How to Be Professional Accountant - Job Description, Skills, and Interview Questions

Sep 16, 2022 / 5 Minutes Read / By Albert

How to Become

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The increasing complexity of financial reporting and the implementation of international financial reporting standards have caused a need for professional accountants. These professionals have the expertise to interpret and analyze financial data, which is essential for businesses to remain competitive in today's global market. Professional accountants can also help companies to identify potential areas for improvement and develop strategies for increasing profitability.

In addition, their knowledge of tax law and regulations allows them to reduce tax liabilities and maximize returns. As a result, organizations are increasingly turning to professional accountants to ensure the accuracy of their financial records and the effective management of their finances.

Steps How to Become

Earn a Bachelors Degree. The first step to becoming a professional accountant is to earn a bachelors degree in accounting or a related field. A bachelors degree typically takes four years to complete and includes coursework in accounting principles, auditing, taxation, and more.
Get Hired at an Accounting Firm. After earning a bachelors degree, youll need to find a job at an accounting firm. You can work as an entry-level accountant or as an intern to gain experience and learn the ropes.
Obtain Professional Certification. After gaining some experience in the field, youll need to become certified by obtaining a Certified Public Accountant (CPA) license. To qualify for the CPA exam, youll need to fulfill certain education and experience requirements.
Join Professional Organizations. Joining professional organizations, such as the American Institute of Certified Public Accountants (AICPA), can help you stay current on industry news and trends, as well as provide opportunities for networking and career advancement.
Pursue Continuing Education. As a professional accountant, youll need to stay on top of changing regulations and technologies. Pursue continuing education opportunities through seminars, classes, and conferences to stay up-to-date on current trends in the field.

Maintaining your qualifications as an accountant requires ongoing education and staying informed of changes in the field. Taking continuing education courses, attending seminars and conferences, and reading relevant industry publications are essential to staying current on new developments. By keeping up with the latest trends and regulations, accountants can ensure that they remain knowledgeable and qualified to provide the best possible service to their clients.

certifications such as the Certified Public Accountant (CPA) designation can help accountants demonstrate their commitment to keeping their skills and knowledge up to date. With a combination of professional experience and continuous learning, accountants can ensure that they remain knowledgeable and qualified in their field.

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Job Description

Prepare financial statements, including profit and loss accounts, budgets, cash flows, variance analysis and commentaries.
Analyze financial information to recommend or develop efficient use of resources and procedures; accurately interpret complex financial data.
Provide advice on tax planning, investments, and business structuring to clients.
Develop financial management mechanisms that minimize financial risk.
Monitor and analyze market trends and advise clients on the best strategies to follow.
Research and interpret tax legislation to ensure clients are fully compliant with filing requirements.
Liaise with internal and external auditors to ensure appropriate monitoring of company finances is maintained.
Review and evaluate financial data in order to advise clients on future financial plans.
Prepare reports on financial performance and progress of investments and other business initiatives.
Provide specialized accounting guidance and advice to clients in areas such as regulatory compliance, cost accounting, and business performance improvement.

Skills and Competencies to Have

Knowledge of accounting principles and practices, including Generally Accepted Accounting Principles (GAAP)
Ability to analyze financial data, develop financial plans and create financial reports
Expertise in accounting software and database systems
Problem-solving and critical thinking skills
Excellent written and verbal communication skills
Attention to detail and accuracy
Organizational and time management abilities
Ability to work independently and collaboratively as part of a team
Knowledge of tax laws and regulations
Proficiency in Microsoft Office Suite, including Excel and Word

Having a strong knowledge of accounting principles and processes is the most important skill for a professional accountant to have. Being able to accurately record and report financial information is essential when providing accurate financial advice and services to clients. This requires a thorough understanding of accounting principles, such as Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

having the ability to analyze financial data and identify trends is important for making informed decisions. Proficiency in software programs, such as QuickBooks, is also essential for entering and managing financial data. Being able to effectively communicate with customers and other stakeholders is also a necessary skill for accountants to have, as it ensures that all parties understand the financial data and any related implications.

All of these skills are essential for a successful career as a professional accountant.

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Frequent Interview Questions

What led you to pursue a career in accounting?
What have been your biggest challenges as an accountant?
Do you have experience with bookkeeping and preparing financial statements?
How do you stay organized and manage deadlines?
Describe a time when you had to make a decision that had a significant financial impact.
Are you familiar with the accounting regulations and standards in this industry?
How do you ensure accuracy when preparing financial statements?
How do you stay up to date with changes in the accounting world?
What experience do you have with payroll and tax preparation?
What strategies do you use to grow relationships with clients?

Common Tools in Industry

Accounting Software. This is a software application that helps accountants and financial managers record, analyze and report financial data. (eg: QuickBooks, Sage 50)
Tax Preparation Software. This software helps accountants, tax preparers and individuals prepare and file their taxes. (eg: TurboTax, TaxAct)
Spreadsheet Software. This software helps accountants create and manage budgets, forecasts, financial statements, and other financial documents. (eg: Microsoft Excel, Google Sheets)
Business Intelligence Software. This software helps accountants analyze financial data to identify trends and make decisions. (eg: Tableau, Microsoft Power BI)
Project Management Software. This software helps accountants manage projects and tasks, track progress, and collaborate with other team members. (eg: Asana, Trello)

Professional Organizations to Know

American Institute of Certified Public Accountants (AICPA)
Association of Chartered Certified Accountants (ACCA)
Institute of Management Accountants (IMA)
Institute of Internal Auditors (IIA)
National Association of State Boards of Accountancy (NASBA)
National Society of Accountants (NSA)
Chartered Institute of Public Finance and Accountancy (CIPFA)
The American Accounting Association (AAA)
Financial Executives International (FEI)
Institute of Governmental Accountants (IGA)

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Common Important Terms

Auditing. The process of examining financial statements and related documents in order to determine accuracy, completeness, and compliance with laws and regulations.
Taxation. The process of levying taxes on individuals and businesses to generate revenue for governments.
Financial Reporting. The process of preparing financial statements for external stakeholders, including shareholders, creditors, and investors.
Bookkeeping. The process of keeping accurate records of financial transactions and preparing financial statements.
Accounting Software. A computer program used to track and manage financial data, usually including accounts receivable, accounts payable, payroll, and inventory.
Financial Analysis. The process of evaluating financial data in order to make informed decisions.
Risk Management. The process of identifying, assessing, and managing potential risks in order to minimize the impact of those risks on an organization.
Fraud Detection. The process of identifying and preventing fraud within an organization through the use of various techniques, such as data mining and analytics.
Regulatory Compliance. The process of ensuring that an organization complies with applicable laws and regulations.
Business Valuation. The process of determining the value of a business by analyzing its assets, liabilities, and cash flow.

Frequently Asked Questions

What credentials are required to become a Professional Accountant?

To become a professional accountant, you must have at least a bachelor's degree in accounting or a related field, plus a certificate or license from a professional organization.

What kind of organizations do Professional Accountants work for?

Professional Accountants typically work for public accounting firms, private companies, government agencies, and other organizations.

What is the average salary for a Professional Accountant?

According to the Bureau of Labor Statistics, the median annual wage for accountants and auditors was $71,550 in May 2019.

What skills are required for Professional Accountants?

Professional Accountants need strong analytical and problem-solving skills, as well as excellent mathematical and communication skills. They should also be detail-oriented, organized, and able to work well under pressure.

What is the job outlook for Professional Accountants?

Employment of accountants and auditors is projected to grow 6 percent from 2019 to 2029, faster than the average for all occupations. The continued compliance with regulations and growth of financial activities will drive job growth.

Web Resources

Professional Accounting (MBA) | Utica University www.utica.edu
Professional Accountant Degrees And Certificates - Accounting business.austincc.edu
What Does an Accountant Do? Responsibilities, Skills & Trends www.northeastern.edu