Al "Scarface" Capone was a bad guy. A really bad guy. He was also a smart guy who knew how to cover his tracks: Law enforcement and his underworld enemies tried, again and again, to take him down, only to be confounded by Capone's legal maneuverings and extensive spy network.
Despite the murder and mayhem for which he was responsible, Capone spent a scant amount of time in jail during his life: Occasionally, some lucky prosecutor might succeed in putting him away for few months on weapons or contempt charges, but Capone was wily, and managed to avoid prosecution for his more dastardly deeds.
The supreme irony of Capone's downfall is that his career came to an end not in a hail of bullets, but a flurry of paperwork: Capone was brought down by a U.S. Treasury Department accountant named Frank Wilson.
Wilson was born into a law enforcement family. Poor eyesight kept him away from the police academy, so he became an accountant instead. His specialty was forensic accounting: Catching criminals via a thorough analysis of their finances. Wilson was also a good interrogator. Really good. So good that one gangster, having been thoroughly questioned by the man, remarked that Wilson "sweats ice water."
The Treasury Department's investigation into Al Capone's finances resulted in convictions on several charges, including tax evasion. Capone would serve seven years of his sentence and left prison with diminished mental capacity caused by advanced syphilis. He never returned to his life of crime. Scarface's reign of terror was over.
Accounting Degrees
While Frank Wilson never carried a gun, he nonetheless wielded a formidable weapon: Knowledge of math and accounting principles. He knew that numbers don't lie and when Capone's didn't add up, the Treasury Department was able to go in for the kill.
Accounting degrees provide future accountants with the knowledge they need to both prepare and analyze financial records. Coursework in accounting varies by school, but typically includes a solid grounding in mathematics and business as well as specialized courses in accounting techniques and taxation law.
Accountant or Auditor
Accountants and auditors ensure that their clients or employers manage their funds in a prudent, ethical and legal manner. An accountant may be responsible for keeping the books for a small business, overseeing bookkeepers for a larger company, or helping individual clients in preparing complicated tax returns.
Auditors, on the other hand, scrutinize financial records to ensure compliance with accounting standards and laws. An auditor may work for the government or for a private business, evaluating financial records for inconsistencies or incorrect processes that lead to bad business decisions, financial waste or violations of the law. According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for accountants and auditors as of May 2010 was $61,690.
Personal Financial Advisor
Financial planners help people understand and manage their finances, usually with the goal of securing and maximizing a client's personal wealth. To this end, a financial planner may sit down with clients and review their income, assets, and debts, assisting them in choosing financial products that will help them achieve their financial goals. The BLS states that the median income for a personal financial advisor as of May 2010 was $64,750 annually.
Tax Examiner, Tax Collector or Revenue Agent
Tax examiners, tax collectors and revenue agents work for local, state and federal governments to make sure that individuals and businesses pay their fair share in taxes.
Examiners review uncomplicated tax returns to ensure that there are no inconsistencies. They also ascertain whether taxpayers or businesses are entitled to any deductions or credits claimed on returns. Revenue agents perform a similar function, but typically evaluate more complex tax returns, such as those filed by large businesses.
Collectors pursue businesses and individuals for unpaid taxes. They typically work with taxpayers to get back taxes paid and, in some cases, to negotiate a payment arrangement or settlement. A collector may also apply other collection techniques, such as garnishment or even recommending criminal charges, in cases where a taxpayer refuses to cooperate with the collections process.
Tax examiners, collectors and revenue agents earned a median annual salary of $49,360 as of May 2010, according to the BLS.
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While earming an accelerated accounting degree is one option for those who graduate with an accounting degree, there are other career fields in which an accounting degree can be useful, as well as sub-specializations in accounting (such as forensic accounting, Frank Wilson's specialty) that keep things interesting. Learn more at http://www.snhu.edu
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