Paul Simonson has been a Florida-certified public accountant since March 1994 and a member of the Florida Institute of Certified Public Accountants since August 1998. This article will provide an overview of the steps necessary to become an accountant, a vocation that provides a challenging and fulfilling career for many professionals.
Accountants help people and businesses to make smart choices with their money, enabling clients to manage their finances effectively. Typical duties undertaken by an accountant include evaluating risk; preparing audits, financial statements and reports; and ensuring accuracy and compliance in record-keeping. An accountant may also advise executives on financial decisions and help develop organizational budgets.
Recording and analyzing data is a critical aspect of accounting. Accountants also need to communicate their findings and recommendations to clients. Accountants may also be required to present reports to stakeholders, meet with clients to go over tax returns, or discuss their work with other accounting personnel.
The field of accountancy incorporates many difference specializations. Managerial accountants analyze and interpret a company’s financial data, helping to shape its strategy. Cost accountants evaluate operational costs to help the businesses they serve save money and increase profit. Meanwhile, Tax accountancy is a specialist field that requires professionals to provide services like tax planning and preparing annual returns.
Accountancy boasts a relatively diverse workforce. 35.4% of US accountants are not white; 61.8% are women; and 8% identify as LGBTQ, research from Zippia reveals. Nevertheless, Native American, Black and Hispanic accountants remain underrepresented in their field, with data from the Center of Audit Quality suggesting that the expense involved in meeting the 150-hour credit requirement for Certified Public Accountant licensure presents a significant barrier for many minority students. In addition, although women account for over half of all accounting roles, they are statistically less likely to occupy leadership roles.
Accounting can be a stable profession, offering higher than average earning potential and job satisfaction rates. In a study involving 16,000 professionals, it was revealed that auditors and accountants are the least likely workers to leave their jobs. According to Bureau of Labor Statistics data, accountants receive a $70,500 median salary with average job growth.
Although there is more than one route to becoming an accountant, a bachelor’s degree is the typical minimum entry-level requirement. A bachelor’s degree in accounting provides students with foundational knowledge of accounting theories and principles. Many bachelor’s degree students work as interns to gain valuable hands-on experience. Serving an internship can be an effective means of gaining a foothold in the workplace, since many accounting firms keep their interns on in full-time employment after their training ends. Deloitte, for example hires over 3,000 interns annually, many of whom go on to secure full-time employment with the company.
A Certified Public Accountant qualification helps professionals to stand out as qualified accounting professionals. Certified Public Accountants must fulfill vigorous state requirements to gain their licensure. Employers realize the value of this qualification, with many offering bonuses to incentivize employees to gain their Certified Public Accountant license. Take for example PwC, one of America’s ‘Big Four’ accounting firms, which offers significant incentives as well as reimbursement of college fees and educational programs to help employees gain their licensure.
Once an accountant has earned their basic credentials, they need to weigh up their interests and special skills to decide which accountancy specialism they wish to work in. There are numerous accounting specialties to choose from, including business valuation, tax accounting, international accounting, personal finance accounting, environmental accounting and government finance.
To succeed in accountancy requires an analytical outlook, an eye for detail, and an aptitude with figures. Accountants also need strong communication skills, as well as specialist training and knowledge gained through college-level accounting programs, providing them with the expertise and skills necessary to provide financial services to people and businesses.
