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Accountants are financial professionals who manage, analyze, and report financial transactions and information for individuals, businesses, or organizations. They are responsible for maintaining accurate financial records, ensuring regulatory compliance, and providing insights for financial decision-making.

Learn more about what an accountant does, important skills to be successful in this role, and how to become one. Afterward, build your knowledge of accounting with the University of Pennsylvania's Introduction to Finance and Accounting Specialization.

What does an accountant do?

At a broad level, accountants are responsible for managing finances. They can do this work for individuals, small companies, large corporations, government agencies, or nonprofits. Their work often involves bookkeeping, reviewing and maintaining financial statements, reconciling accounts, budgeting, and ensuring cash flow. 聽

Key responsibilities of an accountant:

• Examining financial statements for accuracy聽

• Preparing, filing, and paying taxes聽

• Ensuring compliance with all federal, state, and local financial laws聽聽聽

• Making budget recommendations聽

• Advising on ways to cut costs and raise profits

• Keeping records and books organized and up-to-date聽

• Providing auditing services or working with an auditor聽

• Identifying risks and recommending solutions聽

Types of accountants

There are several types of accountants, including staff accountant and tax accountant. Learn about the key differences:

Accountant salary, job outlook, and career progression

According to the US Bureau of Labor Statistics, accountants earn a median annual salary of $81,680. Learn more about the factors that can impact your earning potential as an accountant. The projected growth for this role is six percent between 2023 and 2033, which is faster than the average for other roles [].

Beyond the salary and encouraging job projections, accounting tends to be a stable career with good professional growth and the opportunity to work across industries. Every company needs accounting professionals to maintain their financial records, and so you can often work in industries that interest you.

Accountant vs. bookkeeper

A bookkeeper can progress to becoming an accountant, and is often an excellent way to get started in this career if you don't yet have a college degree. Bookkeepers primarily focus on the day-to-day financial record-keeping of a business, handling tasks such as recording transactions, managing invoices, processing payroll, and maintaining accurate financial records. They typically require a high school diploma and basic accounting software knowledge, working with the practical, transactional aspects of financial management and ensuring all daily financial data is properly organized and recorded.

An accountant, on the other hand, takes a more analytical and strategic role in financial management. They interpret the financial data that bookkeepers record, using it to help businesses make informed decisions, plan for the future, and ensure compliance with financial regulations. While bookkeepers focus on recording what has happened, accountants focus on understanding why it happened and what it means for the business's financial health.

Accountant vs. CPA

A certified public accountant (CPA) is a natural career progression after gaining experience as an accountant and completing state licensure requirements, which includes completing 150 credit hours of education and passing the challenging four-part CPA exam.

CPAs have special privileges and responsibilities that regular accountants do not, such as the legal authority to conduct audits, file reports with the Securities and Exchange Commission (SEC), and represent clients before the IRS. They must also maintain their license through continuing education and adherence to strict ethical standards. Due to these additional qualifications and capabilities, CPAs are often considered the highest level of accounting professionals and typically command higher salaries and more senior positions.

How to become an accountant聽

Accountants typically need to enjoy working with numbers, be detail-oriented, and have a strong set of ethics since they handle and review money. If this sounds like a good fit for you, these steps will help prepare you to find a job and advance in your career.聽

1. Earn your bachelor's degree.聽聽

Having a bachelor's degree tends to be a requirement for this role. According to Zippia, 71.2 percent of accountants have a bachelor's degree [2]. If you don't yet have your bachelor's degree, consider majoring in relevant fields such as accounting, business, finance, or economics. 聽

Learn more: Do You Need a Degree to Be an Accountant?

2. Gain experience through an internship or entry-level job.聽

Experience in this field is crucial, and you can gain some through an internship or an entry-level job. Some entry-level jobs in accounting include:

• Bookkeeper

• Accounts payable specialist

• Payroll administrator

• Accounts receivable clerk聽聽

3. Strengthen your skills. 聽

Accountants must be skilled at working with numbers and maintaining accurate financial records, among other abilities. Let's review some of the key technical and workplace skills needed to succeed in this role.

Technical skills to be an accountant:

• Mathematics

• Accounting software

• Spreadsheet proficiency

• Data analysis

• Financial reporting

• Business software

Workplace skills to be an accountant:

• Ethics

• Attention to detail

• Problem-solving

• Organization

• Communication

• Time management

4. Explore certification. 聽

If you don't want to seek state licensure to become a CPA, there are other certifications you can earn to verify your knowledge and strengthen your credibility as an accountant:聽

• A certified management accountant (CMA) has both accounting and managerial skills. This is typically needed to become a chief financial officer for a company.聽

• An enrolled agent (EA) is an expert when it comes to the tax code and works mostly on tax law.聽

• Certified internal auditors (CIAs) are certified to conduct internal audits of a company.聽聽

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