What Should Accounting Students Aim For

When you plan to become an accountant, you sign yourself up for years of education and professional training. You will further require a robust set of skills that will be honed over time. During your educational and professional career, there will be a distinction made between you and your counterparts. For you to have a stellar and well-balanced career, it is crucial to set yourself apart and showcase your abilities to future employers and firms. Accountants carry certain weights of responsibilities, from analyzing financial data to assessing records for huge conglomerates. An accountant’s advice is essential for the operation of a company, and thus accomplished accountants are sought after the most by these organizations.

Accounting students need to compile specific goals for themselves both professionally and from an educational standpoint. Since accounting itself is the primary language of business, the effective communication of this language is what students need to aim for. Besides this, the decision-making processes that go into business operations are part of the accountancy department. So, what are the key objective and goals that potential accountants should aim for? And how do they progress in their career while keeping these goals in mind?

 

The Educational And Professional Goals Of A Potential Accountant

Accountants are a crucial component of proper business management. Not only this, but the field has paved the way for the diversification of careers in the business sector. When you are tasked with something this important, it is only wise that you aim for the best goals. Following are examples of the kind of goals you need to seek to have a fulfilling career:

 

Basic Knowledge Acquisition

Accounting students develop adequate competency in some functional regions in the field. While you are pursuing a bachelor’s degree in the area or even a postgraduate program, there are certain principles you need to set out to master. If you want to work for the top four accounting firms in your state, you have to put in the study hours. As a student, you need to have appropriate knowledge of both financial and managerial accounting principles. Besides this, you will need to go over topics such as cost accounting, intermediate auditing systems, income taxation, and further on. The aspect of this knowledge acquisition you should be most concerned with is the practical application of courses, both in your career and daily life.

 

Consulting Skills

As automation and advanced tech-free up more time for accountants, you are well on your way to learning brand new skills. While your coursework and exams will be preparing you for the practical side of the field, you will also need to do higher-level work. Taking on a consultant or advisor role is a significant milestone on every accountant’s list. You will be doing more than merely filling out forms and entering numbers. This is where your expertise is put to better use, and you apply strategic thinking and advisement to clients. You will be working on cross-functional collaborations and using strong communicative skills to help businesses and their financial matters.

 

Certified Public Accountant (CPAs)

From an educational perspective, accountancy requires you to do more than simply get a job after graduation. Passing the Certified Public Accounting Examination is a difficult task, but it does put you on the map for agencies and firms. You must hone your experience within the field as well as study for this qualification. After you pass this exam, you will be eligible to practice in all areas of finance without any hindrances. This is a huge goal to accomplish as it provides you with a broader range of employment opportunities rather than one specialized area.

 

Ethical Responsibility

A crucial part of becoming an accountant is adopting some ethical rules for yourself. The responsibility on your shoulder as an accountancy student and practitioner is significant and vital. You need to develop the ability to recognize and respond to issues, both related to regulatory and ethical matters. For example, you will have to apply the principles you learn in the classroom to business decisions. This includes auditing and applying the AICPA code of professional responsibility to make the right decisions.

 

The Big Four

Another goal to aim for as a professional accountant is working at the top four accountancy firms. Offering your expert services to these international organizations, known as the Big Four, is a significant aspect of your professional career. You will be able to be part of a firm that conducts a majority of audits all over the globe. Becoming an integral part of the oligopoly of the international accounting industry will give you an excellent position within the field. Even though securing a job within the Big Four is extremely difficult, it is something you should strive towards early on in your career.

 

Senior Business Roles

Once you have established and proved your role as a staff accountant, you can move onto the bigger picture. Any large corporation or firm will be open to offering you senior roles and opportunities once they have assessed your talent. Becoming Vice President of Finance and Accounting or Chief Financial Officer is part of every young professional’s bucket list. Therefore, you will have to analyze the key to the profitability of a company and build your experience in the area to exceed expectations. You will not only have to prove your value as an accountant but also as a commercial acumen who has the appropriate leadership skills and influence.

 

Entrepreneurship

The ultimate career goal you will have as an accountant is starting your practice eventually. By this stage, you will have a full comprehension of the ins and outs of the business. When you have this advantageous knowledge and experience by your side, you can start a firm and begin your legacy. With the right kind of capital, the choice of your niche, and talented workers, you can establish a successful business.

 

Some Final Words

While each individual has their own educational and career goals in mind, there are specific accomplishments that all accountants have on their list. When you go over the given aims and objectives, you will find that achieving each of them will only aid you in becoming the best at what you do. Simply assess the next ten years of your professional career and then work hard to achieve everything you aim to do.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.