Accountants perform audits and manage accounting activities for individuals or companies. Qualifications vary, with some having national or regional licenses and others having no formal training. Many countries require accountants to pass exams and sign a code of conduct. Regulatory agencies require qualified accountants as internal auditors in financial services. Some companies employ entry-level employees without formal accounting training. Compensation is based on experience and qualifications.
Accountants perform audits and manage general accounting activities on behalf of other people or companies. In many cases, accountants hold college degrees, but accountants’ qualifications vary depending on the complexity of the job. Many accountants have obtained national or regional accounting licenses, while others working in these roles have received no formal training.
In many countries, accountants must pass examinations administered by regulatory boards and pay a fee to register with an industry association. In addition to passing the exam, accountants are usually required to sign a code of conduct in which they agree to act in an ethical manner. National or regional licenses are typically listed among the accountant qualifications that applicants for jobs with large accounting firms must possess. Furthermore, these licenses typically only remain active for a limited period of time, which means that qualified accountants must attend continuing education classes and pass regulatory assessments if they want their licenses to remain intact.
Regulatory agencies in many countries require banks, investment firms and insurance companies to employ qualified accountants as internal auditors, and these individuals are charged with reviewing the company’s accounts, securities transactions and other financial transactions. Consequently, accountant qualifications for jobs in the financial services industry often include insurance titles or licenses. Although accountants play no role in buying or selling investment or insurance products, knowledge of these products is essential for them to complete their job.
In some countries, accountants cannot take the licensing exams until they have received a certain amount of on-the-job training. Accounting firms often recruit college graduates to fill trainee accountant jobs. Therefore, accountant qualifications for these jobs typically include a college degree in accounting, finance, mathematics, or a similar subject. Companies that work with large commercial clients may also require job applicants to have a graduate degree in commerce or macroeconomics.
While many companies look for certified accountants, some companies employ entry-level employees in accounting positions. These individuals balance the books, make bank deposits, and issue payments to vendors on behalf of the company. Some employers do not require job applicants for these roles to have undergone any formal accounting training, and in many cases these roles are filled by high school graduates rather than graduates. In other cases, small businesses may require job applicants to have taken some type of accounting or bookkeeping class at a local community college. Compensation levels are largely based on experience and qualifications, so entry-level accountants without formal qualifications earn much less than their licensed counterparts.
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