Becoming an accountant requires the right mindset and skills.
Building a career in accounting can open you up to a wealth of fulfilling and exciting job opportunities. Accounting is one job role that is always in high demand, because its importance that cuts across different sectors.
Accountants basically record financial transactions plus storing, sorting, retrieving, summarizing and presenting information in various reports and analysis.
Accounting is one career that has been in existence long ago and will still remain relevant in the corporate world. Whether you are changing your career or just leaving school, building a career in accounting requires you to obtain a proper qualification.
This article gives a step-by-step guide to building a successful career in accounting.
What is Accounting?
Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements that summarize a large company's operations, financial position and cash flows over a particular period are a concise summary of hundreds of thousands of financial transactions it may have entered into over this period.
Who is an Accountant?
An accountant can be defined as a professional who performs accounting functions such as audits or financial statement analysis. Accountants can either be employed with an accounting firm, a large company with an internal accounting department or can set up an individual practice. Accountants are given certifications by national professional associations, after meeting state-specific requirements, although non-qualified persons can still work under other accountants, or independently.
Why Is Accounting Very Important
Adequate Record Keeping: Individuals and companies need accounting in order to accurately keep track of financial activities. Accounting help companies to keep a record of business transactions like all incoming and outgoing transactions, and maintaining records of financial statements at the end of a financial period.
Cash Flow Prediction: Aside from record keeping, a well-executed accounting system can be used to foresee cash flow. A well-maintained account system makes financial analysis possible and easy. Taking proper account of cash flow can reduce the risk of fraud and financial errors.
Possible Careers Fields in Financial Accounting
Now that you have decided to become an accountant, what are the possible career fields you can pursue?
Internal Auditor: Auditors are financial professionals that review business records for accuracy. Auditors are basically employed to provide assurance regarding the compliance of financial statements to certain rules. The management of the company to be audited is responsible for the preparation of the financial statements.
Compliance Executive: A compliance executive is a professional that plays a supportive role in regulatory risk management, compliance, and advisory functions. The compliance executive assists in ensuring the company/financial institution adhere or complies with applicable laws, regulations, and rules because the integrity of the company/financial institution is important.
Financial Analyst: A financial analyst evaluates a financial situation and generates appropriate reports. The financial analyst interprets available data to analyze current trends to forecast future profitability by determining a fair market value for the sale of company stock and recommend action to the company.
Accountant: Accountants analyze, evaluate and report financial matters for organizations, businesses, and individuals. An accountant also advices his client or the company on financial issues by examining budgets, profit, and loss statements.
Guide to Studying Accounting in the Nigeria University
To study accounting in the university, there are subjects you have to take or pass to study accounting in the university. To study accounting, you would have to take these subjects/courses in your O’level or secondary school subjects:
Mathematics
English
Account
Economics
Commerce
Geography
Government
Book-keeping
To study accounting at a tertiary level, management and commercial subject/courses are compulsory.
Related Courses
Business and Economics
Business Management
Banking
International Finance and Macroeconomics
Business Administration
Audits
Taxation
Cost Analysis
Accountants Salaries
Now that you have chosen this career path in accounting, how much does an accountant earn in Nigeria
As one of the top and popular job roles, many people will be interested in knowing what accountants earn. Many persons that look forward to building a career in accounting would love to find out what the pay scale is like working as an accountant.
Below are the estimated average salaries of accountants according to their area of specialization. Based on our research, it is important to note that the salaries given below are estimated average salaries gotten from online platforms like Mysalaryscale.com, Glassdoor.com, and Payscale.com.
The average salaries for accountants in Nigeria is ₦130, 000
Salaries According to Specialization
Auditors
Auditors averagely earn between ₦240,000 - ₦300,000 monthly in Nigeria
Generally, they averagely earn about $130, 000 - $140, 000 per year
Compliance Managers
Compliance managers in Nigeria averagely earn ₦340, 000 per month
They generally earn between $76, 000 per year
Financial Analyst
Financial analyst’s average salary per month is ₦340, 000 per month
Financial analysts generally earn $65, 000 yearly
Accountant
Accountants in Nigeria averagely earn ₦119, 000
Accounting Skills and Qualification
To build a successful career in accounting one is required to acquire some skill and qualifications.
The following skills are necessary for building a successful career in accounting:
Top Skills You Need to Become A Successful Accountant
If you are building a career in accounting, the following accounting skills are very important to have. They are
Critical Thinking
Finance Skills
Business Skills
Information Technology Skills
Communication Skills
Management Skills
Data Analysis
Accounting Qualification
For entry-level positions, a degree in accounting, business administration, banking and other related fields. From recent trends, a degree in financial accounting may not get the job you desire. So being certified will put one in a more disadvantaged position.
Some Top Accounting Certification
Certified Public Accountant (CPA)
Certified Financial Analyst (CFA)
Certified Management Accountant (CMA)
Enrolled Agent (EA)
Certified Internal Auditor (CIA)
Certified Information Systems Auditor (CISA)
Certified Fraud Examiner (CFE)
Certified Government Auditing Professional (CGAP)
Certified Bank Auditor (CBA)
A List of the Top Online Platforms You Can Learn Accounting for Free
Learning accounting could be easier with online platforms that enable you to learn from the comfort of your home without any charge. These websites provide accounting courses and resources for people interested in accounting.
MIT Open Course Ware
NJIT Open CourseWare
The Open University
Accounting Coach
Coursera
Small Biz U
Simple Studies
Principles of Accounting
Miss CPA
Top 10 Twitter Accounts Every Accountant Should Follow
Becoming a successful accountant requires just more than skills, certifications etc. It also requires that you keep abreast of happening in the industry. The best way to achieve is to follow this top accounting twitter handles we have carefully selected.
@AICPA
@CPA_Trendlines
@AccountingToday
@imobannon
@AccountingWEB
@gcrosley
@Tomhood
@nysscpa
@taxgirl
@DougSleeter
Top Accounts to Follow on LinkedIn
It is not just about Twitter. Here are some LinkedIn profile you should follow if you prefer to hang out on LinkedIn.
Accountants of the Future
Accounting | Finance | Professionals | World Finance Network
Accounting Today | Discussion Group
AICPA Tax Practitioners
AICPA Young CPA Network
Chief Financial Officer (CFO) Network
CPA & Business Professional Group
CPA Trendlines
Finance Club
Marketing for Accountants
How to Get a Job as an Accountant
The next great step to take after acquiring a degree or a certification in accounting is to go ahead and take advantage of opportunities. To get a job as an accountant, you will need to take the following steps.
Get Certified: If you want to move ahead in your career as an accountant, the best thing to do is to get certified. Becoming a certified or chartered accountant puts you in a more advantaged position. Getting an account certification will make you open to better opportunities.
Have a Good CV: Your CV is your marketing and branding tool. A good CV can land you your dream job. If you are just building your accounting career, then having a well-tailored CV is very important.
Writing a good CV may not be very easy for first-timers. This template will help you write a good CV.
CV Templates for Accountants
Template for Experienced Professionals
Template for Graduates and Entry Level Individuals
Search/Apply: After getting the degree and acquiring the skill, the next thing to do is to go ahead to search and apply for job openings. Searching for a job could be really challenging for fresh graduates and first-timers. To make your job search easier, you can search or look out for job openings online. There are job posting sites like Myjobmag.com that enable job seekers to access latest verified jobs.
Building a career in accounting just like every other career requires hard work, passion, and dedication. Getting the skill and the appropriate account certification is a great step to take in building your career.
This post is originally from: https://www.myjobmag.com/blog/580/how-to-build-a-successful-career-in-accounting