Guidelines for Business Administration Graduates Choosing to Become an Accountant

According to the U.S. Bureau of Labor Statistics, demand for accountants and auditors is expected to grow 7% between 2020 and 2030. The number of new vacancies has averaged around 1,35,000 per year over the past ten years. The government of Bangladesh has initiated the establishment of 100 special economic zones by 2025.

Local and international investors will set up various industries in the said economic zones, creating a huge demand for accountants.

Business graduates who choose to pursue their careers as accountants using their mathematical skills and technical training may consider taking the steps since their bachelor’s or graduate degrees.

An entry-level accountant is a professional who is early in their career in accounting, typically has a bachelor’s degree in business administration, especially in accounting or finance, and aims to apply their academic knowledge to real-world financial scenarios, where he assists senior accountants and managers in preparing annual accounts, tax returns and various other accounting tasks. However, the market is competitive and first-year students need guidelines to succeed.

You have thorough accounting knowledge:

Graduates should take a step forward since their bachelor’s degree or immediately after graduation to strengthen a transparent and rigorous theoretical foundation for accounting concepts, tools and methods.

In particular, knowledge of financial statement preparation and analysis, financial data analysis, budgeting, forecasting, accounting standards such as IFRS, IAS, GAAP, regulatory compliance and ethical standards used worldwide can make a business administration graduate become the most steadfast candidate in this competitive world. job market.

Online Certifications in Accounting and Finance Courses:

Online learning platforms such as Coursera, Udemy, Edx, and Khan Academy offer many accounting and finance courses. Through these online platforms, graduates can earn certifications in financial statement analysis, business analysis, data analytics, economic modeling, budgeting and forecasting, tax preparation, auditing and its principles, and regulatory compliance.

Such certifications provide opportunities to gain hands-on, hands-on experience through real-life project work, allowing the graduates to gain confidence in playing the influential role that an accountant requires.

Mastering accounting software:

Automation has pushed companies and business organizations to record their transactions using accounting software instead of traditional paperwork.

Business graduates must learn to use Quickbooks Online, Xero, Wave and Tally Prime applications, which today are mainly used to maintain their financial records and reduce the risk of human error.

Financial Skill:

Financial control is an indispensable motivator for aspiring accountants, as having financial control can help aspiring accountants clearly communicate the implications of monetary decisions to stakeholders and have a significant impact on the business.

Knowledge of the literal meaning and applications of various terms such as valuation, asset allocation, capital gains, compound interest, forecasting, liquidity, net worth and the time value of money makes an incumbent graduate a more decisive and effective communicator. .

Use the network:

About 80% of professionals believe that networking is crucial for career success, according to a LinkedIn survey. If you want to resume your career in the accounting industry, evaluate who can be your mentor and with whom you can share your career goals and objectives.

Research from the Association for Talent Development shows that participating in mentoring relationships can lead to better professional development and a deeper understanding of organizational culture.

Read business articles:

Graduates should regularly read publications and blogs, such as Harvard Business Review, Forbes, and Business Insider, which provide engaging and insightful content on the state of the business world. This will give them an in-depth understanding of the current market and broaden their knowledge of economic and financial terminology.

The writer obtained his MBA in Banking and Insurance from Chittagong University.

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