An economic depression can be defined as an economic downturn that generally lasts for several years. Primarily, it is characterized by the growth in unemployment rates along with the falling of Gross Domestic Product (GDP). Today if we talk in terms of the occurrence of economic depression in the United States, fortunately the country has not experienced an economic depression since the last one that occurred during the 1930s. It was one of the most serious economic downfalls in the U.S economy that lasted for almost 10 years. In fact, the decline in the GDP growth rates was of such a large scale that the United States has not witnessed since 1930. The key highlights, during the economic depression were unemployment that almost increased to 25% and wages fell by 42%. Besides this, the economic output of United States also chopped from $103 to $55 billion.

If we try to have a deep insight on reasons that caused an economic depression of 1930 then there are several factors. During the 1920s, the country enjoyed a booming economy. In fact, the US was among few nations who were actually producing goods in big amount for which there was little market demand. Unfortunately, this led to a slowdown in agriculture and over production of goods in the factory, which resulted in lose of jobs of millions of people.

The depression was even provoked by deprived monetary policy. Rather pumping money into the economy, the Federal Reserve even permitted the money supply to fall 30%. Though, the “New Deal” was started to end the depression, but government programs alone could not end it. Unemployment remained in the double-digits until 1941. Moreover, many greedy bankers on Wall Street overlooked the warning signs and remained busy in borrowing and investing in stocks for earning more profit. In the end, reality hit the stock market and company valuations finally started to fall. It was during this period when U.S economy witnessed a deep panic selling and the markets went out of control. And, it was just matter of days when the Wall Street officially collapsed.

Today there are many people who still get confused with the usage of terms – “Depression” and “Recession” in terms of economic fall down. Although, both economic recession and depression generally refer to a fall in the economic activity, but more often they have are used interchangeably. Therefore, it is very important to understand that both are very dissimilar, especially if we try to relate in context of their severity.

A decline in the economy for a period of two consecutive quarters can be defined as a recession. Economic depression on other hand is basically considered a more extended slump during which the decline in GDP is almost 10 % or even more high. Therefore, it is very important to note that even a country have more than two successive quarters of recession, it can’t be assumed to have entered into a economic depression phase until the down turn in the GDP in almost all the quarters collectively signs up to at least 10%.
It is important to remember that the economy of every country is fragile. Economy or GDP rate are bound to go through a number of minor fluctuations, but the important point that one need to keep in mind is – whether there is economic recession or depression, one need to prepared to overcome from each fall and learn from mistakes.

No doubt, economic depression is an unavoidable element of any economy. Although it always spell and indicates towards difficult times, but looking on the positive sides such plunges in economy even motivate to formulate new and innovative ideas. Job openings in new sectors are created, as certain businesses unable to prosper in normal periods of economic growth find newer opportunities to grow. The economic depression of 1929 also resulted in the introduction of many new laws and government agencies that work in order to prevent the type of cataclysmic economic pain. Besides this, in present time the Federal Reserve, are even more aware of the significance of monetary policy in regulating the economy. In fact, it was this awareness and learning that helped in preventing a recession of October 2008 turn into severe depression.

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Economics is the science that primarily deals with the making, sharing and utilization of goods and services that a society produces. In fact, the most interesting aspect of economics is that it affects almost every walk of life, be it political, social or financial. Economic growth is very important for any country as it basically relates or acts as the pillar of the country. Now, if there is a decent economic growth, it usually defines that the businesses in the country are earning a good profit. And adding to this, it even shows that the rate of employment is high and the nation is strong on forex reserves. However, the reality of other side of the coin is that the economic growth can’t always remain unaffected. The economy of any country too goes through a cycle of ‘peaks’ and ‘troughs’ that constitutes the ‘Economic Cycle’ and this basically relates to “Economic Recession”.

Today an economic recession can generally be referred as a downfall of commercial activities over an extended period of time. Though, this duration is basically connected with a radical crash in the Gross Domestic Product, it can also be considered as a phase that basically emphasize on budgets and essential capacity-utilization alteration. During this phase, strict business-contractions take a toll on a country’s financial system, over a constant period of time. Apart from all these, this period is exemplified by the presence of macroeconomic deviations and a severe fall in the business profits and personal income. Moreover, other than Gross Domestic Product growth, elements like the current national unemployment rates, consumer self-belief and their level of spending are also measured while deciding whether the financial system is going through a recession or not.

What makes an economic recession a serious issue for any country is that during a recession, the government generally implements macroeconomic policies like raising the supply of money and in return decreasing the taxation. However, in the US economy, the Federal Government resorts to lessening the Federal Funds rate to revitalize the slow growth of economy. During the reviving the economy, basically the interest rates are decreased by the supervisory body to pull business and aid people to borrow money at a reduced level. However, the best part of a recession is it even provides numerous opportunities to view the competence of government machinery and further review its expansionary macroeconomic policies.

Along with its drawbacks, an economic recession also offers a number of benefits. No doubt, in adversity there is always an opportunity and perhaps the same rule applies with an economic recession. The period actually enables the evaluation of the efficacy of a community crisis management and budget plans. Besides this, for individual or unit, like a family or society, this period even provide an opportunity to re-work on the previously designed survival strategies and create new ones in order to test the onset of economic disorder. Adding to this, it is a time, when entrepreneurs are able to sift the innovative from the fair-weather employees. New investors benefit from buying low and selling high. And, the same approach relates to the ground of real estate. Perhaps, you must not surprise to see that homeowners taking gain of the marketplace and job loss situation, and getting property renovated.

Thus, on a broad positive note and more on psychological aptitude, this is a period when downturn fuels to turn as volunteer and leads to emotional healing. In fact, one cannot deny that an economic recession makes an individual and the government machinery of a nation wiser. Consequently, it results to the employment of management strategies and necessary decision-making in good times.

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Starting from early days of clay tokens to the development of the abacus, accounting can be counted as one of the most important practices performed in our old civilization. This practice gained its first recognition when commercial revolution took place and double-entry bookkeeping came into an existence. Approximately hundred years later, Luca Pacioli- one of the famous Franciscan monk, wrote down a mathematics book that highlighted three essential things required by merchants: adequate cash or credit, an accounting system, and a good bookkeeper. And, today if we carefully study the present scenario, accounting has emerged as one of the most promising career options. In fact, these days many young aspiring students are opting for accounting courses and therefore joining accounting schools. However, if we talk in terms of changes that accounting as a practice or career has witnessed then technology will one essential element that has always played a major role.

Technology in accounting has always played a key part in maintaining proper record of numbers, and solving different mathematical problems. Inventions like Leonardo da Vinci’s Codex Madrid or calculators are few examples that played key part in making the task of accounting easier. While there were few delicate transformations in the field of accounting, starting from its initial days through the 1970s, but finally with the introduction of the computer and accounting software, things have drastically changed.

The introduction of computers has altered accounting in several ways. Previous to the introduction of computers accounting was totally dependent on records that were maintained on papers. Adding to this, there was a moderate procedure of conducting accounting duties that generally translated from one department to another within the company. However, with the introduction of computers and accounting applications, the setting of accounting has changed significantly. Emerging as a replacement for simple paper and pencil record, it has entirely redefined the day-to-day procedure of accounting.

Looking at the present context, computers and accounting application has in fact allowed accountants to make use of different electronic spreadsheets, which in turn has eliminated the requirement of adding machines, pencils, and calculators. In fact, today it has became much easier for accountants to maintain the proper track of information on a regular interval basis and even eliminate mistakes if any in less time. Ultimately, this has resulted in better accountability and efficiency.

Apart from this, the computer is also accountable for changing the orthodox picture of accounting. Earlier the field that was considered to be very task oriented has transformed into a career that is more different and flexible in working style. The conventional overview of the accounting profession needs a person who generally performs all day maintaining of records is now a history. These days, the modern accountant is more skilled with various accounting applications and use computer to perform the daily accounting task. This allows the accountant to execute its responsibilities within minutes that earlier took numerous hours to complete. No doubt, the computer has changed the accounting career.

Though there are some who are slightly upset that career openings or profiles of the past have been swapped by the usage of computers and software, others are amazed and appreciating the introduction of computers in accounting. Nevertheless, there is still much employment prospect as there was 30 years ago. All that we need is to prepare ourselves for every change that is bound to come our way at regular intervals.

Accounting is a great subject with an exciting range of careers which involves numbers and management. If you have an analytical bent of mind and like to play with numbers, you should opt for a career in accounting. They are wide ranges of careers, starting from accountants to tax advisors to FBI agents to Crime Scene Investigators.

In today’s economy, accounting is in high demand.  Different companies require trained professionals to resolve complicated financial procedures. A career in accounting is dynamic and fast paced as the tax and finance laws keep on changing with the economy and legal changes of the government.

These days, many students are opting for accounting courses and therefore join accounting schools. There are many accounting colleges which offer several courses in accounting. You should join one of these accounting schools if you are keen on pursuing any of the courses. However, attending the right school is also important and a vital decision.

There are exhaustive lists of accounting schools which offer different kind of accounting courses on campus or online. This include accounting bachelor degrees, accounting salary information, accounting associate degrees, accounting MBA degrees, accounting certificates, accounting doctorate degrees etc. So, if you are looking forward to making a career in accounting and enroll in accounting school, these are some important prerequisites that you need to familiar with:

• A Uniform CPA Examination is compulsory exam that you need to appear to get admission into an accounting college. The computerized test is offered quarterly at testing centers across the country. A CPA certification can actually help you to apply your practical knowledge from your training to your daily job.
• As a student, if you want to do graduation with a major in accounting then you should be able to employ critical-thinking. You should use clear and concise communication to convey relevant financial and non-financial information and have analytical and problem-solving skills to resolve complex business and accounting issues.
• To get admission into an accounting school, you need to have the minimum education qualifications with required grades or percentage. The eligibility criteria differ in case of bachelors and masters degree. You should get all your documents ready before admission to avoid last minute annoyance.
• The academic session of every accounting school is very important criteria to be kept in mind since the academic sessions of every accounting school varies throughout the year.It starts and ends at a particular time of the year. Therefore, you should be clear about the dates on which the academic year starts and the forms are to be submitted.

Accounting even offers very attractive salaries. As per the recent salary survey done by the National Association of Colleges and Employers, it has been found that those with bachelor degrees from accounting schools received an average starting offer of $43,269 in 2005, while candidates with master degrees from accounting schools were given offers around $46,251.

Over the past few years the requirement for accountants in the United States has increased significantly. Every corporation is looking for accountants to analyze financial services and re-evaluate risk and compliance. Thus, it won’t be mistaken to state that accountants are key performers that definitely play a very important role in performing internal audits in almost every type of business.

An Accounting Degree is not the final word in accounting profession. It is the beginning of your profession. But, you need to market your qualifications and capabilities as competition among the accountants is very high. You need to project yourself as a qualified professional or else ready to forget the whole thing.

One important thing you need to understand is that possessing a high-level rank is not enough. You need to demonstrate your achievements, dedication and proficiency. Do not be in a hurry to do this also as there exist countless professionals, managers and even executives who do not possess a degree and these same job seekers successfully ascend the career ladder just the same. So, what is their secret? It is as much the same as you, but their bottom-line contributions and hard work had become a stand-in for that coveted diploma.

Always keep in mind that, as you pursue that next opportunity, there are a myriad of ways to win an employers interest as well as interviews, starting with the approach presented on your resume.

While preparing your resume, you should be very careful as the updated and well written resume can go very much in favor you. First and foremost, you need quantify your contributions and your Accounting skills. Extracting accomplishment information of significance can be a challenge, but consider the payoff! Your resume must shout out this type of information in order to prove the consistency of your performance.

Another important requirement is that, you need to add professional training as proof of ongoing development. Many well-established Accounting professionals have attended hours of seminars, training sessions, and other educational opportunities in order to sharpen their core expertise. Also, be sure to keep a complete list as fodder for an educational section on the resume—and as evidence of your passion for lifelong learning.

Showcasing your ability to meet and overcome the challenges in your previous roles can also work in your favor. Your interviewer may be interested to find the answers for various queries like what shape was your current employer in upon your arrival? Were you the sole source of measures that increased efficiency? Did you manage a major, multi million-dollar account or enhance the company’s reputation with its vendors?

After adding the context in which these achievements were completed, you can paint an entirely new picture of your strengths. Don’t forget that these types of leadership examples can add punch to your resume and demonstrate repeatable skills.

If possible get the valuable opinion of resume experts. Even after the effective completion of resume, you need not think that you can rest as it is again your responsibility to know whether the firm you wish to join can help you in the long term. Actually, you should not be concerned about the size of the firm. If the firm has a sustained and stable progress, you better know that it would become a huge concern in the future and you can really grow with it!

Thus, establishing a link between your expertise and consistent performance is the fastest way to gain attention during your Accounting job search. Consider that for every employer who wants candidates to possess a degree, there are possibly two others that will look at your “on-the-job education” as equivalent and possibly stronger credentials.

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Over the last few years the graduate certificate program in accounting has gained enormous popularity in United States. In fact, in recent times the program has pulled the attentions of many students who actually hold a bachelor’s degree in another discipline, but looking forward to making a career as accountants. A graduate certificate program in accounting is generally described as a 12-month program that offers student groundwork to learn the common procedures usually followed in accounting.

Adding to this, the best part of the graduate certificate accounting program is it even offer a specialized course in tax accounting and various applications that are primarily used these days to study and plan fiscal statements and accounting documents. The program helps students gain more knowledge of receivables and payables, liabilities, inventory valuation, equity, assets and capital stock.

Apart from all this, the graduate program can also help students boost or increase their career opportunities. In fact, if a student completes a graduate certificate program in accounting, he or she is liable to appear for the CPA (Certified Management Accountant) examination.

The program can help a student broaden their career paths and attain administrative designations in accounting operations and financial services. Moreover, once a student completes the certificate program, he or she may also enter the master of accountancy (MAc) program and have the degree in just few additional classes.

These days, many universities and collages are providing graduate certificate programs in accounting and helping students improve their accounting knowledge. Though, the spotlight of a program varies depending upon the collage to collage. As a result, it is up to the student to decide the university or college that can meet his or her requirements. Nevertheless, as a student if you are applying for a graduate certificate program in accounting, it is important to note that you must have a cumulative undergraduate GPA of 2.5. Adding to this, at times many universities and collages may even ask you to provide the work experience if any in finance or accounting.

If we look at the present scenario, the ratio of students enrolling in graduate programs in accounting has increased dramatically in the last few years. Today the average job growth in the accounting field has made this graduate program very popular among many students.

Globalization of business is sharply increasing the importance of accounting field. The growing significance of maintaining proper record, chart sheets, financial statements and more are compelling business employers to hire a large number of accountants and related employees. In fact, recent data says that in next few years demand of employees in the accounting field will increase drastically. This has suddenly created a rise in demand of pursuing accounting education among students. Large numbers of students are willing to join accounting school to get specialized in the desired field of accounting. In last few years many accounting schools have opened that are offering the number of courses in accounting. Joining a program in this domain will surely make you capable of getting a good job in the market, but for that attending a right school is necessary. Know about few things that will help you to get the excellent accounting school:

Choose an accounting school- Each year many accounting schools open in the United States and get closed in a few years. Such schools do not add any value to your qualification. Moreover, they also do not have any national recognition. So, take complete information about the school, starting from last five to six years. Besides, the accounting school must be accredited because only accredited schools can bring good opportunity to make career in accounting.

Look for deadlines- Every accounting school has its own academic session which starts and ends in particular time of a year. Therefore, you must know about the starting session of the accounting college you want to apply. They also maintain a deadline of filling form to apply for the course. So make sure you do not miss them. Therefore, in order to ensure you do not miss any of the deadlines you can mark dates on calendar.

Academic credentials- Getting admission in an accounting college need to have eligible education qualifications with required grades or percentage. It depends on the course you apply like masters or bachelors. Make sure you have obtained the required percentage or grade in minimal education qualifications. Get all your documents ready before admission to avoid last minute annoyance.

Unlike any other careers accounting falls in the category of the most prominent career option which is required to be in-cashed within the time. It is time to take the initiative and build your career in the right direction. Above few points are simple yet effective aspects, which cannot be overlooked to be a successful accountant. By following these simple tips you too can get into the best accounting school and get equipped with required training and knowledge of carrying a good job in your accounting field.