How to Become a Principal Accountant?
Steps to Become an AccountantAccountants have many finance-related responsibilities generally associated with prepping financial records. These tasks can include organizing and maintaining financial records, ensuring accounting statement accuracy, and computing taxes and preparing tax returns. Accountants must perform these tasks while abiding by Generally Accepted Accounting Principles (GAAP). In this article, we discuss the steps required to become an accountant:
Earn your accounting degree.
Regardless of your plans for your career, to become an accountant, you must first earn your degree in accounting. An associate degree is also acceptable for specific job paths, but a bachelor's degree is preferred. A bachelor's degree in accounting can lead to various business roles and provide a solid foundation for further studies in the accounting field.
During your education, you'll learn about tax laws and study accounting principles and other mathematical-based concepts. You'll also be required to study specific business-related courses such as the following:
- International finance.
- Financial recordkeeping.
Find an accounting job.
After obtaining your degree for your career in accounting, you'll need to then gain real-world experience to advance in your career. You can progress toward earning an advanced degree while working an entry-level accounting job. Additionally, internships for companies such as accounting firms can lead to job offers.
If you wish, you can proceed in this direction instead of going directly to a job. During an internship, it's essential to put forth your best effort, be professional, and build your professional network for your future.
Earn an advanced degree.
If you plan on furthering your career beyond an entry-level accounting job, earning an advanced degree in accounting will be necessary. A master's degree in accounting can open more doors to stable career paths with a higher earning potential such as auditing, forensic accounting, and public accounting. A master's degree can also help you attain a higher salary for the position you hold.
You may not qualify to take the Certified Public Accountant Examination with only a bachelor's degree, making a master's degree necessary to advance your career further. Master's degree options include the following:
- Master of Accountancy.
- Master of Science in Accounting.
- Master of Professional Accountancy.
- Master of Business Administration with an accounting specialty.
Take the Certified Public Accountant Examination.
Depending on which accounting specialty you choose, you may decide to take your Certified Public Accountant Examination, commonly known as the CPA. This career path requires you to pass a comprehensive examination and have extensive knowledge in the field of accounting. After passing your CPA exam, you'll be qualified to file Securities and Exchange Commission reports and represent clients before the Internal Revenue Service in matters related to income taxes.
Continue your education.
To maintain your license as a CPA, you'll be required to complete continuing professional education training every year. You'll also need to renew your CPA license every few years. In addition, you may also obtain your Certified Management Accountant certification. Attaining this certification requires two years of experience in accounting management and successful completion of an exam.
Principal Accountant Career Path
Senior Principal Accountant
Principal Accountant Career Path
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