It may seem like the end of the road after four years of exams and assignments, but for an accounting graduate, it is just the beginning. Accounting graduates need to use their degrees wisely in an age of constant changes in accounting regulations and technological advancements. An accounting degree alone will not help you achieve your career goals.
Along with your accounting degree, there are many factors to consider and develop, including building hard and soft skills and gaining relevant experience. This blog examines why an accounting degree alone is insufficient to succeed in the accounting industry.
Internship
Practical experience is crucial, even before you have a degree. The accounting sector has become more competitive in recent years, so students must develop novel ideas to help them stand out from other equally competent and knowledgeable candidates. Everyone who graduates has the same knowledge, expertise, and skill sets as you.Â
Recruiters will evaluate a sea of individuals similar to you for a position. Therefore they will be looking for other qualities. It is when you should consider taking an internship even before earning your accounting degree.
Soft Skills
Candidates should have hard and soft skills frequently sought after by recruiters. The theoretical and applied aspects of accounting are examples of hard skills. On the other hand, soft skills are an essential quality for recruiting because not everyone has achieved them. Therefore, everyone graduating with you would have the same knowledge and expertise.
- You can present yourself successfully in a job interview by using something as basic as communication to convey your views.
- You can demonstrate the hard skills you have learned in your degree by demonstrating your ability to communicate clearly in writing and in person.
Developing soft skills like teamwork, problem-solving, time management, etc., can help you stand out from the competition. It would be useless if you had no way to present your accounting degree.
Accounting Software Knowledge
Over the past few years, software advances have highlighted the importance of technology. The latest technological advancement in accounting is cloud accounting, such as Xero.
Due to the increased focus on digitization and automation, more employers are looking for candidates with the right IT skills to understand new financial systems.
- Cloud accounting isn’t something that most courses cover in detail – most courses focus more on handwritten records of transactions and theory. The technology industry today is booming, so this alone is not sustainable.
- Employing candidates who thoroughly understand various accounting software, such as Xero and Myob, is in the company’s best interest because they will increase productivity.Â
Having a successful accounting profession depends on knowing the theory and how to extract relevant data from reports. Still, if you can’t use the accounting software and other tools you’ll need to complete your work, it won’t be easy to advance in your career.
Getting Specialized Financial Certifications
After an accounting degree, it is necessary to gain accreditation or certifications in accounting and finance. These accreditation require graduates to sit an exam or have a minimum of years of experience to qualify. You can set yourself up for success by becoming certified in risk management, finance, investments, management accounting, taxes, or auditing.
Below are some of the most popular Accounting and Finance Certifications accounting graduates can pursue.
- Chartered Certified Accountant (ACCA) designation
- Certified Financial Planner (CFP®) designation
- Certified Management Accountant (CMA®) certification
- Certified Public Accountant (CPA) certification
- Chartered Alternative Investment Analyst (CAIA®) designation
- Chartered Financial Analyst (CFA®) designation
- Chartered Financial Consultant (ChFC®) designation
- Chartered Global Management Accountant (CGMA®) designation
- Financial Modelling and Valuation Analyst (FMVAâ„¢) certification
- Financial Risk Manager (FRM®) certification
Completing a Master’s Degree in Accounting
Advance your bachelor’s degree in accounting by completing a master’s degree. It will help set you apart and increase your salary expectations. So why not gain another credential if you have to take the certification courses anyway?
CPA is considered the gold standard for public accountants. You will probably need your CPA to get past entry-level positions if you intend to work for an accounting firm, a large corporation, or the government.Â
- A bachelor’s degree typically requires 120 credits, while a master’s degree in accounting usually calls for 150 credits
- To be eligible for the CPA exam, you must complete 150 credits, 30 credits more than a bachelor’s degree
Benefits Of Choosing Accounting Courses
- Helps in development of critical thinking and practical skills. Advancement in the knowledge that demands critical thinking and practical skills is a mandatory factor in accounting. Accounting professionals need to develop their mathematical and technological skills. Certification courses help to develop your skills and critical thinking.
- Every organization or business needs accountants to analyse, measure, interpret, and communicate financial statements of the organization or business to the management. Therefore accounting professionals are always in demand.Â
- Accounting is a wide area, so the career opportunities in accounting are also numerous. The different streams of accounting which make the diversity versatile. Such streams include cost accounting, management accounting, and financial accounting. Accountants can work as finance managers, financial controllers, financial advisors, finance directors, management accountants, financial secretaries, strategic analysts, risk managers, business lawyers, business advisors, forensic accountants, forensic analysts, and many more. This makes being in the accounting field a versatile thing.Â
- Another attraction of choosing an accounting course is that it provides a secure job and better salary. The salary of accountants rises most times, especially after an academic upgrade in a professional course such as the CMA, ACCA, CIMA, CA, MA, ICAG, and many other accounting professional courses.
- As a certified accountant you can start your own business since they are trained in the management of businesses and organizations.
- Accounting training helps you to gain a better understanding of taxation and business law.
- Accountants are professionals who are well trained in the field of finance.Â
When it comes to graduating with an accounting degree, there are many factors to consider. When still completing your education, planning which accounting sector you wish to enter is essential. It will also allow you to gain relevant internship experience for the future. Accounting software use has become more critical as the industry becomes increasingly technologically savvy. There are plenty of ways to address your cracks in accounting if you’ve only got limited software knowledge, such as short practical courses.
After completing your graduation you will have a degree certificate, but a degree certificate alone is not enough to get a job. Our schools and colleges give more importance to academics. There are many factors to consider and develop along with your accounting degree ; ranging from strong foundation in soft skills to gaining appropriate experience jobs. There are many things to consider before you graduate with your accounting degree. Planning for which accounting sector you want to go into, whilst you are still completing your education, is very advisable.Â
If you want to pursue a career in accounting you need to have both practical and theoretical skills. Here comes the importance of certification courses. There are many short term courses that provide practical skills and knowledge. Certifications like CA, CMA, ACCA, PGDIFA, etc. are some of the courses for an accounting career.Â
Another important factor is that you need to choose the course and institute wisely. There are many courses that are helpful to build a career in accounting. You need to choose the course of your interest. Certification course helps to improve your skills in a particular area. There are many institutes that provide certification courses in accounting.Â
Finprov Learning is one of the leading institutes that provide accounting and finance courses. Finprov focuses on practical skills and makes you an expert in the field of your experience. They provide a world class learning facility and 100% placement assistance. Join with Finprov to build your career in accounting and finance.