Finance and Accounting Specialists

Background

Millions of paychecks are issued and large amounts of materials are purchased by the services each year. To account for military spending, exact financial records must be kept of these transactions. Finance and accounting specialists compute payrolls and other allowances, audit accounting records, and prepare payments for military personnel. Finance and accounting specialists organize and keep track of financial records.

What They Do

Finance and accounting specialists in the military perform some or all of the following duties:

• Disburse cash, checks, advance pay, and bonds
• Organize information on past expenses to help plan budgets for future expenses
• Prepare paychecks, earning statements, bills, and financial accounts and reports
• Review or audit financial records to check the accuracy of figures and calculations
• Use computers to perform calculations, record details of financial transactions, and maintain accounting records

Physical Demands

No information available.

Special Requirements

Depending on the specialty, entry into this career may require courses in math, bookkeeping, or accounting.

Helpful Attributes

Helpful attributes include:

• Ability to work with numbers
• Interest in operating office machines such as computers and calculators
• Interest in work requiring accuracy and attention to detail

Helpful School Subjects

Helpful school subjects include:

• Accounting
• Bookkeeping
• Math
• Statistics

Helpful Fields of Study

No information available.

Work Environment

Finance and accounting specialists work in offices on land or aboard ships.

Services offering this career:

• Air Force
• Army
• Marine Corps
• Navy

Hiring Practices

To serve in the military, a person must be at least 17; the maximum age for enlistment varies. To enlist, a person must pass a physical exam and an aptitude test. An enlistee must also meet military standards of discipline and be a US citizen or permanent resident alien.

This position is for enlisted personnel.

Wages

The military is competitive with the civilian world when it comes to pay and benefits. All branches offer the same basic pay and benefits.

Pay depends mainly on rank or grade as well as length of service. Bonuses and the situation in which the person is serving (for example: flight duty, sea duty, hazardous duty) also affect pay. 

Cost-of-living increases usually occur every year, based on inflation. The military also pays allowances for food, clothing, and housing. All these factors combined are called Regular Military Compensation (RMC). They should all be considered when comparing military pay to civilian pay.

There are two main parts to RMC: basic pay and allowances. There are also additional incentives for special abilities, training, or hazardous duty.

Check out the RMC Calculator to calculate your RMC based on your inputs.

Training Provided

Job training consists of six to 12 weeks of classroom instruction, including practice in accounting techniques. Course content typically includes:

• Accounting principles and procedures
• Computation of pay and deductions
• Preparation and maintenance of financial reports and budgets
• Statistical analyses to interpret financial data

Civilian Counterparts

Civilian finance and accounting specialists work for all types of businesses and government agencies. They perform duties similar to military finance and accounting specialists. Civilian finance and accounting specialists are also called accounting clerks, audit clerks, bookkeepers, or payroll clerks.

Related Civilian Careers

• Bookkeeping and Accounting Clerks
• Payroll and Timekeeping Clerks

Employment and Outlook

In peace time the services have about 10,000 finance and accounting specialists. In times of military action the number may be different, depending on the type of specialties required. Each year the services need new specialists due to changes in personnel and the demands of the field. After job training, finance and account specialists perform routine financial recording activities under the direction of supervisors. With experience, they are given more difficult tasks, such as auditing, and may become responsible for checking the work of others. In time, finance and accounting specialists may become supervisors or managers of accounting units or pay and finance centers.