Planning your career in accounting?
You might be wondering what the field involves and what kind of work you could be doing. Here’s an overview of the industry and what a career in accounting might look like.
First things first: what is accounting?
At its most basic level, accounting involves the recording, analysis and reporting of a business’s financial transactions. It’s an important operational part of almost every business, and most companies have at least one accountant or bookkeeper who manages the organization’s financial records.
However, the accounting industry encompasses much more than just financial reporting.
Accountants may provide a broad range of income tax and consulting services, prepare and analyze budgets and conduct internal and external audits, for example.
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Plus, many accountants go on to be leaders in the business world because of their backgrounds in finance.
It doesn’t take long to realize that accounting is an extremely interesting and diverse (not to mention important!) field.
Accountants are highly respected and trusted: we rely on their commitment to integrity and protecting the common good to keep our businesses and governments running.
Where do accountants work?
There are a number of distinct options open to those who are considering a career in accounting.
Accountants can work in the public or private sector, for the government or large or small businesses, or even at an individual level, doing anything from auditing and filing taxes to budgeting and financial planning.
Some accountants even specialize in more unique areas like environmental accounting, which involves analyzing the environmental impacts of business such as the financial damage from ecological disasters, or forensic accounting, which involves fraud prevention and detection.
It’s undoubtedly an egg-citing field to enter!
What might a career in accounting look like?
As an accountant, you could work in business, finance, government, education, health care, the not-for-profit sector…the possibilities are endless!
Plus, there are dozens of possible career paths in accounting: some students go on to become auditors, controllers, lawyers, entrepreneurs, financial analysts, treasurers, investment bankers and even chief financial officers, just to name a few.
And, what’s more, there will always be a need for accountants. The reason for this is simple: regardless of how well the economy is doing, organizations need financial experts to maintain their financial records and manage their budgets. Without accounting, it would be incredibly difficult for companies to comply with tax laws, to judge their success (or failure) and to plan for the future.
To hatch your career in accounting, you’ll want to start by researching the educational requirements in the province/territory where you live.
You’ll most likely need to complete a bachelor’s degree in accounting or a related field and/or additional courses that cover specific content before you can apply for your accounting certification. You may want to contact your provincial accounting body to find out more about the requirements for becoming a registered accountant.
Is accounting right for you?
If you want to join the business world but aren’t sure what line of work would be best for you, you may want to consider a career in accounting.
Accountants are skilled at financial management, planning and analysis, so they deal with all aspects of business in all kinds of work environments. They are often considered leaders in the business industry because of their financial expertise.
The accounting industry is incredibly dynamic, so those working within the profession have to be able to adapt to change and stay up-to-date with changes in rules and procedures. Check out this article for the top skills you need to succeed in accounting to see if this industry is a good fit for you.
A career in accounting has the potential to be incredibly rewarding: it could give you the chance to work in virtually any industry and could open up doors you didn’t even know existed! Plus, at the end of the day you’ll know that you’re helping organizations of all sizes make smart financial and leadership decisions that will help them to succeed.