They say your plan B should always be a way to reach the goal of plan A. And we at Orbit Institutes couldn’t agree more. A career in accounting has scope for opportunities & growth both financially and personally. But to make the most of any career you need a good plan. In this article we, guide you aspiring finance professionals with your career plan.
How do You Define Success?
Defining success appears simple, yet it has many different connotations. For some success revolves around prestige for others it is purely financial. For some it could be about having a good work-life balance and for others it could involve giving back to society. However you define it today, remember that your perspectives on success may change tomorrow.
So, apart from understanding your version of success, you also need to understand what motivates you. To do this, speak to those within the industry. Try and understand what you like about their field. You could also seek advice from recruiters or mentors.
Before you begin though, think about where you are and where you wish to be eventually. For example, do you have an idea of the kind of money you wish to earn within the next few years or do you see yourself retiring from a certain designation. Evaluating your long-term goals will help you make short-term goals in the right direction.
Career Opportunities in Accounting
The deeper you enter the field of accounting, the more you realise how vast it actually is. There are a number of paths you can choose to advance your career. One of the earliest steps you should take is to arm yourself with information. Understand the nuances of each career opportunity. We share a brief introduction to help you get started.
Accountants come in many forms. Tax accountants focus on just that. Forensic accountants investigate financial crimes. Financial accountants help a single company convey their financial status to stakeholders and other external parties. Managerial accountants in contrast work with internal parties, helping companies improve their profits. Auditors need to be aware of all compliance laws and ensure companies follow through on them. Public accountants help companies achieve their long-term financial goals. A financial planner works with individuals helping them develop & achieve their financial goals. You could also opt for a career in investment banking, commercial banking, insurance, hedge funds, stock broking or portfolio management.
Some of these career options are available to both experienced professionals and beginners. So, no matter where you are in your career, examine the opportunities you could have.
Work Environment Can Improve Career Success
Fortunately or unfortunately, we cannot always choose our bosses & colleagues. What we can do however, is choose the kind of environment we would enjoy working in. Accountants have the ability to work across sectors in various sizes of organizations. It is up to you to decide what work environment you and your career can thrive in. For example would you be happy in the corporate world or would an NGO be a better fit for you? Do you wish to have a variety of clients or would you prefer working for one company? If you have identified the accounting field you wish to enter, these questions are easier to answer.
Working Towards your Goals
With these answers in mind, you can now take concrete steps towards them. You can begin by planning the level of education you need or are willing to get. This will also help you plan your future finances. A bachelor’s degree is usually a minimum requirement for an accounting career, however some form of specialisation will be required if you want to do well going forward. You will need to choose between a CPA, CMA, MBA and so on and so forth depending on the path you wish to take. Each of these specialisations comes with their own pros and cons, costs and duration. Keep in mind that the course you choose should also assist you in your long-term goals.
For a career plan to work it needs to be realistic, flexible and at the end of it all, fulfilling. At Orbit Institutes we have a constant inflow of students looking for a path that suits them. We help these students identify paths that they have both the attitude and aptitude for. Because remember, if plan A fails, there will always be a plan B.