Pursuing a career in accounting is lucrative because practically every firm in Nigeria needs an accountant. In the corporate world, accounting holds a longstanding and enduring significance. Therefore, it is imperative to possess the right attitude and abilities to pursue a career in accounting.

This piece offers a detailed road map for pursuing a lucrative accounting career.

Who is an Accountant?

An accountant is a professional who carries out accounting tasks, including audits and financial statement analysis. They are in charge of keeping track of, deciphering, and interpreting financial transactions. Additionally, they also prepare financial statements, carry out audits, and offer financial advice. They can work for an accounting firm, a large company with an internal accounting department, or establish their own independent practice.

Possible Careers Fields in Accounting

1. Financial Analyst:

   A financial analyst plays a crucial role in evaluating financial situations and providing necessary reports and recommendations for individuals and organizations. Moreover, they closely monitor the state of the economy, assess investment opportunities, and actively contribute to decision-making processes.

2. Internal Auditor:

   Auditors are financial professionals that play a crucial role in verifying the authenticity of a company’s papers. Moreover, they thoroughly assess a company’s internal controls, risk management practices, and regulatory compliance to provide a comprehensive evaluation.

3. Chartered Accountant:

   In Nigeria, being a chartered accountant is a frequent professional route. Chartered accountants give financial advice, conduct audits, prepare financial statements, and ensure that accounting rules and regulations are followed.

4. Tax Accountant:

   Tax accountants are experts in tax planning, preparation, and compliance for individuals, businesses, and organisations. They stay current on tax laws, rules, and incentives in order to ensure appropriate filing and minimise tax liability.

5. Academic or Researcher:

   Accountants can also work in academia or research, where they can teach accounting courses or conduct research to advance the field’s knowledge and understanding.

6. Forensic Accountant:

   Forensic accountants look into financial fraud, embezzlement, and other financial crimes. They examine financial records for abnormalities and provide expert testimony in judicial processes.

7. Financial Manager:

   Financial managers are in charge of long-term financial planning, budgeting, and analysis. They advise on investment choices, risk management, and financial performance.

Steps to take in Pursuing a Career in Accounting

1. Obtain your O’ level result:

   You must have obtained a minimum of credits in fields such as English, mathematics, accounting, economics, or commerce to be able to study accounting in the University.

2. Prepare for and take the JAMB exam:

   Accounting, Economics, and Mathematics should be included in your Jamb score. Some universities may accept 200 as the cut-off mark, whereas others may allow 250 as the cut-off mark to study accounting.

3. Acquire Relevant Education:

   You should attend an accredited university and pursue a bachelor’s degree in accounting. Additionally, consider getting a Master’s degree in accounting or becoming a Chartered Accountant to improve your qualifications and professional opportunities.

4. Build Technical Skills:

   Become familiar with the accounting software and tools that are frequently used in the field, such as QuickBooks, Excel, or specialised software for auditing or tax preparation. Gain expertise in data analysis, financial reporting, and financial analysis methods.

5. Get Professional Certifications:

   To enhance your credibility and marketability, consider earning professional qualifications. Notably, the Association of Chartered Certified Accountants (ACCA) or the Institute of Chartered Accountants of Nigeria (ICAN) are widely recognized accounting qualifications in Nigeria. Obtaining these certifications involves passing rigorous examinations and fulfilling specific professional requirements.

6. Consider Specialising:

   As your experience grows, think about specialising in a certain area of accounting, such as tax, auditing, forensic accounting, or financial planning. Specialisation can lead to more advanced roles and greater responsibility.

7. Develop Soft Skills:

   In addition to technical knowledge, strengthen your communication, teamwork, and problem-solving abilities. Accountants frequently deal with coworkers, clients, and stakeholders; therefore, effective communication and teamwork are essential for success and open doors to more advanced roles and higher-level responsibilities.

8. Network and Join Professional Associations:

   Engage in networking activities and join professional accounting associations such as ICAN, ACCA, or the Chartered Institute of Taxation of Nigeria (CITN). These associations provide opportunities for professional development, networking, and staying updated with industry trends.

Universities to Study Accounting in Nigeria

1. Abia State University
2. Caritas University
3. Igbinedion University
4. Bauchi State University
5. Benue State University
6. Ekiti State University
7. Imo State University
8. University of Jos
9. University of Port Harcourt
10. Ebonyi State University
11. University of Abuja
12. University of Maiduguri
13. University of Lagos
14. Lagos State University
15. Plateau State University
16. Rivers State University

Salary of an Accountant

An accountant, on average, earns between 100,000 to 300,000 naira monthly, depending on the level of specialization and experience. The salary range can vary based on factors such as qualifications, industry, and the size of the organization an accountant works for.

A career in accounting can lead to a wide range of rewarding and interesting professional options. Due to its importance that crosses many industries, accounting is one position that is always in demand. A successful accountant needs more than simply the necessary abilities, credentials, etc. You must also stay current on developments in the field. Additionally, pursuing a career in accounting involves effort, enthusiasm, and attention, just like any other career.

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