The primary responsibility of a junior accountant is to provide accounting support to senior accountants performing many of the less glamorous accounting tasks, allowing senior accountants to focus on other tasks. This person’s job entails reviewing the company’s revenue and expenses and making recommendations for how to improve the company’s finances. But, in the end, it is usually the senior accountant who has the authority to accept or reject those suggestions.
A bachelor’s degree in accounting or a related field, such as math, business, or finance, is required of most junior accountants. They frequently have internship experience with a financial services firm or in an organization’s accounting department. A person in this position typically has less than five years of accounting experience. However, there is no industry standard for separating junior and senior accountants in terms of time, education, or experience; this distinction is typically left up to each individual company.
A typical junior accountant has yet to pass the CPA exam. As a result, he or she is unable to file reports with the Securities and Exchange Commission at this time (SEC). Although the tasks he or she performs on a daily basis are not menial, they do not necessitate the same level of specialized knowledge as filing an SEC report.
A junior accountant’s day might consist of reviewing profit and loss statements and balance sheets in order to assess a company’s financial position, for example. He or she may also prepare projection reports that forecast the company’s financial requirements at various points in the future. Although he or she rarely has direct access to these executives, these reports would eventually be reviewed company management. He or she would typically submit all reports to a supervising accountant, who would approve each report before passing it up the chain of command.
As a junior accountant gains experience in a company, he or she may begin to notice a passion for certain areas. Internal auditing, bookkeeping, and personal finance are examples of these areas. By identifying strengths and weaknesses and guiding him or her toward a specialization, the managing senior accountant can serve as a mentor.
In the United States, a junior accountant’s salary is typically 60 to 70 percent of that of a senior accountant. Fortunately, there has always been a high demand for accountants, which has resulted in numerous opportunities for advancement. Junior accountants can improve their job prospects joining accounting organizations and pursuing certifications that will make them more valuable to potential employers.