Accounting is widely observed as one of the most exciting, engaging, and reliable careers available. Yet, despite this, financial data shows that more than 90% of businesses declare they don’t understand money or accounting.
Financial experts are required in all finance domains: personal, business, and government. It employs millions of professionals in today’s world. Financial occupations are thriving due to the ongoing need for their services.
Whether you want to start a general accounting practice or specialise in tax, auditing, or another area of accounting, there will be companies willing to hire you. Follow the steps indicated below to become an accountant.
It is the process of providing a firm or an individual with financial data. This technique involves recording, categorising, and reporting transactions. To achieve these objectives, they must acquire technical skills, gain financial knowledge, and analyse financial data with a complete understanding of business and finance. As a result, an accountant isn’t thought of as a severe suit-wearing, pen-wielding number cruncher because they are bright, engaging individuals who are committed to assisting you in growing your wealth and making it work for you.
The AAT is commonly used as an entry-level accounting degree; however, becoming a chartered accountant requires the ACCA, ACA, or CIMA certifications. Even though many financial experts have a college background, it is usually more desirable than necessary. Even though a degree is required for a job, it might be in any field.
While having math and economics at A-level followed by an accounting degree is advantageous, you can still earn the accountant credentials you require if you do not pursue this path, as professional organisations offer courses for students and workers at all levels.
The following are the most typical accounting credentials that will give you a good start:
- Accounting courses offered by the AAT (Association of Accounting Technicians) are organised into four levels, each of which combines industry knowledge with practical work skills (Levels 2-4).
- The AIA (Association of International Accountants) professional qualification – by completing this global organisation’s highest award, you can become a qualified accountant and a member. After completing 450 days of practical work experience and 15 exam modules, the ICAEW awards the chartered accountant credential, the ACA.
- The CIMA (Chartered Institute of Management Accountants) business finance award, which requires you to have completed the postgraduate-level CIMA Certificate in Business Accounting, oversees the highly recognised CGMA (Chartered Global Management Accountant).
The two primary forms of accounting professions are management accounting and financial accounting. Expert occupations such as budget and economic analysis and working as a controller are possible within these sectors. In addition, financial accounting provides information to individuals outside the company, such as shareholders, whereas the former provides information to those inside the company.
Management accounting, unlike financial accounting, is not legally mandated and only applies to specific goods, whereas financial accounting includes the entire enterprise. However, most financial graduates will go into financial accounting, which opens for a wide range of possibilities.
Work placements, volunteering, and part-time employment are all ways to enter the industry. Even a single day of work monitoring can give you a sense of the types of accounting activities you’ll be performing. In addition, some finance businesses now provide virtual work experience as an alternative to working in an office. Check the companies’ websites where you want to work to see any current job openings.
If you’re a university student, consider extracurricular activities like volunteering as the treasurer for a club or society or looking for part-time work to help you develop skills in this area.
While learning fundamental accounting skills, you may work on real projects and manage your workload. In addition, work experience participants frequently receive training, and you’ll have the opportunity to interact with industry experts who can help you reach your full potential. Because many organisations will only support a trainee accountant studying for their accounting qualifications if they have prior relevant work experience, this will be a valuable addition to your CV and help you along your path to being a qualified accountant.
As we’ve seen, numerous qualifications can lead to a career as a specialised number cruncher. Also, if you choose to work in another country, your UK qualifications will be accepted worldwide. An accountant is a fascinating career from assisting individuals and businesses with tax filing to investigating financial crimes.