Perhaps you’ve decided to start a career in accounting. In 2022, there were 1.65 million accountants in America. How do you think you can deal with this evolving, competitive market?
The answer’s simple—you’ll need to keep studying, seek mentorship, and network with professionals.
As you venture into the accounting field, you accept that you need to keep learning to stay relevant. Industry leaders believe that financial and accounting regulations keep changing. That’s why accountants must become lifelong learners, even after securing a job, to provide accurate advice and ensure compliance.
In this blog post, we’ll discuss a few ways young accountants (like yourself) can keep learning about the industry.
#1. Continuing Education Programs
After passing your Certified Management Accountant (CMA), you’ll need to earn a Continuing Professional Education credit (CPE credit) every year. This will help keep your accounting license updated with industry standards and regulations. In a way, it helps ensure that you won’t stop learning new trends once you’ve earned the certification.
According to the Institute of Management Accountants, young professionals can complete the CPE requirements through workshops, courses, certificate programs, events, or webinars. Here, you’ll learn about the skills needed to successfully perform accounting tasks and stay updated about industry trends.
Did you know that one CPE credit means fifty minutes of studying? By the end of each year, you’ll be required to complete thirty CPE credits to keep your designation active.
In either case, seeking CPE credits will demonstrate your commitment to learning. You’ll study finance analytics, professional ethics, technology, business acumen, strategy, planning, etc.
#2. Networking in Your Industry
As a young accounting professional, you’ve still got a lot to learn. Did you know that networking is probably the most important thing in the finance industry? Research shows that 18% of job seekers found their match through professional networking.
To get the best results from networking in this competitive finance market, you must be strategic, communicate effectively, and maintain relationships. That’s the only way you’ll get to learn about industry trends, new avenues, customer requirements, etc.
Moreover, you must follow these tips to network and expand your knowledge in this industry:
- Engage in conferences and workshops to connect with seasoned professionals.
- Use online platforms and forums to enable discussion about the industry.
- Stay informed about industry trends by keeping in touch with your global competitors.
These interactions will help enhance learning and build a supportive network to advance your career in accounting.
#3. Gathering Insights From Mentors
According to a blog post by Indeed, having a mentor can help you learn new things about any industry. They’ll be your source of knowledge and offer encouragement to expand your skill set.
With their invaluable guidance and insights, young accountants can gain practical knowledge and learn from experienced perspectives. You can also navigate any career challenge with their help. Moreover, regular discussions with a mentor can help you gain clarity on complex industry trends and accounting concepts.
In most cases, mentors offer constructive feedback to help you refine your accounting skills. They can sometimes help you network with industry leaders.
Remember to seek mentorship from experts in your industry to enhance your learning experience. Consider the mentor-mentee relationship a free resource and a source of insight into the industry’s intricacies.
#4. Self-Study and Market Research
What if you want to keep learning at your own pace? In that case, you’ll have to focus on self-study and market research to enrich your expertise.
Self-studying is an initiative that helps you boost your qualities in the accounting role. You get to sharpen your analytical decision-making skills. However, to do that, young accountants must follow these tips:
- Explore industry publications and engage with online resources.
- Self-study about specialized areas (tax law, auditing standards, etc.).
- Attend webinars to gain technical knowledge about innovations.
Similarly, market research helps you understand the financial markets and projections to offer the best services to your clients. It helps you develop independent and critical thinking skills. You also get to stay informed about market dynamics.
To recap, young accountants must keep learning to better serve their clients and the industry’s intricacies.
For that, they need to pursue CPA courses for professional development and stay updated on industry trends. They can also seek guidance from mentors and network with professionals. Self-studying and market research can also help.
This way, you can strengthen your expertise and position yourself in a positive light to gain long-term success. Continuous learning will surely skyrocket your career. However, remember to be committed, adaptable, and proficient in your studies, even after you’ve secured a job.
