Are you looking for a stable, rewarding career with plenty of job opportunities? One that can take you across industries and make you a valuable asset to any company? Look no further than the world of accounting.
In today's fast-paced, competitive world, businesses need skilled professionals who can keep their financial records in check and help them make sound financial decisions. This is where you come in. By becoming an accountant, you can learn how to manage finances effectively and build a successful career doing what you love.
Who is an Accountant?
An accountant is a finance professional who plays a critical role in managing financial records for individuals, companies, and government agencies. They analyze financial data to ensure compliance with tax laws and regulations, prepare tax returns, and provide advice on financial matters such as investments and financial planning.
Accountants work in various industries including healthcare, finance, manufacturing, and government. They use accounting software to manage financial data accurately and efficiently.
Skills Required to be an Accountant
- Have strong attention-to-detail skills as well as critical thinking abilities.
- Be well-versed in mathematical concepts and possess strong analytical skills.
- Have excellent communication skills, as you will often interact with clients and colleagues.
- Work well under pressure, especially if you choose to work in public accounting.
Career Path and Salaries of Accountants
Accountants are always in demand across various industries, such as banking, finance, healthcare, and hospitality. With the advent of globalisation and digitization, the demand for skilled accountants has only increased over the past few years.
You can start as a trainee or intern while pursuing your degree and then work your way up to senior roles such as Chief Financial Officer (CFO).
According to Payscale.com, the average salary range for entry-level accounting positions is ₹3-5 lakh per annum. For mid-level positions like senior accountant or tax manager positions, salaries can go up to ₹8-12 lakh per annum or more. But this can vary depending on factors like location, experience level, and industry.
Steps to Becoming an Accountant
If you're interested in becoming an accountant, here are the steps you need to take:
Step 1: Get a Degree
The first step towards becoming an accountant is to earn a bachelor's degree in accounting or finance. Some colleges also offer a master's programme in accounting and finance.
Step 2: Get an Internship
Many companies offer internship programmes to students who are pursuing degrees. An internship will provide you with exposure to real-world accounting tasks such as bookkeeping, financial analysis, and tax preparation.
Step 3: Choose a specialty
As an accountant, you can specialise in areas such as taxation, auditing, management accounting, or financial accounting. Choose your specialty based on your interests and career goals.
Step 4: Find a Job
You can start by applying for entry-level positions such as junior accountant or accounts assistant. As you gain more experience and expertise, you can move up to positions that offer more responsibilities and higher salaries.
Education and Certification Requirements
One of the most popular undergraduate degrees for a banking career is a Bachelor of Commerce (B.Com) in Accounting or Finance. It takes three years to complete this course, and the average fee ranges between ₹50,000 to ₹2 lakhs per year.
If you want to pursue a postgraduate degree, you can opt for a Master of Commerce (M.Com) in Accounting or Finance. This course usually takes two years to complete and the average fee ranges between ₹1 lakh to ₹3 lakhs per year.
Earning a certification in accounting can enhance your skills and make you more employable. Some of the most popular certifications for accountants include:
- Certified Public Accountant (CPA)
- Certified Management Accountant (CMA)
- Association of Chartered Certified Accountants (ACCA)
- Certified Fraud Examiner (CFE)
Specialisations in Accounting
Accounting is a vast field, and there are many speciality areas that you can choose to focus on. Some of the most popular specialisations include auditing, taxation, forensic accounting, and financial analysis. By specialising in one of these areas, you can develop expertise in a particular niche and become a highly sought-after professional.
Upskilling Opportunities
Continuing education is crucial for accountants who want to stay current with changing trends in their industry. From certification courses to short-term workshops and seminars, there are plenty of opportunities to help you stay competitive in the job market and even open up opportunities for advancement in your career.
Moving with the Industry
The future of accounting is bright and full of potential. Automation and AI will undoubtedly play a significant role in streamlining accounting processes over the next few years. However, they are unlikely to replace human accountants anytime soon. Instead, technology will assist accountants in making better decisions by providing them with more accurate data.
As a result, it's a great time to start your journey towards becoming an accountant, as demand for skilled professionals is only set to increase. By taking advantage of education and upskilling opportunities now, you can position yourself well for a long and rewarding career in this field.
If you're interested in pursuing accounting as a career or looking for upskilling opportunities, WIZR can provide valuable guidance and support.
FAQs
1. How important is networking for accountants?
Building a strong professional network is crucial in any field, including accounting. It helps you stay abreast of industry trends and job openings while also providing valuable resources for professional development.
2. Is it possible to work freelance as an accountant?
Yes, it is possible to work as a freelance accountant. However, you need to have prior work experience and a good number of clients to sustain your workflow and finances.
3. Can I do accounting without maths?
Yes, you can pursue a career in accounting without having studied maths at the undergraduate level. However, basic numerical competency is required to excel as an accountant.
4. How many attempts can we make to clear the CA exams?
There are six attempts available to clear each level of CA exams (Foundation, Intermediate & Final).
5. Do all companies need a CA?
No, not all companies require a Chartered Accountant (CA). However, having a CA qualification can significantly increase your employability in various sectors such as finance, law, taxation etc.
