If you're good with numbers, analysis, solving problems, and have an eye for detail, you might want to consider becoming an accountant.
Accountants are far from the bespectacled old men with adding machines. Thanks to technological advancements, accountants tend to operate more as financial consultants than out-and-out bookkeepers.
Accounting software tends to do most of the number-crunching and everyday accounting tasks like invoicing, payment tracking, and even generating performance reports.
Skilled accountants are in demand and the biggest accounting firms, such as Deloitte Ltd., employ hundreds of thousands of employees across the world. Closer to home, the demand for accountants is still good and if you want to become one, it can take some time.
Becoming an accountant isn't quick and nor is it easy, but for those willing to put in the work, it's definitely worth it! Here are some of the options you have for becoming an accountant and how long each option will take you.
Studying an Undergraduate Degree in Accounting or Similar
After school, one of the first things any aspiring accountant will have to do is an undergraduate degree. While you can technically work as an accountant without qualifications (provided the entity employing you is fine with this), it's much better to have recognised accounting qualifications.
The first of these accounting qualifications is an undergraduate degree. Not only are these a foundational part of most career choices, but they'll likely also be a requirement for postgraduate accounting qualifications or the Chartered Accountant designation (more on both of those in a moment).
There are plenty of different accounting qualifications offered by universities, educational establishments, Chartered Accountants Australia and New Zealand, CPA Australia, and many other international associations and institutions.
A full-time bachelor's degree in accounting or a related subject in New Zealand will likely take three years. There are also many options to study part-time, which is useful if you're already working or have other commitments that would make full-time study impossible. If you opt for part-time study, this will generally take twice as long.
In order to get an honours degree, which generally includes more work, research, and study, you'll have to add an extra year onto your full-time course, taking the total time to 4 years.
There are a good number of universities in New Zealand offering accounting and related courses. Some of the best universities for accounting in the country 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
Just remember that generally, the more qualifications and experience you have, the greater your salary as an accountant will be.
Postgraduate Degrees
For accountants looking to specialise, postgraduate degrees are a good option, especially for a number of accountant fields. However, you should remember that postgraduate degrees also take a year or two and can bring your time spent studying up to half a decade.
This isn't to say they aren't worth it, but you do have to consider whether the extra two years at university will be worth it for what you want to do in accounting.
In New Zealand, some of the most popular courses include the Master of Professional Accounting or the Master of Professional Accounting and Finance. The latter is offered by the Massey Business School and the former by a number of universities including the University of Auckland Business School, Victoria University of Wellington, The University of Waikato, and Auckland University of Technology.
For these courses, it's generally a good idea to have a business or accounting undergraduate degree, but it's not always a requirement. A postgraduate degree is also a good way to transition from a different field into accounting.
These kinds of courses are often for those interested in working as an auditor, business advisor, management accountant, policy advisor, systems accountant, or tax specialist.
Chartered Accountant
The designation of Chartered Accountant is hugely valuable and administered by Chartered Accountants Australia and New Zealand (CA ANZ).
In order to be eligible for the CA program, you need to have a degree in accounting or a related field and experience working in accountancy.
The program itself lasts three years and has three main levels of study: Foundation Level, Intermediate Level, and Capstone Level. In addition to studies, you'll also be expected to complete practical experience in accounting under the mentorship or guidance of a chartered accountant.
The Foundation Level modules usually cover fundamental aspects of accounting whereas the Intermediate Level modules include more advanced and specialised aspects of accounting like financial reporting, management accounting, business law, and auditing.
The Capstone Level is the final level of the program and tests your knowledge and understanding of accounting by applying what you know to complicated business situations.
There are several assessments and exams during the program and following successful completion of the final examinations (as well as the other assessments), you'll be granted the designation of Chartered Accountant.
With the designation of Chartered Accountant, you'll also be able to join Chartered Accountants Australia and New Zealand, which also comes with networking and professional development opportunities.
Both in New Zealand and globally, this is the designation that most employers will be looking for.
Institute of Certified Management Accountants New Zealand
Management accounting focuses more closely on company budgets, taxes, strategic planning, and financial security for operational, management, and strategic accounting.
In New Zealand, you can become a Certified Management Accountant of New Zealand (CMA(NZ)) by completing one of the Institute of Certified Management Accountants New Zealand (ICMA(NZ)) education programs.
There are actually several designations offered in addition to the CMA(NZ) each with a number of different academic and professional requirements. These include:
- Certified Management Accountant of New Zealand – CMA(NZ)
- Graduate Management Accountant of New Zealand GMA(NZ)
- Registered Business Accountant of New Zealand – RBA(NZ)
- Registered Cost Accountant of New Zealand – RCA(NZ)
- Certified Accounting Technician of New Zealand – CAT(NZ)
For example, if you have met the requirements for these designations, you can apply for the designation and pay the relevant fees for your membership level. Much like with Chartered Accountants, membership comes with career development programs, networking opportunities, etc.
Getting Help Becoming an Accountant from Private Tutors
As we said earlier, it isn't quick and nor is it easy to become an accountant in New Zealand. Luckily for you, private tutors can provide support at any stage of any qualification.
You may find at some stage during your education that the teaching or training that you're receiving isn't working as effectively as it could. Unfortunately, having one teacher or professor teaching several people at once means that they can never fully adapt to the needs of the individual student.
With a private accounting or financial tutor, you can enjoy tutoring sessions that have been planned with you in mind. You can learn exactly what you need to know for your qualification, an upcoming exam, or an area of accountancy that you've been struggling with.
In addition to financial or accounting tutoring, you can also look for tutors that can teach you study skills or exam technique to make you a better student overall. In some cases, it's how we study rather than what we study that makes a subject difficult. Your private tutor can work out your strengths and weaknesses to make sure that the tutoring services they provide work effectively.
On the Superprof website, you can search for accounting, finance, economics, or even study skills tutors across New Zealand and around the world. There are tutors for all levels and budgets so you're bound to find somebody that's suitable.
Generally, face-to-face tutoring is the most effective kind of tutoring available, but it also tends to be the most costly since the tutors often have to travel to their student's homes or wherever they'd like the session to take place.
Since they don't have to travel, online tutors can usually charge less and with academic subjects like accountancy, they're often almost as effective as face-to-face tuition.
For those on a really tight budget, you can always make tutoring more affordable by opting for group tutoring. While this does mean you won't be able to enjoy sessions that are tailored just to you, you can split the cost of the tutor's time and expertise with the other students in attendance. For students in university, for example, you could get together a group of your classmates to study with a tutor.
Tutors can make studying accounting much easier and more manageable and you can even look for specific tutors with experience with the Chartered Accountant program to help you with preparing for the assessments and exams.
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