Choose a career in accounting to climb the corporate ladder in Australia!

Why Study Accounting

As anyone who has researched the profession knows, accountants are in high demand, have a high degree of job stability, and are top tier salary earners. After entering the profession, hard-working accountants enjoy good prospects for upward mobility, and many eventually go on to establish their lucrative private practices.  And unlike many jobs that are at the mercy of the market, accountancy remains in demand even when the economy takes a tumble. So a career in accounting promises a comfortable and stable professional future.

Overall, jobs in accounting are highly structured and dependable, so accountants establish a regular working routine that repeats in a cyclical nature and is based upon clear financial procedures. It is possible to enter the profession in a low-level position without extensive education, and many firms offer compensation for young professionals looking to study part-time while working to advance their skills and move up the career ladder. In fact, because professional accounting courses require several years of experience before you are eligible to take the exams and become certified, new accountants are expected to combine work and study at the outset of their careers.

Accounting degree in tertiary qualification along with skills remain the norm every student has to follow. Study accounting and finance through different degree programs available in the country. These include diploma/graduate/advanced diploma, graduate certificate, associate degree and master of professional accounting.

A Bachelor of Business (Accounting) is, however, described as the minimum qualification to seek entry in Certified Practicing Accountant Australia (CPA Australia) and Chartered Accountants Australia and New Zealand (CAANZ). Advanced Diploma of Accounting or a Diploma is necessary if you want to pursue the Institute of Public Accountants (IPA) course.

Is Accounting Difficult?

Unfortunately, there is no clear-cut answer to the question of whether or not accounting is difficult. Rather, the more reasonable question to ask is whether or not accounting is difficult for you. For those who hate numbers, struggle with following procedure, and are not detail-oriented, accounting is tremendously challenging. But for those with an aptitude for maths and a close eye for details, accountancy is easy. The career is procedural and rigidly regulated, so that once you learn the methods for crunching numbers, the work itself follows quite simply.

Academics of Accounting

With an undergraduate degree, you can begin working in an entry-level accounting position, while studying for the professional exams you’ll need to pass to advance into a specialised career as a certified accountant.

ACA: Offered by the Institute of Chartered Accountants, this qualification is favoured by the Big Four accountancy firms - Deloitte, PwC, KPMG and E&Y.

CIMA: Specifically for management professionals, the certification awarded by the Chartered Institute of Management Accountants is a popular entry point into the career for young professionals.

The job also tends to be a deadline-based profession, so accountants are often called upon during tax season and at the end of fiscal quarters to put in extra hours as deadlines approach. While certain times of year tend to be low stress, others call for overtime and long hours.

Should I Study Accounting?

Good accountants must be able to communicate complex financial data and business projections clearly and concisely. While you might imagine an accountant working in a cubicle in isolation all day, the truth is that accountants are often called upon to give presentations, lead teams, and work closely with many other departments in their company. So accountants need to be outgoing and well spoken.

This is a detail-oriented profession where minor slips can cause huge problems. So accountants must check and double-check their numbers. They must never make assumptions or take things at face value, but rather be inquisitive about every aspect of the data.

Because financial standards constantly evolve, professional accounting qualifications must be renewed every few years; this means studying for exams and keeping your skills up to date at all times. For career advancement, accountants also have a wealth of specialised qualifications to choose from.

This job requires high ethical standards because accountants are responsible for sensitive financial records, tax forms, investor data, and stockholder information. You’ll be not only entrusted with valuable private data, but also responsible for finding abnormalities in the financial data you process.
Maintain bookkeeping records of your company. They draw your attention to different account transactions calculated. The process can be simplified through auditing.

Who among professionals handle these transactions and your auditing reports?
It is accountants managing financial dealings and taxation of every company. Among the places, you find them are business management and accounting firms. One of the reasons you should be aware of is to get into account specifics before opting for a career in accounting.

Percentage of accountants employed in different firms across Australia will climb to 13.3% by the start of 2020, say analysts. The percentage is due to large, medium and small scale firms preferring hundreds of accountants to manage businesses. Another reason is regarding thriving economy that recorded unprecedented boom with several firms enhancing prospects of accounting aspirants.

Risk Assessment - Among the challenges you have is to mitigate the risks faced by your company and manage them more effectively. This way you help your company curtail costs. Be logical with communication and problem-solving skills which are part of your accounting specialisations.

Internal auditing - At the year-end or as the year progresses, you keep yourself preoccupied in auditing account books of your company. Every issue related to finance that comes to the fore is highlighted thus monitoring the specifics of your company. This internal auditing post fits you wherein you maintain balance sheets of the company. Take responsibility if things are not planned. Keep an eye to spot errors possibly related to fraudulent means.

List of specialisations

Choose from the list of specialities in case you want to pursue an accounting career. Depending on the field you choose from, right experience along with accounting spreadsheets/software help you meet essential objectives.
• Forensic Accounting
Different tasks you are assigned with whereby you analyse accounting data and investigate to how different accounts are settled. As a forensic accounting expert, you have to possess sufficient knowledge in finance and accounting thereby solving discrepancies existing within your company. Frauds, misconducts can be dealt with in a time-bound manner.
• Corporate Finance
One of the most preferred roles for an accountant is to evaluate company policies. These depend on undertaking different finance-related activities such as controlling cash flow, raising capital or buyouts, mergers or acquisitions. Efficient communication and teamwork skills are necessary if you want to make a mark in the corporate finance field. Ensure you meet deadlines with long working hours and be able to cope up with stressful working hours. 
• Management Accounting
Your job is challenging, and among the responsibilities, you are assigned with include in explaining board of managers about complex issues related to finance and accounts of your company. One of the associated problems is to solve them in a manner conducive to all thereby enhancing smooth communication skills and possessing knowledge based on strategy, business and planning.
• Financial Accounting
As a financial accountant, you make it a practice to verify financial reports and statements of your company. Possessing mathematical skills based on your analytical abilities remains essence whereby you ascertain issues. Due to excellent communication skills, you work closely with different businesses and industries.
• Investment Banking
Primary responsibility as an investment banker is to raise capital for your company/business or deal with acquisitions/mergers. Meet all objectives by earning big salaries and bonuses. You will be working in a bank and also help other companies. Sound knowledge of economics and business are necessary for an individual putting in long hours and working in stressful situations.
• Tax accounting
Deal with tasks involving taxation whereby you work for either a private firm or corporate entity. Ensure you are compliant enough to provide clients with cost-effective solutions. By analysing financial records, you can solve problems. Besides, you should be an asset in mathematics.

In a nutshell, you become more job-ready by working for a multinational company or private firm in Australia. One-year Professional Year Program in Accounting helps you avail right practical training tips thereby gaining experience.