Career In Accountant

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About Accountant-

Behind every successful business, there’s a great accountant. Every organization of the world needs an accountant to keep, maintain, and inspect financial accounts. An accountant is a person who records business transactions of an organization, prepares a report on a company’s performance to management, and concerns financial statements. A qualified and skilled professional accountant in business is like an invaluable asset to any organization.

An accountant works as an integral part of private, public and nonprofit corporations that performs various financial functions like collection, accuracy, recording, analysis, and presentation of a business, organization or company's financial operations. Accountants ask big business challenging questions by utilizing their skills and intimate understanding of the company and the environment in which they work. Their practice in accounting empowers them to adopt a realistic, logical, and objective approach to resolve business issues. Generally, the accountants also deal with third parties such as vendors, customers, and financial institutions as a part of their work.

Accountant plays a major role in management also by determining the financial position of the corporation with all its accounting exercises. Actually, it is the backbone of the financial corporate world. The concepts of assets, liabilities, and income and the requisite to reconcile these domains still acts as the roots for all accounting purposes today. With the increasing demand for accountants, one can attain a shining career by specializing in one among the following branches of accounting:

➤ Financial Accounting

➤ Managerial Accounting

➤Cost Accounting

➤Auditing

➤Tax Accounting

➤Fiduciary Accounting

➤Forensic Accounting

➤Accounting Information Systems

Importance of Accountants:-

Today, we need accountants because it's the only medium for any business to grow and burgeon. Accounting is important because it communicates every information that owners, managers, and investors need to appraise a company's financial performance. In fact, the objective of accounting is to encourage stakeholders to make better business decisions by equipping them with financial data.

Here Are Some Reasons Why Business Needs Accountants:-

➤Organized record of financial data

➤Planning Budget

➤Keeping Records

➤Growth of business

➤Avoid an audit

➤Decision Making

➤Reporting Profits

➤Plan for the future

➤Information to Investors

➤Save time and energy (and sanity)

Eligibility

Eligibility Criteria for Accountants:-

Becoming an accountant is not an easy task for all of us. It takes years of study, hard work and passion to accomplish the goal. In the modern age, everyone acquires the basic knowledge of accounting to do certain related work by itself. But to hold a full-time prosperous job in accounting, one should meet the directed eligibility criteria:

  • Candidates must have passed XII examination or equivalent examination with 50% of the minimum percentile from any recognized board.
  • Aspirants should have studied accounts, mathematics, and economics as compulsory subjects in 12th standard.  
  • To become an accountant, one must have pursued or studying a bachelor’s degree in the commerce stream.
  • There are no age restraints in the age limit of the candidates.
  • Basic knowledge of computer or account packages like Tally is required.
Traits Required For Becoming An Accountant:

➢ Numerical Aptitude

➢ Proficiency in IT

➢ Analytical skills

➢ A methodical approach and problem-solving ability

➢ Team Working ability

➢ communication and interpersonal skills

➢ Adaptable communication

➢ Humble confidence

➢ Unwavering professionalism

➢ Self-management

➢ Ease with technology

➢ Ability to handle distraught and questioning clients

➢ Honesty and reliability

➢ Self-motivation

➢ Integrity

Process

Process to Become an Accountant:-

If one owes the ability and talent to record or maintain financial accounts, then being an accountant is the right platform for him. Accountants can work in both the public and private sectors giving consulting, auditing, and analyzing services. So, to acquire this reputed job, one needs to go through the following steps:

Step 1: Get a Bachelor's Degree first-

To achieve any job or position, it is mandatory for the candidates to earn a bachelor's degree first. It is the minimum educational qualification which is required to get an entry-level position in the Industries. One can pursue Bachelor's degree programs in accounting after completing Intermediate from commerce stream. There are various courses in commerce stream which includes accounting, taxation, and auditing etc.

Step 2: Gain Work Experience-

To acquire an optimum job in the Industry, individuals require work experience that can help them to advance in the accounting field whereas some states demand to go through the Certified Public Accountant (CPA) exam. By seeking an entry-level accounting job, ambitious accountants get the opportunity to notify the duties and responsibilities of this profession.

Step 3: Pursue a Master's Degree-

A bachelor degree can get you an entry level jon=b ion any organization but a masters degree will get you the desired job. A Master's degree helps the individuals to get in-depth knowledge about things properly. Such programs in accounting involve managerial courses that cover advanced topics in auditing, taxation, and finance. To meet 150 credit hour requirements for CPA licensing by Bachelor degree holders, master’s degree is a common track. It is obligatory for the candidates to meet 150 credit hours not a master's degree for CPA licensing.

Step 4: Get Licensed-

In this stage, individuals will get the CPA license authorized by the jurisdiction's Board of Accountancy. It is not necessary to hold a license and certificate to work as an accountant but numerous organizations hire accountants with credential skills and talent. The CPA license is meant for those individuals who register with the SEC to expand their employment opportunities. To be eligible for the uniform CPA exam, 120 to 150 credit hours are required as per the state.

Step 5: Seek Certification-

In this last stage, certifications are given to the accountants to complete the entire procedure of becoming an accountant. These certifications help accountants to stand out of the crowd in the trade market. It includes the Certified Management Accountant, the Certified Internal Auditor, and the Certified Information Systems Auditor credentials. Licensed CPAs can get numerous lucrative employment opportunities.

Success Tips:-

➤ Go for an internship: An internship is an integral part of any job procedure. An internship with an accounting firm or an accounting department grants an experience that may work as a supplementary key for securing an ideal job after graduation. Accounting interns might get jobs in financial statements, managing audits, and communicating with clients. Additionally, an individual will often learn about accounting software programs.

➤Join a professional association: Joining an accounting company can provide access to networking and career advancement opportunities. The organizations may possess special membership rates to the students. One can have a bright future ahead by joining a professional association.

Prospect

Career Prospects:-

A career in accounting means can get you numerous employment opportunity in the industry.  One can attain handsome salary packages that depend on the level of education, certification, and specializations he owes. In general, accountants are well paid and acquire a bright future. With the rapid growth of Industries, the number in demand for accountants is increasing day by day. Its the right decision to opt a career in accounting as it can provide you numerous facilities with the salary packages. One can scale up the ladder of success by working as the following profiles :

➣ Accountant

➣ Senior Accountant

➣ Junior Accountant

➣ Section Officer

➣ Accounts Officer/Manager

➣ Assistant accounts officer

➣ Senior accounts officer

Employment Opportunities for Accountants:

➣ Banks

➣ Financial and management consultancies

➣ Income Tax departments of the government

➣ Private practice

➣ Finance departments of firms and businesses

➣ Schools and colleges

➣ Institutions

➣ Consultancies

➣ Agencies

Recruiting Companies-

➣ Accenture

➣ Ernst & Young

➣ Tata AIG Life Insurance Company

➣ Reach Management Consultants

➣ Sabre, etc.

Salary

In this distinct field, candidates with financial skills, knowledge, and experience can get lucrative salary packages not only in India but all over the world. On an average, a fresher accountant can expect a minimum salary package of 2 lacs to 6 lacs in any organization in India. An experienced and skilled accountant can get a minimum of 8 lacs up to beyond limits. The earning of the accountants is defined by their skills, intelligence, and perfection of maintaining and managing financial records. Accountants with 8 to 10 years of experience can attain unimaginable job opportunities in abroad and can also get bonuses and facilities.

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