5 Things You Should Know Before Studying Accounting

Most people associate accounting with crunching too many numbers and undertaking too much math. What we often ignore is the fact that accounting, as a discipline, has existed for ages, and it remains one of the most important disciplines in human history. Today, no organization can effectively manage its finances without meticulous accounting facilities, and hence, it is not surprising that those with an accounting background are so much in demand. The world needs those who know numbers on the tip of their fingers.

There is a lot of scope for those studying accounting, and those interested are up for a very good career ahead. However, we cannot miss the most fundamental aspect of accounting: it is not easy to study it. When I say this, I do not mean to say that it is dull; the intention is to make you aware of the challenging character of accounting as a discipline. Therefore, there are certain things you should know before you pick up accounting.

In this article, I have compiled a few things which everyone interested in pursuing a career in accounting should know about. So, let us take a look at them.

1. Tech-savvy is a vital attribute
   We are talking about the 21^st century which has digitalized nearly everything in our daily lives. Accounting practices have been overhauled, and while we still retain quite a few traditional accounting methods, much of the process has turned to specialized software. You will inevitably end up using accounting software, and this means your tech knowledge and skills will come in handy. In case you are not good with computers, you should focus your attention on the same. Accounting software simplifies most calculations and organization yet there remains significant manual intervention from the user. Hence, tech-savvy accountants will thrive.
2. Accounting Specializations
   You might not know this, but there is a range of accounting specializations one can choose. These include forensic accounting, which basically requires investigation into financial statements, etc to detect fraud or other misdeeds; environmental accounting, which helps keep track of expenditures on environment-friendly measures such as garbage disposal; sports accounting, which assists in deciding major decisions such as the cost of tickets and salaries of athletes; and personal financing planning, which does what it says and helps in the efficient financial management in personal lives. When you are studying for your degree, make sure you invest in research about specializations you might want to consider in the future.
3. Certifications
   To work as an accountant, you will most certainly need certifications. Each country stipulates its own certification requirements for those who intend to become professional accountants. Most commonly known certifications include Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), Chartered Global Management Accountant (CGMA), Certified Information Systems Auditor (CISA), Chartered Financial Planner (CFP), Master of Business Administration (MBA), and Certified Payroll Professional (CPP). Generally, these certifications are challenging to achieve, but hard work and patience can do anything.
4. Strategic thinking and consulting
   If you think all you do is math, you couldn’t be far from the truth. As an accountant, you will have to take the role of a consultant or advisor from time to time. One of the skills you must have is strategic thinking which will assist you in your duties as a consultant. When a client comes to you, you will have to communicate your ideas and suggestions smartly; you cannot do that without strategic thinking. Throughout your studies and even afterward, pay attention to developing your strategic thinking abilities.
5. Networking is key
   You must acknowledge that the nature of accounting is such that you will most likely require strong networking skills. Much of your career depends on the goodwill you enjoy among your clients—and clients do not grow on trees for you to pick. From day zero, you should begin talking to your peers, juniors, and seniors. Establish strong relations with your professors and those in your internships. Attending workshops and seminars is quite a good way to connect to people working in your area of study. Years of effort into networking will ultimately pay off as people will recommend you, and hence, a chain of clients will gradually develop.