You've found the right place if you are looking for information on how to become an accountant. This article will cover the necessary skills, education, experience, and requirements to become an accounting professional. This exciting career is available to you. You will likely be hired by a company as a full time accountant after you have graduated from college. While the job description of an accountant is diverse, it's a common one. They oversee company accounts, prepare financial statements to shareholders, and manage payroll and other bookkeeping tasks.
You will need the skills to become an accountant
An exceptional accountant should have good communication skills, both oral and written. If not, an accountant could easily hide in the back office and survive on the occasional water cooler greeting. Most accountants want to improve their standing and build their professional reputation. To be a successful accountant, you should be able to demonstrate these skills on your resume. Below are some essential skills for becoming an accountant.
Good leadership: Accountants should be able to guide a team, be approachable and empathic. Senior management prefers leaders who are strong in leadership skills. Accounting leadership skills include long-term planning, strategic thinking, and long term planning. Some accounting profiles require consulting services. A good accountant must also have vision. A good accountant is able to balance logical decision-making with creativity. Strong work ethics is important, too.
Education requirements
There are many options available when it comes time to decide on the education requirements in order to become an accounting professional. An accounting degree is not required. However, you can choose to study languages or sciences. Different types of accountancy require different professional qualifications. To succeed in the industry, you will need skills that can be applied beyond your degree. These skills include leadership, problem-solving and communication. These skills are listed below.
A bachelor's is usually the minimum educational requirement for entry-level accounting positions. During your undergraduate years, you will complete courses in taxation, auditing, and accounting information systems. If you're interested, you may consider graduate programs. This will allow for you to develop a solid foundation within your passion field. Check out our page on education requirements to become a accountant for more information. There are several ways to get started.
Work experience
A recent college graduate might not be aware of the work experience requirements to become an accountant. This requirement can be confusing for some candidates. These candidates are able to acquire this experience if they have prior accounting experience. However, those who have not worked in accounting or only had one job may have difficulty acquiring the experience they need.
A bachelor's degree in accounting can lead to one of these entry-level positions: staff, tax, financial analyst, audit accountant. These positions can be varied in terms of their duties and requirements. They may include everything from keeping books straight to filing taxes. Many people who work in accounting also pursue certifications, such as the CPA.
Earning potential
Your earning potential as an accountant is huge. You can get from entry-level jobs to more experienced positions. An accountant can work in the public or private sector, as well as industrial settings. Your education and experience will determine your earning potential, as will your location. For example, professionals who work in larger cities will earn 12% less than those working in smaller ones. In some cases, earning potential can be as high as $75,000 per year.
An accountant can make between N300,000-N500,000 per month in Nigeria. While an accountant's earning potential is dependent on their location, there are some states that pay more than the national median. The cost of living can have an impact on earnings. However, an accountant has a bright future. The growth in the accounting industry has created many jobs. Technology innovations are bringing in innovation in existing firms.
FAQ
Why Is Accounting Useful for Small Business Owners?
Accounting is not only useful for big businesses. Accounting is also beneficial for small business owners, as it allows them to keep track of all their money.
You likely already know how much money you get each month if your small business is profitable. What if you don’t have an accountant to do this for you? You may be wondering where your money is being spent. Or you could forget to pay bills on time, which would hurt your credit rating.
Accounting software makes managing your finances simple. There are many options. Some are absolutely free while others may cost hundreds or even thousands of dollars.
No matter what type of accounting system, it is important to first understand the basics. This way, you won't waste time learning how to use it.
These are three basic tasks that you need to master:
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Enter transactions into the accounting system.
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Track your income and expenses.
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Prepare reports.
After you have mastered these three points, you can start to use your new accounting software.
Are accountants paid?
Yes, accountants are often paid an hourly rate.
Complicated financial statements can be a charge for some accountants.
Sometimes accountants will be hired to complete specific tasks. An accountant might be hired by a public relations company to create a report that shows how their client is doing.
What does it really mean to reconcile your accounts?
Reconciliation involves comparing two sets of numbers. One set is called "source" and the other the "reconciled."
The source includes actual figures. The reconciled shows the figure that should be used.
For example, if someone owes you $100, but you only receive $50, you would reconcile this by subtracting $50 from $100.
This ensures that there are no accounting errors.
What is the average time it takes to become an accountant
To become an accountant, one needs to pass the CPA exam. Most people who want to become accountants study for about 4 years before they sit for the exam.
After passing the test one must have worked for at minimum 3 years as an Associate before becoming a Certified Public Accountant (CPA).
Statistics
- The U.S. Bureau of Labor Statistics (BLS) projects an additional 96,000 positions for accountants and auditors between 2020 and 2030, representing job growth of 7%. (onlinemasters.ohio.edu)
- According to the BLS, accounting and auditing professionals reported a 2020 median annual salary of $73,560, which is nearly double that of the national average earnings for all workers.1 (rasmussen.edu)
- Employment of accountants and auditors is projected to grow four percent through 2029, according to the BLS—a rate of growth that is about average for all occupations nationwide.1 (rasmussen.edu)
- a little over 40% of accountants have earned a bachelor's degree. (yourfreecareertest.com)
- In fact, a TD Bank survey polled over 500 U.S. small business owners discovered that bookkeeping is their most hated, with the next most hated task falling a whopping 24% behind. (kpmgspark.com)
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How To
How to get a Accounting degree
Accounting is the act of recording financial transactions. Accounting includes the recording of transactions by individuals, businesses, and governments. A bookkeeping record is called an "account". These data help accountants create reports to aid companies and organizations in making decisions.
There are two types accounting: managerial and general accounting. General accounting involves the reporting and measurement business performance. Management accounting focuses primarily on the measurement, analysis, and management of resources.
A bachelor's in accounting can prepare students to work as entry-level accountants. Graduates may choose to specialize such areas as taxation, auditing, finance, or management.
For students interested in pursuing a career of accounting, they should be able to understand basic economic concepts such as supply/demand, cost-benefit analysis (MBT), marginal utility theory, consumer behavior and price elasticity of demand. They need to know about accounting principles, international trade, microeconomics, macroeconomics and the various accounting software programs.
Students interested in pursuing a Master's degree in accounting must have passed at least six semesters of college courses, including Microeconomic Theory; Macroeconomic Theory; International Trade; Business Economics; Financial Management; Auditing Principles & Procedures; Accounting Information Systems; Cost Analysis; Taxation; Managerial Accounting; Human Resource Management; Finance & Banking; Statistics; Mathematics; Computer Applications; and English Language Skills. Graduate Level Examinations are required for all students. This examination is normally taken after students have completed three years of education.
To become certified public accountants, candidates must complete four years of undergraduate studies and four years of postgraduate studies. Before they can apply for registration, candidates will need to take additional exams.