How to become an accountant

In recent years, there has been a somewhat significant decline in the number of applicants for accounting degrees in the US, credited by some to the extensive process of obtaining the CPA designation. While this indicates a complicated industry, it also means that educationally it is a little less competitive, allowing some of the most motivated candidates to succeed.

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From a broad point of view, becoming an accountant is a great gig for those who are good with numbers; their median salary is about $80,000, and the field continues to grow faster than the national average for all occupations, according to the U.S. Bureau of Labor Statistics. The field is expected to grow by 6% over the next decade, generating an additional 91,400 jobs.

“The beauty of choosing a career in accounting is that there are multiple entry points,” says Chris Lovell, career expert at SoFi Technologies.

If a career in accounting piques your interest, here are 5 steps to get there:

1. Discover your interests
2. Get a degree in accounting
3. Find a role that matches your goals
4. Constantly seek to improve your skills
5. Optional: Get certified

1. Discover your interests

Not all accounting is the same, so before you start, it may be a good idea to figure out if accounting is the right field for you. A big advantage of becoming an accountant is that every company needs one, so the roles can be found in all industries. In fact, Lovell says that one’s responsibilities can differ depending on where one works.

Accordingly, you should first explore accounting roles online and see which ones interest you and at which companies. Pairing your accounting dream with something you love — say sustainability or media — can be a great way to have the best of both worlds.

Then, talk to someone in your dream role. Use the resources on LinkedIn and your network to see if you can find someone to answer any questions about their career, day in the life, and educational background. Better yet, find a local accountant and ask to shadow them for half a day.

Ultimately, though, if you know you like accounting, you don’t have to map out your entire career before you even start, but having a dream goal is a great thing to set.

2. Get a degree in accounting

At a minimum, all accountants need a degree in accounting. The most traditional path to this is to major in accounting during your undergraduate college experience—taking a mix of courses focused on accounting fundamentals such as taxation, ethics, and financial analysis.

Depending on the state and program, individuals may take the Certified Personal Accountant (CPA) exam directly after a bachelor’s degree program. In some cases, additional courses may be required, including a master’s degree. At the University of Maryland (Smith), for example, there are two tracks for the undergraduate accounting major: the public accounting track (leads to eligibility for the CPA exam) and the business consulting and accounting track (for those who want a more extensive career in business and accounting).

For those looking to transition into accounting from another career, a master’s in accounting is the way to go. Many universities offer programs that take only a year to complete (even online), and some have tracks designed for those without accounting experience.

In some situations, an MBA with an accounting concentration might also be useful.

3. Find a role that matches your goals

Finding a job can be a daunting task, but thanks to the shortage of accountants, securing a role can be easier than before. And since employers are hungry for talent, candidates can have a little more flexibility to find the best fit for them.

One way to start this process is to think about your degree program and remember which courses excited you the most and make sure the roles you are applying for have those responsibilities at the fore.

Remember that accounting skills are versatile, so depending on your experience, you can also explore roles such as auditor, data analyst or financial analyst.

4. Constantly seek to improve your skills

Just as accounting was revolutionized by the computer, accounting is a field where AI can be used forever. Technology can make individuals more efficient and responsible – and have more time for other tasks. But there is definitely a learning curve.

While it takes time to integrate AI into internal systems, generative AI software like ChatGPT can be used to help troubleshoot problems with a spreadsheet formula, format data, or analyze projects. It’s up to you to take the initiative to learn how to use technology effectively and potentially make yourself an outstanding employee for promotion. For example, one further development opportunity you might want to pursue is the Accounting Data Analytics major offered by the University of Illinois through Coursera. It teaches people how to apply skills like Python, machine learning and data visualization to accounting.

Accounting certifications can also help you specialize in a particular area of ​​interest, such as cybersecurity or data visualization.

Experts say technology like AI won’t replace most employees; its employees who know how to use AI will replace those who don’t.

5. Get certified

Not all accountants are CPAs, but all CPAs are accountants.

The traditional path to getting a job as an accountant is to become a CPA. Requirements to be a CPA differ slightly from state to state, but in general, individuals must have 150 hours of academic credit hours from an accredited institution of higher education, pass the CPA exam, and complete one year of experience in the field.

Many jobs have CPA certification as a basic requirement, and experts say that earning a CPA is an industry-recognized way to showcase your skills and experience while building industry connectivity. However, you don’t have to be a CPA to succeed in accounting or an adjacent role.

Take away

Becoming an accountant is no walk in the park, but it is certainly achievable for motivated individuals. Accounting has been in a slump recently with many accountants leaving the field and fewer students pursuing it altogether. While this can certainly be considered alarming, it is also an opportunity for candidates to succeed in a field that has high-paying jobs and is only expected to grow. As firms and companies are pressured to create changes to retain talent, the work environment for accountants is likely to improve.

Lovell says individuals should do a cost-benefit analysis to see if it makes sense to get a degree or bachelor’s degree in accounting.

“Think of the time, money and effort you would spend to further your education. A degree or bachelor’s degree can still be useful in this field, even in 2024, especially in certain highly regulated sectors. However, times are changing and it is not the only way to start a career in accounting as more and more companies are moving to skills-based hiring,” adds Lovell.

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