Steps to Start Your Career in Accounting: A Comprehensive Guide

Are you interested in a career in accounting? With the increasing need for financial management in every industry, accounting has become an essential part of business operations. Pursuing a career in accounting can offer you diverse opportunities and a promising salary range.  You can switch to accounting as a career even if you have a background in a different field.

If you’re looking to start a career in accounting, here are some steps to help you get started.

Step 1: Get an Accounting Degree

A four-year degree is enough to start your career in accounting, unlike professions such as medicine or law, which require additional years of education and training. An accounting degree is the most traditional way of starting a career in accounting. You can enrol in undergraduate accounting, finance, business, or economics programs to gain knowledge of accounting concepts and principles.

If you prefer online learning, consider taking online accounting courses that provide a flexible schedule and a cost-effective alternative to traditional education.

Step 2: Earn Professional Certifications

Certifications are an excellent way to demonstrate your commitment to the accounting profession and enhance your job-specific skill set. Some of the most in-demand accounting certifications recognised globally are:

1. The American Institute of Certified Public Accountants (AICPA) offers the Certified Public Accountant (CPA) qualification, which is recognized worldwide.
2. Various accounting bodies, including the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS), and Chartered Accountants Ireland (CAI), offer the Chartered Accountant (CA) qualification.
3. The Association of Chartered Certified Accountants (ACCA) offers the ACCA qualification, which is recognized worldwide.
4. The Institute of Management Accountants (IMA) offers the Certified Management Accountant (CMA) qualification, which is recognized worldwide.
5. The CFA Institute offers the Chartered Financial Analyst (CFA) qualification, which is recognized worldwide.
6. The Institute of Internal Auditors (IIA) offers the Certified Internal Auditor (CIA) qualification, which is recognized worldwide.
7. The Information Systems Audit and Control Association (ISACA) offers the Certified Information Systems Auditor (CISA) qualification, which is recognized worldwide.

Step 3: Gain Relevant Experience

Having relevant work experience can significantly improve your job prospects in accounting. Consider seeking internships, entry-level jobs, or volunteer work to gain hands-on experience. You can also join accounting clubs and participate in networking events to meet other professionals in the field.

Starting at a Big 4 accounting firm (Deloitte, EY, KPMG, or PwC) can accelerate your career by providing more opportunities for promotion and recognition on your resume.

Step 4: Polish Your Accounting Skills and Build Your Network

To excel in accounting, you need to have strong analytical, mathematical, and critical thinking skills. You can hone these skills by reading accounting books and publications, taking online courses, attending seminars, and joining professional associations.

Networking is an essential part of any career, and accounting is no exception. Attend industry events, join professional organizations, and connect with professionals on social media to build your network.

Step 5: Find Your First Accounting Job

Landing your first accounting job can be challenging, but with the right approach, you can succeed. Some things you can do to increase your chances of getting hired are:

• Tailor your resume and cover letter to highlight your accounting skills and relevant work experience.
• Prepare for interviews by researching the company, practising common interview questions, and dressing professionally.
• Negotiate your salary based on market rates and your qualifications.

Specialisations

There’s ample opportunity for specialisation within the field of accounting. Some of these opportunities are:

• Forensic Accounting
• Tax Accounting
• Audit and Assurance
• Financial Planning and Analysis

Expected Accounting Salary Range

According to the U.S. Bureau of Labor Statistics, the median annual wage for accountants and auditors is $73,560. The salary range for accounting professionals depends on various factors, such as experience, location, and industry. As you gain more experience and skills, you can expect to earn a higher salary.

Conclusion

Accounting is a dynamic and rewarding profession that offers a wide range of opportunities and career paths. Starting with an entry-level finance position can provide valuable experience and self-study opportunities while also pursuing chartered qualifications can lead to quicker progression. Although it is a challenging undertaking.

With public and private accounting as the two main career paths, the demand for CPAs is expected to remain extremely favourable in the coming years, with the potential to work overseas or in various locations. Moreover, accounting provides a long runway, offering the ability to work well into one’s 60s or 70s or take on a part-time consulting gig or ownership role in a high-wage profession for extra income.

If you are interested in public policy, entrepreneurship, good stewardship of private and public resources, business, or nonprofit organizations, accounting can offer interesting and fascinating work. Furthermore, the wages for accountants are good and are projected to continue to increase. With these factors in mind, pursuing a career in accounting could be a wise and fulfilling choice.