Accountants are in high demand as they help companies and individuals manage their finances. As an accountant, you’ll work with companies, businesses, and money all day.
If this sounds like a fun career path for you, read on to learn more about what it takes to become an accountant!
1. A Bachelor’s Degree in Accounting
You’ll need a bachelor’s degree to become an accountant. The best programs will include courses in accounting, math, and business.
You should focus on an area of study related to accounting, such as financial management or information systems.
Your coursework will cover subjects like financial reporting principles and analysis; cost accounting; budgeting; auditing; taxes; economics; and statistics (including regression analysis).
If you don’t have a head for numbers, these classes can easily become overwhelming, but those that are born number crunchers enjoy the process.
You can also expect plenty of training for computer applications for accountants (such as Excel spreadsheets).
The best programs will prepare you for a career as an accountant by providing hands-on experience working with real clients or businesses. You may get this experience through an internship, either during school or after graduation.
2. A CPA License
There are several steps you’ll need to take before you can call yourself an accountant. First, you must pass the CPA exam.
The test covers topics such as accounting principles, auditing, taxation, and business law.
The State Board of Accountancy will issue you a license once they determine that your education and experience meet their standards. This usually takes around two years after passing the exam.
Once licensed as a CPA (Certified Public Accountant), there are other requirements to keep up with:
You must complete at least 50 hours of continuing education every year while practicing public accounting or working in industry-related jobs.
This includes a job in financial reporting or financial analysis for publicly traded companies where independence from management is required by law.
You must also pass any additional exams required by state laws within two years of obtaining initial licensure.
3. Computer Skills
In addition to the standard accounting skills, you should have a firm grasp of computerized accounting and spreadsheets.
You will need to be able to use accounting software, including Microsoft Excel and QuickBooks Pro.
You should also know how to set up a database in Microsoft Access or another program to store your data efficiently.
If you’re planning on working in public accounting, then some knowledge of tax preparation software such as TurboTax would also be beneficial.
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4. Work Experience in Accounting
To become an accountant, you’ll need a minimum of 150 hours of work experience in accounting. You can gain this while working as an intern or during your college years.
To be eligible for certification as a Certified Public Accountant (CPA), individuals must have completed at least 150 hours of qualifying non-clerical work experience in public accounting firms during the three years immediately preceding their application date.
This requirement may be met by:
- Working as an employee with one or more CPAs on any type of engagement.
- Working as an employee with one or more CPAs who are engaged in providing services directly related to financial statement preparation and auditing.
- Performing other functions within public accounting firms that involve direct contact with clients under supervision from licensed professionals.
Day-to-Day Work as an Accountant
An accountant’s day-to-day work involves ensuring that financial information is accurate and current.
They must also prepare financial statements and tax returns, manage cash flow, audit books, review expenses and payrolls, prepare budgets and forecasts, and identify trends in business activities.
This makes it possible for them to recommend changes for their clients that will improve profitability or reduce risk.
Accountants may also be responsible for developing new products or services based on market research findings, identifying potential customers, and negotiating contracts with suppliers/vendors.
If they are in a managerial position, an accountant may be responsible for hiring new employees when necessary (including hiring consultants if needed).
They may also be expected to supervise other staff members, including those who keep records of transactions made at retail locations such as stores selling clothing apparel online.
Of course, if an accountant wants to forgo working for someone else, they can look into other options here.
Conclusion
If you’re interested in becoming an accountant, knowing what kind of education and experience you need is important.
Getting your CPA license should be easy if you have a bachelor’s degree in accounting and some work experience.
You’ll also need strong computer skills for this job because most of the work will involve using software programs like QuickBooks or Excel.
Finally, strong attention to detail and the ability to communicate will put you on the front line for hiring when companies are looking for accountants.