According to the US Bureau of Labor Statistics, the demand for accountants and auditors is projected to grow by 7% from 2020 to 2030. The number of new job openings has been around 1,35,000 each year, on average, over the past decade. Bangladesh's government has initiated the establishment of 100 special economic zones by 2025.
Local and international investors will set up different industries in the said economic zones, creating a massive demand for accountants.
Business graduates who opt to pursue their career as an accountant using their mathematical skills and technical training may contemplate taking the very steps since their undergrad or graduation.
An entry-level accountant is a professional at the onset of their accounting career, typically having a bachelor's degree in business, especially in accounting or finance, and strives to apply his academic knowledge to real-world financial scenarios, assisting senior accountants and managers in the preparation of financial statements, tax returns, and various other accounting tasks. However, the market is competitive, and freshers need guidelines to succeed.
Have thorough accounting knowledge:
Graduates should step forward since their undergrad or immediately after graduation to strengthen a transparent and rigorous theoretical foundation on accounting concepts, tools, and methods.
In particular, knowledge of financial statements preparations & analysis, financial data analysis, budgeting, forecasting, accounting standards like IFRS, IAS, GAAP, regulatory compliance, and ethical standards used globally may ramp up a business graduate as the most unwavering candidate in this competitive job market.
Online certifications in accounting and finance courses:
Online learning platforms like Coursera, Udemy, Edx, and Khan Academy offer many courses on accounting and finance. Through these online platforms, graduates may earn certifications in financial statement analysis, business analysis, data analysis, economic modeling, budgeting & forecasting, tax preparation, auditing and its principles, and regulatory compliance.
Such certifications provide opportunities to gain practical, real-world experience through real-life project work, which can make the graduates confident about playing the influential role an accountant requires.
Mastering accounting software:
Automation has induced corporations or business organizations to record their transactions using accounting software rather than traditional paperwork.
Business graduates should learn to use Quickbooks Online, Xero, Wave, and Tally Prime applications, which are mainly used nowadays to keep track of their financial data and reduce the risk of human error.
Financial fluency:
Financial fluency is a must-driver for aspiring accountants, as having financial fluency can help novice accountants clearly communicate the implications of monetary decisions with stakeholders and significantly impact the company.
So, knowledge of the literal meaning and applications of different terms, such as valuations, asset allocation, capital gain, compound interest, forecasting, liquidity, net worth, and the time value of money, makes an incumbent graduate a more decisive and effective communicator.
Tap into the network:
About 80% of professionals believe that networking is instrumental to success in a career, as per a survey by LinkedIn. If you are aiming to pick up your career in the accounting sector, you may evaluate who can be your mentor and with whom you can share your career goals and objectives.
Research by the Association for Talent Development shows that participating in mentoring relationships can lead to better professional development and a deeper understanding of organizational culture.
Reading business articles:
Graduates should regularly read publications and blogs such as Harvard Business Review, Forbes, and Business Insider that offer engaging and insightful content on the business world's state of affairs. This will give them an in-depth understanding of today's marketplace and broaden their knowledge of economic and financial terminology.
The writer has completed his MBA in Banking & Insurance from the University of Chittagong.
shafiul0019@gmail.com
