"Accounting was the course that helped me more than anything." Julian Robertson
If we were to take any advice from American billionaire, Julian Robertson, it's that perhaps accounting is the field to choose should you too want to become a billionaire.
So, while you are in search of an accounting course that will allow you to account for something, you must remember that there isn't just one specific path to go down should you want to pursue accounting.
Unlike many careers, there is no one path to go down when you are getting to grips with the basics of accounting. You can choose to do a certified accounting course, complete an accounting degree, or even become a chartered accountant.
On journey towards becoming an accountant, you need to worry not only about where will study in order to become an accountant, but also what internships to complete should you wish to make an impact immediately once you graduate.
So, before we get number crunching, put your calculators aside and think about which area of accounting you would like to pursue. Perhaps our Intro to Accounting blog post may help you make your decision.
Let's discover what you need to study and where you need to study in order to become qualified in accounting.
Start accounting lessons in South-Africa with qualified tutors on Superprof.
Accounting Institutes
"Never call an accountant a credit to his profession; a good accountant is a debit to his profession." Sir Charles Lyell
You could choose to complete your accounting studies at a university or at a private college. We highly recommend looking at the University of Johannesburg, University of Witwatersrand, University of Cape Town, or the University of South Africa for accounting degrees.
If you prefer going to college as opposed to going to university, you can choose to study CIMA, ACCA, or CFA at the College of Chartered Accountants. This college is devoted to creating chartered accountants in the shortest time possible while creating accountants who are efficient in the workplace.
You could even do a Higher Certificate in Accounting course where you will get a certificate in one year. You can do a Higher Certificate in Accounting course through the Regent Business School.
Subjects You Will Need to do in order to Apply for Accounting Certificates or an Accounting Degree
You may justify that a certified course in accounting is good enough, however, if you are looking to become an accounting professional with dreams of moving up the corporate ladder, you must have completed a four-year bachelor's degree at least.
Find good bookkeeping courses online on Superprof.
There are not too many specific education requirements, or qualifications required before you start studying accounting. Yet, many South African universities does require you to have studied pure Maths, Economics, Business Studies, or Accounting at a school level before you get accepted to study accounting at a university level. Again, the requirements before you get into university depends entirely on where you choose to study.
Most university courses do cover the basics of accounting which do not require any previous school experience, but it surely would be beneficial to have some basic accounting knowledge as it takes three years of schooling to cover what is covered within the first few weeks of university. So, should you want to be successful at first year accounting make sure that you have gained some accounting knowledge at school.
Again, it is always a good idea to reach out to a Superprof tutor when you are studying accounting at school or at university.
When you pursue a university degree, you get to learn all there is to know about accounting theory, however, it is putting all that theoretical knowledge into practice that makes a world of difference.
Again, the different institutes offer courses that vary in terms of the duration it takes to complete the course:
- Certified Accounting Course: one to two years of study
- Bachelor’s Degree: up to four years
- Masters in accounting: up to two years
You could further choose to complete a course like the BCTA (Bridging Certificate in Theory Accounting). The BCTA course can be pursued by people who completed an accounting degree over 5 years ago and who are wishing to enter the chartered accountancy program. Those who completed a non-accounting bachelor's degree in commerce can also enroll in the BCTA program. So, while you may not have completed your accounting degree at an undergraduate university level, you can still get into accounting later in life.
It's all about what you bring to the table in terms of your studies. You can't compare yourself to the other candidates as every candidate brings his or her own knowledge, skills and expertise to the table.
South African Institute of Chartered Accountants
The South African Institue of Chartered Accountants (SAICA) is an accountancy body that is widely recognised. It is SAICA that provides support to chartered accountants, associated general accountants, and accounting technicians.
Becoming an accountant is incredible, however if you read our article about the Principles of Accounting, you will understand how important it is to be professional, have the necessary discipline in the field, and to display the ethical conduct needed to be a great accountant.
SAICA offers professional development to all accounting members. You must keep in mind that there are some ethical considerations that become necessary in accounting for business, you need to keep these ethical considerations in mind as well.
Accounting Standards Board
The Accounting Standards Board was founded based on chapter 11 of the Public Finance Management Act. The reason why the Accounting Standards Board is so important is because it is meant to establish the standards that enhance financial reporting.
It is the board members of the Accounting Standards Board who sets the standards of the Generally Recognised Accounting Principles (GRAP).
In essence, it is the Accounting Standards Board that provides guidance of financial reporting for the government. The Accounting Standards Board does much research in order to establish the respective guidelines.
Part and parcel of the Accounting Standards Board's role is to determine strategic planning. The board is also responsible for:
- determining work program
- approving the brief for items on the work program
- approving the proposal for consultation with stakeholders
- preparing public directives, interpretation, and guidelines
- performing any function pertaining to advising financial reporting
Now that you understand the role of the Accounting Standards Board, you must know that the board is made up of various committees: the audit committee, operations committee and the technical committee.
The audit committee
The audit committee is responsible for:
- overseeing overshared internal audit units
- overseeing the shared audit unit
The operations committee
The operations committee, on the other hand, is responsible for:
- managing the operations of the Accounting Standards Board (ASB)
- serves as a remuneration committee.
- serves as a risk committee.
The technical committee
The technical committee is the committee responsible for:
- dealing with standard setting activities
If you haven't visited the Accounting Standards Board (ASB) website as yet, you surely should. You will find many blog articles pertaining to any new regulations set by the board.
For example, if you are wondering what the standards are pertaining to heritage and infrastructure assets, you can read the blog post entitled New Public Sector Guidance on Heritage and Infrastructure assets.
South African Accounting Bodies
Once you have established yourself as an accountant in South Africa, there are a few other considerations such as all the different South African Accounting Bodies that you need to know about.
Again, it always helps knowing a private accounting tutor who is also a qualified chartered account as he or she can provide guidance as to the different South African Accounting Bodies.
The South African Institute of Professional Accounting (SAIPA) is another organisation fully committed to serving public interest. Like SAICA, SAIPA is also structured toward promoting trust and confidence and ensuring that accountants react ethically and professionally at all times.
If you choose, you can become a member of SAIPA the moment you qualify as an accountant. To understand how necessary joining an accounting body is, you need to be familiar with the Golden Rules of Accounting. You can read all about these golden rules here.
Another option available at your fingertips is to join SAIBA- South African Institute for Business Accounting. SAIBA is the institute to join should you be interested in finding support, encouragement, and even resources to use.
Whether you believe it or not, being affiliated with South African Accounting Bodies makes a world of difference to the lives of accountants who tend to feel supported in their roles.
Remember your studying might end when you qualify as a chartered accountant, however, you need to be upskilling throughout your life. Making sure that you are supported in your journey as an accountant is key, but always keep in mind that the more you upskill, the easier it will be to start your own practice or even boost your already existing business.
Remember: "Accountants are cowboys of information." David Foster Wallace
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