Everything you need to know about Building a Successful Accounting Career

Post by Open Colleges on July 25, 2024

An accountant is responsible for recording and reporting on business transactions for a company or organisation. They play a crucial role in every organisation, and it is a popular career choice in Australia. The industry has experienced substantial growth over the past decade, and there has been a steady increase in demand for accountants in various sectors.

A career in accounting offers the unique opportunity to work across different industries. Keep reading to find out all you need to know about this exciting career.

How to start a career in accounting?

Our nationally recognised and fully accredited FNS40222 Certificate IV in Accounting and Bookkeeping is designed to provide you with a strong range of accounting skills to start your own business or register as a Business Activity Statement (BAS) Agent.

It is the perfect way to kick off your career, as it builds your foundational knowledge and equips you with the practical skills you need to start working in the accounting industry. There are no mandated education entry requirements for this qualification, per the FNS Financial Services Training Package. However, participants must be 18 years old or over.

What is the Certificate IV in Accounting and Bookkeeping?

Our popular FNS40222 Certificate IV in Accounting and Bookkeeping course is entirely online, which means you can study around your schedule. The course duration is self-paced, at a maximum of 24 months. But you can expect to finish earlier if you dedicate more hours to your studies. During your course, you will learn crucial practical and theoretical skills like:

Preparing and lodging business and instalment activity statements
Data processing
Monthly reconciliations
Preparing budgets
Preparing reports on financial performance
Preparing end-of-year adjustments
Finalising financial records after year-end

Upon graduation, some job outcomes include: Accounts clerk, Accounts administration, Bookkeeper, Payroll officer and Accounts payable officer.

What are the pros and cons of becoming an accountant?

Like any career choice, becoming an accountant can offer several advantages and disadvantages. Here’s a breakdown of the pros and cons:

Pons of being an accountant

Enjoy a stable career

Demand for skilled accountants is expected to continue rising in the coming years. In 2020, the number of employed accountants in Australia reached a record high of over 222,000. A qualification in accounting also offers excellent opportunities for advancement, from entry-level roles to management positions.

Financially rewarding

Accountants can earn competitive salaries. It is one of the more lucrative careers in the corporate world. The estimated total pay for an Accountant is $90,500 per year, with an average salary of $85,000 per year.

Choose your speciality

Accounting offers flexible career paths, each specialising in different areas and serving various roles within organisations. Some common types of accountants include:

Forensic accountant
Tax accountant
Not for profit accountant
Auditor

Cons of being an accountant

Peak Seasons can be Stressful

Accounting can involve long hours, especially during tax or year-end audits.

Repetitive Work

Accounting can involve repetitive work. Depending on your personality, you may find it frustrating at times. However, some personalities truly thrive in these environments!

Deadline Pressure

Client expectations, particularly during peak seasons, can be stressful, especially in public accounting or auditing roles.

What skills and personal traits do I need to become an accountant?

Good question! Becoming an accountant requires a mix of technical skills, personal qualities, and professional attributes. If you possess the following traits, you may make an excellent and in-demand accountant.

Analytical thinking
Logical, efficient, orderly, and organised
Critical thinking and problem-solving skills
Mathematical proficiency
Attention to detail
Communication and time management skills

Start your fully accredited accounting course with Open Colleges and get supported each step of the way with our Learning and Student Support teams.

Our Student Support team is your one-stop service centre for all student administrative issues.

Your Learning Support team is there for you from enrolment to graduation. They’re ready to provide you with non-academic support - like helping you craft an achievable study plan so that you can graduate in a realistic timeframe. They can also help you stay motivated throughout your course!