What I Wish I Knew Before Becoming An Accountant

Devamsha

7 Mar 202110:09

EducationalLearning

32 Likes 10 Comments

TLDRThis video script dispels the myth that accountants must be math geniuses, emphasizing that logical thinking and data evaluation are key. It highlights the importance of teamwork, communication, and building relationships in the field. The speaker shares insights on the diverse career paths within accounting, the flexibility in educational and professional backgrounds, and the challenges of work-life balance, especially during busy seasons. The script also addresses the difficulty of accounting exams and the value of transferable skills, advocating for a holistic approach to the profession.

Takeaways

🧮 You don't have to be a 'numbers person' to be an accountant; logical thinking and data evaluation are just as important.
🤝 Building relationships and working well within a team is crucial in the accounting industry, often more so than the numbers themselves.
📊 There's more to accounting than just numbers; it involves a lot of communication and understanding of business functions.
🛣 The path to becoming an accountant isn't strict; various experiences and transferable skills can lead to success in the field.
🌟 The accounting profession offers a wide range of avenues to pursue, from tax to financial consulting, beyond traditional financial statement work.
👀 The importance of posture and health cannot be understated, especially in desk-based jobs like accounting where screen time is extensive.
⚖️ Work-life balance can be challenging, particularly during busy seasons, and finding your own groove is essential for avoiding burnout.
📚 Accounting exams are notoriously difficult and require significant dedication and time commitment to pass.
💡 The opportunities that come with completing the exams and becoming a chartered accountant are significant and can open many doors.
🔍 Emphasize the importance of people skills; understanding businesses and their functions well allows for a broad range of career steps.
🎓 The speaker's personal journey highlights the value of a well-rounded approach to accounting, rather than just focusing on numbers.

Q & A

What is the common misconception about accountants that the speaker initially believed in?
-The speaker initially believed that accountants must be very good with numbers and be 'wiz kids', but later realized that accounting is not solely about numerical skills but also involves logical thinking, evaluation, and communication.
What role does technology play in the accounting profession according to the script?
-Technology, such as Excel and analytical software, plays a significant role in the accounting profession by taking away much of the grunt work, allowing accountants to focus more on logical thinking, evaluation, and data interpretation.
Why are interpersonal skills important in accounting, as mentioned in the script?
-Interpersonal skills are important in accounting because accountants often work as part of a team and interact with clients. Building relationships and effective communication are crucial for the functioning of the team and the accountant's role within it.
What does the speaker suggest about the diversity of roles within the accounting profession?
-The speaker suggests that there is a wide variety of roles within the accounting profession, including external auditors, small business accountants, and finance team members in startups, which may not always involve working directly with financial statements or controls.
How does the speaker describe the path to becoming an accountant?
-The speaker describes the path to becoming an accountant as not being strictly defined, emphasizing the importance of transferable skills and the idea that past and future experiences do not solely define what an accountant is.
What is the speaker's advice regarding posture and health while working as an accountant?
-The speaker advises accountants to focus on their posture and health, especially since the job often involves long hours in front of a computer. They stress the importance of not becoming accustomed to a poor desk posture and the potential negative health impacts.
How does the speaker characterize the work-life balance in the accounting profession?
-The speaker characterizes the work-life balance in the accounting profession as a struggle, particularly during busy seasons at big firms, and emphasizes the importance of finding a balance that works for the individual to avoid burnout.
What is the speaker's experience with accounting exams, and what advice do they offer?
-The speaker found the accounting exams to be quite hard and stressful, but manageable with dedication and time commitment. They suggest that having blocks of time off to study can be beneficial, and they are happy to have completed the exams for the opportunities it provides.
What is the speaker's view on the importance of people skills in the accounting profession?
-The speaker views people skills as extremely important in the accounting profession, as accountants need to understand and communicate effectively with a wide range of people, from team members to clients.
What opportunities does the speaker believe are available after becoming a chartered accountant?
-The speaker believes that there are numerous opportunities available after becoming a chartered accountant, including a broad range of next steps and areas to specialize in, which they offer to discuss further in another video if there is interest.

Outlines

00:00

📊 Accounting Isn't Just About Numbers

The speaker challenges the stereotype that accountants must be 'numbers people,' explaining that accounting involves much more logical thinking and evaluation than raw numerical skills. Tools like Excel and analytical software handle much of the grunt work. They stress that working well in a team and building relationships is crucial in accounting, and communication skills are as important as number-crunching abilities.

05:01

🌐 Diverse Career Paths in Accounting

The speaker highlights the various career opportunities within the accounting field, emphasizing that an accounting qualification opens many doors. They discuss roles in external auditing, small business accounting, finance teams in startups, tax, and financial consulting. The foundational skills gained in accounting provide a deep understanding of business functions, enabling accountants to pursue numerous avenues.

10:04

💼 Flexibility in Accounting Career Paths

The speaker discusses the flexible pathways to becoming an accountant. They recount personal experiences of feeling inadequate due to a lack of direct accounting experience during internships, stressing the importance of transferable skills. The focus is on how various experiences, including those outside traditional accounting roles, can be valuable and contribute to a successful accounting career.

🧍‍♀️ Posture and Physical Health in Accounting

The speaker advises on the importance of maintaining good posture and taking care of physical health in an accounting career. Given the desk-bound nature of the job, it's vital to avoid becoming sedentary and to manage screen time effectively to prevent long-term health issues.

⚖️ Balancing Work and Life in Accounting

Work-life balance is a significant challenge in accounting, particularly during the busy season at big firms. The speaker shares personal insights into the struggles of managing deadlines and the importance of finding a sustainable work-life rhythm early in one's career to avoid burnout.

📚 The Challenges of Accounting Exams

The speaker addresses the difficulty of accounting exams, noting that while they were forewarned about the challenges, the reality was still tough. They stress the importance of dedication and time management, sharing personal experiences of nearly reaching breaking points and the critical role of having time off to study.

👥 The Importance of People Skills in Accounting

The speaker concludes by emphasizing the crucial role of people skills in accounting. They reflect on how understanding business functions and building relationships are key to a successful accounting career, debunking the myth of accountants being merely number-crunchers isolated with their spreadsheets.

Mindmap

Keywords

💡Accountant

An accountant is a professional who manages financial records and transactions, ensuring compliance with regulations and providing financial advice. In the video's context, the speaker clarifies misconceptions about the role, emphasizing that being an accountant is not just about being good with numbers but also involves logical thinking, evaluation of data, and strong people skills. The script mentions the speaker's journey and experiences as an accountant, highlighting the variety of roles and responsibilities within the profession.

💡Numbers

The term 'numbers' in the script refers to the quantitative aspect of accounting, which is often associated with calculations and financial data. The speaker dispels the myth that accountants must be exceptionally skilled in mathematics, stating that while numerical understanding is necessary, the role also heavily relies on logical thinking and data evaluation. The script illustrates this by discussing the use of tools like Excel and analytical methods that simplify the process of handling numbers.

💡Logical Thinking

Logical thinking is the ability to analyze and evaluate information in a coherent and reasoned manner. In the video, the speaker emphasizes that beyond numerical skills, logical thinking is crucial for accountants when they interpret and make decisions based on financial data. The script uses the phrase 'logical thinking' to highlight the cognitive processes involved in the profession, beyond mere number crunching.

💡Teamwork

Teamwork refers to the collaborative effort of a group to achieve a common goal or to complete a task in the most effective and efficient way. The script discusses the importance of building relationships and working well within a team in the accounting profession. It suggests that the success of an accountant is not solely dependent on their individual skills but also on their ability to collaborate and communicate effectively with colleagues and clients.

💡Data Evaluation

Data evaluation involves the assessment and interpretation of data to derive insights or make informed decisions. In the context of the video, the speaker explains that accountants need to be able to read and make sense of financial data, which is more than just processing numbers. The script uses 'data evaluation' to illustrate the analytical aspect of accounting that goes beyond basic arithmetic.

💡Chartered Accountant

A chartered accountant is a certified professional who has met specific educational, experience, and ethical requirements set by a professional accounting body. The script mentions the speaker's aspirations and journey towards becoming a chartered accountant, which involves passing rigorous exams and gaining a deep understanding of business and financial practices.

💡Transferable Skills

Transferable skills are abilities and knowledge that can be applied across different jobs or industries. In the video, the speaker reflects on the importance of recognizing and valuing these skills, such as communication and problem-solving, even when they are acquired outside of traditional accounting roles. The script emphasizes that such skills are crucial for success in the accounting profession and can be beneficial regardless of the specific job function.

💡Work-life Balance

Work-life balance refers to the equilibrium between an individual's professional and personal life. The script discusses the challenges of maintaining this balance, especially during busy seasons in the accounting industry. The speaker advises on the importance of finding one's own groove to avoid burnout and stresses the individual variability in experiences across different firms and clients.

💡Posture

Posture in the script refers to the position or carriage of the body, particularly when sitting or standing for long periods, which is common for desk-based jobs like accounting. The speaker highlights the importance of maintaining good posture to prevent physical strain and discomfort, especially when working long hours in front of a computer.

💡Exams

In the context of the video, 'exams' refers to the challenging certification tests that aspiring chartered accountants must pass. The speaker shares personal experiences and insights about the difficulty and stress associated with these exams, while also acknowledging the benefits and opportunities that come with successfully completing them.

💡People Skills

People skills encompass a range of abilities that enable effective communication and interaction with others. The script emphasizes the importance of these skills in the accounting profession, as accountants often work with diverse teams and clients. The speaker reflects on the initial misconception that accounting is solely a numbers-based career, only to realize that understanding and communicating with people is a fundamental aspect of the job.

Highlights

Accounting exams can be challenging, and one should approach them with caution.

Stereotypes of accountants as number-crunching geniuses are often inaccurate.

Accounting is not solely about numbers; logical thinking and evaluation are crucial.

The use of tools like Excel and analytical software reduces the manual workload in accounting.

Building relationships and teamwork are more important than just the numbers in accounting.

Accountants have a wide range of roles and do not always work with financial statements or audits.

The path to becoming an accountant can be diverse and does not require strict adherence to a single route.

Transferable skills are important in accounting, emphasizing the value of people skills.

Accounting provides a strong foundation for understanding business functions and opportunities.

There is no one-size-fits-all approach to working in the accounting industry.

Maintaining good posture and eye health is important for desk-based accountants.

Work-life balance can be a struggle, especially during busy seasons in accounting.

The difficulty of accounting exams should not be underestimated, requiring dedication and time.

Despite the challenges, completing accounting exams opens up significant opportunities.

People skills are emphasized as essential in accounting, contrary to the focus on numbers.

Accountants have a broad range of career paths beyond the traditional image of the profession.

Transcripts

Browse More Related Video

The BEST Degrees For Introverts!

How to GRC Like A Boss with Erika McDuffie

Why Audit?

What is economics and what do economists do?

Daily life of a Biostatistician

MARKETING RESEARCH ANALYST | Everything You Need To Know About Role of an MARKETING RESEARCH ANALYST