Finding your Career path in the Accounting Profession
Whether you chose to study accounting at
University because you absolutely loved numbers or you somehow fell
into this area, like a lot of people, wouldn’t you be interested to
know where it can actually take you in the future.
I was in the second category of falling into accounting, after
starting out with a business/computing degree at Uni. After one
semester of studying computing I realised this wasn’t for me and
continued to complete a commerce (accounting) / business administration
degree at Macquarie Unversity. I’ll be honest that after studying
accounting for 4 years and then finally working in this field, they
were two completely different sides of the coin and it took me some
time to adapt to working life and the real world challenges in the
accounting profession.
It wasn’t until I studied the CA program through the Institute of
Chartered Accountants in Australia that I really understood the
concepts well and could put a lot of this knowledge into practical use.
But after 8 years, having worked across many different areas of
accounting from tax, audit, financial/commercial accounting and
financial management I can now say that it is an extremely enjoyable,
challenging & diverse field. It is one of the most portable
professions that are needed in every single business. The choices are
truly endless where it can take you.
I’ve had the benefit of working across many different types of
industries from medical, property development, motor industry, FMCG
wholesale distribution, engineering, mining & oil/gas. This is all
in the space of less than 10 years, due to some of the roles where we
were servicing clients that worked across a number of sectors. I’ve
also had the benefit of working in small, medium and larger
organisations and have been able to understand the different dynamics
in different sized organisations.
So, if you’re studying accounting, have just graduated or even
having had some experience working in accounting, what area to you
choose and what is the best path for you in the accounting profession?
Where is even the best place to start?
Solid skills base
My advice if you are just starting out is to get a good solid base
of core accounting skills, the broader the better. When starting out
it’s probably too early on to start specialising, unless you are
convinced you know what you want to do. If you become too specialised
too early on this can limit your future job prospects, so important to
consider this.
It’s really important to get a good job in a supportive environment
where you can learn as much as you can about accounting whether this is
in tax, audit, insolvency, commercial or another finance related
functional area. It is important thing is that you are working with
numbers and know how to use them, read them, interpret them and can
develop your skills to become more accurate and develop a stronger
attention to detail.
Gaining valuable experience
The best type of organisation you can work for is to work with other
qualified accountants within the business that you can learn and gain
valuable mentorship. It doesn’t really matter the size or the type of
industry so long as you are learning not only accounting but how to
work with other people. I’ve noticed a number of graduates getting
roles in large top tier Chartered Accounting firms for the broad level
of experience and training that these organisations offer. Having
worked in one of these organisations, myself, I can say that they do
offer a brilliant training ground, through a wealth of experienced
people, resources, client experiences and challenges. There are also
plenty of organisations offering fantastic graduate programs and good
career paths. Even a number of smaller organisations can offer a great
starting point of accounting graduates, due to the broader level of
duties required to do due to being smaller in size, which can offer
great experience.
Finding your strengths
What you will find after working for a while is what area interests
you and where your strengths lie. It is important to recognise what
area interests you the most. This may take you some time to recognise
and understand. For example you may love auditing companies and going
into businesses and learning about how they operate and identifying all
of the risk factors. Alternatively you may love working with
accounting systems and working on accounting-related IT projects
involving change management, training & technical systems
understanding.
You may be a very process oriented individual and love to develop
and enforce business processes. I’ve also come across very technical
people in accounting and taxation concepts and who love accounting
standards & tax law and have moved onto much more specialised areas
within these fields. What is important is that you enjoy what you’re
doing, in adding some type of value to the business and being
recognised for what you do.
Here is a small sample of some of the types of areas that you could try:
- Analysis
- Advisory
- Budgeting / Forecasting
- Business decision support
- Compliance – audit & tax
- Commercial
- Insolvency
- Financial Control
- Financial Management
- Financial Processing
- Projects
- Government
- Systems support
- Training
Thinking ahead
It is important to recognise different jobs that you could see
yourself doing one day and this generally takes some time and
experience once you have had exposure to different fields within
Accounting. If you can think ahead in 5 – 10 years what you would like
to do, this makes it a lot easier to start getting experience that will
provide you with the right skill set for these roles. It’s always good
starting point to look on a job search website and find out what skills
are required for the job of your dreams. Also talk to other people
working in accounting roles and get their insight. In the mean time
you can work away refining these skills until you finally land the job
of your dreams. Good Luck.
For further information email me at juslake@gmail.com
Visit some of my other blogs:
http://thinknumbers.wordpress.com/2010/01/25/how-to-pass-an-accounting-exam/
http://thinknumbers.wordpress.com/2010/01/29/does-private-tutoring-actually-help-students/
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