How to develop into an accountant

There has been a comparatively significant decline within the variety of applicants for accounting degrees within the U.S. in recent times, which some attribute to the extensive technique of obtaining the CPA designation. While this means a sophisticated industry, it also means it’s somewhat less competitive from an academic perspective – allowing a number of the most ambitious candidates a fast-track path to success.

From a general perspective, working as an accountant is a fantastic job for anyone who is nice with numbers. The average salary is around $80,000 and the sphere continues to grow faster than the national average for all occupations, in response to the U.S. Bureau of Labor Statistics. The field is predicted to grow 6% over the following decade, adding 91,400 jobs.

“The beauty of choosing a career in accounting is that there are multiple entry points,” says Chris Lovell, profession expert at SoFi Technologies.

If a profession in accounting piques your interest, listed here are 5 steps to get you there:

1. Discover your interests
2. Earn a level in accounting
3. Find a job that matches your goals
4. Constantly strive for further training
5. Optional: Get certified

1. Discover your interests

Not all accounting jobs are the identical, so it may be a superb idea to work out if accounting is correct for you before you begin. A giant advantage of becoming an accountant is that each business needs one, so positions may be present in all industries. In fact, Lovell says responsibilities can vary depending on where you’re employed.

So, you must start by on the lookout for accounting jobs online and checking out which jobs you might be inquisitive about and at which corporations. Combining your accounting dream with something you enjoy – like sustainability or media – can make it easier to get one of the best of each worlds.

Next, check with someone in your dream position. Use resources from LinkedIn and your network to see for those who can find someone who can answer any questions you might have about their profession, day by day routine, and academic background. Better yet, find an area accountant and ask them to shadow you for half a day.

If you understand you enjoy accounting, you needn’t map out your entire profession plan before you begin, but it surely’s a superb idea to set a dream goal.

2. Get a level in accounting

All accountants need no less than an accounting degree, and essentially the most traditional strategy to get there may be to major in accounting during college—that’s, take a mixture of courses that give attention to accounting fundamentals like taxes, ethics and financial evaluation.

Depending on the state and program, individuals may give you the chance to take the Certified Personal Accountant (CPA) exam directly after a bachelor’s program. In some cases, additional coursework—including a master’s degree—could also be required. At the University of Maryland (Smith), for instance, there are two paths to a bachelor’s major in accounting: the general public accounting path (resulting in eligibility for the CPA exam) and the business and accounting consulting path (for those searching for a broader profession in business and accounting).

For those trying to transition into accounting from one other profession, a master’s in accounting is the strategy to go. Many universities offer programs that last as little as one 12 months (including online), and a few have degree programs designed for those with no accounting background.

In some situations, an MBA with a give attention to accounting may be useful.

3. Find a job that matches your goals

Finding a job could be a daunting task, but with the shortage of accountants, it could be easier than ever to land a position. And with employers thirsty for talent, applicants can have a little bit more flexibility to search out one of the best job for them.

One strategy to start this process is to think back to your degree program and remember which courses you were most enthusiastic about. Then make certain those tasks are the main focus of the positions you apply for.

Remember, accounting skills are versatile, so depending in your experience, you may also consider roles as an auditor, data analyst or financial analyst.

4. Constantly seek further training opportunities

Just as accounting was revolutionized by the calculator, accounting is one area where AI may be used for good. The technology could make individuals more efficient and responsible – and provides them more time for other tasks. But there may be actually a learning curve.

While it takes time to integrate AI into internal systems, generative AI software like ChatGPT may be used when troubleshooting a spreadsheet formula, formatting data, or analyzing projects. It’s as much as you to take the initiative to learn the best way to use the technology properly and effectively—and potentially make yourself a standout worker for a promotion. For example, one training opportunity you may pursue is Specialization in accounting data evaluation is obtainable by the University of Illinois through Coursera. It teaches individuals the best way to apply skills corresponding to Python, machine learning, and data visualization to accounting.

Accounting certificates also let you specialise in a selected area of ​​interest, corresponding to cybersecurity or data visualization.

According to experts, a technology like AI is not going to give you the chance to exchange most employees; relatively, the workers who’re accustomed to AI will replace those that usually are not.

5. Get certified

Not all accountants are CPAs, but all CPAs are bookkeepers.

The traditional strategy to get a job as an accountant is to develop into a licensed public accountant (CPA). Requirements for CPA licensure vary barely from state to state, but generally, applicants should have 150 hours of educational credit from an accredited institution of upper education, pass the CPA exam, and exhibit one 12 months of skilled experience in the sphere.

For many roles, CPA certification is a prerequisite. Experts say earning the CPA is an industry-recognized strategy to exhibit your skills and experience while constructing contacts in the sphere. However, you do not have to be a CPA to reach accounting or a related role.

The conclusion

Becoming an accountant is not any walk within the park, but it surely is actually doable for motivated individuals. Accounting has been in crisis recently, with many accountants leaving the career and fewer students studying it in the primary place. While this may be seen as worrying, it’s also a possibility for candidates to reach a field that provides well-paid jobs and is predicted to proceed to grow. With firms and corporations under pressure to make changes to retain talent, the working environment for accountants is prone to improve.

Lovell says individuals should conduct a cost-benefit evaluation to find out whether it is smart to pursue a level or license in accounting.

“Think of the time, money and effort you would spend on further training. A degree or license can still be helpful in this field in 2024, especially in certain highly regulated sectors. However, times are changing and it is not the only way to start a career in accounting as more and more companies are moving to competency-based hiring,” Lovell adds.

Frequently Asked Questions

Check out all Assets’S Rankings of study programsand learn more about specific Career paths.