Reasons, Routes and Requirements to Study Accounting

Are you interested in an accounting career?

Is this because you heard that some of the best paid managers, directors, CEOs and CFOs all have a financial background?

Maybe you want to study accounting because you have a keen interest in numbers and managing the finances of people or organisations.

Whatever piqued your interest in the field of accounting, we think it’s a great option when seeking a consistent, well-paid and diverse career, especially in today’s globally competitive job market.

Not only will accountancy offer roles across most industries, it could also provide great job security because of its need in companies cross the globe. It’s time to break the misconception that accountants are bean counters, as nowadays with the help of technology, security and legislative challenges they do some of the most exciting work in the business world.

Let’s look at whether a career in accounting will suit you and the possible routes you can explore to find the accounting job of your dreams.

The Qualities of An Accountant

Number-savvy, detail orientated and analytical. Accountants have a logical and processed way of approaching the world.

This doesn’t mean they aren’t creative. Experienced accountants can bring creativity into solving complex problems while keeping a realistic perspective on the solutions.

Those with excellent people skills will excel and quickly move into management level positions where they can use their communication skills and teamwork to aid and support other departments in a business.

Over the years the student or employee of accounting will also gain a range of valuable transferrable skills. These are skills that can be used across industries and jobs and one of the most valuable is the professional and personal integrity that comes by protecting the confidential information of people and companies.

If you think you are trustworthy, have natural numeracy skills, are good at finances and budgeting or simply have an interest in how and why money decisions lead most company decisions, then studying accountancy might be the perfect career for you.

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What Accountants Do

Accountants are responsible for the collection, accurate recording and presentation of financial information for a business. Information that helps with an assessment of their financial health or strategic decisions. Today’s digital, global and agile economy has also advanced the field of accounting to include hundreds more skills or job variances.

There is so much to do in any finance department that accountants can perform completely different functions. As a student you'll explore topics and modules that will provide you with exposure to the field and lead your decisions. You might love a module on financial accounting, but struggle with subjects like economics or statistics. All this experience will be valuable to help you tweak or adapt your academic studies towards your dream job.

The main accounting streams people generally choose are:

1. Financial Accounting which involves the creation of financial statements, informing management and stakeholders of the financial state of a company.
2. Management Accounting is sometimes referred to as a forward-looking function as it is more concerned with budgeting and forecasting. Generally, it focusses on income versus expenditure and cost-related accounting.
3. Tax Accounting refers to specialists who advise companies and individuals on their tax matters. Legislation changes a lot, and this could also include aspects on VAT, Import duties etc.

There are however a myriad of functions and specialisation fields within accounting in the business world which include:

• Management Accounting
• Financial Accounting
• Debtor or Creditor Management
• Internal Financial Reporting
• Tax Accounting
• Payroll Management
• Bookkeeping
• Auditing
• Financial Forensics

Combining your love for numbers with an industry like community health could land you an accounting job at a company like Goodbye Malaria, while studying auditing and CA qualifications can land you your first job at some global auditing firms like KMPG, Ernst & Young or PwC.

Accountancy Study Requirements

So what are the accounting degree entry requirements?

Do you need to excel at mathematics or is there a specific subject mark required in the English language to apply?

Most university and colleges undergraduate programmes have some entry requirements to ensure they select the candidates that are most likely succeed. This will also ensure that you are ready to take on the challenge of completing a qualification with them.

It is therefore important for future students to ensure they complete and acquire the minimum marks for each of the subjects listed by the university or college they’d like to apply to. Most schools have career counsellors and advisors that can help you make choices around your career and the most suited college or university choices.

International students need to note that the South African academic year runs from January to December, therefore the applications for most Universities are required between April and July. International students also have to prove their are native English speakers or proficient in the english language for acceptance.

The entry requirements for a degree, diploma or certificate will very much depend on the route of study, specialisation or programme and institution you choose. Here’s a general summary to give you an indication on institution application requirements:

• Universities generally require an application with a National Senior Certificate where you scored above 60% for English and 70% for Mathematics. You also require an APS (Admission Point Score) of around 32 – 34 and can choose from programmes like BCom (Accounting Sciences) or BCom (Financial Services). It takes 3 years of full-time study to complete it.
• Business schools also offer similar undergraduate programmes to students, but their classes tend to be smaller with slightly higher tuition fees.
• Colleges generally offer certificates and some of these can be studied part-time. These programmess tend to be a lot cheaper and shorter and are generally more suited for professional development of people who already work.

Most comprehensive fianance programmes will ensure their students get exposure to other relevant modules in the business world.

Economics, statistics, mathematics, and even English language for business could be on the subject list for some schools.

A degree is not always necessary to work in accounting jobs, even though it would make it much easier to get hired. Public accounting jobs require different licences and are generally more accessible.

Those interested in finance, but who would much rather do so in a government department can study something like social sciences or humanity and major in Accountancy. As you can see there are many options to choose from and changes in modules or courses could make all the difference.

You can read our other article for more on some of the best accounting courses you can study.

Accountancy modules and courses are also useful additions to other careers. Many businesses feel an understanding of accounting makes for better managers and might send their employees for a course in finance at a business school once they reach managerial level.

Accreditations, Certifications and Exams

Career accountants have to have specific licences and qualifications for the work they want to do in South Africa. The South African Institute for Chartered Accountants (SAICA) oversees qualifications for chartered accountant qualifications and you cannot work as a CA without their accreditation.

Some of the other important professional bodies in accounting include:

• SAIPA (South African Institute of Professional Accountants)
• ACCA (Association of Chartered Certified Accountants)
• CIMA (Chartered Institute of Management Accountants)
• SAIBA (South African Institute of Business Accountants)

It’s important to ensure that your qualification is recognised in the professional industry you want to work in. Your accreditation is generally linked to a university degree and you’ll have to pay licensing fees to keep it valid, but be sure to check that and don’t assume it’s a given.

Continued professional development is also required for most accountants to keep their licenses in South Africa. This ensures you stay up to date with the latest governance and legislation to practise and conduct people’s finances in a lawful way.

How To Approach Your Studies

Do you have enough time and money to study full-time?

Do you prefer working while completing correspondence studies?

There are so many ways and courses you can do to enter the world of accounting.

You can also do international online qualifications where the full qualification and exam is conducted online. Maybe blended learning is your thing. This is where classroom and online learning is combined.

You can also find thousands of books on accounting or websites and other online resources to aid you in you studies. These can be useful especially if you struggle with a specific problem.

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Studying Accounting is quite different to studying other subjects. You require fewer skills in memorisation and need to be good at understanding and applying the rules of accounting.

This only comes through loads of practice. So be sure you follow each step in the process diligently and make use of workbooks to get as much practical application as possible, it will also help you to beat the clock during those stressful exams.

Read this article for more tips on how to study accounting and prepare for exams.

We hope you have enough information to start researching the degree of your choice to check the entry requirements?

If you need help with your English or mathematics, we have a tutor right here on Superprof that can help. We also have tutors who are great at helping students with school-level accounting to ensure they have a strong foundation for tertiary studies.

What are you waiting for? The world of finance and possibility awaits.