Accountancy is one of the most diverse fields in the world. Not only that, this is a field that is currently undergoing exponential growth. It is also one of the most lucrative careers in the world.
However, starting a finance career is challenging, not least because there is not much reliable information available on the matter.
Furthermore, due to finance’s evolving nature, accountants must possess a broad skill set to meet the day’s challenges. These skills include the industry’s technical know-how and some soft skills vital for a career in the sector. Moreover, the fourth revolution has made expertise in information technology a fundamental prerequisite for potential accountants.
Therefore most recruiters are looking for holistic applicants who are valuable additions to their portfolio. To catch recruiters’ eye, applicants must have a well-balanced resume with all the must-haves of the industry.
Read through this article to determine which qualities can place your resume at the top of the pile.
What Qualities Should An Accountant Possess?
#1: Be a math wizard
Numbers are an accountant’s best friend. Competent accountants are good at putting two and two together. Moreover, they have the rudimentary accounting part of the job down pat. So, if you are not confident about your mathematical skills, you should consider another career.
#2: Get the right degree
Talent and experience alone are not enough to get you a finance job. Since accountants have to use technical knowledge, a finance degree is a vital prerequisite for any finance-related career. While most employers consider an undergraduate in finance enough, applicants with higher qualifications are preferable over others.
Moreover, some competitive positions, such as investment banker, require a master’s in a related field as a vital prerequisite to employment. Not only that, a master’s degree might even improve your financial prospects since experts report that having a master’s degree can double your salary. So enrolling in a Master of Accountancy or MAcc online program can be a game-changer for your career.
#3: Having the certification
The finance industry has a diverse job market. You can opt to become a financial analyst, or you can work as a managerial accountant. No matter what you choose, each designation has specific certification requirements.
The most common certifications are CPA and CMA, both of which are issued by the regulatory authorities. Not only do these certifications improve your skillset, but they also signify to your employers that you have the experience and the knowledge to work in the field.
#4: Having the work experience
Graduates must have relevant work experience to wow the recruiters. Not only does experience help create a better portfolio, but it can also put things in perspective for the fresh-eyed graduates. Most graduates have a romanticized vision of their work, but work experience can show them how the world of accounting works.
Internship opportunities are valuable in gaining insights into the financial sector. Moreover, recruiters often choose applicants with more experience over those with better grades since they will not spend as much on training them.
#5: GAAP
Knowing about the GAAP, or the Generally Accepted Accounting Principles, is a fundamental requirement for accountants. The GAAP is a set of accounting procedures that every American public company must follow while filing their financial documentation. Therefore you must be an expert in the GAAP to save your employer from the possibility of penalties come tax season.
#6: Familiarity with new technology
Due to the fourth industrial revolution, modern technology has taken over many manual operations. Tax consultants no longer lug around big registers containing the financial details of their clients. Preferably instead, they use tax software like Turbotax to make their work simple and more efficient. For those looking to work as a tax accountant in the future, knowing how to use tax software programs popular in the industry is vital.
#7: Effective Communication
Nowadays, accountants must have good communication skills since they have to communicate with people from different sectors. Accountants must converse with employees from varied sectors, stockholders, and even clients. All these classes of individuals do not have the same level background. But, this should not be a challenge for an accountant.
A competent accountant must be able to cater to all of them. They must be able to explain the technical language in easy words to the layman. They should also be able to direct their team members about the firm’s financial goals and objectives.
#8: Critical Analysis
Critically analyzing complex financial structures is par for the course for accountants. Designations such as chief risk analyst or leading financial planner rely on the candidate’s ability to assess companies’ financial positions and make appropriate strategies. Therefore accountants must implement lateral thinking to draw relevant conclusions.
#9: Adaptability
The world of accounting is very fast-paced due to the changes in technology and workplace dynamics. The laws and regulations are evolving, and companies are developing new strategies to deal with challenges as they emerge. A capable accountant must take these changes in stride and solve any issues that may arise.
#10: Organizational skills
Accountants must be very organized since being late may cost their clients lots of money. There are many deadlines that an accountant has to follow. For example, tax accountants must be aware of all the major IRS deadlines. They must also know when to submit their documentation and report earnings. But do not expect to become organized overnight. Dedicate time and commitment to leading a structured and organized life.
#11: Be trustworthy
Accountants handle sensitive financial information of their clients. Most of the data is highly confidential. Therefore recruiters look for accountants with good character. Moreover, having a good personality can help you create a good reputation in the field and among your peers.
#12: Team Management
Accountants do not work alone in their cubicles. Most accountants work in large teams with people from multidisciplinary backgrounds. Therefore accountants must be able to collaborate with others and brainstorm ideas. They must be team players to get better results and work efficiently.
#13: Writing skills
Accountancy is not only about numbers. Sometimes accountants have to make financial reports or communicate with other people and inform them about their projects. Some accountants have to write more than others. For instance, managerial accountants might have to create clear guidelines for team members to follow. All these responsibilities require proficiency in writing.
Conclusion
Accountancy is one of the fastest-growing fields in the world. Many new designations in the world of finance did not exist a decade ago.
IT is also one of the better-paying industries. However, getting a job in this sector is challenging as recruiters prefer well-rounded applicants with board skill sets. They are no longer interested in one-dimensional accountants with a perfect GPA.
Accountants must work on their hard, soft, and interpersonal skills to meet the industry’s needs. They must also regularly update qualifications and certifications.
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