Are you considering becoming an accountant? Whether you have earned an undergraduate degree in accounting or a completely different field, there are many paths to a career in accounting.

Accounting can be a stable profession, with higher-than-average job satisfaction rates and earning potential. In fact, a sample study of 16,000 workers found that accountants and auditors are least likely to leave their jobs. Accountants and auditors also reported the highest job satisfaction levels among all careers sampled.

This study surveyed only a small fraction of accountants, but it is not hard to understand why they reported such positive feedback about their occupations. Accountants receive a median salary of $70,500, and the job growth is as fast as average occupations, according to the Bureau of Labor Statistics.

If you are considering a career in accounting, read on for a step-by-step guide on how to become an accountant and learn about different certifications you can pursue in the field.

If you have a strong work ethic and you are skilled with numbers, you may find a career in accounting to be rewarding. To prepare for your accounting career, ask yourself:

Keep in mind: You do not need to know exactly what specialization you wish to pursue or what company you want to work for. However, you should develop an understanding of the aspects of the accounting industry that interest you.

A CPA certification is well known and respected, but there are other certifications that can enhance your professional standing:

If you are interested in honing both your finance and managerial skills, the CMA certification is a great choice. This certification allows you to build strategic management skills, equipping you to pursue top roles such as chief financial officer.

The Institute of Management Accountants issues the certification. As the organization explains:

“CMAs can explain the ‘why’ behind numbers, not just the ‘what.’ And that can give you greater credibility, higher earning potential, and, ultimately, a seat at the leadership table.”

The CFA certification signifies that one is a specialist in investment management. Earning this certification is a very involved process that includes a three-tiered exam sequence and becoming part of a local CFA chapter. The amount of work invested in obtaining the certification is offset by the high return on investment being a CFA yields. If the stock market appeals to you, and you desire a challenge, look into this certification.

Some certifications like the CMA open the door to many different career paths; some are designed for a more specific use. If you want to work as an auditor, the Certified Internal Auditor certification can enhance your credibility. While the exam is still difficult, it is less time-consuming and less expensive than CPA or CMA processes.

The Enrolled Agent (EA) certification focuses on tax law. Accountants with this certification are well versed in U.S. tax code. Many professionals who desire the practicing freedom enjoyed by CPAs opt for an EA certification because it requires less education and experience. The EA certification is the highest qualification awarded by the IRS. The IRS explains the freedom EAs have:

“Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.”

This certification does not hold the same esteem as a CPA license, but it is still a useful way to boost your credentials.

The CPA exam can be difficult and requires a great deal of preparation. Before you sit for the exam, you have to meet your state’s educational requirements.

The examination has four sections:

To pass the exam, the Association of International Certified Professional Accountants (AICPA) suggests utilizing CPA Exam Blueprints. These study resources are a guide to the real exam. They lay out the format and scoring of the test and provide a look at what will be tested.

The AICPA recommends forming a support network to prepare for the CPA exam, which requires about 300 to 400 hours of preparation. As you can imagine, the CPA is no small undertaking. Using the resources provided by the test administrator will aid in successful preparation.

Before you become an accountant, you must also understand how to find work as an accountant. Depending on your qualifications, the jobs open to you will vary in responsibility and salary. When just starting as an accountant, building up experience is crucial.

Here are some tips to find a job as a new accountant:

1. Utilize Your Network

Knowing the right people can be the difference between landing an interview or completely missing an opportunity. As a 2019 Job Seeker Nation survey noted:

“Nearly half of respondents also hear about jobs by word of mouth via friends, while 37% say they also learn through professional networks.”

You don’t have to know the CFO of a major accounting firm to reap the benefits of networking. Talk to past coworkers who work in accounting, family friends who know people in the industry, and others with any connections to the field. You can also visit conferences like the Accounting & Finance Show. Events like these welcome accounting professionals to network and learn.

2. Scour Job Boards

As helpful as recommendations can be, it is important to take the job search into your own hands. Look for roles on job boards that appeal to your professional goals. The AICPA has a job board of finance and accounting jobs that is regularly updated. You can filter results based on your qualifications, desired salary and other factors.

3. Consider Part-Time Roles

You may have your sights set on a dream role with a great salary. But how do you know if you will actually enjoy that work? Consider a part-time role to gain experience and boost your resume without committing fully to the position. A part-time role also allows you to get an inside look at a company and gives you flexibility.

With the knowledge of how to become an accountant under your belt, you may be interested in establishing a firm. Below you will find common steps to take toward starting your own firm; however, it is also important to conduct your own research.

Before you set up shop: Make sure you have a thorough understanding of the services you are legally allowed to provide. Based on your education and certifications, you are able to perform certain services and not others. For instance, only CPAs are permitted to file reports to the SEC.

1. Draft A Business Plan

This plan will lay the foundation for your firm. Address the who, what, where and other logistical aspects of the business. It may be helpful to define your ideal target market. The services you offer should meet a need in the target market, and the location should be chosen with this group in mind. Other steps in this process include:

• Determine startup costs and a source of funding.
• Calculate first-year expenses.
• Set pricing of services.
• Create your business policies/procedures.
• Define the mission of your business.
  

2. Legally Form Your Corporation

To protect yourself from potential lawsuits, separate yourself from your business. You can do this by forming a limited liability corporation (LLC). There are a number of digital platforms that allow you to perform this important step. An LLC is just one business structure option. You can opt to form another type, such as a partnership or S corporation.

3. Register Your Business

A smart step in setting up your business is to register it with either the state, local, or federal government. To learn more about specific requirements, visit the U.S. Small Business Administration (SBA) website. As the site shares:

“In some cases, you don’t need to register at all. If you conduct business as yourself using your legal name, you won’t need to register anywhere. But remember, if you don’t register your business, you could miss out on personal liability protection, legal benefits, and tax benefits.”

You can also apply for specific licenses and permits through SBA. These requirements vary from state to state.

4. Establish a Business Bank Account

Keep personal and business transactions separate. Doing so will lead to fewer headaches when it comes time to report expenses. It will also keep a clear line between you and your business. Take the time to set up a unique credit card and bank account strictly for business use.

5. Set Up an Online Presence

Make sure potential clients can find your business easily. Set up a website with information that people will find useful. Add an About Us page to introduce your business and build a relationship with site visitors. Make sure to share your qualifications to enhance your credibility. An FAQ page may be beneficial as well to address common inquiries.

6. Consider a Niche

Your firm can start by offering general accounting services and then gradually specialize. Conversely, you can specialize from the start if you have the qualifications and a big enough target market. This step is not necessary, but it can help differentiate you from other firms.

7. Market Your New Business

Now that your business is formed and ready to operate, you need to get yourself in front of potential clients. There are numerous ways to advertise. For instance, you can utilize targeted social media advertising on platforms like Facebook and Linkedin. Another way to increase visibility is through activity in the community you serve. Form connections with other local small businesses and sponsor an event that allows you to be seen by more people. Be creative with marketing; you do not need a large budget to make an impact.

There are many paths you can take, from getting a specialization to starting your own firm and beyond. The journey to becoming an accountant is challenging, demanding effort and intense study. Nevertheless, the reward includes higher-than-average salaries, a marketable career and room for growth.