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How To Become An Accountant

Man reviewing numbersAccountants are valued for their specialized knowledge and skill. Working as an accountant means being a financial expert with a specialty that interests you and being rewarded for your extensive knowledge.

The field of accounting has changed greatly due to technology that has automated previously tedious tasks. Learn how to become an accountant and find out how you can secure a rewarding career in a healthy, growing industry.

What is an Accountant and What Do They Do?

Accountants monitor the firms and finances of individuals, businesses and governments, ensuring that financial records are accurate, taxes are paid on time and budgets are met. Within the occupation, there are three major fields of accounting:

  • Public Accounting: Focus on tax matters, client accounts and specialties like forensic accounting
  • Management Accounting: Record and report financial information at companies, prepare financial reports for shareholders
  • Government Accounting: Maintain and examine the records of agencies, audit private businesses and individuals

Technology is changing the face of the accounting profession. Because many of the old tedious tasks of data management and recordkeeping are greatly improved with computer programs, accountants are more mobile and plugged-in than ever. The increase in technology has also opened up new job descriptions for accountants who choose to work closely with computers:

  • Developing new accounting software and correcting issues with older programs
  • Implementing and controlling computer systems related to accounting in larger businesses
  • Creating technology plans for companies hoping to modernize their financial records

Accountant on phone and working with a calculatorThe Bureau of Labor Statistics (BLS) reports that accountants and auditors earned mean annual wages of $67,430 in 2009. Those working in accounting, tax preparation, bookkeeping and payroll services earned slightly more: $73,920.

Changing financial laws, an increase in businesses and closer attention to the fiscal practices of companies has contributed to growth in the accounting field. The BLS estimates that about 279,400 new jobs for accountants and auditors will enter the market between 2008 and 2018, for a growth of about 22 percent.

What are the Steps to Becoming an Accountant?

Most entry-level careers in accounting require a bachelor's degree. For many jobs in accounting, the Certified Public Accountant (CPA) license is highly recommended and employers in some competitive positions may require applicants to hold a master's degree in business administration (MBA) with a concentration in accounting.

Many employers require their accountants to hold a CPA because the certification is required for an individual to file a report with the Securities and Exchange Commission (SEC). Most states have the following requirements for accountants to earn a CPA license:

  • Complete 150 semester hours of college coursework
  • Pass a four-part exam created by the American Institute of Certified Public Accountants (AICPA)
  • Have some accounting work experience

While a master's degree is not required for a CPA, some schools will offer a combined bachelor's and master's degree program in order to meet the 150 semester hour requirement. Bachelor's degree coursework in accounting will include fundamentals of general education plus major-specific courses such as:

  • Fraud Examination
  • Federal Income Tax
  • Cost Management
  • Accounting Information Systems

Other certifications beyond the CPA offer some distinct advantages in the field. Certifications give accountants the chance to earn extra training and prove their knowledge to potential employers. Consider just a few potential certifications for accountants hoping for an extra edge in any job market:

  • Certified Management Accountant (CMA)
  • Accredited in Business Valuation (ABV)
  • Certified Information Technology Professional (CITP)
  • Personal Financial Specialist (PFS)

Learning how to become an accountant can be the first step in a satisfying lifelong career. Many corporate executives got their start in accounting. The specialized financial knowledge you gain by training to become an accountant is a valuable commodity.

How Can You Become a Great Accountant?

Training to become an accountant takes time, patience and skill. From there, it's possible to become a great accountant with years of experience and continuing education. In order to become a great accountant, it helps to fit the basic profile:

  • Possess advanced math skills and financial aptitude
  • Have the ability to interpret facts and figures quickly and accurately
  • Work well with people and have an ability to communicate complex information clearly

Meeting your potential as an accountant could lead to other career opportunities related to the field. Trained accountants enjoy a high level of career mobility, cycling into high-level positions and offering their knowledge at management and administrative levels. Great accountants can hold the following job titles:

  • Accounting Manager
  • Chief Cost Accountant
  • Budget Director
  • Chief Financial Officer

At the highest levels of the profession, advanced degrees like the MBA with a concentration in accounting are often recommended. Continuing education also helps accountants stay at the top of their field, keeping abreast of the latest tools and technologies in the profession.

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