An accountant is basically a financial expert specialising in various fiscal as well as accounting activities within a company. These may include tracking internal and external payments, creating budgetary and other cost-related predictions, processing payments, and completing tax processes. To pursue a career in accounting you are first required to have an undergraduate degree in accounts with at least 2-4 years of work experience. Staff accountant, professional accountant, and accounts payable clerk are some of the popular job profiles that can be pursued after completion of the degree mentioned before. One of the major reasons for the popularity of Accountants is the lucrative salaries offered by organisations across the globe. If you want to know more about how to become an accountant, who is an accountant and much more then Keep Reading!
|Salaries Offered||$72,000 (INR 58 lacs)|
|Eligibility Requirements||Undergraduate degree in accounts or any other relevant field|
|Work Experience||2-4 years|
|Duration of the Program||3 years|
|Popular Job Profiles other than Accountant||Staff Accountant, professional accountant and Clerk|
|Best University||Harvard University|
This Blog Includes:
- Who is an Accountant?
- Steps to Become an Accountant
- Eligibility Requirements
- Popular Certifications for Accountants
- Best Universities for Accounts and Finance Abroad
- Admission Process
Who is an Accountant?
An accountant is a professional who records business activities on behalf of a firm, reports to management on company performance, and prepares financial statements. Accountants are highly demanded across the globe as there are numerous job opportunities with lucrative salaries offered to them. The average salary offered to the accountants is approximately (INR 58 lakhs) $72000.
Steps to Become an Accountant
There are a few steps you must follow to become an accountant.
Explore Accountant Education
If you want to be an accountant, one of the initial things you should think about is how much education you’ll need. According to our research, 71.2% of accountants have a degree in business. Regarding higher education, 11.5% of accountants hold a master’s degree or higher. Even though most accountants have a college education, it is feasible to become an accountant with only a high school diploma or GED.
Choosing the correct major is usually a vital step when investigating how to become an accountant. When we looked into the most prevalent majors for accountants, we discovered that accounting, business, and finance were the most common.
Develop Accountant Skills. Before applying for a job, it’s a good idea to brush up on your accounting skills.
Complete Relevant Training/Internship
Accountants devote an average of 1-3 months of on-the-job training after they are hired. New accountants gain the skills and procedures required for their unique position and employer during this time. Based on data from the U.S. Bureau of Labor Statistics and genuine accountant resumes, the figure below depicts how long it takes to become competent as an accountant.
Also Read: How to Become a Chartered Accountant?
Research Accountant Duties
When deciding to become an accountant, it is critical to understand the obligations and responsibilities of this position. Most accounting positions include certain common responsibilities. The following are the primary responsibilities that define the role:
- Manage the preparation of statutory financial reports and financial aggregate in accordance with IFRS and any applicable local regulations.
- Manage personnel’s financial affairs such as pay, taxation, and other related difficulties.
- Manage and track accounting procedures for Sarbanes-Oxley compliance, as well as coordinate & facilitate external audit processes.
- Many balance sheet accounts reconciliations should be rebuilt and improved for simpler reading and interpretation by senior management.
- Perform complicated general accounting duties such as journal entry preparation, account analysis, and balance sheet reconciliation report.
- Keep general ledgers up to date and prepare monthly as well as other periodic financial reports in line with GAAP and international accounting guidelines.
Prepare Your Resume
Finally, once you’ve reviewed the required abilities & responsibilities for this position, you may begin developing your CV. Everything which goes into building a beautiful resume might take hours, days, and even weeks to complete. No need to worry; we’ve built a resume generator to make the process as simple as possible by providing recommendations and examples of talents, and responsibilities, as well as a summary.
Also Read: Accountant Courses
Apply For an Accountant Job
It’s time to start looking for a new job with your CV in hand. Consider the following tips for a successful job search:
- Look for appropriate job posts on employment boards.
- Make use of your professional network.
- Contact the companies you want to work for directly.
- Keep an eye out for work scams.
There are a few eligibility requirements that you are required to qualify in order to become an accountant. Some of the basic eligibility requirements are as follows;
- You are first required to have an undergraduate degree in accounts or any other relevant discipline with at least 60% marks from an officially recognised institution. \
- You are also to have 2-4 years of work experience as an accountant.
- Further, you can also pursue master’s in accounts or any other relevant field for more expertise in this industry.
Another major requirement to pursue a degree in accounting is to qualify for the language proficiency test when your first language is not English.
Apart from the above eligibility requirements, you are also required to submit a list of necessary documents for the application process. Some of the essential documents include;
- Academic transcripts
- Degree certificates
- Statement of purpose
- Letter of recommendation
- Work experience
- Additional documents
Popular Certifications for Accountants
Certifications can demonstrate to employers that you have the expertise required for this position. They can also help you stand out as a candidate. Even if a credential isn’t required by employers, having one can help you stand out during an application. Furthermore, the process of obtaining a certification might teach you new abilities that you can apply to your job. We identified the most frequent accounting certifications. Certified Public Accountant (CPA) is the most prevalent certification, although Certified Management Accountant (CMA) is also regularly seen on accountant resumes.
- Certified Public Accountant (CPA)
- Certified Forensic Accountant (CrFA)
- International Accredited Business Accountant (IABA)
- Chartered Certified Accountant (ACCA)
- Certified Management Accountant (CMA)
- Chartered Global Management Accountant (CGMA)
- Certified Resume Specialist: Accounting and Finance (CRS+AF)
- Project Management Professional (PMP)
Best Universities for Accounts and Finance Abroad
There are numerous universities across the globe that offer various programs in finance as well as accounts. Some of the best universities for accounts and finance across the globe as per World QS subject-wise rankings 2023 are as follows;
|Name of the University||World QS Rankings 2023|
|Massachusetts Institute of Technology||2|
|The London School of Economics and Political Science||4|
|University of Oxford||5|
|the University of Pennsylvania||6|
|University of Cambridge||7|
|University of Calfornia Berkeley||8|
|University of Chicago||9|
|New York University||10|
The admission process for getting into a reputed university is quite simple, and you must first check the official university for the latest updates and notifications. Then you must fill out the application form correctly with all the required details, and do not forget to submit the list of necessary documents. Further, you are also required to do the mentioned process before the deadline. However, if you find this process difficult, you can consult Leverage Edu – Your Trusted Study Abroad Expert, for a hassle-free application process.
Accountants across the globe earn an annual compensation of $54,890, or $26 per hour. The top 10% earn more than $72,000 per year, while the bottom 10% earn less than $41,000.
To pursue a career as an accountant you are required to have an undergraduate degree in accounts however you can also pursue a postgraduate degree in accounts for expertise. Instead, the majority of industrial workers will have taken an AAT (Association of Accounting Technicians) course. A professional diploma is frequently a necessary minimum for the position.
To become a chartered accountant can take anywhere from three to seven years, depending on where you are in your accounting career. Knowing which qualifications will best assist you in achieving chartered status is well worth the time and effort.
Overall, accounting career salaries range from $40,000 to $120,000 per year, depending on education, certifications, business location, and especially years of experience. By 2030, there will be a 6% job growth rate.
If you want to get into a high university, you’ll need more than just good grades; you’ll also need a flawless application because the competition is fierce. You may enlist the assistance of Leverage Edu specialists to assist you with the application process so you can realise your goals. Call us immediately at 1800 57 2000 for a free 30-minute consultation.