How to become an Accountant?

In a world, where numbers dance in the shadows and financial mysteries lurk around every corner, there are unique individuals, who possess the uncanny ability to decode the secrets hidden within ledgers and balance sheets. If you find yourself drawn to this financial enigma, then consider yourself apt to become an Accountant. 

The salary of accountants in India reflects not only their expertise but also the dynamic interplay of industry demands and specializations. Salaries of experienced Accountants can soar up to INR 25 lakhs, particularly in sectors such as consulting, finance, banking, manufacturing, and multinational corporate giants. 

Curious to know how to become an Accountant? Then, join us in this post, as we take you through the roadmap for a bright Accountant career path and throw light on steps to become an Accountant.

What is an Accountant? 

The word “Accountant” comes from the word “Accounts”. So, naturally, this professional called Accountant has to do a lot with accounts. Elaborately speaking, an Accountant is a person responsible for recording, analyzing, and interpreting financial transactions and data for individuals, companies, and businesses. Some of the prime job roles and responsibilities of an Accountant are maintaining balance sheets, cash flow statements, and income statements. No business, big or small can work without the assistance of an Accountant on financial matters to help achieve the financial goals. Hence, it is pretty clear the career scope for an Accountant is vast and never-ending.

How to become an Accountant?

There is a proper structured path that one has to follow to become an Accountant. This path will take you through the necessary educational qualifications, professional certifications, and practical experience. Proceed further to read about all these steps to become an Accountant:

1. Finish 10+2 schooling: Like any other career, to kickstart your career as an Accountant, you must finish your schooling from a recognized board. It is essential to have a strong foundation in business, mathematics, accountancy, and economics. So, students with a commerce background are always preferred for Accountant job roles. 

2. Earn a Bachelor’s degree: Almost all entry-level accountancy positions require at least a Bachelor’s degree from the candidate in finance, business administration, or economics. So, try pursuing an online BCom course that will help you get the right knowledge on all these subjects required to become a successful Accountant. 

3. Enhance your knowledge base with a Master’s degree: Although optional, with a Master’s degree in hand, you can double your career prospects to become an Accountant. Not just any Master’s, we recommend you study an online MCom from Sikkim Manipal University or an online MBA from TAPMI via the Online Manipal platform.

4. Obtain professional certifications: While not mandatory for all accounting roles, obtaining professional certifications can enhance your job prospects. Enrol in a Chartered Accountant (CA) course and after passing a series of examinations and gaining practical training, establish yourself as a knowledgeable Accountant. The other professional certifications to consider to become an Accountant are Certified Management Accountant (CMA), Certified Public Accountant (CPA), and Association of Chartered Certified Accountants (ACCA).

5. Gain practical experience: Last of all, after obtaining all the above-mentioned educational qualifications, try gaining as much practical experience, as you can to emerge as a successful Accountant. For this, consider participating in internships or taking up entry-level positions to gain some hands-on experience in accounting practices. 

Skills needed for Accountant

Becoming an Accountant needs a combination of the right educational qualifications, certifications, and skills. We already covered the educational qualifications and certifications required to become an Accountant, so now continue reading to learn about the essential skills required to become an Accountant:

1. Analytical and problem-solving skills: To become an Accountant, you need sharp analytical and problem-solving skills. You will come across a variety of data and patterns daily and identifying the discrepancies in the financial records can be done based on analytic skills. Get a degree in an online MCom course from Sikkim Manipal University and you will learn these accounting and analytical skills for sure. 

2. Mathematical and calculation skills: A solid foundation in mathematics is essential for performing calculations of financial information, and mathematics is all about calculations. So, a person has to master the art of excelling in both these interconnected skills of mathematics and calculations to emerge as a good Accountant. 

3. Digital literacy and software knowledge: The ability to use Excel, Tally, and other similar spreadsheet software is essential for anyone interested in trying a career in accountancy. This technical proficiency in using relevant online tools is important for managing financial data. You can easily become digitally literate through an online BA degree course from Sikkim Manipal University (SMU).

4. Proficiency in creating financial statements: Remember that no accounting firm or business operation can work without financial statements. So, one who wants to become an Accountant must have proficiency in preparing, tracking, and reporting accurate financial statements like balance sheets, cash flow statements, and income statements. 

5. Communication and time management skills: Not to forget apart from the Accountant qualifications, one must possess great communication and time management skills to become a successful Accountant. Interested people can learn these along with critical thinking skills by pursuing an online BCom degree program from Sikkim Manipal University via the Online Manipal platform.

Roles & responsibilities of Accountant 

So far, we talked about who is an Accountant and how to become one, let us now talk in detail about the various responsibilities of an Accountant. So, read on to learn about the main Accountant responsibilities:

1. Analyzing and preparing financial statements: One of the prime responsibilities of an Accountant is to prepare financial reports to provide a precise estimate of the organization’s financial position.

2. Auditing the company’s finances: Accountants are also responsible for auditing the finances of a company such as accounts, costs, and taxes. They do so to identify the areas of risk and ensure compliance with organizational policies.

3. Managing the company’s finances: Accountants are the professionals, who are held responsible for analyzing the financial data of a company, identifying the trends and providing insights to the management for strategic decision-making. 

4. Tax management and compliance: Likewise, Accountants ensure compliance with tax laws and regulations by preparing and filing tax returns on time and minimizing tax liabilities while maximizing tax benefits for the company.

5. Budgeting and forecasting: Another major role of an Accountant that a firm expects is to assist in developing budgets. Moreover, this professional is trusted for financial forecasts while allocating the resources effectively within the firm.

Accountant salary in India

The salary of Accountants may vary on certain factors such as qualifications, experience level, industry, and location. Entry-level Accountants can earn salaries ranging from INR 4 to 5 lakhs per annum, with room for exponential growth as one ascends the career ladder. The mid-level accountants with several years of experience can earn salaries ranging from INR 8 to 15 lakhs per annum; whereas, senior-level accountants can demand salaries up to INR 25 lakh per annum and more. 

Conclusion 

To sum up, becoming an Accountant offers a gateway to a world of endless possibilities and unparalleled opportunities for personal and professional growth. Consider pursuing an online Bachelor of Commerce (BCom) degree course from Sikkim Manipal University (SMU) from anywhere in the world via the Online Manipal platform. Aspiring accountants can access top-tier education without the constraints of traditional classroom settings and equip themselves with a comprehensive understanding of advanced accounting principles, taxation theories, and financial analysis. They can also gain practical insights into real-world applications through case studies with the guidance of experienced faculty at SMU. BCom graduates, on the other hand, can enroll in an online MCom from SMU and conveniently excel as Accountants in today’s competitive landscape.