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WHAT ARE THE QUALIFICATIONS TO BE AN ACCOUNTANT?
What are the qualifications to be an accountant
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Janaki Devi’s Answer
The qualifications for an accountant typically include a combination of education, certifications, and experience. Here are the general qualifications:
1. Education
Bachelor's Degree: Most accountants have at least a bachelor's degree in accounting or a related field such as finance, business administration, or economics.
Advanced Degrees (Optional): Some accountants pursue a master's degree in accounting or an MBA with a focus on accounting to enhance their knowledge and career prospects.
2. Certifications
Certified Public Accountant (CPA): The CPA is the most recognized certification for accountants in the United States. It requires passing the Uniform CPA Examination, which is administered by the American Institute of Certified Public Accountants (AICPA). Additionally, candidates must meet education and experience requirements, which vary by state.
Certified Management Accountant (CMA): This certification is offered by the Institute of Management Accountants (IMA) and focuses on management accounting and financial management skills.
Certified Internal Auditor (CIA): Offered by the Institute of Internal Auditors (IIA), this certification is for accountants specializing in internal auditing.
Other Certifications: Depending on their career path, accountants might pursue other certifications like the Chartered Financial Analyst (CFA), Certified Fraud Examiner (CFE), or Chartered Global Management Accountant (CGMA).
3. Experience
Internships and Entry-Level Positions: Gaining practical experience through internships or entry-level accounting positions is crucial for developing skills and gaining exposure to the field.
Professional Experience: Many certifications require a certain amount of professional experience. For example, the CPA typically requires one to two years of work experience under a licensed CPA.
4. Skills
Technical Skills: Proficiency in accounting software (such as QuickBooks, SAP, or Oracle) and Microsoft Excel.
Analytical Skills: Ability to analyze financial data and generate meaningful insights.
Attention to Detail: Precision and accuracy in financial reporting and data management.
Communication Skills: Strong verbal and written communication skills for reporting and discussing financial information with stakeholders.
5. Continuing Education
Ongoing Learning: Many certifications require continuing professional education (CPE) to maintain credentials. This ensures that accountants stay current with changes in laws, regulations, and industry standards.
6. Additional Considerations
Ethical Standards: Accountants must adhere to a high standard of ethics and integrity due to the sensitive nature of financial information.
Licensing Requirements: Specific licensing requirements vary by country and, in the case of the United States, by state.
Summary
To become an accountant, one generally needs a relevant educational background, professional certifications like the CPA, practical experience, and a set of technical and soft skills. Continuing education and adherence to ethical standards are also crucial components of a successful accounting career.
1. Education
Bachelor's Degree: Most accountants have at least a bachelor's degree in accounting or a related field such as finance, business administration, or economics.
Advanced Degrees (Optional): Some accountants pursue a master's degree in accounting or an MBA with a focus on accounting to enhance their knowledge and career prospects.
2. Certifications
Certified Public Accountant (CPA): The CPA is the most recognized certification for accountants in the United States. It requires passing the Uniform CPA Examination, which is administered by the American Institute of Certified Public Accountants (AICPA). Additionally, candidates must meet education and experience requirements, which vary by state.
Certified Management Accountant (CMA): This certification is offered by the Institute of Management Accountants (IMA) and focuses on management accounting and financial management skills.
Certified Internal Auditor (CIA): Offered by the Institute of Internal Auditors (IIA), this certification is for accountants specializing in internal auditing.
Other Certifications: Depending on their career path, accountants might pursue other certifications like the Chartered Financial Analyst (CFA), Certified Fraud Examiner (CFE), or Chartered Global Management Accountant (CGMA).
3. Experience
Internships and Entry-Level Positions: Gaining practical experience through internships or entry-level accounting positions is crucial for developing skills and gaining exposure to the field.
Professional Experience: Many certifications require a certain amount of professional experience. For example, the CPA typically requires one to two years of work experience under a licensed CPA.
4. Skills
Technical Skills: Proficiency in accounting software (such as QuickBooks, SAP, or Oracle) and Microsoft Excel.
Analytical Skills: Ability to analyze financial data and generate meaningful insights.
Attention to Detail: Precision and accuracy in financial reporting and data management.
Communication Skills: Strong verbal and written communication skills for reporting and discussing financial information with stakeholders.
5. Continuing Education
Ongoing Learning: Many certifications require continuing professional education (CPE) to maintain credentials. This ensures that accountants stay current with changes in laws, regulations, and industry standards.
6. Additional Considerations
Ethical Standards: Accountants must adhere to a high standard of ethics and integrity due to the sensitive nature of financial information.
Licensing Requirements: Specific licensing requirements vary by country and, in the case of the United States, by state.
Summary
To become an accountant, one generally needs a relevant educational background, professional certifications like the CPA, practical experience, and a set of technical and soft skills. Continuing education and adherence to ethical standards are also crucial components of a successful accounting career.
Updated
Hunter’s Answer
I am so excited that you are interested in joining the field of accounting, it is a great field to work in and I have enjoyed working in the space for several years. As many have noted, the majority of accountants will begin with a bachelor's degree, and some go on to get their master's degree. Before deciding which degree to get I would encourage you to research the different careers paths you can take as an accountant. There are two main paths that accountants take (there are many others, but these are the most common) which are public accounting or working in the industry.
When referring to working in the industry, these are typically people who get their bachelor's degree and start working for private or public companies like Google, Starbucks, Shell, etc.. Many of these accountants who go into industry will specialize in a couple of topics such as Accounts Payable, Revenue, or Corporate and will work their way up in that area. Many accountants like working in the industry as the hours you work and what you are working on are more predictable. While you can still face really busy times you know it is typically going to be the beginning of the fiscal year or month end close.
Public accounting refers to working for an accounting firm that can range in size from international firms to small regional firms. Not all but many will pursue their master's in accounting when choosing this path as many firms actively recruit interns and full hires from these graduate programs and students will typically graduate ready to sit for their CPA test (more on this later). Many who choose public accounting will get their CPA as it is highly encouraged by these firms (many firms will help cover the costs of study materials and tests) and depending on the firm you will reach a ceiling in the firm without your CPA license. Public accountants don't typically specialize in a topic but rather focus on an industry and all the accounting challenges that it faces and as such are able to get experience in more areas than a typical industry accountant. The public accounting space has a high turnover due to the hard work and long hours but the people who leave often get recruited by the company that they leave for and have been known to receive a premium salary due to experience in public accounting.
The CPA license is not required for most accounting positions, even in public accounting it doesn't affect much until you are around 5 years in. I would however recommend trying to obtain the license as many companies value it and would like their managers and above to have it. I have worked with several accounting managers and directors at public and private companies and many of them have their CPA license. Many firms and companies will support and fund their people getting this certification which makes obtaining a little easier. As far as the test goes, it consists of multiple tests that cover all areas of accounting (tax, governmental, partnerships, non-profit, COSO, etc). The tests are challenging but you are take them one at a time so you can focus on the topics for the current test. Once you pass all exams, you will register with the state and have to take a couple of trainings every year to maintain your license. If you are in public accounting most firms will help you meet these annual requirements at no cost.
I hope this information helps give you an idea for what your options are and I sincerely hope that you stick with it!
When referring to working in the industry, these are typically people who get their bachelor's degree and start working for private or public companies like Google, Starbucks, Shell, etc.. Many of these accountants who go into industry will specialize in a couple of topics such as Accounts Payable, Revenue, or Corporate and will work their way up in that area. Many accountants like working in the industry as the hours you work and what you are working on are more predictable. While you can still face really busy times you know it is typically going to be the beginning of the fiscal year or month end close.
Public accounting refers to working for an accounting firm that can range in size from international firms to small regional firms. Not all but many will pursue their master's in accounting when choosing this path as many firms actively recruit interns and full hires from these graduate programs and students will typically graduate ready to sit for their CPA test (more on this later). Many who choose public accounting will get their CPA as it is highly encouraged by these firms (many firms will help cover the costs of study materials and tests) and depending on the firm you will reach a ceiling in the firm without your CPA license. Public accountants don't typically specialize in a topic but rather focus on an industry and all the accounting challenges that it faces and as such are able to get experience in more areas than a typical industry accountant. The public accounting space has a high turnover due to the hard work and long hours but the people who leave often get recruited by the company that they leave for and have been known to receive a premium salary due to experience in public accounting.
The CPA license is not required for most accounting positions, even in public accounting it doesn't affect much until you are around 5 years in. I would however recommend trying to obtain the license as many companies value it and would like their managers and above to have it. I have worked with several accounting managers and directors at public and private companies and many of them have their CPA license. Many firms and companies will support and fund their people getting this certification which makes obtaining a little easier. As far as the test goes, it consists of multiple tests that cover all areas of accounting (tax, governmental, partnerships, non-profit, COSO, etc). The tests are challenging but you are take them one at a time so you can focus on the topics for the current test. Once you pass all exams, you will register with the state and have to take a couple of trainings every year to maintain your license. If you are in public accounting most firms will help you meet these annual requirements at no cost.
I hope this information helps give you an idea for what your options are and I sincerely hope that you stick with it!
Updated
Ankita’s Answer
Bachelor's Degree in Accounting
Certified Public Accountant
Certified Public Accountant
Updated
Davielle’s Answer
Good afternoon, Clara. Most companies will require you to have an Accounting degree for a job in Accounting. However, some smaller companies may just require job experience. I voluntarily coach women about building their resumes, Linkedin profiles, and subsequent job searches. Many have Accounting degrees. I tell them the first thing they need to do is identify what area they want to work in - small company wearing many hats; work by yourself or in a firm (like HR Block) completing personal or small business tax returns; handling wealthy clients' or businesses' financial and tax obligations as a CPA. There are a lot of different opportunities out there. I suggest reaching out to American Accounting Association at https://aaahq.org/ . They have a website section called Regions. You can find the LA region and reach out to them (without a membership)! They can provide you with guidance as well. Good luck in your journey!
Updated
SHANNON’s Answer
It really depends on what exactly you want to do but I would start with a Bachelors degree in accounting. From there you can do a Masters and get more college credit that would qualify you to get your CPA. A CPA isn't necessary for being an accountant, but it does open up doors and options for moving up in your career. Accounting is a very diverse area that can find it's way into other career areas so I would focus on getting your Bachelors degree by majoring in accounting. During that process you'll learn a lot about accounting and what you like or don't like then can see what route you'd like to take with it. Good luck!
Updated
Martha’s Answer
First, will start out with echoing what everyone else has already said. They're spot-on. Something else I will add here is that if you want to get experience in it before committing to it, you could do a few things to get a taste of it, first. This way, you can have an idea of whether you'd like it or not before you invest time and money into it.
1) If you're interested in the tax path, you can become an enrolled agent and be a tax preparer. Tax preparers don't have to be CPAs, and there is a lot of seasonal part-time work available for it.
2) You can become a bookkeeper to learn the basics of financial reporting and get an idea of how money flows, how X transaction affects accounts Y and Z, etc.
3) There are also a lot of accounting guides on the internet that can also give you a basic understanding.
My main recommendation is that if you do decide to pursue accounting, I would go ahead and get your CPA license- not just the degree. The CPA license will allow you to do a lot more and help further develop your logical and critical thinking skills.
1) If you're interested in the tax path, you can become an enrolled agent and be a tax preparer. Tax preparers don't have to be CPAs, and there is a lot of seasonal part-time work available for it.
2) You can become a bookkeeper to learn the basics of financial reporting and get an idea of how money flows, how X transaction affects accounts Y and Z, etc.
3) There are also a lot of accounting guides on the internet that can also give you a basic understanding.
My main recommendation is that if you do decide to pursue accounting, I would go ahead and get your CPA license- not just the degree. The CPA license will allow you to do a lot more and help further develop your logical and critical thinking skills.
Updated
Tina’s Answer
Hi Clara,
There are so many different paths that accounting can take you, it is a great launching point for a career.
To start with, most accounting positions require an accounting degree - either a Bachelors or Masters.
Once you have a degree, you then have many options available:
1) Public accounting - working either a small, mid-size or large multi-national accounting firm serving clients in many different capacities - basically in Audit (Compliance / Assurance), Tax, or Consulting areas.
2) Private sector - working again in any size company from small privately held business (where you would wear many hats) to large global corporations serving in a multitude of potential capacities.
3) Government - working for an agency in an accounting or finance capacity - for example the IRS working in the Tax area; the FBI / CIA in a Forensic Accounting capacity.
The key is that with an accounting degree, there are many areas you can explore as you move through your career that provide a tremendous amount of opportunity and growth. There are areas you can focus on in your education if you have a specific area you are interested in (forensic accounting, tax, etc..).
One consideration is what type of organization you want to be involved in - small or large - as you will have different types of experiences and there are pluses and minuses to each. The sky is the limit, and it is up to you where you take your career!
There are so many different paths that accounting can take you, it is a great launching point for a career.
To start with, most accounting positions require an accounting degree - either a Bachelors or Masters.
Once you have a degree, you then have many options available:
1) Public accounting - working either a small, mid-size or large multi-national accounting firm serving clients in many different capacities - basically in Audit (Compliance / Assurance), Tax, or Consulting areas.
2) Private sector - working again in any size company from small privately held business (where you would wear many hats) to large global corporations serving in a multitude of potential capacities.
3) Government - working for an agency in an accounting or finance capacity - for example the IRS working in the Tax area; the FBI / CIA in a Forensic Accounting capacity.
The key is that with an accounting degree, there are many areas you can explore as you move through your career that provide a tremendous amount of opportunity and growth. There are areas you can focus on in your education if you have a specific area you are interested in (forensic accounting, tax, etc..).
One consideration is what type of organization you want to be involved in - small or large - as you will have different types of experiences and there are pluses and minuses to each. The sky is the limit, and it is up to you where you take your career!