How to Start a Career in Accounting: Insights and Tips for College Graduates
Entering the field of accounting can be a daunting task, especially for college graduates who are just starting to map out their career paths. With so many resources available and various routes to consider, it can be challenging to decide on the best way to embark on a career in accounting. Here’s a detailed guide with insights from seasoned professionals and tips for those looking to start an accounting career.
Understanding the Journey to Becoming an Accountant
Many aspiring accountants often find themselves at a crossroads, unsure of their next steps after graduation. This was the case for Josh who, after graduating with a Classics degree during a recession, found himself without a job that met the expectations set by his peers. Despite being initially deterred by the prospect, Josh eventually pursued a career in accounting and has since found fulfillment in his role as a financial regulation specialist.
Example:
‘Clearly I needed a plan - and in typically lazy fashion I pursued the first credible one that was presented to me. My brother-in-law is a CIMA member and he sold me on the benefits of this career path. So I signed up as a CIMA student and many months later there were no jobs on the market that year because the global economy had melted. I managed to get an Accounts Assistant position at a bank.’ — Josh, an Accountant
Paving the Path to a Successful Accounting Career
One of the most crucial steps in starting a career in accounting is registering with a qualifying body such as CIMA (Chartered Institute of Management Accountants) or ACCA (Association of Chartered Certified Accountants). These organizations provide structured training, support, and recognition that can significantly enhance your prospects in the field.
For those like Joe, who are still in the early stages of their academic journey, the advice is to complete your education as soon as possible. Joe, an English major with aspirations of becoming an artist, ended up choosing accounting after realizing the financial stability it offered. By the time he was ready to sit for the CPA (Certified Public Accountant) exam, he had completed the required 150 credit hours and was geared up for the challenges of the exam.
Choosing the Right Path
Deciding whether to pursue a training contract should be weighed carefully. While they can offer a structured path and alleviate some of the financial stress, they may also lock you into a specific career path that you might not want to follow.
Example:
‘Do what you have to to keep a roof over your head and food on the table for yourself and your dependents. But don’t stop your education until you have met the education requirements to become a CPA. That’s going to mean 150 credit hours five years in total and at least a bachelor’s degree. However in most schools you’ll earn a master’s degree by the end of the fifth year. Your associate’s degree means you’re about done with two of the five years. You have three more to go. Good luck!’ — Joe, an Accounting Professor
Conclusion
Starting a career in accounting is not necessarily difficult, but it requires a well-planned approach and a commitment to continuous learning and improvement. By following the guidance and advice from experienced professionals, you can navigate the path to success in the accounting field.