Personal Attributes

While it is true that accountants often work independently, much of the work that accountants undertake involves interactions with other people. In fact, accountants frequently need to gather information from others and explain complex financial concepts to others, making excellent written and verbal communication skills a must. In addition, accountants often deal with strict deadlines such as tax filings, making prioritizing work commitments and being goal oriented necessities. In addition to these skills, traditionally, an accountant can be described as someone who:

• is goal oriented,
• is a problem solver,
• is organized and analytical,
• has good interpersonal skills,
• pays attention to detail,
• has good time-management skills, and
• is outgoing.

The Association of Chartered Certified Accountants (ACCA), the governing body of the global Chartered Certified Accountant (CCA) designation, and the Institute of Management Accountants (IMA), the governing body of the Certified Management Accountant (CMA) designation, conducted a study to research the skills accountants will need given a changing economic and technological context. The findings indicate that, in addition to the traditional personal attributes, accountants should possess “traits such as entrepreneurship, curiosity, creativity, and strategic thinking.”^[1]

Education

Entry-level positions in the accounting profession usually require a minimum of a bachelor’s degree. For advanced positions, firms may consider factors such as years of experience, professional development, certifications, and advanced degrees, such as a master’s or doctorate. The specific factors regarding educational requirements depend on the industry and the specific business.

After earning a bachelor’s degree, many students decide to continue their education by earning a master’s degree. A common question for students is when to begin a master’s program, either entering a master’s program immediately after earning a bachelor’s degree or first entering the profession and pursuing a master’s at a later point. On one hand, there are benefits of entering into a master’s program immediately after earning a bachelor’s degree, mainly that students are already into the rhythm of being a full-time student so an additional year or so in a master’s program is appealing. On the other hand, entering the profession directly after earning a bachelor’s degree allows the student to gain valuable professional experience that may enrich the graduate education experience. When to enter a graduate program is not an easy decision. There are pros and cons to either position. In essence, the final decision depends on the personal perspective and alternatives available to the individual student. The best recommendation for these students is to consider all of the factors and realize that they must make the final decision as to their own best alternative.

Related Careers

An accounting degree is a valuable tool for other professions too. A thorough understanding of accounting provides the student with a comprehensive understanding of business activity and the importance of financial information to make informed decisions. While an accounting degree is a necessity to work in the accounting profession, it also provides a solid foundation for other careers, such as financial analysts, personal financial planners, and business executives. The number of career options may seem overwhelming at this point, and a career in the accounting profession is no exception. The purpose of this section is to simply highlight the vast number of options that an accounting degree offers. In the workforce, accounting professionals can find a career that best fits their interests.

Students may also be interested in learning more about professional certifications in the areas of financial analysis (Chartered Financial Analyst) and personal financial planning (Certified Financial Planner).

Major Categories of Accounting Functions

It is a common perception that an accounting career means preparing tax returns. While numerous accountants do prepare tax returns, many people are surprised to learn of the variety of career paths that are available within the accounting profession. An accounting degree is a valuable tool that gives accountants a high level of flexibility and many options. Often individual accountants apply skills in several of the following career paths simultaneously. The figure below illustrates some of the many career paths open to accounting students.

 Career Paths. There are many career paths open to students of accounting.

 

• Auditing involves specialized accountants verifying that activities meet intended designs. In manufacturing, auditors check product adherence to customer specifications, while county auditors ensure gas station pumps deliver and charge correctly.
• Tax accountants ensure proper, timely tax payments and offer tax planning advice, leveraging their knowledge of complex, changing tax laws to minimize businesses’ tax liabilities.
• Financial accounting records an organization’s monetary activities historically using standard conventions like GAAP, acting as a financial scorecard for every organizational activity.
• Accountants, with their comprehensive financial understanding of an organization, provide valuable consulting services, advising on the financial and nonfinancial impacts of potential actions to minimize risk and investment.
• Computers, crucial in business, are used by accountants for efficient data recording and processing. They play a key role in selecting and maintaining computerized accounting and information systems, which provide vital information for internal decision-making.
• Cost accounting quantitatively assesses goods and services costs, tracking direct materials, wages, and supplies in manufacturing. Managerial accounting combines this data with financial and nonfinancial information for short-term and strategic decision-making.
• Accountants, skilled in data and problem-solving, have a holistic view of business finances, connecting diverse business aspects to their financial impacts, enabling them to offer expert financial planning advice.
• Entrepreneurs, while experts in their products or services, must understand all business aspects, especially finances. Knowledge of accounting or hiring accountants is crucial for securing funding, measuring performance, and making necessary adjustments for business success.