You’ve decided to pursue accountancy as a career. Congratulations — you’ve chosen a rewarding profession with diverse opportunities, dynamic workplaces, and excellent professional development pathways. As an accountant, you’ll be part of the backbone of whatever organization you work in, ensuring its financial stability and integrity.
This article will help you get off to a strong start in your accountancy career, providing you with tips on:
- Understanding the full range of opportunities in accountancy
- Accountancy education and training, such as ACCA and CFA
- The core technical and soft skills you’ll need to develop
- How to navigate the job market
Understanding Accountancy
Before you begin, getting a grasp of what accountancy entails, accountants’ key responsibilities and tasks, and the different types of accountancy is vital. Understanding all this will help you choose the right education and training pathway for you. Here’s a brief summary of the essential information.
What Accountancy Involves
An accountant’s fundamental role is to help individuals, businesses and organizations with proper financial record keeping and to assist with making prudent financial decisions.
Key Responsibilities
An accountant’s responsibilities usually include:
- Preparing financial statements
- Maintaining accurate and compliant financial records
- Evaluating financial risks
- Providing advice to executives
Different Types of Accountancy
There are numerous types of accountants. Here are descriptions of some of the most commonplace accountancy roles:
- Management accountants present financial information and advice for business decision-makers.
- Financial accountants keep detailed financial records and produce financial reports for shareholders and regulatory bodies.
- Tax accountants manage an organization’s taxes in line with tax regulations.
- Forensic accountants detect fraud and embezzlement.
- Auditors are external accountants who are brought in to check financial statements and records.
There are further specialisms, like government accountants and internal auditors, so be sure to research the full range of accountancy careers.
Accountancy Education and Training
All aspiring accountants need to work towards a professional certification through accountancy courses. Not only is a qualification necessary to find a paid accountancy role, but it thoroughly prepares candidates with all the technical and soft skills they need to thrive in their careers. Here are the most popular ways to work towards a career in accountancy.
An Accountancy Degree
A bachelor’s degree in accountancy provides a solid foundation of general accounting knowledge. Master’s programs provide opportunities to study specialisms.
An Accountancy Certification
The two key, globally recognized accountancy qualifications are ACCA and CFA.
ACCA
The ACCA qualification is provided by the Association of Chartered Certified Accountants. Built around international accounting standards, by studying for the ACCA, you will acquire a broad range of technical accounting skills.
You can study for the ACCA as a school leaver, either on the regular pathway or on the Foundation in Accountancy pathway, depending on your school grades. If you already have a degree, you may be exempt from some elements of the ACCA.
CFA
The CFA was created by the Chartered Financial Analyst organization and is particularly suited to anyone considering working in finance and investment. To enroll in a CFA course, you will need to have completed or expect to complete an undergraduate degree or have relevant professional experience.
Technical and Soft Skills for Accountants
By studying an accountancy course, you’ll learn the technical skills you need for a professional role in accounting and finance, as well as develop the soft skills that make accountants great. You will have further opportunities to strengthen these skills through internships and ongoing professional development.
Technical Skills
Whatever type of accountant you aspire to be, you’ll initially need to gain skills and knowledge in:
- Recording financial transactions
- Business strategy and leadership
- Financial and accounting technology
- Financial reporting
- Taxation
- Auditing and assurance
You can then move towards more specialist areas of accountancy.
Soft Skills
Accountants also need to demonstrate good:
- Written and oral communication skills to work successfully with clients and colleagues
- Time management to meet strict deadlines
- Adaptability to manage in a quickly evolving financial environment
- Collaborative and teamwork skills to collaborate with people inside and outside of their organization
- Analytical thinking and problem-solving skills to identify and evaluate issues, find solutions and make recommendations
Navigating the Accountancy Jobs Market
With an accountancy qualification like ACCA or CFA, you are likely to be in high demand with employers looking for junior accountants in a variety of industries and business sectors. You can strengthen your applications for roles and find your dream job by:
- Being clear on your career aspirations
- Gaining as much real-world experience as possible through opportunities like internships
- Taking advantage of networking opportunities
- Preparing for interviews and taking part in practice interviews
- Looking for roles that offer opportunities for career growth
Your Path to a Successful Accounting Career
Pursuing a career in accounting opens doors to numerous opportunities and rewarding challenges. By understanding the field, pursuing the right education with ACCA or CFA, honing essential skills, and effectively navigating the job market, you set yourself up for success. Stay committed to continuous learning and skill development to excel in this dynamic profession. Keep pushing forward and embrace the exciting possibilities that come your way.
