The demand for accountants is growing and is in significant demand. Accounting has long been considered a safety net for mathematical experts with a flair for business and finance. Once thought a dusty, dull, and tedious profession is now dynamic, offering various types of accountancy in the field. Today, an accountant’s responsibilities cover auditing financial documents and reconciling bank statements to tax returns, and block-chain data analysis.
Accountants play a crucial role in solving business problems and support making major financial decisions of a company, small or large scale. Other than high pay and high career placement, almost all businesses and companies need an accountant to manage their financial position, cash flow, budget analyst, prepare tax returns and invoices, etc.
Accounting is more than just crunching numbers with different types of accountants with various responsibilities. It is a highly demanded field with a pool of opportunities to offer. Let us see what you need to encompass before stepping into the accounting industry.
What is Accounting?
An accountant does various duties like financial reporting, taxation, auditing, management, accounting, cash flow analysis, reporting of financial transactions, and many more fall under different accounting firms. The field of accounting encompasses different career paths like:
- Financial Accounting
- Forensic Accounting
- Tax Accounting
- Management Accountants
- Government Accountants
- Auditing and Internal Auditing
- Public Accounting
These fields comprise different positions for candidates with the right skills and certifications. Budget director, treasurer, financial officer, internal auditor, etc., are positions that different fields of accounting offer. Knowing the Future and Advantages of Accounting Courses will help you choose the right field.
While each role possesses different focus areas, all accountants need a strong knowledge of how businesses work, basic payroll, auditing, taxation, and analyzing profits and losses. To prepare yourself for the accounting career, ask yourself:
- What sector do I want to work in – private, public or financial services?
- What areas of accounting are interesting?
- What degree and certification course do I need?
- What level of qualifications is needed for my desired accounting role?
Keeping those answers in mind, here is a breakdown of requirements you need to know before starting an accounting career.
Earn the right Bachelor’s Degree
A bachelor’s degree is a standard minimum requirement for an entry-level accounting position. Most higher management roles require a Certified Practising Accountant (CPA), Chartered Accountant (CA) accreditations, or double majors like Accounting and Finance.
A bachelor’s degree will provide you with the fundamental accounting knowledge of accounting principles and theories. Additionally, you can take up courses like auditing, financing, excel accounting, tally, VAT training, and many more. Many students of accounting bachelors work as an intern for different companies and organizations to gain hands-on experience. With the experience they have achieved, they will have a clearer idea of what various fields of accounting offer and what to take up as their career.
Pick a Suitable Accounting Speciality
Rather than pursuing a simple accountant, you can pick a field in accounting with a specified skill. It can be forensic accounting, financing, sales accounting, production management, banking, financial planning – the list goes on. Consider your interests and the type of accounting you would like to pursue in the future.
Land an Entry- Level Job
In order to get hold of your CPA (Certified Public Accountant), it is better to have a year of working experience. Internships and summer jobs before graduation are a big plus point to pump up your resume. Keeping your resume boosted with internships, jobs, and specified certification courses will help you land a job in your required field.
Earn a Master’s in Accounting Degree
Completing your bachelor’s and obtaining an entry-level job is not the end of accounting. Despite the growth of the accounting industry, competition sustains in the field. To work at top firms with executive roles, you need to stand out from other accountants. Earning a master’s in accounting will increase your knowledge and put you up for higher-earning jobs with more significant experience. Experience and education will enhance your worth and potential.
Decide between being an Accountant or Obtaining a CPA
CPA (Certified Public Accountant) is a certification an accountant can pursue to stand out as a qualified accounting professional. CPA certificate holders usually earn more than a regular accountant and can perform more duties. An accountant can perform specific tasks, such as preparing the final statement, preparing tax returns, and maybe reviewing financial statements.
A Certified Public Accountant needs to meet some specific requirements, including a college degree and passing all the parts of a CPA exam. All CPAs are accountants, but not all accountants are CPAs. While working the same regular accountant tasks, they also need to conduct audits, review statements, and represent clients. In deciding which type of accounting career to pursue, you must assess your goals and interests and willingness to put considerable effort and time into becoming a CPA.
Obtaining Accounting Certification
Once you become an accountant, pursue different certification courses of your liking to gain detailed knowledge. It will help you enhance your skills and experience as a professional. Apart from CPA, courses like CFA (Certified Financial Analyst), CGMA (Certified Global Management Accountant), CIA (Certified Internal Auditor), CFP (Certified Financial Planner), and much more specified certification will help propel your accounting career.
Obtain an Accountant’s Traits
Accounting books provide you with the theories and principles of business and accounting. However, to be a successful accountant, several skills need to be polished. Some of the essential skills are:
- Keen eye to detail
- Excellent organizational skills
- Time management
- Computer proficiency
- Analytical skills
- Mathematical skills
- Commitment
- Trustworthiness
- Communication skills
- Flexibility
Types of Accounting Certifications
Accounting certification courses focus on students managing and recording data, processing accounting transactions, payroll, and hands-on training in specialized areas. Other certifications that can enhance your professional standing are given below.
- CMA (Certified Management Accounting)
- CFA (Certified Financial Analyst)
- ACCA (Association of Chartered Certified Accountants)
- Financial Accounting
- Tally
- CIA (Certified Internal Auditor)
- CFP (Certified Financial Planner)
- CPA (Certified Public Accountant)
- Business Accounting
Various certifications host different specifications. You are free to choose any course and put in the effort and time to obtain the knowledge. It also provides powerful accounting software such as Tally, Peachtree, and QuickBooks.
Conclusion
With the high demand for specialized accountants in the industry, the future is looking rosy for upcoming accountants. Strong income potential, a steady workforce, and guaranteed higher opportunities make the accounting industry a great option. If you have a flair in business and mathematics, there are various options for you to pursue in the accounting industry. It will grant you easy access to an entry-level job with high scopes of scholarships. There are many paths for you to proceed, from specialization to starting your firm and beyond. The journey to becoming an accountant is challenging but worth it.
Viswanathan AG is a professional IT trainer with Edoxi Training Institute Dubai also extensive experience in programming. He is an expert in designing training courses with technical content and real-time examples. He is effective in imparting knowledge through superior verbal communication skills and active listening style.
