How to become an Accountant after Graduation

What does an Accountant do?

• Examining financial statements for accuracy
• Preparing, filing, and paying taxes
• Secure financial data by creating backups.
• Ensuring compliance with all federal, state, and local financial laws
• Analyzing trends and financial data
• They have the duty to ensure that all the taxes are paid on time.
• Making budget recommendations
• They advice the ways that reduce costs, increase revenues and profits.
• Keeping records and books organized and up to date
• Providing auditing services or working together with an auditor
• Identifying risks and recommending solutions

Skills Required to be an Accountant

• There are specific talents needed to be a good accountant in India. The ability to pay attention to detail is one of the most critical.
• One must be thorough in their work as an accountant because even the smallest inaccuracy can have serious repercussions. Making sure financial statements are accurate and reliable requires attention to detail.
• Analytical thinking is another crucial ability. Accounting professionals must be able to interpret and analyse financial data. For them to be able to assist organisations in making wise decisions, they must be able to spot trends, patterns, and abnormalities in financial data.
• For accountants, proficiency with accounting software is also essential. It is crucial to have a solid understanding of accounting software given the growing use of technology in the accounting industry. This aids in streamlining and improving the efficiency of the accounting process.
• For accountants, effective communication skills are also essential. They must be able to explain financial data to stakeholders who might not be familiar with accounting. A important talent for accountants is the ability to clearly and concisely convey complex financial facts.
• Along with these abilities, a thorough understanding of accounting norms and principles is essential for success in the area. To maintain legal compliance, accountants must stay up to date on changes to standards and legislation.

Tips for getting a job as an Accountant

1. Make sure you enjoy working with numbers.

You’ll spend your days analyzing, calculating, presenting, and proofreading numbers, so above everything else, you should enjoy it. You don’t have to be a math expert. As long as you can do the basics—adding, subtracting, multiplying, and dividing—you can do the job.

2. Build workplace skills.

There’s more to this role than basic number skills. You’ll also need to be:

• Detail-oriented—one small mistake can have a big impact
• Business savvy
• An analytical thinker
• Organized
• A good verbal and written communicator
• A problem solver
• Literate in general computer skills and accounting software
• Ethical—when you have access to financial information, confidentiality is a must, as is your willingness to do what’s best for your client while following all laws and regulations

3. Take math, finance, and business classes.

If you’re in high school and you already know you want to go into this field, take as many courses in math, computer science, economics, statistics, and business as you can. If you’re not currently in school, consider taking online courses that can help prepare you for your career and future education. Explore whether accounting is right for you with a course like Fundamentals of Accounting from the University of Illinois at Urbana-Champaign.

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4. Pursue a bachelor’s degree.

While a bachelor’s degree is not absolutely necessary—some people enter the field with only an associate degree or on-the-job training—most experts strongly encourage it.

Many entry-level positions require a candidate to have a bachelor’s degree. Aim for a degree in accounting or a related field, where you’ll study topics like basic financial accounting, business law, statistics, economics, auditing, managerial accounting, accounting entities, income tax accounting, and more.

5. Gain experience through an internship or entry-level job.

Once you graduate with your bachelor’s degree—and maybe even before—it’s time to gain some experience. You can do this through an internship or with an entry-level position. Not only will it look great on your resume and help you land a better job in the future, but it will help you understand the field better and maybe even lead you to a specialty.

6. Earn a master’s degree. 

Accountants make competitive wages, but you’ll typically earn more if you have a master’s degree. While the degree is not necessary, it can help provide the skills you need for a specialty and the hours you need to become a certified public accountant (CPA). Many master’s degrees in accounting can be obtained through online programs.

7. Become a CPA. 

There are some financial responsibilities, especially within large businesses and organizations, that require a CPA. You’ll typically make more money and enhance your job prospects or pool of potential clients.

8. Get certified. 

If you don’t want to become a CPA, there are other certifications you can earn:

• A certified management accountant (CMA) has both accounting and managerial skills. This is typically needed to become a chief financial officer for a company.
• An enrolled agent (EA) is an expert when it comes to the tax code and works mostly on tax law.
• Certified internal auditors (CIAs) are certified to conduct internal audits of a company.

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Qualifications Required to Become an Accountant

Being an Accountant requires the candidate to possess educational qualifications as well as necessary skills in order to excel in the profession. To be an Accountant, candidates are required to fulfill certain eligibility criteria without which candidates cannot practice accountancy professionally. Some of the essential qualifications are provided below for your reference,

• Candidates must complete 10+2 board exams with a minimum aggregate of 60% or above from a recognized institute.
• Candidates must complete 10+2 board exams with accounts , economics, mathematics being the compulsory subjects. Usually candidates from commerce stream are preferred.
• Candidates must have a bachelor’s degree like B.Com, B.Com(hons), BBA Finance and BBA Accountancy.
• Candidates must have necessary skills like the knowledge of Tally, SAP etc

Audit Assistant

An audit assistant closely collaborates with auditors to examine financial records, confirm the correctness of financial data, and guarantee adherence to pertinent rules and regulations. They support the execution of internal or external audits, the detection of potential financial risks or inconsistencies, and the creation of audit reports.

Tax Accountant

Tax-related issues are their area of expertise. They are in charge of drafting and submitting tax returns for individuals, businesses, and organisations. They keep up with the most recent changes to tax laws and regulations, assess financial information to identify tax liabilities, and offer tax planning guidance to reduce liabilities while remaining within the bounds of the law.

Cost Accountant

Cost accountants concentrate on examining and managing the expenses related to production and manufacturing processes. They gather and examine cost information, compute production costs, identify cost variations, and offer management information for cost optimisation and decision-making. Cost accountants are essential for increasing profitability and operational effectiveness.

Financial Analyst

In order to support investment decisions, budgeting, and financial planning, financial analysts study financial data, carry out financial modelling, and offer insights and recommendations. They monitor financial performance, evaluate risks, and appraise investment possibilities. Financial analysts frequently work for corporations, investment banks, or consultancy businesses.

Chief Financial Officer (CFO)

The top executive in charge of overseeing an organization’s financial operations is known as the CFO. They are in charge of budgeting, risk management, financial planning, and financial reporting. By offering financial leadership and direction, CFOs play a strategic role in fostering the organization’s growth and financial success.

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How to Become an Accountant in India

To be an Accountant in India, candidates must start preparing for it from school level. They should first decide what kind of accountants they want to be and then accordingly choose their course. Candidates must also complete their 10+2 with commerce stream to pursue accountancy course. There are several undergraduate or postgraduate courses in India for the candidates to choose from such as Bachelor of Commerce (B.Com hons.), BBA in Finance, M.Com, MBA in Finance and Accounting and many more. There are several other short courses available such as certification, diploma courses for gaining additional knowledge and skills.

School Level Preparation: In order to become an Accountant the steps that are to be followed are mentioned

• Candidates must have cleared 10+2 from a recognized board with Accounts, Commerce, Economics, Mathematics etc.
• Candidates can start their preparations from class 10th only, some schools offer the subject choice from class 10th . So if the candidate wants to become an Accountant, they can start understanding the basics of Accounting and Economics right away.
• Candidates can also choose which kind of accountant they want to be like Chartered Accountant, Cost Accountant etc.
• Candidates can take coaching and other study materials for the preparation of entrance tests to get into top colleges.

How to Become an Accountant Abroad

Being an Accountant is considered to be a well-respected profession not only in India but also abroad. There are several countries like the USA, UK, Canada and Australia that offer various top accountancy courses as well offer wide career opportunities. But candidates must also ensure that they check the eligibility criteria before applying for the course as it might differ from country to country.

Discussed below are some of the important eligibility criteria to get admission in Abroad. Some of them are provided below for your reference,

• In case of applying for undergraduate program, candidate must have completed 10+2 with minimum aggregate of 65% or above from a recognized institute,
• The candidates are required to clear the English Proficiency tests such as TOEFL and IELTS.
• Candidates must have scored a minimum of 70 in TOEFL or 6.5 Score in IELTS.
• In case of applying for post graduation, candidates must have cleared graduation with an aggregate of 60 % or above from the recognized university.
• The candidate needs to appear for the entrance exam as GMAT or GRE or any other university entrance exam.
• Candidates are also required to submit letter of recommendation and reference letters in the university applying from the previous college attended.
• Candidates are also required to submit a Statement of Purpose specifying academic achievements along with reasons describing choosing the university.

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Salary of an Accountant

The average salary of an Accountant across various companies are tabulated below for your reference,

The salary in accounting field is based upon the position you are holding in the accounting department. The accountants and auditors earns an average salary of $61,690 per year.

The average pay of an accounting manager is Rs 606,014 per year. Pay increases steadily for the employees having experience. Chartered Accountants (CA) in private sector gets the handsome salary. Those working in government sector earns remuneration of 3.5 lacs per year with other allowances.

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