If you’re interested in becoming an accountant, there’s some good and bad news.
In recent years, there has been a somewhat significant decline in the number of accounting degree seekers in the U.S., credited by some by the extensive process in obtaining CPA designation. While this does indicate a complicated industry, it does mean that from an education standpoint, it is slightly less competitive—allowing a fast track for some of the most driven candidates to succeed.
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From a broad viewpoint, becoming an accountant is a great gig for those who are good at numbers; their median pay is about $80,000, and the field continues to grow faster than the national average for all occupations, according to the U.S. Bureau of Labor Statistics. The field is expected to grow by 6% over the next decade, netting an additional 91,400 jobs.
“The beauty in choosing a career in accounting is that there are several points of entry,” says Chris Lovell, career expert at SoFi Technologies.
If a career in accounting career piques your interests, here are 5 steps to get you there:
- Discover your interests
- Obtain a degree in accounting
- Find a role that fits your goals
- Constantly look to upskill
- Optional: get certified
1. Discover your interests
Not all accounting is the same, so before you get started, it can be a good idea to figure out if accounting is even the right space for you. One big perk about becoming an accountant is that every company needs one, so roles can be found across all industries. In fact, Lovell says one’s responsibilities may differ depending on where someone works.
Resultantly, you should first explore accounting roles online and see which interests you and at what companies. Pairing your accounting dream with something you enjoy—say sustainability or media—can be a great way to have the best of both worlds.
Next, talk to someone in your dream role. Utilize resources from LinkedIn and your network to see if you can find an individual who can answer any questions about their career, day in the life, and educational background. Better yet, find a local accountant and ask to shadow them for half a day.
Ultimately, though, if you know you like accounting, you do not need to map out your entire career map before it even gets started, but having a dream goal is a great thing to set.
2. Obtain a degree in accounting
At a minimum, all accountants need a degree in accounting. The most traditional path to this is majoring in accounting during one’s undergraduate college experience—taking a mix of courses focused on the accounting foundations like taxation, ethics, and financial analysis.
Depending on the state and program, individuals can sit for the certified personal accountant (CPA) examination directly after a bachelor’s program. In some instances, additional coursework—including a master’s degree—may be required. At the University of Maryland (Smith), for example, there are two tracks to its undergraduate accounting major: public accounting track (leads to CPA exam eligibility) and the business and accounting advisory track (for those seeking broader business and accounting careers).
For those looking to transition into accounting from another career, a master’s in accounting is the way to go. Many universities offer programs that take only one year to complete (even online) and some have tracks designed for those with no background in accounting.
In some situations, an MBA with an accounting concentration could also be useful.
3. Find a role that fits your goals
Finding a job can be a daunting task, but thanks to a shortage in accountants, securing a role may be easier than before. And since employers are eager for talent, candidates may have a little bit more flexibility to find the best place for them.
One way to start this process is by thinking back to your degree program and recall which courses most excited you and ensure the roles you apply for have those responsibilities front and center.
Don’t forget that accounting skills are versatile—so depending on your experience, you could also explore roles like an auditor, data analyst, or financial analyst.
4. Constantly look to upskill
Just like how the field of accounting was revolutionized by the calculator, accounting is an area where AI can be used for good. The technology can make individuals more efficient and accountable—and have more time to dedicate to other tasks. But there is certainly a learning curve.
While it takes time to integrate AI into internal systems, generative AI software like ChatGPT can be used in helping troubleshoot issues with a spreadsheet formula, formatting data, or analyzing projects. It is up to you to take the initiative to learn how to properly utilize technology effectively—and potentially make you a standout employee for promotion. For example, one upskilling opportunity you could pursue is the Accounting Data Analytics Specialization offered by the University of Illinois via Coursera. It teaches individuals how to apply skills like Python, machine learning, and data visualization to accounting.
Accounting certifications can also help you specialize in a specific area of interest, like cybersecurity or data visualization.
Experts say that technology like AI will not replace most employees; its employees who know how to use AI will replace those who don’t.
5. Get certified
Not all accounts are CPAs, but all CPAs are accountants.
The traditional pathway to landing a job as an accountant is becoming a CPA. The requirements to be a CPA slightly differ state-by-state, but generally individuals must have 150 hours of hours of academic credit from an accredited higher education institution, pass the CPA examination, and complete one year of experience in the field.
Many jobs have the CPA certification as a base requirement, and experts say obtaining the CPA is an industry-recognized way to express your skills and experience, while also building connectivity in the field. However, you do not need to be a CPA to succeed in accounting or in an adjacent role.
The takeaway
Becoming an accountant is not a walk in the park, but it is certainly achievable for motivated individuals. Accounting has been in a crisis recently due to many accountants leaving the field and fewer students pursuing it altogether. While this certainly can be seen as alarming, it is also an opportunity for candidates to succeed in a field that has high-paying jobs and is only expected to grow. As firms and companies are pressured to create change to retain talent, the working environment of accountants will likely improve.
Lovell says individuals should do a cost benefit analysis to see if it makes sense to get a degree or license in accounting.
“Think about the time, money, and effort that you would spend pursuing further education. A degree or license can still be helpful In this field, even in 2024, especially in certain highly regulated sectors. However, times are changing and it’s not the only way to start a career in accounting, as more companies shift to skills-based hiring,” Lovell adds.
Frequently asked questions
What qualifications do I need to become an accountant?
To become an accountant, you need a degree in accounting. A bachelor’s or master’s will suffice depending on your experience and desired career path.
How long does it take to learn accounting
It takes at least a year to learn accounting, but the process realistically takes several years. To become a CPA, most states require 150 hours of academic credit from an accredited higher education institution as well as months of professional experience.
Is it hard becoming an accountant
Yes, it is not easy to become an accountant. Courses are often intense, and focus on very technically-detailed subjects like auditing, federal income tax, and data analytics. Plus, for those seeking the CPA certification, individuals must pass an examination.
How can I transition into accounting?
The best way to transition into accounting is to find a master’s in accounting program specifically geared toward those without experience in the field. For example, UMass–Amherst offers a “transition track” designed specifically for students with non-accounting backgrounds. While individuals may have to take additional classes or bootcamp-style preparation courses, you can be well on your way to a career in the field in as soon as a few months.
Can you be an accountant without being a CPA?
Yes, there is no regulation on calling yourself an account, take it that you have the necessary technical skills and experience. After graduating from an accredited bachelor’s or master’s program in accounting, you are safe to be officially an accountant. However, to become a CPA, you must meet your state’s requirements, including passing an examination.
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.
