Path to Becoming an Accountant [+FAQs & Step-by-step Guide]

As the backbone of all businesses, accounting helps track the company's finances in whatever forms they take, like credits and debits, profitability, payroll, and tax filings. Its role also includes maintaining a systematic, accurate, and complete record of all financial transactions. As such, accountants are always in high demand and needed in most industries.

This profession continues to grow, and there is a wide range of fields in accounting that you can pursue. 

Here are 10 different accountant jobs that focus on more than taxes:

• Auditor
• Cost Accountant
• CPA (Certified Public Accountant)
• Financial Advisor
• Financial Consultant
• Forensic Accountant
• Investment Accountant
• Management Accountant
• Project Accountant
• Staff Accountant

Keep on reading to learn about becoming an accountant and gain knowledge of accounting job requirements as well as an accountant’s career outlook.

The very first step to becoming an accountant is learning about the accountant’s education requirements so you can get off to the right start. Four levels of accounting degrees include associate, bachelor, master, and doctorate. Each covers different coursework and teaches you how to become the accountant you want.

Though it's not required, most accountants attend college and earn a bachelor's degree in accounting or a related field. This is also the minimum education requirement for those wondering how to get CPA.

Nowadays, you can easily find accounting degree programs at colleges and universities around the world, as well as through distance learning. Make sure that the program is fully accredited before you begin a course of study.

Next, pick a specialty that you're most interested in, for example:

• Auditing
• Business Valuation
• Environmental Accounting
• Government Finance
• International Accounting
• Nonprofit Accounting
• Personal Finance Accounting
• Tax Accounting
  

For each specialization, there are specific accounting job requirements and training that you’ll need to meet. Here are the 5 most popular types of accounting jobs and how to succeed in the role.

How to become a CPA

1. Earn a bachelor's degree (preferably in accounting or business. If not, you must complete a minimum number of accounting-related credits as specified by your state's accounting board).
2. Complete 1-2 years of relevant and verified accounting experience. 
3. Pass the CPA exam.
4. Obtain CPA licensure.
5. Renew your license every 1-2 years.

How to become a chartered accountant

1. Complete a 4-year undergraduate program (preferably in Finance, Business, Economics, or Accounting).
2. Enroll in a chartered accountancy preparatory program.
3. Gain a minimum work experience of 3 years under a certified employer.
4. Prepare for the CA (Chartered Accountancy) exam and CPT (Common Proficiency Test).
5. Complete IPCC and orientation.

How to become a forensic accountant

1. Meet the accountant’s education requirements - a bachelor's or master's degree in forensic accounting, accounting, finance, or a related field.
2. Consider obtaining the CFE credential and/or the license for CPA or CA. 
3. Have at least 1-3 years of accounting experience.

How to become a tax accountant

1. Earn a bachelor's degree.
2. Consider pursuing a master's program in accounting.
3. Become a CPA.
4. Consider earning additional certifications.
5. Maintain licensure with continuing education.

How to become an auditor

1. Obtain at least one undergraduate degree in accounting.
2. Consider pursuing a master’s degree in accounting or business administration.
3. Gain hands-on experience.
4. Get a CPA certification. 
5. Consider earning a CIA certification.

This opportunity trains you to be an accountant in the future by providing valuable work experience to transition into the workforce. Also, you may need to complete an accounting internship at an approved organization in order to pass certain courses and programs.

Where to look for accounting internship opportunities while still in undergrad:

• Your school’s career center
• Job fairs
• Hiring events
• Alumni networks
• Job search websites

Although not required, this can be your ticket to a more successful accounting career. Accounting certifications help demonstrate your solid knowledge and a certain level of competence or experience in the field. Moreover, you can explore a new niche within the industry or pursue additional fields in accounting.

In this section, we'll take a deeper look into 8 certifications that top accountants would get.

1. Certified Public Accountant (CPA)

A CPA certification confirms an accountant's skills and knowledge in auditing, taxation, regulatory compliance, and financial analysis. 

The CPA exam is developed and scored by the American Institute of Certified Public Accountants (AICPA) in partnership with the National Association of State Boards of Accountancy (NASBA), and administered at Prometric test centers. 

2. Certified Financial Analyst (CFA)

A CFA certification is a voluntary credential from the CFA Institute - a global, not-for-profit organization that promotes ethics, education, and professionalism within the investment industry. 

This is considered the ticket to work for global investment banks as well as the Big 4 accounting firms. To obtain a CFA certification, you will need to gain at least three years of relevant professional experience and pass three tests besides a bachelor's degree.

3. Certified Fraud Examiner (CFE)

The CFE certification signifies expertise, knowledge, morality, and professionalism in high-stakes accounting. 

You can earn this through the Association of Certified Fraud Examiners (ACFE), the world's largest center for anti-fraud training and education, which will open up more specialized accounting career opportunities.

4. Certified Internal Auditor (CIA)

Earning a CIA is important for demonstrating your core internal audit skills and knowledge. Here is what you can become with the CIA certificate: 

• Auditing specialist
• Compliance auditor
• Financial analyst
• Information systems auditor
• Internal controls auditor
• Risk assessment specialist
  

5. Certified Management Accountant (CMA)

As a global benchmark for management accountants and financial professionals, the CMA certification specializes in executive-level duties such as analyzing budgets and making strategic business decisions. 

Administered by the Institute of Management Accountants, the CMA exam covers 2 parts and 12 competencies. You can take it at Prometric testing centers located across the world.

6. Chartered Global Management Accountant (CGMA)

This was created through a partnership between the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants in 2012. The CGMA has a much shorter history compared to other accounting certifications, and yet has developed a strong reputation.

The CGMA designation is open to all accounting professionals and business leaders who have advanced proficiency in finance and accounting, operations, strategy, and management. 

7. Enrolled Agent (EA)

As the highest credential that the IRS awards, enrolled agent status can verify your credibility and open doors to various accounting careers. Consider obtaining an EA license if you're a tax preparer, accountant, or looking to move into tax preparation.

8. Financial Services Audit Certificate (FSAC)

This certificate demonstrates your specialized knowledge and industry expertise in 11 key areas. Offered by the Institute of Internal Auditors, it covers training courses followed by an assessment exam, and benefits those interested in audit, fraud, and risk management careers.

You've met certain qualifications for an accountant, and it's now time to prepare your application for the job opening. It's highly recommended you submit both a cover letter and a resume to better showcase your accountant’s degree requirements, experience, and skills.

While a resume provides a brief overview of your expertise and background, a cover letter explains your motivation to apply and further explains why you're the right fit.

Once you've put together a top-notch accounting resume and cover letter, let's start your job search. There're plenty of job posting sites where you can find all information about accounting careers, including accounting job requirements, descriptions, and salary.

You can look for accountant jobs on the following platforms:

• CakeResume
• AccountingJobsToday
• CareerBuilder 
• ExecuNet 
• Glassdoor 
• iHireAccounting
• Indeed 
• Upwork

1. How long does it take to become an accountant?

Becoming an accountant typically takes at least four years. Almost every state requires a bachelor's degree for entry-level accountant roles. Besides that, candidates who want to get a CPA have to complete 150 semester hours of college coursework to be licensed.

If you choose to pursue higher education in accounting, it will take two to three more years, depending on the type of degree or program you would need to take. 

2. How much does an accountant earn?

Several factors that influence an accountant's salary may include:

• Fields in accounting
• Accounting degree
• Work location

In general, the average annual salary of a bachelor's Accounting in the United States is $53,310, which is equivalent to $25.63 per hour. For those with a Master's Degree in Accounting, you can earn $65,062 annually (approximately $31.28 per hour). Note that these are starting pay rates for entry-level accounting jobs. You will need to gain more experience and achieve higher accountant education needed to earn a higher salary.

3. Where do accountants work?

The four main types of accounting you can pursue are management, public, internal auditing, and government, which will determine your workplace. Becoming an accountant also means you have many choices of where to work - either in offices or remotely from anywhere. Since a business can’t exist without the help of professional accountants, more and more people choose to be freelancers in this field these days. 

4. What skills do accountants need? 

In addition to educational qualifications for accountants, there’re essential skills and qualities needed to succeed in this role. Whether you’ve already earned a relevant degree and are seeking an accounting career, or you're currently in the field, let’s see what employers value in top performers these days.

5. What are the challenges facing the accounting profession today?

These will range individually and depending on different fields in accounting. However, technology and growing competition have posed significant challenges to accountants.

The most pressing issue for everyone in the field is keeping up with evolving technology. Since there are tons of reliable accounting services available online, you have to upskill and offer clients something that a computer can not.

Another threat to those who want to become an accountant is the rising competition. It can be quite tough to land the dream job or sell your services as a freelancer. You have to improve your accounting skills and revamp your business marketing strategies as well.

Moreover, changes in taxation can be a burden too. You've completed training to be an accountant, but never stop learning new regulations and guidelines, and adjust accordingly. For example, you would need to go through 5,593 pages of new provisions in the Consolidated Appropriations Act, a.k.a the COVID stimulus, after the tax season in 2021.

--- Originally written by May Luong ---