What I Wish I Knew Before Becoming An Accountant

Summary

In this insightful video, the speaker shares valuable lessons learned from their journey into accounting. They debunk the myth that accounting is only for 'numbers people,' emphasizing the importance of logical thinking, people skills, and teamwork. The video highlights the diverse career paths in accounting and stresses the need for good posture and self-care due to the desk-based nature of the job. The speaker also discusses the challenges of work-life balance and the tough exams, offering advice on navigating these hurdles. Ultimately, they highlight the broad opportunities available for those pursuing a career in accounting.

Takeaways

• 😀 You don't need to be a 'numbers person' to succeed in accounting. Logical thinking and data evaluation are more important than just crunching numbers.
• 😀 Accounting is about communication. It's the language used to support conclusions, communicate financial results, and make decisions.
• 😀 People skills matter more than you might think in accounting. Building relationships with colleagues, clients, and teams is key to success in the industry.
• 😀 There are numerous career paths within accounting. You don't have to stay in traditional roles like auditing or financial reporting—explore areas like tax, consulting, or corporate finance.
• 😀 The path to accounting isn't fixed. Transferable skills from other fields can be just as valuable as direct accounting experience.
• 😀 Posture is important for accountants. Sitting in front of a computer all day can lead to back and eye strain, so maintain good posture and take breaks when needed.
• 😀 Work-life balance in accounting is challenging, especially during busy seasons at big firms. Finding a balance that works for you early on is crucial to avoid burnout.
• 😀 Accounting exams are tough. They require a lot of preparation, dedication, and time management, and can feel overwhelming at times.
• 😀 Be prepared for difficult exams, but don't be discouraged. It's possible to pass with the right support and study time, and completing them opens up new career opportunities.
• 😀 People skills are central to accounting. Understanding how businesses function and being able to communicate effectively with a range of people can set you apart in the field.

Q & A

Do you need to be good with numbers to succeed in accounting?

No, you don't have to be a 'numbers person' to succeed in accounting. It's more about logical thinking, evaluating and interpreting data, and using tools like Excel and analytical software to reduce manual calculations.

What is the most important skill for an accountant to develop?

People skills are arguably the most important. Building relationships with team members, clients, and others outside your direct team is crucial for success in accounting, as it helps you collaborate and communicate effectively.

Is accounting only about working with financial statements and audits?

No, accounting is much broader. There are many specializations, including tax, financial consulting, and corporate finance, allowing accountants to explore a variety of roles beyond traditional auditing or reporting.

Is there a set path to becoming an accountant?

No, there is no single path. Accounting offers flexibility, and many people enter the field with different backgrounds. Transferable skills, such as communication and problem-solving, can be just as important as direct accounting experience.

How difficult are accounting exams?

Accounting exams are challenging and require dedication. They involve significant study time and commitment. While firms may offer study blocks, balancing work with exam preparation can be tough, but completing the exams opens up many career opportunities.

What are the challenges of work-life balance in accounting?

Work-life balance can be tough, especially during busy seasons at large firms like the Big Four. Accountants often face long hours and strict deadlines, which can lead to burnout if not managed properly. Finding a personal balance early is key to avoiding this.

How can you maintain good posture as an accountant?

Maintaining good posture is important as accounting often requires long hours in front of a computer. Ensuring you sit or stand properly, taking regular breaks, and being mindful of your posture can help avoid physical strain.

What role do relationships play in accounting?

Relationships are crucial in accounting. Building strong networks within your team, with clients, and across the business is essential. Effective communication and collaboration with others are often more important than technical expertise with numbers.

What opportunities are available after becoming a chartered accountant?

Becoming a chartered accountant opens up numerous career opportunities. These include roles in tax, financial consulting, internal auditing, management, and more. The qualification provides a broad foundation that can lead to various specializations or leadership positions.

Is accounting a niche or limiting career?

Accounting is not as niche as it may seem. It provides a deep understanding of how businesses function, which opens doors to a wide range of career paths. Accountants can branch out into different fields, making it a versatile and dynamic profession.