Finance and Accounting Industry Overview
Companies in an accounting sector provide extensive range of accounting related services such as auditing, bookkeeping, payroll processing, taxation, management and business consultancy or risk assessment and control. Some of the major companies operating in this industry include ‘Big Four’ accountancy firms PricewaterhouseCoopers, Deloitte, Ernst & Young and KPMG. There are also wide range of smaller players providing businesses with range of accounting services such as year-end accounting, management accounting or tax and VAT returns.
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Finance and Accounting Graduate Job Market
Generally speaking, accounting industry has much to offer to recent graduates in terms of opportunities, career development and advancement. Accountancy firms provide employment and career development opportunities to accountants and auditors with wide range of qualifications. It is important to note that recent graduates who want to become future accountants are not limited working only for big four accounting firms. For example, graduates with bachelor or master degrees can work in wide variety of job functions ranging from auditing or tax planning in public accounting firms to financial planning or forensic advisors in small enterprises.
To have a good career development path in accounting does not mean that one needs to work for big player. There are numerous possibilities to become private or management accountant in profit organizations which core business does not revolve around selling accounting services. See job roles in finance and accounting to find out what are the major five industries you can specialise in as an accountant. For more industry insights see top graduate employers where you can research other companies operating in similar sectors.
Necessary Skills for an Accountant
To succeed as a professional accountant, you not only need to have good analytical skills and ability to analyse and interpret financial data to develop future business strategies but you also need to possess good soft and interpersonal skills to communicate with clients, customers and business partners effectively. Once, you develop managerial abilities such as learning how to supervise the work of others or direct less experienced individuals the opportunities for advancement become present.
When you apply for accountancy roles in public accounting firm, medium sized enterprises or large corporation be prepared to demonstrate the below skills and abilities to maximize your chances of success:
- Analytical skills and strong affinity to numbers – show that you have aptitude to analyse, manipulate and draw conclusions and recommend future courses of actions based on financial data
- Customer focus – show that you have excellent customer service skills and strong passions for customers
- Team work – demonstrate that you have the ability to work as a part of the team
- Soft skills – prove that you have strong communication, interpersonal and managerial abilities
- Time management – show that you can prioritise task and meet the set deadlines
- Attention to detail – demonstrate that you have capability to complete the task first time and spot any weaknesses and improve on them
To become a successful accountant, you need to be willing to learn constantly and keep up with latest regulations and legislative requirements. You need to be passionate about what you are doing like everything else in life – it is hard to become good at something if you don’t have passion for it.