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Cost estimators figure out how much a project or product will cost. This helps business owners and managers decide whether to build a structure or manufacture a product. If a business doesn't think it can make enough money, it will not do it. Cost estimators also find out which jobs are making a profit. The exact method of figuring out the cost varies, depending on the industry in which you work.
They study information on all of the things that can change the cost of a project. This includes supplies, labor, location, and special equipment, like computer hardware and software.
In construction, they look at drawings and visit the site of the project. They determine the amount of materials and labor the firm will need. They also consider the costs of things like unused materials, delays due to bad weather, and shipping delays. They tell the architect, construction manager, or owner if they think the project will be profitable or not, and write their findings in a detailed report. In large companies, they may specialize. For example, one may estimate only electrical work and another may focus on concrete.
In manufacturing and other firms, they are assigned to the engineering, cost, or pricing departments. They estimate the cost of making products, including materials and labor. They make a list of parts to see if it is better to make or purchase the parts. The cost of computer software development is one of the fastest growing and hardest to estimate. Some specialize in this.
Estimators use computers a lot to do all of the necessary paperwork. This allows them more time to study and analyze potential projects or products.
They spend most of their time in an office. However, construction estimators visit project worksites. They can be dusty, dirty, and sometimes unsafe. In manufacturing, they spend time on the factory floor. It can be noisy and dirty.
Estimators sometimes work extra hours. They work under pressure because if they make a mistake, their firm can lose a lot of money.
How do you get ready?
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How to prepare for this occupation depends on the industry in which you want to work in. In construction, employers want people with a college degree in building construction, construction management or science, engineering, or architecture. In manufacturing, employers prefer to hire individuals with a degree in engineering, physical science, operations research, mathematics, or statistics. They can also have a degree in accounting, finance, business, economics, or a related subject.
Math and computer skills are very important. Strong communication and analytical skills are also important. Cost estimators must present their estimates to supervisors and others.
They need training on the job because every company has its own way of handling estimates. During training, cost estimators usually work with an experienced inspector. After years of experience, some move into management positions, while others may go into business for themselves as consultants. They get paid to provide estimates to government or to construction or manufacturing firms.
How much does this job pay?
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Salaries of cost estimators may vary widely by experience, education, and the size of their employer. The middle half earned between $38,420 and $65,620 in 2004. The lowest-paid 10 percent earned less than $30,240, and the highest-paid 10 percent earned more than $84,870.
How many jobs are there?
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Cost estimators held about 198,000 jobs in 2004. About 60 percent worked in the construction industry, and about 20 percent worked in manufacturing industries.
What about the future?
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The number of cost estimators is expected to grow faster than the average for all occupations through the year 2014. Jobs should be best for those with work experience and a bachelor's degree in a related field. The expected increase in construction and repair projects on buildings, roads, airports, and other structures will lead to more jobs for estimators. This means that the best job opportunities will be in the construction industry.
Saturday, April 12, 2008
Loan Officer
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Loan officers help people apply for loans. This lets people do things like buy a house or a car, or pay for college. Loan officers help businesses by loaning them money to get started or to buy equipment.
There are three kinds of loan officers.
Commercial loan officers work with businesses.
Mortgage loan officers work with people who want to buy houses or other real estate or get new real estate loans for property they already own.
Consumer loan officers work with people who want a loan for things like a car.
Loan officers usually have to travel a lot. Commercial and mortgage loan officers often have to work away from their offices. Commercial loan officers sometimes travel to other cities, especially for more complicated loans. Mortgage loan officers often work out of their home or car. They visit offices or homes of customers while filling out applications. Consumer loan officers and loan counselors are likely to spend most of their time in an office.
Most loan officers work a normal 40-hour week. Sometimes, they have to work longer hours if they have many customers. Loan officers are very busy when interest rates are low. This is because more people want to borrow. Mortgage loan officers often work long hours. This is because they can take on as many customers as they choose.
How do you get ready?
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Loan officers usually have a college degree in finance, economics, or a similar field. It helps to know about computers and how they are used in banking.
If you want to be a loan officer, you need to be able to work well with others. You also need confidence and the ability to sell to people.
Math and computer classes are good ways for students to get ready for this job.
How much does this job pay?
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The middle half of all loan officers earned between $35,360 and $69,160 in 2004. The lowest-paid 10 percent earned less than $27,580. The highest-paid 10 percent earned more than $98,280.
Most loan officers are paid a commission. This means that the amount they earn depends on the number of loans they bring in. This encourages loan officers to make more loans. Some loan officers are paid only salaries. Others are paid a salary plus commission.
How many jobs are there?
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There were about 291,000 loan officers in 2004. Loan officers work all over the country, but most work in or near big cities. Most loan officers work for banks and mortgage companies.
What about the future?
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Employment of loan officers is expected to grow more slowly than average for all jobs through 2014. More people are applying for loans over the Internet rather than going to a loan officer. Those who have a college degree will have the best chance for a job.
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Loan officers help people apply for loans. This lets people do things like buy a house or a car, or pay for college. Loan officers help businesses by loaning them money to get started or to buy equipment.
There are three kinds of loan officers.
Commercial loan officers work with businesses.
Mortgage loan officers work with people who want to buy houses or other real estate or get new real estate loans for property they already own.
Consumer loan officers work with people who want a loan for things like a car.
Loan officers usually have to travel a lot. Commercial and mortgage loan officers often have to work away from their offices. Commercial loan officers sometimes travel to other cities, especially for more complicated loans. Mortgage loan officers often work out of their home or car. They visit offices or homes of customers while filling out applications. Consumer loan officers and loan counselors are likely to spend most of their time in an office.
Most loan officers work a normal 40-hour week. Sometimes, they have to work longer hours if they have many customers. Loan officers are very busy when interest rates are low. This is because more people want to borrow. Mortgage loan officers often work long hours. This is because they can take on as many customers as they choose.
How do you get ready?
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Loan officers usually have a college degree in finance, economics, or a similar field. It helps to know about computers and how they are used in banking.
If you want to be a loan officer, you need to be able to work well with others. You also need confidence and the ability to sell to people.
Math and computer classes are good ways for students to get ready for this job.
How much does this job pay?
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The middle half of all loan officers earned between $35,360 and $69,160 in 2004. The lowest-paid 10 percent earned less than $27,580. The highest-paid 10 percent earned more than $98,280.
Most loan officers are paid a commission. This means that the amount they earn depends on the number of loans they bring in. This encourages loan officers to make more loans. Some loan officers are paid only salaries. Others are paid a salary plus commission.
How many jobs are there?
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There were about 291,000 loan officers in 2004. Loan officers work all over the country, but most work in or near big cities. Most loan officers work for banks and mortgage companies.
What about the future?
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Employment of loan officers is expected to grow more slowly than average for all jobs through 2014. More people are applying for loans over the Internet rather than going to a loan officer. Those who have a college degree will have the best chance for a job.
Actuary
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Actuaries deal with risk. They decide how likely things such as death, sickness, injury, disability, and loss of property are to occur, as well as the costs of these things.
Actuaries also decide how much money it will take in order to get a certain amount of retirement income. They help design insurance policies and pension plans and try to make sure that they are sound. Actuaries may need to explain their findings to company executives, government officials, and the public. They may also testify in court as an expert.
Most actuaries work for insurance companies. Some work in life and health insurance. Others work in property and casualty insurance. Actuaries make tables that show how likely it is that a claim will be made by a customer. They use these tables to decide how much the company will have to pay in claims. They make sure that the company charges enough to pay these claims. This amount must be enough for the company to make a profit. It must also be in line with what other insurance companies are charging.
Actuaries work in offices. They often work at least 40 hours a week. Some actuaries may travel to meet with clients.
How do you get ready?
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Actuaries need to know a lot about math and general business. Those just starting in the field often have a college degree in math, actuarial science, or statistics. Some have a degree in economics, finance, or accounting.
There are about 100 colleges and universities that have an actuarial science program. Most colleges have degree programs in math, statistics, economics, or finance. Some companies hire people who have degrees in other areas. However, these people must be good at math and able to pass the actuarial exams. The exams are held two times a year and it is good to pass all of the exams as soon as possible. More companies are hiring people who have some training in liberal arts and business. It is also important to be able to communicate well. Computer skills are becoming more important too.
How much does this job pay?
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In 2004, one half of all actuaries earned between $54,770 and $107,650. The average starting salary for graduates with a degree in actuarial science was $52,741 in 2005.
How many jobs are there?
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Actuaries held about 18,000 jobs in 2004. Six out of ten worked for insurance companies. Others worked for pension funds and insurance agents and brokers. More actuaries are working for firms that offer a lot of different services. These include such things as management and public relations, or consulting services.
What about the future?
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Employment for actuaries is expected to grow faster than the average for all jobs through 2014. Examinations to become an actuary are very difficult; those who pass have a good chance for a job. Actuaries working on health care issues will have good chances for a job because many more people will need health care in the future. Actuaries also will be needed to work on other issues.
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Actuaries deal with risk. They decide how likely things such as death, sickness, injury, disability, and loss of property are to occur, as well as the costs of these things.
Actuaries also decide how much money it will take in order to get a certain amount of retirement income. They help design insurance policies and pension plans and try to make sure that they are sound. Actuaries may need to explain their findings to company executives, government officials, and the public. They may also testify in court as an expert.
Most actuaries work for insurance companies. Some work in life and health insurance. Others work in property and casualty insurance. Actuaries make tables that show how likely it is that a claim will be made by a customer. They use these tables to decide how much the company will have to pay in claims. They make sure that the company charges enough to pay these claims. This amount must be enough for the company to make a profit. It must also be in line with what other insurance companies are charging.
Actuaries work in offices. They often work at least 40 hours a week. Some actuaries may travel to meet with clients.
How do you get ready?
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Actuaries need to know a lot about math and general business. Those just starting in the field often have a college degree in math, actuarial science, or statistics. Some have a degree in economics, finance, or accounting.
There are about 100 colleges and universities that have an actuarial science program. Most colleges have degree programs in math, statistics, economics, or finance. Some companies hire people who have degrees in other areas. However, these people must be good at math and able to pass the actuarial exams. The exams are held two times a year and it is good to pass all of the exams as soon as possible. More companies are hiring people who have some training in liberal arts and business. It is also important to be able to communicate well. Computer skills are becoming more important too.
How much does this job pay?
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In 2004, one half of all actuaries earned between $54,770 and $107,650. The average starting salary for graduates with a degree in actuarial science was $52,741 in 2005.
How many jobs are there?
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Actuaries held about 18,000 jobs in 2004. Six out of ten worked for insurance companies. Others worked for pension funds and insurance agents and brokers. More actuaries are working for firms that offer a lot of different services. These include such things as management and public relations, or consulting services.
What about the future?
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Employment for actuaries is expected to grow faster than the average for all jobs through 2014. Examinations to become an actuary are very difficult; those who pass have a good chance for a job. Actuaries working on health care issues will have good chances for a job because many more people will need health care in the future. Actuaries also will be needed to work on other issues.
Accountant
What is this job like?
Accountants and auditors keep track of a company's money. The company's managers and people outside the company read their reports. Managers look at the accountants' reports to see how well their companies are doing. Governments use the reports to tell how much tax a company should pay. Some people read them to decide if they want to do business with the company. Others use them to decide if they want to lend money to the company or not.
There are four kinds of accountants.
Public accountants work for public accounting companies. They do accounting, auditing, tax, and consulting work. Some have their own businesses. They do many different kinds of accounting for people outside the company.
Management accountants keep track of the money spent and made by the companies for which they work.
Internal auditors make sure that a company's accounting records are right. They check the records to see that no one in the company is stealing. They also check to see that no one in the company is wasting the company's money.
Government accountants and auditors make sure that government accounting records are right. They also check the records of people doing business with the government.
Accountants and auditors work in offices. They generally work a standard 40-hour week, but some work 50 hours a week or more. Tax accountants often work long hours during the tax season, from January to April. Accountants working for the government and public companies travel to audit other companies or branches of their own company.
How do you get ready?
Most accountants have a college degree in accounting. Public accountants have to take a special test as well, resulting in a certification. Public accountants also must have a special license from the State in which they live. Some employers want accountants who have a master's degree in business or accounting. Most employers want accountants who know quite a bit about computers. Previous experience in a summer or part-time internship is also a plus.
People who want to be accountants should be good at math, and have good analytical skills. They also should be able to write well, so that they can tell others about their findings.
How much does this job pay?
The middle half of all accountants earned between $39,890 and $66,900 a year in 2004. The lowest-paid 10 percent earned less than $32,320. The highest-paid 10 percent earned more than $88,610 a year. Earnings of accountants depend on how long they have been working.
How many jobs are there?
There were 1.2 million accountants and auditors in 2004. Most of them worked in cities, because that is where the large companies tend to be.
What about the future?
Employment of accountants and auditors is expected to grow faster than the average for all occupations through the year 2014.
Accountants have good job opportunities. This is because there will be new and changing laws that will increase the need for accountants; also, there will be more private companies that will need accountants. Accountants who have a lot of special skills, such as certified public accountants (CPAs) and certified management accountants, should have the easiest time finding a job.
Accountants and auditors keep track of a company's money. The company's managers and people outside the company read their reports. Managers look at the accountants' reports to see how well their companies are doing. Governments use the reports to tell how much tax a company should pay. Some people read them to decide if they want to do business with the company. Others use them to decide if they want to lend money to the company or not.
There are four kinds of accountants.
Public accountants work for public accounting companies. They do accounting, auditing, tax, and consulting work. Some have their own businesses. They do many different kinds of accounting for people outside the company.
Management accountants keep track of the money spent and made by the companies for which they work.
Internal auditors make sure that a company's accounting records are right. They check the records to see that no one in the company is stealing. They also check to see that no one in the company is wasting the company's money.
Government accountants and auditors make sure that government accounting records are right. They also check the records of people doing business with the government.
Accountants and auditors work in offices. They generally work a standard 40-hour week, but some work 50 hours a week or more. Tax accountants often work long hours during the tax season, from January to April. Accountants working for the government and public companies travel to audit other companies or branches of their own company.
How do you get ready?
Most accountants have a college degree in accounting. Public accountants have to take a special test as well, resulting in a certification. Public accountants also must have a special license from the State in which they live. Some employers want accountants who have a master's degree in business or accounting. Most employers want accountants who know quite a bit about computers. Previous experience in a summer or part-time internship is also a plus.
People who want to be accountants should be good at math, and have good analytical skills. They also should be able to write well, so that they can tell others about their findings.
How much does this job pay?
The middle half of all accountants earned between $39,890 and $66,900 a year in 2004. The lowest-paid 10 percent earned less than $32,320. The highest-paid 10 percent earned more than $88,610 a year. Earnings of accountants depend on how long they have been working.
How many jobs are there?
There were 1.2 million accountants and auditors in 2004. Most of them worked in cities, because that is where the large companies tend to be.
What about the future?
Employment of accountants and auditors is expected to grow faster than the average for all occupations through the year 2014.
Accountants have good job opportunities. This is because there will be new and changing laws that will increase the need for accountants; also, there will be more private companies that will need accountants. Accountants who have a lot of special skills, such as certified public accountants (CPAs) and certified management accountants, should have the easiest time finding a job.
Nature of the Work
Accountants and auditors help to ensure that the Nation’s firms are run efficiently, its public records kept accurately, and its taxes paid properly and on time. They analyze and communicate financial information for various entities such as companies, individual clients, and government. Beyond carrying out the fundamental tasks of the occupation—preparing, analyzing, and verifying financial documents in order to provide information to clients—many accountants also offer budget analysis, financial and investment planning, information technology consulting, and limited legal services.
Specific job duties vary widely among the four major fields of accounting and auditing: public, management, government accounting, and internal auditing.
Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, or individuals. For example, some public accountants concentrate on tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns. Others offer advice in areas such as compensation or employee health care benefits, the design of accounting and data-processing systems, and the selection of controls to safeguard assets. Still others audit clients’ financial statements and inform investors and authorities that the statements have been correctly prepared and reported. These accountants are also referred to as external auditors. Public accountants, many of whom are Certified Public Accountants (CPAs), generally have their own businesses or work for public accounting firms.
Some public accountants specialize in forensic accounting—investigating and interpreting white-collar crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, including money laundering by organized criminals. Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials.
In response to recent accounting scandals, new Federal legislation restricts the nonauditing services that public accountants can provide to clients. If an accounting firm audits a client’s financial statements, that same firm cannot provide advice on human resources, technology, investment banking, or legal matters, although accountants may still advise on tax issues. Accountants may also advise other clients in these areas and may provide advice within their own firm.
Management accountants—also called cost, managerial, industrial, corporate, or private accountants—record and analyze the financial information of the companies for which they work. Among their other responsibilities are budgeting, performance evaluation, cost management, and asset management. Usually, management accountants are part of executive teams involved in strategic planning or the development of new products. They analyze and interpret the financial information that corporate executives need in order to make sound business decisions. They also prepare financial reports for other groups, including stockholders, creditors, regulatory agencies, and tax authorities. Within accounting departments, management accountants may work in various areas, including financial analysis, planning and budgeting, and cost accounting.
Government accountants and auditors work in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulations or taxation. Accountants employed by Federal, State, and local governments ensure that revenues are received and expenditures are made in accordance with laws and regulations. Those employed by the Federal Government may work as Internal Revenue Service agents or in financial management, financial institution examination, or budget analysis and administration.
Internal auditors verify the effectiveness of their organization’s internal controls and check for mismanagement, waste, or fraud. They examine and evaluate their firms’ financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and government regulations. Because computer systems commonly automate transactions and make information readily available, internal auditors may also help management evaluate the effectiveness of their controls based on real-time data, rather than personal observation. They may recommend and review controls for their organization’s computer systems, to ensure their reliability and integrity of the data.
Internal auditors may also have specialty titles, such as information technology auditors, environmental auditors, and compliance auditors.
Technology is rapidly changing the nature of the work of most accountants and auditors. With the aid of special software packages, accountants summarize transactions in the standard formats of financial records and organize data in special formats employed in financial analysis. These accounting packages greatly reduce the tedious work associated with data management and recordkeeping. Computers enable accountants and auditors to be more mobile and to use their clients’ computer systems to extract information from databases and the Internet. As a result, a growing number of accountants and auditors with extensive computer skills specialize in correcting problems with software or in developing software to meet unique data management and analytical needs. Accountants also are beginning to perform more technical duties, such as implementing, controlling, and auditing computer systems and networks and developing a business’s technology plans.
Specific job duties vary widely among the four major fields of accounting and auditing: public, management, government accounting, and internal auditing.
Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, or individuals. For example, some public accountants concentrate on tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns. Others offer advice in areas such as compensation or employee health care benefits, the design of accounting and data-processing systems, and the selection of controls to safeguard assets. Still others audit clients’ financial statements and inform investors and authorities that the statements have been correctly prepared and reported. These accountants are also referred to as external auditors. Public accountants, many of whom are Certified Public Accountants (CPAs), generally have their own businesses or work for public accounting firms.
Some public accountants specialize in forensic accounting—investigating and interpreting white-collar crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, including money laundering by organized criminals. Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials.
In response to recent accounting scandals, new Federal legislation restricts the nonauditing services that public accountants can provide to clients. If an accounting firm audits a client’s financial statements, that same firm cannot provide advice on human resources, technology, investment banking, or legal matters, although accountants may still advise on tax issues. Accountants may also advise other clients in these areas and may provide advice within their own firm.
Management accountants—also called cost, managerial, industrial, corporate, or private accountants—record and analyze the financial information of the companies for which they work. Among their other responsibilities are budgeting, performance evaluation, cost management, and asset management. Usually, management accountants are part of executive teams involved in strategic planning or the development of new products. They analyze and interpret the financial information that corporate executives need in order to make sound business decisions. They also prepare financial reports for other groups, including stockholders, creditors, regulatory agencies, and tax authorities. Within accounting departments, management accountants may work in various areas, including financial analysis, planning and budgeting, and cost accounting.
Government accountants and auditors work in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulations or taxation. Accountants employed by Federal, State, and local governments ensure that revenues are received and expenditures are made in accordance with laws and regulations. Those employed by the Federal Government may work as Internal Revenue Service agents or in financial management, financial institution examination, or budget analysis and administration.
Internal auditors verify the effectiveness of their organization’s internal controls and check for mismanagement, waste, or fraud. They examine and evaluate their firms’ financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and government regulations. Because computer systems commonly automate transactions and make information readily available, internal auditors may also help management evaluate the effectiveness of their controls based on real-time data, rather than personal observation. They may recommend and review controls for their organization’s computer systems, to ensure their reliability and integrity of the data.
Internal auditors may also have specialty titles, such as information technology auditors, environmental auditors, and compliance auditors.
Technology is rapidly changing the nature of the work of most accountants and auditors. With the aid of special software packages, accountants summarize transactions in the standard formats of financial records and organize data in special formats employed in financial analysis. These accounting packages greatly reduce the tedious work associated with data management and recordkeeping. Computers enable accountants and auditors to be more mobile and to use their clients’ computer systems to extract information from databases and the Internet. As a result, a growing number of accountants and auditors with extensive computer skills specialize in correcting problems with software or in developing software to meet unique data management and analytical needs. Accountants also are beginning to perform more technical duties, such as implementing, controlling, and auditing computer systems and networks and developing a business’s technology plans.
Accountants also act as personal advisors. They not only provide clients with accounting and tax help, but also help them develop personal budgets, manage assets and investments, plan for retirement, and recognize and reduce their exposure to risks. This role is in response to clients’ demands for a single trustworthy individual or firm to meet all of their financial needs. However, accountants are restricted from providing these services to clients whose financial statements they also prepare.
Work environment. Most accountants and auditors work in a typical office setting. Some may be able to do part of their work at home. Accountants and auditors employed by public accounting firms, government agencies, and organizations with multiple locations may travel frequently to perform audits at branches, clients’ places of business, or government facilities.
Most accountants and auditors usually work a standard 40-hour week, but many work longer hours, particularly if they are self-employed and have numerous clients. Tax specialists often work long hours during the tax season.
Most accountants and auditors usually work a standard 40-hour week, but many work longer hours, particularly if they are self-employed and have numerous clients. Tax specialists often work long hours during the tax season.
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