Useful Skills for a Career Path in Accounting

What Is Accounting?

Accounting involves the process of recording, analyzing and reporting financial transactions. There are different types of accountants, such as government, management and public accountants, and different types of auditors (i.e., accountants who review the work of other accountants), such as external, internal and information technology (IT) auditors.¹

Although specific education, experience and licensing requirements may vary, there are nonetheless some common hard and soft skills for accountants that could be useful in a range of accounting fields and roles. In this article, we’ll discuss some useful skills that could help you prepare to pursue an accountant career path.

What Do Accountants Do?

According to the Bureau of Labor Statistics (BLS), accountants and auditors typically examine financial statements to ensure their accuracy and compliance with various laws and regulations; calculate taxes owed, prepare tax returns and ensure timely payment of taxes; inspect account books/accounting systems for efficiency and use of accepted accounting principles; organize, analyze and maintain financial records; identify financial risks and challenges and make recommendations to address them; and suggest ways to lower costs and increase revenues and profits.¹

Examples of Key Knowledge and Skills for Accountants

The following are some examples of useful skills of an accountant or auditor:

1. Analytical and Critical-Thinking Skills

Accountants and auditors need analytical skills to evaluate data, identify documentation issues and recommend solutions.¹ A public accountant assisting a client with tax preparation and filing, for example, will want to ensure that a client has supplied all relevant tax documentation and information and may also want to advise the client on ways to potentially minimize income tax liability in future years.

2. Communication Skills

Accountants and auditors must be able to communicate clearly with their clients. They need to listen to and respond to client/stakeholder concerns and discuss the results of their work both verbally and in writing.¹ For example, an individual filing an income tax return may want an explanation as to why money is owed to the government for a particular year.

3. Business Administration and Management Skills

Accountants and auditors should be knowledgeable in areas like strategic planning, resource allocation, human resources modeling and leadership techniques.² This knowledge can help promote more effective interdepartmental relationships and better decision-making.

4. Organizational and Time-Management Skills

Filing returns and issuing reports involves ensuring that all relevant documents have been included/considered in the underlying analysis. It also means staying on top of filing deadlines in order to avoid penalties; whether an accountant handles one major client or 100 smaller ones, all deadlines must be met. These are just a few reasons why organization and time-management skills are considered key skills for an accountant or auditor.

5. Proficiency in Standards of Accounting

In the United States, accountants for public companies must follow GAAP—a common set of accounting rules, standards and procedures issued by the Financial Accounting Standards Board (FASB)—when putting together financial statements. Proficiency in International Financial Reporting Standards (IFRS)—a common set of accounting standards developed by the International Accounting Settings Board (IASB) and used by most non-U.S. companies—may also be required.

In addition to these generally applicable skills of an accountant, many accountants and auditors develop specialized accounting knowledge relevant to a particular area (e.g., risk management) or industry (e.g., health care).¹

How to Work to Develop Accounting Skills

As with most skills, the more you practice your accounting skills, the better your skills become—and there isn’t just one way to develop them.

Pursuing a degree program such as a Bachelor of Accounting or a Bachelor of Business Administration with a specialization in Accounting could be a good way to work to develop skills and knowledge specific to the accounting field. (And not only that, but a bachelor’s degree in accounting or a related field is often required to pursue an accounting career path.1) An accounting internship could be another way to gain hands-on experience and develop accounting skills in the real world. And periodically brushing up on certain skills and knowledge you have already studied—like GAAP, industry regulations and financial data analysis—could help you maintain or strengthen your existing accounting skill set.

How to Become an Accountant or Auditor

According to the Bureau of Labor Statistics (BLS), to enter the occupation, accountants and auditors typically must possess a bachelor’s degree in accounting or a related field, such as business. Some employers may prefer candidates who have a master’s degree in accounting or business administration with a concentration in accounting; yet in some cases, having an associate degree may be sufficient to obtain a junior accounting position. Bookkeepers, accounting clerks and auditing clerks who meet their employers’ education and experience requirements may also be able to obtain a junior accounting position.¹

Becoming a Certified Public Accountant (CPA), which involves additional education, experience and testing requirements, could help candidates improve their job prospects.¹

How to Become a CPA

One important thing to understand if you’re considering an accountant career path is that all Certified Public Accountants (CPAs) are accountants, but not all accountants are CPAs.

with the Securities and Exchange Commission (SEC).¹ Publicly traded companies and certain other entities are required to file annual and quarterly reports and other disclosures with the SEC, which means that non-CPA accountants are not permitted to handle such matters.

Becoming a CPA involves fulfilling additional education and experience requirements and passing the Uniform CPA Exam. CPAs are licensed by their state’s Board of Accountancy. All states require CPA candidates to complete 150 semester hours of study in an accounting program at a college or university, which is 30 hours more than what is offered in the typical bachelor’s degree program. A few states permit candidates to substitute this requirement with a certain number of years of public accounting experience. All states further require that candidates pass all four parts of the AICPA’s Uniform CPA Exam and take continuing education courses to maintain their license.¹ Continuing education courses must be taken annually.

The AICPA notes that passing the Uniform CPA Exam is not a license to practice. Candidates receive a certificate upon passing the exam, but cannot be licensed until they have met all state requirements, which vary state to state.³

Courses in an Accounting Degree Program

If you’re thinking about pursuing a bachelor’s degree in accounting program but aren’t sure if you have the time, an online accounting degree program could make it easier to fit your coursework into your existing schedule. A Bachelor of Accounting degree program could provide an opportunity to develop accounting knowledge and skills that can be applied in the real world. At American InterContinental University, some of the courses you might take as part of the Bachelor of Accounting degree program include:

• Principles of Financial Accounting:This course explores the ethical, regulatory and business environments of financial reporting as well as related underlying concepts. The curriculum places a particular emphasis on measurement, valuation and presentation of assets, liabilities, equity and statements of cash flows.
• Fraud Examination: This course covers a number of key topics pertaining to fraud examination, including fraud detection; deterrence and prevention; internal controls; audit and investigation techniques; law and evidence; and fraud schemes involving businesses, consumers, financial institutions, health care, insurance, intellectual property and
• Taxation:This course addresses the fundamentals of U.S. individual income tax laws and the Internal Revenue Code (IRC). Topics include exemptions, exclusions and deductions available to the individual. During the course, students will have the opportunity to practice applying appropriate tax laws in the preparation of federal tax returns.
• Auditing:This course examines the standards and practices used by today’s auditors as well as other auditing fundamentals, and it is designed to help students prepare to perform an integrated audit.
• Accounting Data Analytics:This introductory course on data analytics for accounting students emphasizes the importance of data analytics techniques and big data in decisionmaking. Students will have the opportunity to use analytic platforms for data validation, modeling and visualization to practice communicating findings to stakeholders

Pursuing an AIU bachelor’s degree program in Accounting or Business Administration degree with a specialization in Accounting could be a step on the path to becoming an accountant. Explore our degree programs today, or apply now. AIU cannot guarantee employment, salary, or career advancement. Not all programs are available to residents of all states. REQ2080871 1/2025

Bureau of Labor Statistics, U.S. Department of LaborOccupational Outlook Handbook,“Accountants and Auditors,” https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm (last visited 1/3/2025).

2 National Center for O*NET Development,O*NET OnLine, “13-2011.00—Accountants and Auditors,” https://www.onetonline.org/link/summary/13-2011.00 (last visited 1/3/2025).

3 AICPA, “Frequently Asked Questions FAQs—Become a CPA,” https://us.aicpa.org/becomeacpa/gettingstarted/frequentlyaskedquestions (last visited 1/3/2025).