Accountants employed in Government offices usually receive a starting salary of P20,000 while a Chief Accountant normally has a monthly take home pay of P30,000 to P35,000. In medium sized private companies, an accountant's salary usually ranges from P35,000 to P45,000 a month. In large or multi-national companies, accountants usually receive about P50,000 to P75,000 a month.
Basic Educational Requirement
Most accountant positions require at least a bachelor's degree in accounting or a related field. Professional recognition through licensure by the Professional Regulation Commission (PRC) provides a distinct advantage in the job market.
Cost of Education *
A four-year B.S. Accountancy cost around P20,000 to P35,000 per semester in private institutions while in public educational institutions that offer the same discipline, tuition fee would cost about 20%-40% less.
The demand for Accountants will increase simultaneous with economic growth since the number of business establishments is expected to increase as the economy grows. The increase in the number of business establishments will require more accountants to set up books, prepare taxes, and provide financial advice. Regardless of specialty, accountants who are duly licensed by the Professional Regulation Commission should have the best job prospects. Holders of a master degree in accounting or in business administration with specialization in accounting also will have an advantage.
Moreover, accountants may be employed in the following industries: Mining and Quarrying; Manufacturing; Electricity, Gas and Water Supply; Construction; Wholesale and Retail Trade, Repair of Motor Vehicles, Motorcycles and Personal and Household Goods; Hotels and Restaurants; Transport, Storage and Communication; Financial Intermediation; Real Estate, Renting and Business Activities; Public Administration and Defense, Compulsory Social Security; Education; Health and Social Work; Other Community, Social and Personal Service Activities; Private Households with Employed Persons; and Extra-Territorial Organizations and Bodies.
Prospects for Career Advancement
Accountants with adequate academic preparation may advance to positions with more responsibility in 1 or 2 years and to senior positions within another few years as supervisors, managers or partners in an accounting firm. They may assume the position of chief accountant, budget director, controller or chief financial officer. Those who excel in their jobs may move to executive positions in other fields of specialization such as management accounting or internal auditing, occupying top positions as Vice-President for Finance or as Corporation President.
Nature of Work
An Accountant applies principles of accounting to analyze financial information and prepare financial reports.
- Compiles and analyzes financial information to prepare entries to accounts, such as general ledger accounts, documenting business transactions;
- Analyzes financial information detailing assets, liabilities, and capital;
- Prepares the balance sheet, profit and loss statement, and other reports to summarize current and projected company financial position;
- Audits contracts, orders and vouchers, and prepares reports to substantiate individual transactions prior to settlement;
- Establishes, modifies, document and coordinates implementation of accounting and accounting control procedures;
- Prepares or assists in preparing tax returns/advises on taxation problems;
- Devises and implements manual or computer based system for general accounting; and
- Directs and coordinates activities of other accountants and clerical workers performing accounting and bookeeping tasks.
Skills and Competencies
- Aptitude for mathematics;
- Ability to analyze, compare, and interpret facts and figures quickly;
- Excellent communication skills both verbally and in writing;
- Practical knowledge of computers (basic accounting software packages) and their applications in accounting and internal auditing; and
- Strong interpersonal skills.
Physical Attributes and Characteristics
- Have high standards of integrity;
- Must be good at working with people; and
- Can exercise independent judgement.
* Based on tuition fee rates for school year 2010-2011.