If you have an analytical mind, are highly organised, attentive to detail, and love collaborating with people and numbers, a career in accounting and the finance industry might be the right fit for you.
Accountants make up the backbone of every business, making this a great career choice in terms of security and income. From making sure the money is coming in to keeping the doors open and the lights on, Accountants are a vital part of any organisation. Similarly, finance in general is a rapidly growing area, especially in the loans and Fintech space.
In this article, we have listed 5 easy steps you can follow to kickstart your career in accounting and the finance industry.
What does a career in accounting and finance look like?
Accountants are responsible for maintaining and analysing financial records for companies, government agencies, and other organisations. Given the scope of the job, Accountants must be analytical and detail-oriented.
It is estimated that the average salary of someone working in the accounting and finance industry can earn at least $92,509 per year or $47.44 per hour. Entry-level positions start at $78,136 per year, while most experienced financial professionals can make upward of $116,555 per year.
Here are some of the day-to-day responsibilities and tasks you can expect to undertake as an Accountant:
- Regularly analyse and report on an individual or business’ financial situation
- Prepare budgets and budget forecasts
- Manage cash flow and cash flow forecasts
- Oversee and process staff payroll requirements
- Conduct audits and financial investigations
- Establish bank accounts, funds and trusts
- Ensure organisations are complying with financial policies and regulations
- Provide advice on business plans, structures and accounting systems
While each finance role will have a different focus, all Accountants need a strong understanding of how businesses work, from auditing to payroll, taxes, profit, and loss.
5 tips for landing a job in accounting and the finance industry
Getting your first accounting job might be quite challenging.
Employers prefer candidates with accounting expertise or a background in finance. We’ve listed several tips to help you get your foot in the door and start a career in the accounting and finance industry:
1. Get a finance or accounting degree
A Bachelors Degree in Accounting is the minimum educational qualification for a financial accountant job. Depending on the country, some regulatory boards also require that those who want to become CPAs complete specific Certified Practising Accountant courses.
In Australia, there are many prestigious universities offering Finance and Accounting courses. According to QS Top Universities Rankings, UNSW is in the Top 20 Universities for Finance and Accounting in the World in 2022 (#20), followed closely by the University of Melbourne (21) and the University of Sydney (24).
Some of the Finance and Accounting courses at these Universities that may interest you include:
Bachelor of Commerce
Bachelor of Economics
Bachelor of Accounting
2. Pass the CPA exam
While pursuing your Bachelors Degree in accounting, you may decide if you want to eventually take the CPA exams. A Bachelors Degree and some accounting experience is often required before applying for the test.
The CPA test is known to have an extremely high degree of difficulty and covers a wide range of subjects. You can consider joining study groups and review groups or enrol in review classes to help better prepare for your CPA exams.
3. Get experience in the finance industry
After graduating, apply for entry-level roles in the diverse finance industry.
You can use a revolutionary recruitment app like MPLOI to proactively connect with accounting firms and finance organisations to network and find the ideal role.
Becoming a graduate accountant, accounting intern or bookkeeping intern enables you to use the knowledge from your studies and apply it to practical accounting duties. They may offer flexible work arrangements so you can study and sit for exams at the same time. After a few years as a graduate accountant or intern, you may advance to regular accountant or bookkeeping roles.
4. Stay up to date with the latest technology
The current workforce landscape has seen plenty of jobs become obsolete due to the availability of technology – AI and other digital tools have replaced highly manual jobs. To remain relevant, you need to have up-to-date knowledge and skills around using this technology.
For instance, learning the latest accounting software, mastering accounting apps and being aware of technology updates in the accounting industry will help you land a job in the modern accounting field and have a successful ongoing career.
5. Begin your networking right away
Networking is vital if you want to break into the accounting and finance industry because the majority of businesses are built on personal relationships. You need to promote yourself and your abilities to possible employers, and one way to do this is to network with people and organisations.
We have the perfect way to do just that with MPLOI.
It pays to be proactive when job hunting for accounting roles
To help you get noticed by the right employer that matches your core strengths and work ethics, our intuitive and revolutionary recruitment platform, MPLOI allows proactive job seekers like you to start your career as an accountant on your terms.
What is MPLOI?
MPLOI is an innovative employment app that matches like-minded employers and potential employees based on similar values, qualities and skills through a career alignment algorithm.
With MPLOI’s modern approach to proactive recruitment, we empower job seekers and business professionals to pursue new career opportunities by simply swiping to start a conversation with a potential employer.
This recruitment platform gives you instant access to a plethora of potential employers offering the ultimate stress-free recruitment solution for business professionals like you.
Register your interest below and get notified of our upcoming launch! HERE MPLOI