There are over 2 million professional accountants in the world (as of 2015). What’s more interesting, however, is that their population keeps on growing.
More and more students continue to seek out accountancy programs at UAE education fairs. This is probably because the demand for certified accountants continues to increase. Given the role they play in all types of industries, this is not as surprising as it sounds.
Of course, the growing demand doesn’t automatically mean that all hopefuls will have a place in this sector. They still need to do their best and acquire these five essential ingredients to succeed as an accountant:
1. An accounting degree
Before they can even hope to succeed in this career, aspiring accountants must first go to college and earn an accounting degree.
A bachelor’s degree is the standard minimum requirement for most entry-level positions. It provides students with foundational knowledge about the principles and theories of accounting.
While in college, they can learn fundamental subjects, like the Generally Accepted Accounting Principles (GAAP). They will also be taught accounting mathematics and laws covering personal and business taxes, including corporate tax return, that are applicable to global and local businesses.
On top of that, accountancy students must undergo training in other subjects such as:
- Auditing
- Financial record-keeping
- Ethics
- Statistics
- Management
- International finance
- Accounting information systems
Many programs also cover the vital soft skills that every client-facing profession needs, like written and oral communication.
Whether they want to work in the private sector, government, or financial services industry, a bachelor’s degree is an ideal starting point to help aspiring accountants take the right step toward their goals.
2. A specialty
After learning the basics, students also need to choose a specific career path to take before they graduate. This serves as their field of specialization and dictates the types of opportunities they can take on as a professional.
Some of the sub-specializations an accountant can take include:
- Managerial accounting
- Financial accounting
- Tax accounting
- Environmental accounting
- Internal auditing
- Information management and technology assurance
- Government finance
- Non-profit accounting
On top of that, aspirants can also undergo qualification tests to become certified public accountants (CPA) and other qualifications (more on this later). They can also take their education to the next level by completing a Master of Business Administration (MBA) degree.
3. The right skills
Accountants need to have a specific set of skills not only to qualify for a job but also to perform their tasks well.
Some of the essential skills they need to hone to succeed in this line of work are:
Communication
Communication is considered a vital part of the sacred requirements in any industry. Accounting is no exception.
Accountants should be able to explain complex information in a way that anyone would understand – even people without an accounting background – using both written and oral communication.
This skill is useful in almost any situation, whether they are hired as third-party service providers or as part of an internal accounts team.
Time Management
Time is a resource that accountants must be able to invest wisely, especially when they’re aiming to build a good reputation.
With excellent time management skills, they can do more things within a given period. This also makes them more reliable in the eyes of their coworkers and company leaders.
Innovation
Accounting is a crucial tool in the success of any business. No project has ever succeeded without complete control over the numbers.
Because of this, accountants must be able to think outside the box and provide solutions to issues that may arise during the evolution of a business.
Employers are looking for candidates who possess not only the fundamental knowledge in the trade but also fresh ideas that could change the future of accounting.
Integrity and Credibility
People become loyal to a specific brand because of trust. This also applies to accounting professionals.
To build a solid client base, an accountant must be trustworthy and always uphold integrity.
Remember: Credibility is an important currency in accountancy.
The more people trust accountants, the more opportunities come their way. And with more opportunities comes more room for growth.
Resilience
Like all other professionals, accountants must begin at the first level and work their way up.
However, the journey isn’t always easy. In fact, it is challenging and quite stressful at times, making resilience an essential characteristic of this type of professional.
From working tight deadlines to juggling several clients, accountants must maintain a steady hold of what needs to be done. They must remain cool-headed and confident in their skillset all the way to succeed in their careers.
4. Sufficient field experience
Everyone needs to start somewhere. The same is true for successful accountants.
Before becoming high-salary C-suite executives in the most prestigious companies, they must begin at level one and earn experience points to reach their goals.
Before graduation, accounting students can apply for internships that can boost their resumes. They can also join career-focused social media platforms like LinkedIn to expand their network.
Entry-level jobs can also provide the necessary experience to become a successful accountant. In fact, even those not directly related to accounting can help, so long as the candidates don’t lose sight of their ultimate goal: becoming world-class accountants.
5. Certifications and other qualifications
Accountancy as a career is a series of learning opportunities that continue even after graduation. That said, gaining more qualifications has become paramount to success in this field of work.
No matter how tempting it may be to sit back and enjoy an entry-level job, aspiring accountants need to consider their next step to move up the ladder. This can range from getting a master’s degree or getting certified in one or more accounting specializations, such as:
- Chartered Financial Analyst (CFA)
- Association of Chartered Certified Accountants (ACCA)
- Certified Internal Auditor (CIA)
- Certified Management Accountant (CMA)
Succeed in Accountancy
Hard work and continuous learning will always pay off when hopefuls know the direction they intend to take. After choosing accountancy as a career path, aspiring accountants need to gather all the necessary ingredients to make their journey and success taste sweeter.
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