cost accounting jobs near me

cost accounting jobs near me

The Role of Cost Accounting in Today’s Job Market

1. Introduction to Cost Accounting

Many students come into the accounting program with the intention of becoming a certified public accountant. Many of these students also come into our principles course with the expectation of little to no accounting in that course. This presumption usually arises from the title of the course; students see “financial accounting” and believe the course is about individual financing and not a business subject. Cost accounting, on the other hand, is thought to be about money management. However, both courses are about managing money, but from a different perspective. Whereas financial accounting is about external reports on organizations, cost accounting is about internal reports to the firm. In this paper, the authors examine the relevance of cost accounting from the viewpoint of both an instructor and a student in the field of accounting.

2. Importance of Cost Accounting in Business Operations

With the enormous amount of effort that goes into the planning and administration of a business, then there must be a system by which the costs of these functions are allocated to a cost unit, and the employers may establish what contribution is being made to the business. The employer has to plan how resources will be used and, having done so, he will become suspicious if the rewards for his involvement in the business are not forthcoming. Why is cost accounting particularly necessary in a manufacturing unit? The resources of such a unit are largely applied to processes, and they are relatively rigid. Many of the factors of production are fixed, and their use cannot be easily varied. Labor levels and process speeds are set to achieve long-term objectives. If any of these mechanisms is changed in the short run, then the quality level of the production will almost certainly fall.

Cost accounting has become of such great importance that a certification agency, the Institute of Management Accountants, has been created. This has brought a great deal of respect to those involved in cost accounting work, and as such, it has become essential to define the areas where the cost accountant may be involved. The traditional area of cost accounting is the preparation of standard unit costs, which are used as the plans and project control data in the manufacturing departments of a business. The cost accountant’s prime objective is the dual one of control and of quantifying how the business is performing.

3. Cost Accounting Skills and Qualifications for Job Seekers

Students should study the labor market requirements to find out what qualifications are necessary for various skills. Table 6 provides guidance for individuals who are seeking jobs that require knowledge of cost accounting and relates to individuals seeking careers in the field. Such knowledge will help many workers who want to upgrade their skills or undergo retraining. Individuals should consult with employment counselors, read the “Help Wanted” sections of job listings in business publications, make use of federal and state employment services, and recognize leaders of industry through attending trade shows and trade and professional meetings.

Several skills and qualifications can be identified that are needed by job seekers if they are to be considered for opportunities in the field of cost accounting. The categories under which the skills and recommendations can fall are: general skills and qualifications, data processing, mathematical skills, general accounting skills, cost accounting knowledge, and computer skills that are necessary or useful in the moving world of financial preparation and responsibility. Career guidance specialists should assist individuals in recognizing that the reality of the work environment is rapidly becoming technology-dependent and service-oriented. These specialists should recognize that the workplace and workforce is in transition with real and discernible changes, and that new jobs will be created, as are new job opportunities and job descriptions.

4. Job Opportunities in Cost Accounting Field

As is indicated by the job title, the production scheduler is primarily concerned with scheduling, but in most organizations the job responsibilities can and should constantly be expanded to include many of the traditional cost accounting tasks. This means that the production scheduler is called on to balance the relative importance of maintaining a (just-in-time) schedule with the timely receipt of (perpetual inventory) accounting data. This challenge creates a big job opportunity and is the logical route for future advancement. The production scheduler must know the cost structure of the product line and therefore must have access to the inventory management data to be able to rely on just-in-time replenishment of parts.

What specific opportunities are available in the field of cost accounting today? The opportunities are many and varied. Actual job titles include production scheduler, contract cost accountant, cost accountant, budget analyst, production control analyst, payroll supervisor, warehouse/distribution manager, accounting analyst, plant accountant, staff accountant, systems accountant, and assistant controller. This wide differentiation in job titles indicates the rapidly expanding role of cost accounting in today’s market place. Let’s look at each of these job categories in some detail.

5. Finding Cost Accounting Jobs Near You

Many companies require that cost accountants work for some amount of time in one of their factory locations so that costs may be kept within line of management decisions related to these costs. This is because many management decisions that contain cost items are made at the factory, and often these decisions cannot await the normal thirty or sixty-day monthly corporate financial statements before the cost effects of these decisions are known.

You may be just starting to look for jobs in cost accounting, or you may be experienced and looking for a change. Where should you look? The answer to this question depends partly on your level of experience. At every level of experience, there are cost accounting jobs available on a national and even global basis. Corporate headquarters of manufacturing firms represent a concentration of the higher-level positions, and an entry-level person is more likely to find a job with some kind of a local manufacturing company. In fact, most of the companies that are discussed in the middle section of this book can provide jobs for people specializing in manufacturing planning and control systems.