Introduction
Accounting involves analyzing, summarizing, reporting, and recording a company’s financial aspects. Accounting is one of the key processes in almost all types of business. Accounting makes it possible to determine which business decisions were effective and whether the company is generating revenue or making a profit.
Accounting provides an essential tool for tracking the flow of cash, keeping track of assets and debt, profitability, and billing customers. It is the system of recording financial transactions with numbers and text in the form of financial statements.
Training type in Accounting
Hybrid (Online and Offline)
How long does it take to get certified in Accounting?
The average training for each level of certification In accounting is a 4 years bachelor’s degree
The average qualification to become an Accountant?
A Bachelor’s degree / HND (Higher National Diploma) is the average qualification requirement in pursuing a career in Accounting.
Best secondary school for Accounting?
The best secondary school department to be for Accounting is the Commercial department.
The tertiary field you should be in to pursue a career in Accounting
- Tax accounting
- Financial accounting
- Management accounting
Popular career paths in Accounting
Studying accounting is one of the safest ways to start a career in Accounting. And also, by learning essential business skills, you can embark on almost any business career. Generally, you need a professional accounting degree (bachelor’s or master’s). Going for an internship will also add to your professionalism. To be competitive, you should also aim to qualify as a Chartered Accountant or Certified Public Accountant.
What is ICAN Qualification?
ICAN is the Institute Of Chartered Accountants of Nigeria. It was established by the Act of parliament No. 15 of 1965. This is one of the most advanced accountancy associations in Nigeria and the world at large.
The purpose Of ICAN
The main ICAN mission is to encourage and foster professionalism in the accountancy field generally.
How long does it take to be a Chartered Accountant?
This depends on your current professional certification. However, it takes a minimum of 3 years to become a chartered accountant in Nigeria, and that is after you complete the ICAN examinations.
Are there levels in ICAN?
Absolutely, yes! There are 3 levels in ICAN which are set out as qualifications of competencies. These levels include; Foundation, Skill, and Professional.
Is ICAN for only Accounting students?
No. It is unnecessary to have a degree in Accounting before becoming a member of the Institute. Anybody can become a Chartered Accountant, provided they pass through ICAN.
How relevant is ICAN certificate in other countries?
ICAN certificate remains highly relevant as long as it stays in Nigeria, (or other African countries). Despite its effective training, the institute certificate is useless in other countries. Countries like the USA, Canada, and other European countries will not accept the ICAN certificate as proof of professionalism. This, however, is because these countries have their respective Chartered Accountants Institutes, which you must enrol in to stand a chance of being employable in the Chartered accountancy field.
The different types of professional grades in Accounting
- Bookkeeper: performs bookkeeping functions
- Junior Accountant: usually reports to any of the higher-level accounting positions, or in smaller companies, to the controller
- Staff Accountant: prepares journal entries and reconciliations
- Senior Accountant: helps the company’s management to analyze the economic health of the organization, usually through timely financial reports and counsel
- Accounting Supervisor: responsible for monitoring and approving the financial processes and reporting of their department
- Accounting Manager: oversees staff accountants and/or accounting supervisors or junior accountants
- Controller: in a corporate environment, a controller supervises all other accounting staff and usually reports to a Chief Financial Officer or Director of Finance
The stages of an Accountant’s career average year at each level
An average duration at each profession stage requires a whole lot of experience and at least 3 years
The average salary of an Accountant
The average annual salaries for each professional grade in the United States are:
- Bookkeeper: $39,993
- Junior Accountant: $51,217
- Staff Accountant: $48,500
- Senior Accountant: $70,116
- Accounting Supervisor: $90,326
- Accounting Manager: $100,387
- Controller: $195,702
Work type in Accounting
On-site
Work shift type for Accountants
The work shift for an accountant is 9 am to 5 pm daily work hours.
Average daily hours spent at work by Accountants
The average daily hours Accountants spend at work is 9 – 10 hours excluding other impromptu assignments or unfinished tasks.
Common occupational hazards faced by Accountants
Accountants collect and store more sensitive personal information on their clients. A data breach that affects the exposure of client information could lead to damage claims, compliance costs, loss of business, and damage to the firm’s reputation which may take years to rebuild.
Gender distribution in Accounting
Accounting has no gender distribution, the profession is dominated by both the folks and female folks.
Talents suitable for the Accounting field
Here are some suitable talents or temperaments you must have to thrive in this professional field:
- Think of money as numbers.
- Be detail-oriented.
- Have a strong work ethic.
- Value personal and professional integrity.
- Have a sense of accountability.
Average retirement age for Accountants
The average retirement age in accounting is 65 years old to 70 years old.
Popular professionals in Accounting
Phil Knight – Co-founder of Nike.
Relevance of Accounting in other countries
Accounting is one of the most sought-after skills in the whole world when it comes to record-keeping or analysis of finance. This makes Accounting to be relevant and popular across the world.
Related fields in Accounting
- Chartered accountant
- Chartered certified accountant
- Chartered management accountant
- Chartered public finance accountant
- Company Secretary
- External auditor
- Forensic accountant
- Stockbroker
Branches of Accounting
- Management Accounting
- Cost accounting
- Financial Accounting
- Audit
