How to Become an Accountant

An accountant is a qualified specialist who manages the accounting records for small and medium-sized businesses. They are in charge of creating and managing ledgers and other bookkeeping-related information, as well as creating financial records including balance sheets and profit and loss statements. They review and keep up with the business’s financial records and other financial activities. According to a Times of India article, “the need for accountants in the year 2020 has increased by 37%. By 2025, it is predicted that the Indian accounting industry would be worth $20.0 billion, growing at an 8% annual pace.

Aspiring candidates in India can enrol in a variety of undergraduate or graduate accounting programmes, including B.Com (Hons.) and Bachelor of Business Administration (BBA)BBA in Finance, B.Com, M.Com, MBA, etc. from top accountancy colleges in India. To get admission in these courses, candidates are required to clear Commerce Entrance Exams such as AMUEE, DUET, JMIEEE, CUEE, SET, etc. Check: BCom Accounting and Finance Colleges

After completion of the course, candidates can either opt to pursue higher education such as M.Com, MBA, etc or they can choose to start an entry-level job as an accountant, clerk, analyst, Tax Accountant, accounting clerk, etc in the top accounting firms such as Genpact, Accenture, Ernst & Young, etc. The average salary of an Accountant is around INR 3.94 LPA depending upon a number of factors such as knowledge, experience, skills, etc.

Qualifications Required to Become an Accountant

A candidate for the position of accountant must be educated and have the essential abilities to succeed in the field. Applicant must meet specific eligibility requirements in order to become an accountant; otherwise, the candidate cannot engage in professional accountancy practice. Below is a list of some of the necessary credentials for your reference.

• Candidates must complete 10+2 board exams with a minimum aggregate of 60% or above from a recognized institute.
• Candidates must complete 10+2 board exams with accounts, economics, and mathematics being the compulsory subjects. Usually, candidates from the commerce stream are preferred.
• Candidates must have a bachelor’s degree in B.Com, B.Com(Hons), BBA Finance, and BBA Accountancy.
• Candidates must have necessary skills like the knowledge of Tally, SAP, etc

Types of Accountants

Accountants have broadly classified on the basis of their area of specialization as well as their qualifications. Tabulated below are some of the different types of Accountant roles available.

Investment Accountant

Tax Accountant

Chief Financial Offer

Chartered Accountant

Steps to Become an Accountant

The below-mentioned steps would help students to know what needs to be done to become an Accountant.

1. Complete Senior Secondary School

• Candidates should select the commerce stream in their class 12th if they intend to pursue a career in finance and accounting. With a minimum aggregate of 55% or more, applicants can study disciplines like accounting, economics, business, and mathematics, among others, by selecting the stream. Candidate admission to prestigious colleges would benefit from this.

2. Earn Bachelor’s Degree

• Candidates must enroll in a three-year undergraduate degree in commerce from a reputable institution, including such B.Com (Hons), BBA, etc., in order to become accountants. To comprehend accounting concepts after enrolling in the course, students must study topics including cost accounting, corporate accounting, tax, company management, etc.

3. Get into an Internship

• Real-world experience not only improves your CV but also increases your chances of getting a well-paying job. Candidates can participate in internships, workshops, seminars, etc. to get practical experience in the field and learn how to put academic concepts into practise.

4. Choose Specialization

• Within accounting, there are several specializations that the candidate can choose depending upon their interest. Some of the top chosen specializations are financial accounting, auditing, tax accounting, management accounting, etc.

5. Pursue higher education

• To be a successful accountant and earn greater opportunities to grow in the field, candidates can opt to go for a master’s degree or other relevant certifications.

4. Stay Updated about the financial laws

• Although it is not a requirement, it would be very helpful for the candidate to have awareness of the financial changes in the country. This will act as an added benefit.

How to Become an Accountant in India

Applicants must start getting ready for it in school to become an accountant in India. Before choosing a course, individuals should select what sort of accountants they should become. To enroll in an accountancy course, candidates must also have completed their 10+2 in the commerce stream. In India, individuals can select from a wide range of undergraduate and graduate programmes, including the Bachelor of Commerce (B.Com Hons. ), the BBA in Finance, the M.Com, the MBA in Finance and Accounting, and many more. For acquiring extra information and abilities, there are a number of alternative short courses accessible, such as certification and diploma programmes.

School Level Preparation: In order to become an Accountant the steps that are to be followed are mentioned

• Candidates must have earned a 10+2 diploma from an accredited board in subjects such as accounting, commerce, economics, and mathematics.
• Candidates can begin preparing in class 10 only; certain institutions let students to choose their topic that year. So the applicant may start learning the fundamentals of accounting and economics straight away if they wish to become accountants.
• Candidates have the option of selecting an accounting specialty, such as chartered accountant, cost accountant, etc.
• Candidates can enroll in coaching programmes and other study aids to help them prepare for entrance exams to get into prestigious institutions.

How to Become an Accountant After 12th :

Undergraduate Preparations: Some of the crucial steps that must be followed in order to be an Accountant are as follows

• For admittance to accounting programmes, several universities use entrance exams. Therefore, aspirants must be ready to take the entrance test in order to enroll in prestigious institutions like AMUEE, DUET, JMIEEE, CUEE, etc.
• Candidates must enroll in appropriate undergraduate programmes such as Bachelor of Commerce (B.Com. with honors), Bachelor of Banking and Insurance, Bachelor of Business Administration in Finance, etc.
• The major goal of enrolling in an undergraduate degree is to gain a basic grasp of accounting concepts.
• Candidates must also decide what type of accountant, such as a cost accountant or a chartered accountant, they wish to be. Candidates need to pass extra exams and reach a particular level in order to be considered for them.

Post-Graduation Preparation: The key steps to be followed to become a after completing Undergraduate courses are.

• To obtain a master’s degree, candidates must take an admission test, such as the DUET, AMUEE, etc.
• Candidates have the option of enrolling in master’s programmes including the MBA in Finance, MBA in Banking and Insurance, or M.Com. Candidates will learn more about the field and the course through these courses.
• Candidates have a variety of specialized options, including banking, insurance, taxation, finance, and accounting. Depending on their background and skill set, they can choose from these specialties.
• Additionally, candidates have the option of pursuing entry-level positions like accountants, clerks, analysts, assistants, accounting clerks, etc.
• Candidates can also pursue higher education, such as a Ph.D. programme, to obtain a doctoral degree after acquiring some experience.

How to Become an Accountant Abroad

Accountancy is a career that is highly regarded both domestically and internationally. Numerous nations, like the USA, UK, Canada, and Australia, have excellent accountancy programmes as well as a variety of job options. However, as they may vary from nation to country, candidates must also make sure they examine the eligibility requirements before enrolling for the course.

Discussed below are some of the important eligibility criteria to get admission Abroad. Some of them are provided below for your reference,

• Candidates for undergraduate programmes must have finished their 10+2 at a recognized institution with an overall average of at least 65%.
• The candidates must pass English proficiency exams like the TOEFL and IELTS.
• Candidates must have obtained a minimum TOEFL score of 70 or an IELTS score of 6.5.
• Candidates who wish to apply for postgraduate study must have graduated from an institution of higher learning with a minimum cumulative GPA of 60%.
• The applicant must take the admission exam, such as the GMAT, GRE, or other university entrance exam.
• Candidates must also submit letters of recommendation and references from their prior colleges to the university where they are applying.
• Additionally, candidates must provide a Statement of purpose specifying academic achievements along with reasons describing choosing the university.

Entrance Exams

Typically, the admission test is used to determine who gets into the accounting or business programmes. The list of entrance exams, together with their crucial dates, is provided below for your reference. They are held throughout the year to enrol students in courses to become accountants.

Accountant Courses

Some of the top courses that can be pursued in order to become an Accountant are tabulated below for your reference:

Top Accountancy Colleges

More than 1200 accounting schools and more than 10,500 commerce schools are located in India. Shri Ram College of Commerce, Gargi College, Lady Shri Ram College, and more excellent colleges for accounting may be found in India. The other universities are either private or private-deemed, making up around 20% of the total. Additionally popular internationally is accounting. The USA, UK, Canada, and Australia are home to the majority of the best universities. Toronto University, McGill University, and other prestigious universities are just a few.

Discussed below are some of the top colleges in India as well as abroad for your better reference,

India

Account Industry

India’s accounting sector is expanding extremely quickly. The requirement for financial documentation and tax reporting has risen as a result of the formation of more and more industries, market expansion, and increasing cash inflow in the nation. Additionally, individuals choose to work in this field more due to the stability it provides in both the public and private sectors. A report indicates that the need for accountants and auditors is predicted to increase by 6% in 2030. As more individuals are starting businesses, there will likely be a greater demand for accountants and auditors. Additionally, it continues to be one of the most respected and well-paid professions in India, both in the public and private sectors.

Pros & Cons of Becoming an Accountant

Pros of Becoming an Accountant

• Stability: Financial services specialists are needed worldwide, in both public and private companies, therefore the business is generally steady. Also, there is a lot of room for advancement for financial experts.
• Competitive Salary: Due to the great demand for qualified accountants and experts, wages in the financial sector are quite competitive.
• Numerous Work Opportunities: After earning a degree in accounting, a candidate has several job options to consider. They can decide to work as an accountant, auditor, chief financial officer, or financial analyst, for example. There are many of employment openings and a variety of disciplines to pick from.

Cons of Becoming an Accountant

• Stressful job: A stressful job, accounting presents many difficulties. Accountants need to be extremely watchful and attentive at all times since even a small error might result in significant losses. Additionally, they are in charge of making sure that the books are closed at the end of a fiscal year and that taxes are filed by the end of the year.
• Sedentary Work: The majority of an accountant’s work is done at an office. Therefore, it could be rather monotonous for individuals who want to go out and work.
• A reputation for being “boring” stems from the fact that accountants spend much of their time working with numbers and tend to work behind a desk.

Skills Required to become an Accountant

Candidates must possess a few key competencies in order to pursue a job as an accountant and better comprehend the position. The following list of the most important skill sets needed to become an accountant in India is provided for your information.

• Adaptability
• Leadership
• Organizational skills
• Accounting
• Accounts Payable
• Bank Reconciliation
• Tally ERP
• MS Office
• Communication skills

Top Recruiters for Accountants

There is a need for accountants in both the public and commercial sectors. Public accounting, audit, taxes, budget analysis, management accounting, and other fields all use accountants. Below is a list of some of the top employers of both new and experienced hires.

• Infosys BPM
• Genpact
• Accenture
• Larsen & Tourbro Limited
• Tata Consultancy Services
• ABC Consultants
• Tata Motors
• Mahindra & Mahindra
• Wipro
• Kotak Mahindra Bank
• IBM
• Metriqe Solutions