Subjects in Accounting
Benefits of Studying Accounting
If a career in accounting is something that speaks to you, you’ll be happy to know that it offers a wide range of perks that can’t be found in other fields. The constant demand for qualified accountants means that you won’t ever have to worry about losing your job, not being able to make ends meet or getting stuck in a development rut.
Accountancy is one of the few fields that can be said to be recession-proof. Even when the economy fluctuates, businesses still need accountants to help them make sound financial decisions and stay on the right side of relevant legislation. Where money is involved, an accountant is needed.
High Earning Potential
Because of the sustained demand for accounting professionals and the crucial work they carry out, earnings that exceed five figures aren’t unusual in the accounting industry.
The field offers a number of different avenues within it that you could pursue; from auditing and bookkeeping to tax and management accounting. It’s up to you to decide where your strengths and passions lie.
If you’ve always dreamt of being your own boss and not having someone else decide what your work is worth, accountancy has you covered. With enough experience and credentials, you can easily set up solo and be the captain of your own ship.
While the dictionary offers various definitions of accounting and it’s sometimes used to mean different things, accounting is essentially a means of conveying the financial wellbeing of a business to its stakeholders. This process is carried out by taking into account numerous variables such as a business’s assets, debts and expenses as well as cash flow in order to inform decisions relating to that business’s future operations. Though this process may sound a bit dull and can be overlooked by aspiring entrepreneurs, it is the life force of every business without which most wouldn’t get very far.
However, it’s worth mentioning that accounting isn’t a singular or one-size-fits-all concept. Depending on the business’s size or individual needs, the accounting department may be comprised of a number of sub-departments staffed by accountants and bookkeepers with different skill sets and areas of expertise. For example, a bigger organisation might have a tax department, a payroll department and an internal audit one.
Though accountancy might not sound like a very diverse field, it carries with it a surprising number of different areas of expertise and career paths. It’s up to you to decide which of them hold the most appeal to you.
Top 6 Roles
With the economy expanding and average businesses employing more and more people, accounting professionals now often have to choose a specialty to satisfy the demands of big business. Below are some of them:
The demand for accounting professionals is reflected in the earning potential offered by this field; with the average accounting salary being nearly double the UK average. It’s really no wonder more and more students are signing up for accounting courses!
2010 → 2018
The Office for National Statistics (ONS) have created a list of qualifications most commonly found among accountancy professionals. As you can see, having a bachelor’s degree is hardly a be-all and end-all of success in the field.
Levels of Courses
Completion of this level will help lay the groundwork for further study of your chosen subject. You may also be able to secure basic accountancy work experience.
Completion of this level allows you to progress on to the next level of study (Level 4/Certificate). This level may also qualify you for some junior-level positions in the industry, but you’re highly advised to secure your prospects by gaining more qualifications.
Completion of this stage enables you to advance to Diploma-level study, though a limited number of undergraduate courses may be available to you as well as entry-level employment with smaller businesses.
Completion of this level will fast-track your path to university and allow you to progress straight on to the final year of a relevant undergraduate degree. Level 5 courses will also enable you to secure employment in the field, or progress your career in your existing accountancy role.
Level 6 • Bachelor’s
Completion of this level gives you the opportunity to continue studying at graduate level or pursue employment in a relevant field of your choice. Most, if not all, career paths within accountancy are within your reach.
Level 7 • Master’s
Completion of master’s level of study continues to qualify you for all roles within the field. Holding this qualification will boost your chances of more senior or management roles within the field.
How to Become an Accountant
Earn the right qualifications
A good place to start is by gaining the necessary certification and committing yourself to an ongoing study of accounting and its various concepts and functions.
Decide on your area of expertise
Though all accountancy jobs will see you looking after a business’s finances, some may require you to pick a team. Whether it be tax, payroll or even bookkeeping, it’s worth defining your expertise.
Look for entry-level jobs in your area of expertise
Be ambitious but also be humble – it’s best to start small, learn as much as you can and use your increasing knowledge to help you rise through the ranks.
Ways to Study Accounting
This method involves you working independently from a place of your choice and studying uploaded course material at your own speed and according to your own learning preferences.
This is the traditional study method and it involves having a teaching professional use their own skills to help you understand the material.
This method entails a combination of online and in-class study. The online to in-class ratio will vary depending on the course provider.
Skills for Accountants
While having the right set of soft skills is a good start for any career, employers will often want to see what your proven strengths are and what kind of things you can actually do. Have a look at our list to see whether there’s anything that still requires some finessing in order to land you your dream job!
Proficiency in IT
What Daily Tasks Do Accountants Do?
The roles and responsibilities of an average accountant go beyond counting money and doing taxes. Accounts are instrumental in any business making financially sound decisions and ultimately, succeeding. Some examples of their tasks include:
In an unstable world where job security seems to be a thing of the past, accountancy is a beacon of hope for those who never want to worry about whether their job will be there tomorrow. Not only that, the field is also known for offering exceptional salaries, various areas of expertise to choose from and opportunities for further development. If this sounds like something you’d enjoy and you boast the right skill set, there’s no time like the present to find the right course and go for it!
What are you waiting for? Get started on your journey today.