How to start a career in accounting

The accounting industry is sometimes unfairly criticized by the general public, but in actuality, it provides great career opportunities and competitive pay. If you’re thinking about a career in finance and have strong analytical abilities, becoming an accountant might be the right fit for you. In this post, we’ll go over some advice on how to become an accountant along with all the information you need to get started, from what you’ll need to know about the requirements to what an accountant does on a daily basis.

What does an accountant do?

In order to help firms manage their finances more skillfully, accountants advise them on financial matters. In order to report on any potential hazards, this entails keeping an eye on a company’s transaction history and developing a strategy to mitigate and enhance them.

The particular duties assigned to an accountant will vary based on their area of expertise; nonetheless, the following is a broad outline of typical responsibilities:

• Monitoring and analyzing business revenue and expenses
• Putting together financial reports
• Making payroll and carrying out audits
• Verifying the correctness of financial records
• Recognizing and looking at financial risks
• Providing financial guidance
• Figuring out how to increase revenue
• Handling fiscal matters

As you can see, the role of an accountant is a lot more varied than people think. It rewards those that want a career in finance, opportunities to progress, and isn’t just about number-crunching.

What qualifications are required to become an accountant?

Becoming an accountant doesn’t require a degree, in contrast to many other occupations. Still, it’s frequently preferred. Fortunately, it’s not necessary to acquire an accounting degree precisely. Degrees in business, finance, economics, and mathematics are typically acceptable.

One of the top professional organizations in the field offers the credentials required to become an accountant for anyone seeking an alternative to attending college in the UK:

• Association of Accounting Technicians (AAT) –The four credentials in the three distinct levels of the AAT accounting courses combine industry knowledge with real-world professional abilities. This covers levels 3, 4, and 2.
• Association of Chartered Certified Accountants (ACCA) –The extensive range of topics covered by ACCA credentials, which are divided into two levels (fundamentals and professionals), gives you the assurance that you’ll acquire the abilities necessary for a job in finance.
• The Association of International Accountants (AIA) – provides a variety of certifications, specialized degrees, and conversion courses.The goal of AIA qualifications is to help you at every step of your professional journey.
• Institute of Chartered Accountants in England and Wales (ICAEW) – One of the most cutting-edge educational and professional development programs available is the ICAEW Chartered Accountant qualification (ACA), which equips you with the knowledge and expertise needed to become a certified ICAEW Chartered Accountant.
• Chartered Institute of Management Accountants (CIMA) – With the help of CIMA’s CGMA (Chartered Global Management Accountant) Professional Qualification, you can acquire the skills necessary to launch a lucrative business or financial career.

The AAT certification is usually the bare minimum required of an accountant. But in order to become a chartered accountant, you must advance to the CIMA, ACA, or ACCA credentials.

Read More:The top virtual courses for changing careers

What skills are needed to become an accountant?

The essential competencies needed to work as an accountant are numerous and diverse. Here, we examine some of the key competencies required for accountancy:

• Outstanding analytical abilities
• Sound comprehension and knowledge of finances
• Organizational abilities Stress tolerance and problem-solving prowess Excellent mathematical skills
• Effective communication abilities
• Time management Flexibility and adaptation

You’ll be in good shape if you already possess some of the abilities mentioned above. Many of the more specialized abilities required for the position can be acquired via education and experience.

How long does it take to become an accountant?

The length of time it takes to become an accountant varies depending on your academic path and any unique employment criteria, such the required quantity of experience or other certifications. But, you should anticipate that it will take three to seven years on average.

This timeline applies to both people who pursue higher education and those who obtain a professional body qualification (including the subsequent practical experience required).

Accountant salary: how much could you earn?

The nation in which you choose to work, the company you work for, your level of expertise, and your seniority all affect how much an accountant gets paid.

Graduates in the UK should generally anticipate earning up to £25,000. Your pay may increase to £56,000 when you become chartered and have two to four years of post-qualification experience. With five or more years of experience, your pay may eventually rise to £90,200.

The average pay for an accountant in the UK is £35,015, according to Indeed.

Additional global average pay assumptions are as follows:

• US – $61,831
• Australia – A$75,758
• France – €62,759
• India – ₹2,49,051
• Philippines – ₱393,163

What careers are available as an accountant?

There are many different areas you can specialize in because the accounting industry is so vast and diversified. Among these several career choices are the following:

• Bookkeeper – balances accounts, processes invoices, payments and receipts, and completes VAT returns.
• Auditor – prepares financial statements and advises on tax and treasury issues, approval procedures, and management policies.
• Accounting technician –facilitates the filing of tax returns, payroll, invoices, bookkeeping, and financial accounts.
• Management accountant – oversees and supports an organization’s financial planning.
• Chartered accountant – provides information on financial records and business finance, audits accounts, and offers accounting advice.
• Public financial accountant – oversees the financial planning and resource distribution for government agencies on behalf of the civil service.
  Payroll manager – supervises the activities of an organization’s payroll team.
• Tax accountant –makes ensuring that organizations file their yearly accounts in accordance with the relevant tax requirements by analyzing, interpreting, and researching tax legislation.
• Financial accountant –generates reports and suggestions for organizations following an audit, either internal or external.

You will discover that you can move up the financial sector fast as you develop in your position and get more experience. In ten years, for instance, you might become a finance director or manager.

How to become an accountant: additional learning

Choosing to become an accountant can lead to a fruitful and satisfying career. You are now one step closer to a promising future in the financial industry as you have gained more knowledge on how to become an accountant and the qualifications needed to be successful in this field.

Why not look at our extensive selection of accounting and finance courses today if you’d want to deepen your understanding? We at FutureLearn give you access to all the educational resources you need to succeed in your chosen field.