Becoming a Certified Public Accountant (CPA) can be a significant achievement in one's career. It opens up various challenging job opportunities and leadership roles, including internal auditors, IT managers, tax accountants, financial advisors, chief financial officers, and CEOs of major corporations, both for entry-level and experienced professionals.
To play a more substantial role in a company's financial success, employers expect CPAs to possess additional skills and attributes, especially when hiring them for management positions. Passing the CPA exam is crucial for CPAs to establish their credibility and expertise in finance and accounting. However, to thrive in this industry, CPAs must possess the ability to handle complex tasks with speed and accuracy, continuously develop their CPA skills, and acquire new ones.
Therefore, CPAs need to acquire nine essential skills to succeed in their careers amidst the increasing demand for financial and accounting professions.
These skills are:
Up-to-date tax knowledge
Staying informed about tax laws and mandates is essential for accounting professionals to provide effective services to clients and organizations. To do so, everyone from financial planners to payroll administrators and tax accountants should participate in continuing professional education (CPE) courses related to federal and state taxation, as tax regulations frequently change.
Business awareness
Having a strong understanding of a business's profile and staying informed about economic and financial events that can affect the organization is crucial for CPAs. Possessing business awareness skills allows CPAs to comprehend the inner workings and relationships among different departments within the company, which can enhance their overall effectiveness and success.
Flexibility
Being adaptable is a vital quality for accounting professionals to provide excellent service to their clients. They should be capable of meeting deadlines while being open to change, whether it is due to the introduction of new software, a change in tax policy, or a transition in upper management. Accounting professionals should prepare themselves as much as possible for potential changes within their workplace.
Leadership skills
CPAs working in large firms often hold key mid to upper-level management positions that require them to be accountable for the organization's success. It is essential for these professionals to exhibit strong leadership qualities, demonstrating the ability to manage and motivate others while maintaining focus on business objectives, whether working for a public or private company. Therefore, developing leadership skills is critical for CPAs who wish to excel in their roles.
Technical abilities
Accounting and financial professionals must keep up with the rapid technological changes in their workplaces, as automation and other technology trends are revolutionizing the accounting and finance industries. Thus, CPAs need to be proficient in advanced Excel and modeling techniques, as well as familiar with ERP tools and query languages (e.g., SQL) to effectively utilize these technological advancements.
Additional auditing training
While auditing is one of the four sections of the CPA exam, having a strong understanding of this area is critical for accountants seeking to assist companies in evaluating their performance. As companies look to internal auditors to enhance efficiency, manage risks, and evaluate IT systems, accountants may want to consider pursuing additional auditing training to meet these demands effectively.
Data Analytics
Cloud computing has made it possible for accountants to access financial information in real time, which underscores the importance of data analytics skills. By enhancing their ability to analyze data, CPAs can provide clients with valuable insights into their financial information, gain a better understanding of the company's overall financial outlook, reduce risk, and enhance business processes.
Time management skills
Good time management skills are crucial for CPAs to achieve success in their work. These skills include effective prioritization, organization, scheduling of meetings and tasks, managing interruptions, and delegating tasks to optimize productivity and output in the long run.
To enhance your skills as a CPA, it's essential to identify professional development opportunities provided by your employer and inquire if they offer financial support or flexibility to pursue additional training. If the skills you acquire align with your employer's needs, they may be willing to provide the necessary resources.
In addition to technical accounting skills, it's crucial to develop managerial and business acumen to advance in your CPA career. Improving decision-making abilities and cultivating self-awareness are excellent ways to expand your skillset and increase job satisfaction. Hence, accounting professionals need more than just qualifications and certifications to excel in their roles.
To learn more about the CPA course and the skills required to succeed, you can contact Miles Education or email them at info@mileseducation.com.