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Q. What do you mean by Not-for-profit organizations?
Not-for-profit organizations such like charities, fraternities, churches, and universities need accountants to record and account for funds received and disbursed. Although these agencies don't have a profit motive they must operate efficiently and use resources effectively. About 10,000 accountants are employed in higher education. The deeds of these academic accountants comprise conducting scholarly, teaching accounting courses and applied research and publishing the results and performing service for the institution and the community. Faculty positions subsist in two-year colleges, four-year colleges, and universities with graduate programs. A major shortage of accounting faculty has developed because of the retirement beginning in the late 1990s of many faculty members. Preliminary salaries will continue to rise significantly because of the shortage. You may possibly want to talk with some of your professors about the advantages and disadvantages of pursuing an accounting career in higher education.
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