How to become an Accountant?
A comprehensive guide on the steps to becoming an accountant, from education to certification and beyond.
In this Career Outline
Introduction to Accountant
“Accounting is the language of business. Master it, and you hold the key to understanding the financial heartbeat of any organization." - Warren Buffett
An accountant wears many hats, handling everything from tax advising to financial reporting, recordkeeping, and statistical analysis. "As a junior or entry-level accountant, the sky's the limit," with many rising to become top CEOs, finance directors, and company leaders.
Working in an accounting firm means helping businesses and individuals manage their taxes, organize their finances, and use this data to grow and profit. On the flip side, accountants working within a single company focus on tasks like settling contracts, handling compensation, and optimizing business processes.
Senior accountants with bookkeeping credentials unlock even more corporate opportunities. If you're wondering what is accounting and how to become an accountant after 12th, start by earning a relevant degree and gaining practical experience.
Steps to Become an Accountant:
Step-1
Consider pursuing a Bachelor's degree in Accounting or a closely related field to lay a solid foundation for your career. Gain practical experience through internships or entry-level positions, including opportunities on How to become an Accounts Receivable Clerk, to develop essential skills and insights into the industry.
Step-2
Obtaining professional certifications like CPA, CMA, or CIA can enhance your credibility and open up more career opportunities. As you progress, think about specializing in areas such as tax, audit, forensic, or international accounting to deepen your expertise.
Step-3
Continuously invest in your professional development by meeting Continuing Professional Education requirements to stay updated with industry standards and regulations. With experience and additional certifications or education, you can advance to higher-level positions and explore specialized roles.
Step-4
Consider pursuing a Master's degree for advanced knowledge and to unlock further career prospects. Whether you choose to specialize or broaden your skill set, continuous learning, and adaptation are key to thriving in the dynamic field of accounting.
Eligibility Criteria
| Eligibility Criteria | Description |
|---|---|
| Eligibility | At least 50% aggregate in 10+2 examinations with a focus on commerce or mathematics. |
| Educational Background | A bachelor’s degree in accounting, finance, or a related field is essential. |
| Undergraduate Degree | B.Com in Accounting or Finance, BBA with a specialization in Accounting, |
| Postgraduate Degree | A master's degree such as an M.Com in Accounting or Finance, MBA with a focus on Accounting |
| Entrance Exams | The GMAT or GRE is often required for MBA programs. |
- Must possess at least 50% aggregate from a recognized institution in 12th, from any board PUC/CBSE/ICSE/ISC, etc. However, the cut-off margin varies with the selection process of different colleges.
- Should procure a valid score in Entrance Exam After 12th such as GGSIPU CET BBA, AIMA UGAT, CUET, DU JAT, NMIMS-NPAT, etc. Different colleges offer their entrance exams if you don’t have a satisfactory score in JEE or other competitive exams.
- One must pursue a degree in B.Com/BBA or a Diploma to become a Management Analyst. This is a basic qualification you must require to enroll in this line of work.
- An M.A. in Finance and Accounting can also prove to be helpful while looking for a higher degree and better learning.
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Tasks to perform as an Accountant:
Knowledge & Skills Required
Accountants require a diverse range of skills to excel in their positions. Below are the essential knowledge areas and skill sets required for success in this field:
| Knowledge Required | |
|---|---|
| Accounting Principles and Standards | Financial Reporting |
| Taxation | Auditing |
| Cost and Managerial Accounting | Business Laws and Regulations |
| Skills Required | |
|---|---|
| Analytical Skills | Attention to Detail |
| Mathematical Proficiency | Critical Thinking and Problem-Solving |
| Organizational Skills | Technology Skills |
| Accounting Software Proficiency | Business Acumen |
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Job Roles Offered as an Accountant:
Once you procure the required qualifications for becoming an Accountant, a myriad of options is open to you. There are multiple projects you can undertake throughout this line of work, and there are many other fields you can branch out to as well.
Cost accounting analyzes the revenue and expenses of creating and distributing an organization's products and services. Cost accountants monitor and record actual expenses like workforce, transportation, manufacturing, and management across functions and at the company level. They assist in planning, budgeting, performance evaluation, establishing standard unit costs, and recommending cost-cutting measures. The role is crucial in determining where a firm spends its money and identifying the most profitable products, divisions, or solutions.
Certified Public Accountants (CPAs) maintain financial records, analyze accounting statements, ensure compliance with regulations, and provide expert financial advice. They play a crucial role in preparing tax reports, and many work as personal tax preparers. CPAs typically work full-time for corporations, non-profits, or the government. Key responsibilities include meticulous record-keeping, following sound accounting procedures, avoiding fraudulent activities, and maintaining accurate financial statements for their employers or clients.
Field auditors visit offsite locations to audit financial records and investigate discrepancies. They ensure compliance with regulations, specialize in areas like inventory or fraud, and work independently. Key duties include examining financial documents of company branches/distributors, verifying accuracy, interviewing personnel, and reporting findings to executives for decision-making.
Fund accountants oversee the finances of a single fund. Their responsibilities include producing annual reports, regulating operations and fund activities, and investment accounting for tracking returns and interests. They act as the primary liaison between fund investors/owners and their employers. Key skills required are attention to detail, ability to work under pressure, financial reporting knowledge, and client management.
Equity analysts, also known as equity research analysts, provide financial advice and analysis on investment opportunities and risks to investment advisers, underwriters, and managers. They work on the buy-side, sell-side, or both, conducting data analysis, financial modeling, and forecasting. Equity analysts offer quantitative analysis and market insights to brokerage firms, banks, and trading firms. They also assess a company's value, capitalization, and market cap for initial public offerings (IPOs).
Not sure where you fit in?
With countless career options, choosing the right path can be tough. Analysis and guidance sessions help clarify what to study, pursue, and achieve.
Career opportunities for an Accountant:
Accountants can opt for various fields of work in the companies listed below:
| State Street | Nike | Amazon |
| Mastercard | Schneider Electric | Navi |
| Resemble Systems | UIDAI | Target |
| Aditya Birla Group |
Colleges offering courses in Accounting:
Best courses after 12th for a career in accounting:
| Loyola College, Chennai | Madras Christian College, Chennai |
| Chandigarh University, Chandigarh | Christ University, Bangalore |
| Narsee Monjee College of Commerce and Economics, Mumbai | Ra Podar College of Commerce and Economics, Mumbai |
| Parul University, Vadodara | Symbiosis College of Arts and Commerce, Pune |
| Stella Maris College, Chennai | Jain University, Bangalore |
End Note
A career in accounting offers stability, versatility, and opportunities for growth. By building a strong educational foundation and earning key certifications, you can explore diverse roles across various sectors.
For students seeking guidance after 12th grade, Career counselling for students after 12th can help identify the best paths in accounting. Similarly, Career counselling after graduation provides guidance for those looking to advance with higher degrees and certifications. As accountants are vital in maintaining financial integrity, committing to continuous learning and professional development can lead to a fulfilling and successful career in this dynamic field.
In this Career Outline
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