About Accounting

Accounting is a critical component of businesses and organisations, with accountants working to ensure financial records are meticulously kept and that the correct taxes are paid. Accountants provide an overview of how a business is tracking financially, which then informs the company’s annual reports, legal filings and future endeavours.

　　Studying Accounting can open up a huge number of doors, whether that’s working for an investment bank in London or helping small businesses in your community get off the ground.

　　

Is Accounting right for me?

In most Accounting courses, you can expect to go over accounting theory, business administration schemes and even some business law. You’ll learn how to prepare documents like financial statements, tax returns and business proposals as well as gain an understanding of finance, quantitative analytics and maths. This means an Accounting course can actually open up a variety of career pathways in finance, banking, business and beyond.

　　Working in the Accounting field is great for routine-focused and detail-oriented people. Generally, accountants are avid problem solvers - they love crunching numbers and correcting errors to ensure flawless results. As an accountant, you’ll also have to be okay with working a 9-5 desk job, as well as potentially working overtime during tax season.

　　Finding your true calling is possible by choosing a specialisation. This might include tax, investments or even something called forensic accounting!

　　

Accounting study options and costs

　　Most accountants hold a Bachelor of Accounting, while some have two-year certificates or diplomas. It’s also possible to complete a postgraduate qualification like a Master of Professional Accounting if you already have previous tertiary qualifications - the perfect pick for career changers.

　　Accounting degrees can cost upwards of $30,000 depending on how prestigious your chosen institution is. A two-year course can be a great way of saving money, but just make sure to research the job prospects that people with shorter degrees have in your area. If the market is competitive, a minimum of a Bachelor’s degree may be necessary.

　　You’ll also have to factor in the cost of any certifications or registrations you need to legally practice in the country you intend to work in.

　　

Future outlook

Accounting is a stable career path with a strong job outlook. This is because accountants will always be in demand, particularly as entrepreneurship grows and more businesses pop up every day. In the US alone, accounting jobs are expected to grow by 10-11% by 2026, which equates to 139,900 jobs.

　　The rise of technology also means that many tedious accounting tasks can be automated and that accountants will be needed for the nitty gritty work instead. This might mean keeping on top of changing tax policies, leading teams, setting up proactive accounting processes, and meeting data security challenges.

　　

Career pathways for Accounting graduates

　　

Auditor

　　If you like going over everything with a fine-tooth comb, you might want to consider a career in auditing. Most auditors work as external experts, going into companies to analyse their finances, assess their practices and finalise their reports. Some organisations may also hire in-house auditors. To become an auditor, you’ll need a Bachelor of Accounting and also be appropriately certified and registered.

　　

Bookkeeper

　　As the name suggests, bookkeepers maintain a company's books (i.e. their financial records). This might include paying bills on behalf of the business, monitoring accounts and tracking transactions. This is an ideal position for those without a degree or with previous experience in something like data entry, as it’s possible to work your way up the ranks as a bookkeeper.

　　

Forensic Accountant

　　If you love a good mystery, a career as a forensic accountant could fit you to a tee. Forensic accountants are responsible for detecting financial crimes such as embezzlement or fraud or analysing financial information in court. Large organisations will typically look to hire forensic accountants to ensure everything’s done by the books. To become a forensic accountant, you’ll need an accounting degree and professional registration.

　　

Tax Accountant

　　If you’re detail-oriented and interested in maximising your clients’ profits, a career as a tax accountant could be for you. As a tax accountant, you’ll be responsible for filing tax returns and managing the financial records of individuals and/or companies. If working with individuals, you’ll assist them with correctly completing their paperwork and provide advice on how they can legally reduce the amount of tax they need to pay. For an even bigger challenge, consider specialising in corporate tax.

　　

Project Accountant

　　Looking for an accounting role that’s a little outside of the box? Project accounting could be a good fit. In this role, you’ll be responsible for the accounts of individual projects, collecting and analysing data around the project’s progress and financial performance. This role is particularly appealing to those who wish to work for themselves as it’s possible to work on a contract or freelance basis. To get started, you’ll need a Bachelor’s degree in Accounting as well as appropriate certification.