and financial professionals are being forced out or leaving because of the increased knowledge and responsibility required of a CFO in the current regulatory climate. Some CFOs are voluntarily leaving publicly traded companies for private companies with less of a regulatory burden. This should increase the competition for CFO jobs at private companies.
With stricter legal penalties and more stringent regulatory mandates for CFOs, individuals considering this career should carefully analyze the requirements of this position.
CFO employment growth, similar to the growth for all top executives, can be expected to be about as fast as the average for all occupations through most of the next decade. Certain industries, such as professional services, scientific services, technical services, administrative services, and support services can expect to see faster than average employment growth. Others, such as some manufacturing industries, can expect employment declines.
http://www.education-online-search.com/articles/careers/business_careers/become_a_cfo
Administrative Services Manager
Administrative service managers work in almost every industry coordinating and directing the support and administrative services of companies. They manage the services needed to keep an organization running smoothly and efficiently, such as data processing, records management, printing and reproduction, secretarial and reception, and security, among many others. Their specific duties depend upon their position in the management hierarchy.
First-line administrative service managers closely supervise the lower-level staff positions. Mid-level managers may supervise first-line managers, and also execute departmental planning, set goals and deadlines, and work to improve efficiency and productivity, and occasionally hire and fire employees. A small number of mid-level managers are promoted to high-level positions, such as vice president of administrative services.
Job Skills
Many skills are required of administrative service managers, the most important being the ability to communicate effectively with a diverse range of co-workers, including lower level blue-collar workers to supervisors and other managers. Administrative service managers need to be decisive, analytical, detail-oriented, and flexible. They must be able to multitask, analyze and resolve problems, and meet strict deadlines.
Income
In 2002, administrative service managers earned a median annual salary of $52,500. Earnings ranged from the lowest 10 percent, who earned less than $26,120, and the highest 10 percent, who earned more than $99,870. The following shows the median annual salaries for the industries employing the highest numbers of administrative service managers:
* Management of companies and enterprises - $66,700
* Elementary and secondary schools - 59,220
* Colleges, universities, and professional schools - 56,960
* State government - 55,710
* Local government - 51,570
Training and Education
Often, experience is the only requirement for employment in a small organization. Larger organizations have more formal requirements for various management positions. First-line administrative service managers usually must possess an associate degree in business or management, although sometimes a high school diploma will suffice. Higher-level positions require at least a bachelor's degree and often a graduate degree in a specific field. Beyond educational background, the other major factor is work experience. Because of this, many managers work their way up to management through the lower ranks, gaining valuable experience along the way.
Employment
In 2002, approximately 52,000 people were employed as administrative service managers. About 90% worked in Federal, Sate, and local government, health service, financial service, professional, scientific, and technical services, and education. The rest worked in manufacturing.
Job Outlook
Between 2002 and 2012, the number of administrative service managers is expected to increase about as fast as the average. Competition for positions is also expected to increase, as the number of applicants exceeds the number of jobs. However, demand should be strong for facilities managers, as well as managers employed in management services and management consulting.
http://www.education-online-search.com/articles/careers/business_careers/administrative_services_manager
First-line administrative service managers closely supervise the lower-level staff positions. Mid-level managers may supervise first-line managers, and also execute departmental planning, set goals and deadlines, and work to improve efficiency and productivity, and occasionally hire and fire employees. A small number of mid-level managers are promoted to high-level positions, such as vice president of administrative services.
Job Skills
Many skills are required of administrative service managers, the most important being the ability to communicate effectively with a diverse range of co-workers, including lower level blue-collar workers to supervisors and other managers. Administrative service managers need to be decisive, analytical, detail-oriented, and flexible. They must be able to multitask, analyze and resolve problems, and meet strict deadlines.
Income
In 2002, administrative service managers earned a median annual salary of $52,500. Earnings ranged from the lowest 10 percent, who earned less than $26,120, and the highest 10 percent, who earned more than $99,870. The following shows the median annual salaries for the industries employing the highest numbers of administrative service managers:
* Management of companies and enterprises - $66,700
* Elementary and secondary schools - 59,220
* Colleges, universities, and professional schools - 56,960
* State government - 55,710
* Local government - 51,570
Training and Education
Often, experience is the only requirement for employment in a small organization. Larger organizations have more formal requirements for various management positions. First-line administrative service managers usually must possess an associate degree in business or management, although sometimes a high school diploma will suffice. Higher-level positions require at least a bachelor's degree and often a graduate degree in a specific field. Beyond educational background, the other major factor is work experience. Because of this, many managers work their way up to management through the lower ranks, gaining valuable experience along the way.
Employment
In 2002, approximately 52,000 people were employed as administrative service managers. About 90% worked in Federal, Sate, and local government, health service, financial service, professional, scientific, and technical services, and education. The rest worked in manufacturing.
Job Outlook
Between 2002 and 2012, the number of administrative service managers is expected to increase about as fast as the average. Competition for positions is also expected to increase, as the number of applicants exceeds the number of jobs. However, demand should be strong for facilities managers, as well as managers employed in management services and management consulting.
http://www.education-online-search.com/articles/careers/business_careers/administrative_services_manager
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