The first part of the American Accreditation for Financial Assessment and Training (AAFCAT) series are AAT Level 1, which introduces students to financial management. Level 1 offers a general overview of financial accounting principles. Level 1 also covers topics in bookkeeping, which includes methods and responsibilities of an auditor. Auditors also learn about problem solving, methods and measures of quality assurance, reconciliation and trend analysis aat level 2.
AAT Level 3 is the next level. This third level offers a detailed and comprehensive understanding of financial topics that are required by accountants, managers, and financial administrators to perform their jobs. Topics covered in this level include taxation, management accounting and business finance, risk management, income taxes, financial statement preparation and analysis, and the measurement of accounting practices. These topics are further subdivided into specific areas based on their emphasis. General accountants would study managerial and control accounting, financial statement analysis, economics of financing, and measurement science aat level 3.
Those who have successfully completed the previous two levels can still pursue their career in AAT Level 3, however. As mentioned, a qualified accountant should be aware of the specific areas required of him or her and take the time to review topics in each section. It is also important for these professionals to gain a thorough understanding of the company he works for or practices. A qualified accountant must also be familiar with the specific requirements that companies require in order to perform their accounting functions. In this sense, it is imperative for a certified public accountant to have a complete understanding of the policies and procedures of a certain company.
Becoming a certified public accountant entails taking a class at the conclusion of which a candidate earns his or her certification. Most certification programs take between two and four years to complete. With this degree in hand, individuals can begin working in a variety of tax consulting firms. The CPA will also need to complete a financial reporting course.
Becoming a certified public accountant (CPA) is not a requirement for entry into the United States Department of State, Foreign Service, or the U.S. Marines, but it certainly helps. There are numerous opportunities for these professionals once they attain their aat level 3 certification. One area of employment that most people seek after earning their aat degree is the international area of tax services. This is because the CPA has the unique ability to understand the complexities associated with international taxation. This specific knowledge allows CPAs to better counsel their clients regarding the proper tax planning for their particular situation.
At the conclusion of your at level 2 education, you should be prepared to sit for the CPA exam. This examination is known as the “Competition” or “Body Examination”. You must pass this examination before you will be considered for certification by the National Accountants Association. Earning a CPA license is only one step towards establishing yourself in the professional accounting world.