The global economy is constantly growing, which means that financial management is vital across all industries. The best way for companies to insure that they are looking after their financial interests is by employing in-house accountants to maintain company finances, and by hiring auditing firms to insure in-house practices meet industry standards and government regulations.
Accountants are highly sought after in business, as their skill-set ensures that they can maintain and regulate the financial structure and position of companies and firms. This helps to create financial security and a strong platform for future growth, and has the added positive externalities of improving the overall health of the industry, market, and economy.
How do you begin a career in accounting?
Because businesses are so dependent on accountants for their success it is a highly sought after and lucrative career, but it also requires a strong educational background. Most accountants receive an undergraduate degree in business administration with a core focus in accounting, or occasionally a related field such as finance.
After acquiring an undergraduate degree and relevant industry experience, newly-qualified accountants will often return to study for a higher degree, such as an MBA (Master of Business Administration), which can increase career opportunities up to the executive level. MBA courses include classes in management, strategy, finance, accounting, and business law.
Another industry accreditation is the ACCA (Association of Chartered Certified Accountants), which is globally recognized in the fields of finance and consulting, and bestows the status of a Registered Auditor. The ACCA syllabus would include classes such as management accounting, financial accounting, audit and assurance, and financial reporting.
What are the career options for accountants?
Accountants are in demand in all sectors of industry, as most companies employ in-house accountants. But it is the opportunities that arise out of the business and financial knowledge acquired through their careers that provide accountants with the most experience.
Many accountants utilize the knowledge they’ve gained from managing the finances of a variety of cross-industry firms to move-up to the executive level, attaining positions such as Chief Financial Officer, and Chief Executive Officer. Experienced accountants are also well positioned to take on leading roles in consultancy and finance firms, as they are highly capable of evaluating the financial strengths and weaknesses of company clients, and potential investments.
The recent increase in financial regulation is only set to make the job prospects and market value of a skilled accountant that much more appealing and lucrative, so why not look into becoming an accountant? There’s a whole world of opportunities out there that are just waiting to be discovered.
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