Published by: Dominic Lee
Do you enjoy keeping things organized, and making sure things add up correctly? Are you curious how the money flow in business works? If so, career in accounting may be a fit for you.
Accounting is a stable job that is more resistant to reductions that most other roles. It also pays above-average salaries. For year 2022, median annual income for accountants was 78 000 USD.
Accounting department is irreplaceable in every organization. It keeps track of income and expenses, prepares taxes, analyzes financial data, prepares statements and helps managing money and making financial decisions.
Personality profile
There are certain personality traits, that are usually associated with good accountant – not without a reason. This is specific work, that requires specific qualities, including:
- Attention to detail: you can spot small mistakes, and you enjoy making sure everything is correct.
- Analytical skills: you’re able to break down complex information, and understand both details, and the big picture.
- Problem-solving attitude: you can identify the problem, and come up with a solution.
- Organizational skills: you’re able to manage several processes at a time, prioritize tasks, and organize work to meet deadlines in each of them.
- Communication skills: you can explain complex ideas to both technical and non technical audience
Education
In USA, accounting and auditing standards are regulated by several federal and state agencies. So in most of positions at least bachelor degree in accounting, or a related field like business administration with a concentration in accounting is required. While an associate degree in accounting can qualify you for some entry-level bookkeeping jobs, a bachelor's degree opens doors to more career opportunities and higher earning potential.
You can learn several skills during such studies, including financial reporting, bookkeeping, taxation, and auditing. You can also gain broader understanding of how business operates, with curses in business law, economics, finance, and statistics. Most likely, you’ll also become acquainted with popular accounting software programs like QuickBooks and Xero, which are everyday tools for modern accountants.
Software can speed up your work incredibly. You can convert PDF bank statement into CSV in minutes instead of doing hours of manual data entry work. You can have fake bank statements automatically detected. Reports (these basic ones) can be generated automatically. Knowing how to use it is a must.
Advanced Certificates
University degree is usually the minimum required, but to maximize your chances, it’s worth getting additional certifications. Consider the following:
CMA (Certified Management Accountant): focuses on management accounting and is ideal for accountants interested in financial planning, analysis, and strategy.
EA (Enrolled Agent): Enrolled agents are federally licensed tax practitioners who specialize in tax preparation and representation. Becoming an EA involves passing a comprehensive exam administered by the IRS (Internal Revenue Service).
CPA (Certified Public Accountant): often required for advanced positions. To become a CPA , you'll need to pass the CPA exam and meet specific education and experience requirements set by your state's Board of Accountancy. Most states require CPAs to have a certain amount of experience working under a licensed CPA before they can obtain their license.
Internship
If possible, participate in accounting internship in your college years. This not only gives you practical experience (so valued by employers), but also allows you better recognize which areas of accounting you find most interesting. And of top of that it builds your networking. This can get your foot at your future company’s door.
You can find resources on available internships on the American Institute of Certified Public Accountants (AICPA) website (https://www.aicpa-cima.com/). LinkedIn is another powerful tool. Connect with accounting professionals in your area and talk tot them directly - let them know you're open to internship opportunities.
Continuous Education
New regulations and following best practices of dealing with them constantly change and evolve. Make sure to stay up to date. Consider joining accounting association, and attending conferences and networking events.
With all of this, you have best chance of finding work in accounting.
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