Accounting is one of the most sought after careers and is high in demand. And for this reason, it had been a profession that most graduates flock towards. It should also be noted that accountants are always required as each and every organisation needs an accountant. So, as an accountant, you can always have job security, and the job pays well too. The comparable figure for accountants and auditors is nearly twice the average.
There is no denying the pay scale will vary depending on the number of years of experience as well as the skill set one possesses.
First, let us discuss why you should choose a career in accounting.
As mentioned earlier job security is one of the biggest perks when it comes to a career in accounting. Even though there may be a recession and many are always in the fear of losing their jobs, accountants are always high in demand. There are very few professionals that are as recession-proof as accounting. Even during periods of the worst economic downfall, accountants are very much in demand as they help businesses keep track of their cash flows and help them to cut costs.
Unlike popular myths, accountants do a lot more than number-crunching. They play a very important role in financial planning and tax preparation, auditing, forensic accounting, and more. They are in demand in both private and public sectors and domains such as banks and other financial institutions.
Accountants can set up their own firms and work with clients or they can work for organizations or non-profits. They are crucial when it comes to tasks such as setting up budgets, developing tax strategies, and identifying areas where the company can cut costs.
Why get a degree in accounting?
The accounting industry has become increasingly complex over the years because of the constant change in laws and regulations that organizations should be aware of. The complexity of the new tax laws has contributed to the demand for professionals who have strong financial backgrounds.
So if you are looking to set up a profession in accounting, then it would be a very wise choice to get a degree that aligns with the area that you wish to focus on. You are not needed to even get a bachelor's degree, you can take up a professional accounting qualification like a CA, ACCA, CMA, etc. This will give a huge boost to your resume as this will project that you possess the necessary skills and knowledge needed to be successful in this particular field. It will ensure that you stand out in comparison to your contemporaries.
- Being certified showcases the skills you possess, being a qualified accountant will ensure that you will be able to get a job in any industry whether it is banking, healthcare, private business, health care, educational institutions, or any other
- Picking a career path is always one that needs careful deliberation. But if you be a Chartered Accountant or an ACCA then it will eliminate many concerns such as job security, personal satisfaction, and more.
- You will also be able to command respect in society, as accounting professionals are very well respected across ass segments of society.
What are the professional accounting courses you can look into?
CA: Chartered Accountancy is one of the most popular courses in the country and with good reason. The profession involves the management of finances for an entity. This includes managing financial accounts, budgeting, auditing, business strategy, and taxation.
The difference between an accountant and a chartered accountant is that the latter has taken in-depth training for years and has passed multiple exams in various aspects of accounting to earn the title of a chartered accountant. Chartered accountants are professionals who work in various sectors of the economy, managing the finances of an entity, providing financial advice, and helping out with money management. This can be for a business, individual, or government.
ACCA: The Association of Chartered Certified Accountants popularly known as ACCA is a globally recognised course with over 200,000 members and 600,000 students across 180+ countries. The ACCA qualification is considered the largest professional accounting qualification in the world. An ACCA is hired in various profiles such as Accounting Advisory, Risk Advisory, Statutory Audit, Internal Audit, Forensic Auditing, Mergers & Acquisitions, Valuations, and more. The ACCA Qualification is the world leading accountancy qualification for aspiring financial professionals - providing students with the skills, knowledge, and values to have successful careers and lead the organisations they work with into the future
CMA USA: Certified Management Accountant (CMA) is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. The US CMA course or certification is offered by IMA® (Institute of Management Accountants) of the USA, which is the worldwide association of accountants and financial professionals in the business. CMA® (Certified Management Accountant) certification has been the global benchmark for management accountants and financial professionals.
So what can you do to ensure that you boost your career prospects and your earning potential?
Let us discuss in depth the various aspects/ skills that are crucial to providing a fast track to your accounting career.
- Build a network: Networking is a huge aspect of ensuring that you have the right ground to start working. It is vital to build a network early so that by the time you have received your certification you have contact with employers where you would potentially like to work, or at least have some contact you will be able to guide you in the right direction. If you pick up a course like the ACCA then the institute itself will act as your networking group. You will be able to interact with employers from across the globe. Networking will not only open doors for you, but even interacting with someone in your same journey will help you to better understand the opportunities that are available and will give you an insight into what the employers are looking for.
- Be innovative: Accountancy has been an essential tool of business at all points in time. It is not possible for any business to succeed without tight control and a solid method applied to the numbers. Innovation is needed because, as the business world evolves, so too do the accounting requirements that go with it. Often, recruiters will be looking for candidates with fresh ideas – poised to make an impact on the future of the accounting universe.
- Commercial Awareness: Being commercially well aware is a very crucial aspect of being a good accountant. Commercial awareness is, in essence, the knowledge of how and where your business fits in the market – how it is affected by economic, social, and political movements and how it can forge ahead and evolve. It is about knowing your craft.
- Integrity: Integrity is one of the key factors when it comes to being a sought after accountant. Credibility is the currency that you can trade on. With more credibility comes more opportunities. By building a credible brand, you are also laying the foundations for a solid future.
Accounting is one of the most sought after professions out that and with good reason. Companies are always on the lookout for skilled professionals who have qualifications such as CA, ACCA, CMA USA, etc.
Credentials give a guarantee to the employer that you are well versed with the subject knowledge and have the necessary skill sets and experience to contribute to the business. This especially comes to play when you are looking to switch jobs or are looking to climb up the ladder. Having the right credentials showcases to your employer that you are serious about your career and that you are ready to put in the necessary work to achieve higher levels of education and experience.