Changing into an accountant: 5 steps to start out your profession

In recent times, there was a considerably vital decline within the variety of accounting diploma seekers within the U.S., credited by some by the in depth course of in acquiring CPA designation. Whereas this does point out a sophisticated {industry}, it does imply that from an schooling standpoint, it’s barely much less aggressive—permitting a quick monitor for a number of the most pushed candidates to succeed.

From a broad viewpoint, turning into an accountant is a good gig for individuals who are good at numbers; their median pay is about $80,000, and the sector continues to develop sooner than the nationwide common for all occupations, in line with the U.S. Bureau of Labor Statistics. The sector is predicted to develop by 6% over the subsequent decade, netting an extra 91,400 jobs.

“The beauty in choosing a career in accounting is that there are several points of entry,” says Chris Lovell, profession professional at SoFi Applied sciences.

If a profession in accounting profession piques your pursuits, listed here are 5 steps to get you there:

1. Uncover your pursuits
2. Receive a level in accounting
3. Discover a position that matches your objectives
4. Consistently look to upskill
5. Elective: get licensed 

1. Uncover your pursuits

Not all accounting is identical, so earlier than you get began, it may be a good suggestion to determine if accounting is even the fitting house for you. One massive perk about turning into an accountant is that each firm wants one, so roles could be discovered throughout all industries. Actually, Lovell says one’s tasks could differ relying on the place somebody works.

Resultantly, you must first discover accounting roles on-line and see which pursuits you and at what corporations. Pairing your accounting dream with one thing you get pleasure from—say sustainability or media—could be a good way to have the most effective of each worlds.

Subsequent, speak to somebody in your dream position. Make the most of sources from LinkedIn and your community to see if you’ll find a person who can reply any questions on their profession, day within the life, and academic background. Higher but, discover a native accountant and ask to shadow them for half a day.

Finally, although, if you want accounting, you don’t want to map out your total profession map earlier than it even will get began, however having a dream aim is a good factor to set.

2. Receive a level in accounting

At a minimal, all accountants want a level in accounting. Probably the most conventional path to that is majoring in accounting throughout one’s undergraduate school expertise—taking a mixture of programs targeted on the accounting foundations like taxation, ethics, and monetary evaluation. 

Relying on the state and program, people can sit for the licensed private accountant (CPA) examination instantly after a bachelor’s program. In some situations, further coursework—together with a grasp’s diploma—could also be required. On the College of Maryland (Smith), for instance, there are two tracks to its undergraduate accounting main: public accounting monitor (results in CPA examination eligibility) and the enterprise and accounting advisory monitor (for these looking for broader enterprise and accounting careers).

For these seeking to transition into accounting from one other profession, a grasp’s in accounting is the best way to go. Many universities provide packages that take just one yr to finish (even on-line) and a few have tracks designed for these with no background in accounting. 

In some conditions, an MBA with an accounting focus is also helpful. 

3. Discover a position that matches your objectives

Discovering a job could be a daunting process, however due to a scarcity in accountants, securing a job could also be simpler than earlier than. And since employers are looking forward to expertise, candidates could have a bit bit extra flexibility to search out the most effective place for them. 

One strategy to begin this course of is by pondering again to your diploma program and recall which programs most excited you and make sure the roles you apply for have these tasks entrance and heart. 

Don’t overlook that accounting expertise are versatile—so relying in your expertise, you could possibly additionally discover roles like an auditor, information analyst, or monetary analyst.

4. Consistently look to upskill

Identical to how the sector of accounting was revolutionized by the calculator, accounting is an space the place AI can be utilized for good. The know-how could make people extra environment friendly and accountable—and have extra time to dedicate to different duties. However there may be definitely a studying curve. 

Whereas it takes time to combine AI into inside programs, generative AI software program like ChatGPT can be utilized in serving to troubleshoot points with a spreadsheet method, formatting information, or analyzing initiatives. It’s as much as you to take the initiative to discover ways to correctly make the most of know-how successfully—and doubtlessly make you a standout worker for promotion. For instance, one upskilling alternative you could possibly pursue is the Accounting Information Analytics Specialization provided by the College of Illinois through Coursera. It teaches people the way to apply expertise like Python, machine studying, and information visualization to accounting.

Accounting certifications may enable you to focus on a particular space of curiosity, like cybersecurity or information visualization.

Consultants say that know-how like AI won’t change most workers; its workers who know the way to use AI will change those that don’t.

5. Get licensed

Not all accounts are CPAs, however all CPAs are accountants. 

The standard pathway to touchdown a job as an accountant is turning into a CPA. The necessities to be a CPA barely differ state-by-state, however usually people should have 150 hours of hours of educational credit score from an accredited larger schooling establishment, go the CPA examination, and full one yr of expertise within the area. 

Many roles have the CPA certification as a base requirement, and consultants say acquiring the CPA is an industry-recognized strategy to categorical your expertise and expertise, whereas additionally constructing connectivity within the area. Nonetheless, you don’t want to be a CPA to reach accounting or in an adjoining position.

The takeaway

Changing into an accountant isn’t a stroll within the park, however it’s definitely achievable for motivated people. Accounting has been in a disaster just lately because of many accountants leaving the sector and fewer college students pursuing it altogether. Whereas this definitely could be seen as alarming, it is usually a chance for candidates to reach a area that has high-paying jobs and is just anticipated to develop. As corporations and corporations are pressured to create change to retain expertise, the working surroundings of accountants will probably enhance. 

Lovell says people ought to do a price profit evaluation to see if it is sensible to get a level or license in accounting.

“Think about the time, money, and effort that you would spend pursuing further education. A degree or license can still be helpful In this field, even in 2024, especially in certain highly regulated sectors. However, times are changing and it’s not the only way to start a career in accounting, as more companies shift to skills-based hiring,” Lovell provides.

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Incessantly requested questions

What {qualifications} do I have to change into an accountant?

To change into an accountant, you want a level in accounting. A bachelor’s or grasp’s will suffice relying in your expertise and desired profession path.

How lengthy does it take to be taught accounting

It takes no less than a yr to be taught accounting, however the course of realistically takes a number of years. To change into a CPA, most states require 150 hours of educational credit score from an accredited larger schooling establishment in addition to months {of professional} expertise.

Is it arduous turning into an accountant

Sure, it’s not straightforward to change into an accountant. Programs are sometimes intense, and deal with very technically-detailed topics like auditing, federal earnings tax, and information analytics. Plus, for these looking for the CPA certification, people should go an examination.

How can I transition into accounting?

One of the best ways to transition into accounting is to discover a grasp’s in accounting program particularly geared towards these with out expertise within the area. For instance, UMass–Amherst provides a “transition track” designed particularly for college kids with non-accounting backgrounds. Whereas people could need to take further courses or bootcamp-style preparation programs, you could be nicely in your strategy to a profession within the area in as quickly as a number of months.

Are you able to be an accountant with out being a CPA?

Sure, there isn’t a regulation on calling your self an account, take it that you’ve got the mandatory technical expertise and expertise. After graduating from an accredited bachelor’s or grasp’s program in accounting, you might be secure to be formally an accountant. Nonetheless, to change into a CPA, you need to meet your state’s necessities, together with passing an examination.

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