You are good at numbers, so you must have heard the suggestion to become an accountant. Being an accountant has been considered a very tough profession, but it has always been admired by all ages. However, being good at numbers is not the only criterion for being an accountant. It is a highly dedicated profession that certainly requires a set pattern of study and professional training. In simple words, an accountant is a professional who manages and inspects the accounts of an individual, a company, a corporate sector, or even a government sector. However, in this article, we will guide you through the steps of qualification that will be required to become an accountant.
List of steps to becoming an accountant
- Higher Secondary School Certificate (FA/FSc/ICom) with minimum 50% marks or
- A-level/IGCSE with math/accounts/business
- B-Com/BBA
- M-Com/ ACCA
Quick Facts
| Career Title | Accountant |
| Degree Requirements | M-Com/ACCA |
| Job Growth (2020-2021) | |
| Average Monthly Salary | Rs 80k-5m PKR |
| Experience Required | 2 years Minimum |
| Years to become a Chartered Accountant | 4 years |
| Useful Skills | Accounting, auditing, trading, |
What does an accountant do?
An accountant is a qualified and trained personnel with educational degrees/certification in accountancy from a reputable institute. He/ She can work in various fields of business by:
- Handling accounts of an individual/ a company/ companies
- developing and maintaining the accounts database of a company and its individuals
- Handle taxation of the company/individual
- Maintain and process the payroll system of the company/individual
- Analyze the profit and loss database of the company
- Assisting in national/ international trading
- Giving professional insight on stock market investment
- Can teach accountancy at a professional level
Steps of Becoming an Accountant
Complete HSSC(FA/FSc/I-Com) or equivalent education
It is the minimum requirement to put your steps in any professional field. Every student who has 50% marks in HSSC can study accountancy. However, it is recommended to read Math/commerce at this level, otherwise, you have to take any of these subjects as an extra subject. Accountancy is all about numbers, that’s why it is better to study these subjects at the preliminary level.
(OR)
O levels or IGCSE with a minimum 2 passed subjects
Students who have O levels/ IGCSE, or equivalent certificates can also go for accountancy. It is recommended to opt for the related subjects if you want to be an accountant. It is also equivalent to a minimum of 12 years of education which is acquired by the students with certificates of FA/FSc/ ICom/ICS.
BA/B.Com/BBA
If you want to be an accountant, you are suggested to study commerce /business/accounting at graduation level. Students with Math/statistics can still go for other diplomas to pursue the career of an accountant.
M.Com
After B.Com, many students choose to do M.Com to get more equipped for the career of an accountant. However, some prefer to start working as an accountant on a junior level to get professional training and experience. M.Com is a Master’s degree that deals with commerce in more detail. It has good, detailed study in accounts also to give a solid base for an accountant.
ACCA
If you want to be an accountant; you can study ACCA to get the status of a professional accountant. It is considered a highly regarded accountancy qualification. However, it requires commitment and hard work to ACCA. It offers basically core education in accountancy with professional training. The Higher Education Commission (HEC) has recognized ACCA as equivalent to a Master’s degree; therefore, you can go it, without the fear of losing other higher degrees in mainstream education.
Core Courses to become an accountant
- Applied knowledge Papers
| BT | Business and Technology |
| MA | Management Accounting |
| FA | Financial Accounting |
- Applied Skill Papers
| LW | Corporate and Business Law |
| PM | Performance Management |
| TX | Taxation |
| FR | Financial Reporting |
| AA | Audit and Assurance |
| FM | Financial Management |
- Strategic Professional Papers
| SBL | Strategic Business Leader |
| SBR | Strategic Business Reporting |
| AFM | Advanced Financial Management |
| APM | Advanced Performance Management |
| ATX | Advanced Taxation |
| AAA | Advanced Audit and Assurance |
Scope of an accountant in Pakistan
In Pakistan, there is a lot of scope for an accountant because every kind of business requires an accountant to handle its accounts and taxation. An Accountant knows well how to handle and manage all the matters related to accounts. Many firms always welcome accountants because of the heavy workload in accounts department.
The banking sector revolves around accounts and has a good scope for accountants in Pakistan. The government sector has a lot of places for accountants at different levels. Government institutes have a lot of employers, and they have many issues regarding salaries and funds. Therefore, the government sector has a lot of absorption for the accountants at junior and senior levels. Even universities offer good packages to the accountants to handle their accounts and tax filing.
Salary of an Accountant
It has always been said that accountants always have good salary packages and the reason behind is the hard work they do to keep the accounts functional. However, there can be a difference between a newbie and an experienced accountant’s salary. According to a survey, the salary of a fresh accountant falls in the range of 80k – 100k PKR, and an experienced accountant may earn in the range of 120k-3m PKR.
Job Growth for an Accountant
If you want to become an accountant then you consider yourself as in good demand. The job growth for an accountant is quite encouraging because demand for an accountant is always at a peak. According to international research, there will be approximately a 4% rise in the demand for accountants per annum. It is a good growth rate, and every economy will need more accountants every year.
Career Concentration
Accountants are considered to work in the account departments in general. However. There are still some departments that have a tendency to offer the accountants a dynamic role to do.
- Academia
An accountant combined with teaching skills is a perfect combination for higher education institutes. These educational institutions welcome professional accountants as faculty members to impart professional education to the students.
- Research and development
The research and development departments always keep their accounts record clean and clear. That is why these departments have a team of accountants to keep their books ready for the investing authority.
- Corporate law Firms
Corporate law firms are famous for providing legal assistance about accounts and taxation of companies and individuals. These firms always have a place for the accountants to get assistance in checking the accounts and taxation of the individuals or the company.
Standout Skills Required for an Accountant
An accountant is the person who keeps the numbers at fingertips and it’s a skill cum intelligence. However, there are a few skills that an accountant must possess to stand apart. We have enlisted some of those below:
- Close Observation
It is good to know numbers in detail but if you are not in the habit of checking the details of the numbers with a close eye. You may miss a minor change, and this can create a huge mess.
- Detailed checking
An accountant is notorious for checking papers in detail. If you possess this habit, you have a perfect skill. A detailed check is going to save your records and accounts in better shape. And this is the real job of an accountant to keep things straight.
- Quick response
Some number errors in the records and accounts need quick amendments in the field of business and commerce. You are an accountant, so you must know the skill of responding to such errors. These errors may bring loss if left unchecked.
- Work with the team
You must possess the skill to work with a dynamic team. An accountant has to work with the team that may be least familiar with the numbers. But a good team member knows how to work with all members of the team, with or without the same set of skills.
