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What Exactly is Accounting?
Accounting is the process of recording, measuring, and analysing financial records for an organizations. The accounting field is overlooked by professional bodies such as SAICA, ACCA, CIMA etc. This is to ensure that all procedures are followed and the ethics are not broken.
It’s made up of different fields such as managerial accounting and financial accounting.
Managerial accounting is more focused on the future – for example, preparing budgets for the following year. Financial accounting looks at what has already happened, for example, recording money that is spent.
Benefits of an Accounting Career?
Are you a logical thinking person who is excellent with numbers and data analysis? A great way to start a career in Accounting would be to look at the benefits:
Firstly, a career in accounting gives you what everyone wants the most in a career; the ability to work in any industry of your choice.
Secondly, it’s a safe career path. This is because companies tend to want to keep their financial affairs close to home. So, this means that there will always be a need for you as an individual in accounting fields.
Lastly, not only are careers in accounting exciting, it’s globally recognized. With an ACCA (Association of Chartered Certified Accountants) or CIMA qualification or membership, you will be opening doors all over the world.
How Much can You Earn in the Field of Accounting?
Accounting makes the top ten of the highest paid career fields. If you choose this career field, not only will you be setting yourself up for the amazing earning potential, you will be securing your future to live comfortably.
The best part? Your salary can only go up as you advance from one field to the next .
For example, according to Payscale, the average salary for a bookkeeper is R14,640 and R64 000 for a chartered accountant per month.
Can I Work in the Field of Accounting Without a Degree?
Because accounting allows for a wide range of specialisation, most people in the accounting fields don’t have a degree. Experience is what’s most important in this field.
You do, however, need to have relevant qualifications. For example, bookkeeping certificate if you want to start up as a bookkeeper.
But, if you want to be a chartered accountant, you will need to have a SAICA certification and a bachelor’s degree in Accounting. It all depends on where you want to specialise.
Different Careers in Accounting you can Specialise in
There are many fields you can go into in accountancy. Though numbers are considered an important part of accounting careers, critical thinking and strategy are just as important. Below is a list of areas you can specialise in:
- Bookkeeper – Bookkeeping is ideal for you you are passionate about crunching numbers to help businesses keep track of their finances and grow. As a bookkeeper, you’re basically a junior accountant.
- Chartered accountant – Chartered accountants (CA) have a number of jobs to choose from. CA’s work in financial accounting, taxation, forensic accounting, management accounting, auditing,and so on and so forth.
- Financial Manager – Financial management accounting is all about predicting the future for the business and helping in strategizing to help the business grow.
Is a Career in Accounting the Right Path for you?
Accounting offers a wide range of career opportunities. In addition to the above mentioned career opportunities, you will be able to work at any sector.
From private to government sectors, schools, big and small companies, insurance companies, IT departments, etc. Your options will be endless.
To know whether a career in the accounting field would be ideal for you, you need to know your skills. See if they align with the skills needed to be in this field.
Skills Needed for Accounting Careers
To excel in the field of accounting, you need to have certain skills. These skills will not only allow you to do your job well, they will make your life easy in whatever field you choose.
Usually when people think that a certain job is not enjoyable, it’s because they don’t have the skills needed for it. Below is a set of skills you need for this profession:
- Effective communication.
- Ability to solve problems.
- Analytical thinking.
- Knowledge of technology.
- Ability to make decisions.
- Interpersonal skills.
Courses You can do to be in the Field of Accounting
These above mentioned skills, along with the basic qualifications needed for any career in Accountancy, are your first step in recognising your passion. Here’s a few of the basic courses you can do to get into the Accounting field:
- Financial Management Courses where you will learn about financial accounting, financial management and budgeting, to name a few.
- ICB Accounting Courses where you will learn the fundamentals of the accounting field and get a chance to be a member of global professional bodies.
- CIMA Courses where you will learn about accounting in business management and, like ICB, it is globally recognised.
Interested in Being in the Field of Accounting?
Talk to one of our agents about the courses we offer. Contact them on one of the following:
- Complete our online registration form
- Call us on our toll-free number at 0800 39 0027
- Message us on Whatsapp at 082 318 8892
Author: Ncebakazi Stoto
Last Updated: May 04, 2020