In New Zealand, there are a number of official qualifications that accountants can take, but there are also technically no requirements to become an accountant.
However, we should clarify that there's a difference between working as an accountant and a chartered accountant. Anyone hired to do the accounts for a financial entity would be working as an accountant and they wouldn't actually need any formal qualifications if their employer was happy to hire them anyway.
That said, since most entities need their bookkeeping to be above board, compliant with local and international laws, etc., chartered and qualified accountants are more likely to find work, command better salaries, and keep their jobs.
There are also several specialisations that exist and qualified and chartered accountants can complete further professional development to focus on areas like management accounting, financial accounting, tax accounting, and pretty much any kind of accounting you can think of. Generally, the larger an entity, the greater its need for specialised accountants to focus on various aspects of its accounts and business.
While you won't need a specific degree to become an accountant, it helps to be analytics and good with numbers, especially since you'll spend a lot of your professional career looking at reports full of them.
Reasons to Become an Accountant in New Zealand
Anyone with a passion for maths and numbers will probably have already thought about becoming an accountant, but don't forget that you don't need to be a mathematical genius to become an accountant.
Sure, you need to be good with numbers, but accounting software now takes care of a lot of the number-crunching for you. Accountants are more valued for their lateral thinking, analytical skills, understanding of regulations and compliance, and being able to understand all the numbers once the software has dealt with them.
Since the average salary for accountants is certainly better than the national median, you don't need a PhD in maths to see that the numbers speak for themselves.
The average accountant can earn around $92,500 a year with entry-level positions paying closer to $75,000 and the most experienced accountants in the country earning an average of closer to $110,000.
It's hard to pin down an average salary across New Zealand, but with some estimates being between $56,000 and $62,000, the average starting salary for accountants in the country is already higher than that.
This all ignores the fact that there are jobs for accountants all over the world provided you have the right qualifications and certifications.
Basically, if you're thinking about becoming an accountant, you should remember that the work tends to pay well and the earning potential is there if you work hard and progress.
Study a Bachelor's Degree in Accounting
A degree is one of the first and most obvious qualifications you can get if you're interested in becoming an accountant. Generally, you can look to university courses for degrees in accounting, finance, economics, or similar.
These courses will usually take 3 years of full-time study or at least double that if you opt to study part-time. If you're interested in an honours degree, this will come with more work and add an extra year to the full-time course.
Some of the best universities for accounting in New Zealand include:
- Auckland University of Technology
- Lincoln University
- Massey University
- University of Auckland
- University of Canterbury
- University of Otago
- University of Waikato
- Victoria University of Wellington
Master's Degrees in Accounting in New Zealand
There are also postgraduate options for aspiring accountants in New Zealand. While this isn't an obligatory part of accountancy training, it's another academic option for those interested in accounting.
Postgraduate degrees tend to take a year or two and are only accessible once you've completed your undergraduate degree. This means that studying accounting at university for your undergraduate and master's degrees can easily take over half a decade.
There are some popular postgraduate accounting courses in New Zealand such as the Master of Professional Accounting (MProfAcctg) courses offered by the University of Auckland, Victoria University of Wellington, the University of Waikato, and Auckland University of Technology.
There's also the Master of Professional Accounting and Finance offered by the Massey Business School at Massey University.
Professional Accounting Qualifications
The Chartered Accountant designation is what really makes the difference between general accountants and qualified accountants. While there may be some accountants with certifications and qualifications but not said status, becoming a Chartered Accountant is likely the best way to be taken seriously as an accountant.
In New Zealand and Australia, this is done through Chartered Accountants Australia and New Zealand (CA ANZ) and the CA program usually takes around three years to complete with a lot of study, work experience, and exams.
To be eligible for the CA program, you'll need to have completed an undergraduate degree in accounting or a related recognised field. You may also need some work experience in accounting. In New Zealand, this can be up to three years of professional accounting experience so don't expect to jump straight onto the CA program once you leave university.
There are three main levels to the CA program: Foundation Level, Intermediate Level, and Capstone. Practical experience is also an important part of the program and all of the above is assessed through exams and assessments.
Naturally, the Foundation Level includes modules that cover the fundamental aspects of accounting. The Intermediate Level modules explore more specific aspects of accounting like financial reporting, management accounting, business law, auditing, etc.
The Capstone level is what brings together all your accounting knowledge and experience with a case study or project where you apply your comprehension of accounting to complex situations.
Ethics and professionalism play a significant role in the CA program and the Chartered Accountant designation is often thought to show that an accountant is a consummate professional.
Finding Accounting Tutors in New Zealand
Becoming a professional accountant can require a lot of study and it's not uncommon for students to struggle with all this work. After all, in order to earn the good salaries that many accountants earn, you need to work hard and study.
Fortunately, private tutors can help you learn more about accounting or teach you study skills to make you a better student and, ultimately, a better accountant.
Accounting can be difficult and it's not guaranteed that every teacher will teach every student as effectively as possible. After all, they're forced to make compromises for the greater good of the entire class, which means some students won't be learning to the best of their abilities.
With a private accounting tutor, you can study want you want, when you want, in a way that works for you. Your university or CA courses might not be tailored to you, but a private accounting tutor can offer educational support with you in mind.
There are lots of different things you need to learn to become an accountant and students sometimes need to spend more time on certain topics that they found difficult. Whether it's business management, financial regulations, tax, or anything else, your tutor can spend the time you need covering the topics that you need to study.
You might be a natural when it comes to accounting but struggle when it comes to exams. Sometimes, students underperform in exams.
Private tutors can help you better understand exams, teach you useful techniques to do well on them, and, in the case of accounting exams, help you practise the kinds of questions and exam formats that you'll end up doing.
To find a private accounting tutor on Superprof, you just need to search for accounting and where you live. From there, you'll be able to compare the profiles of local accounting tutors. On each accounting tutor's profile, you can see their hourly rates, what their other students had to say about them, and see if they offer their first session for free.
You can use these free sessions to try a variety of different tutors before choosing the one that's right for you and even if you can't find any suitable local tutors, don't forget that there are online tutors all across New Zealand and around the world who can also help.
Online tutors tend to charge less than face-to-face tutors since they don't have to worry about travel costs and can schedule more sessions a week since they'll also spend less time travelling. With more academic subjects like accounting, you'll also find that most online tutors can be as effective as face-to-face tutors.
If you're on a really tight budget, though, you can always look to group tutoring. With every student sharing the cost of the tutor's time and expertise, you'll end up spending less though you won't be able to benefit from sessions that are completely tailored to you and what you want to learn.
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