Corporate Accountant: Overview, Duties, Skills, and Career Development

In the intricate world of finance, corporate accountants play a pivotal role in ensuring the smooth financial operations of a business. For those wondering, "What is a corporate accountant and what do they do?", this article will provide a comprehensive overview. Corporate accountants are the financial backbone of an organisation, managing everything from bookkeeping and financial reporting to strategic financial planning. They are essential in helping companies maintain financial health and compliance with laws and regulations.

With businesses becoming more complex, the demand for skilled corporate accountants is soaring. This profession offers not only stability and growth but also significant opportunities for career advancement. If you are aiming to break into this field, understanding the duties, required skills, and career development path of a corporate accountant is crucial. Let us know more about corporate accountants.

Who is a corporate accountant?

A corporate accountant is an accounting professional responsible for managing the financial activities of a company. They handle various tasks such as general ledgers, bookkeeping, financial planning, asset management, and tax records. Unlike public accountants who offer services to multiple clients, corporate accountants work within a single organisation, focusing on internal financial matters. Their role is vital for ensuring the financial integrity and strategic planning of the company.

Job brief of a corporate accountant

Corporate accountants hold a dynamic role that combines analytical and strategic tasks. Here is a job brief:

• Financial reporting: Prepare financial statements and reports, ensuring accuracy and compliance.
• Budget management: Oversee the creation and monitoring of budgets to maintain financial health
• Compliance and audits: Ensure adherence to financial regulations and facilitate internal and external audits
• Strategic planning: Provide insights and analyses to assist in strategic decision-making
• Data analysis: Interpret financial data to predict future financial trends

Responsibilities of a corporate accountant

As a corporate accountant, your responsibilities will include:

• Managing financial statements: Prepare and publish timely monthly financial statements
• Budget preparation: Assist in the preparation of the budget and financial forecasts
• General ledger management: Ensure all financial transactions are accurately recorded
• Tax compliance: Ensure timely and accurate filing of tax returns
• Supervising junior accountants: Oversee and mentor junior accounting staff

Requirements and skills to become a corporate accountant

To become a successful corporate accountant, you need the following:

• Educational background: A degree in accounting finance, or a related field
• Professional certification: CA, CPA, or ACCA certifications are highly preferred
• Analytical skills: Strong analytical and problem-solving skills
• Attention to detail: Precision in managing financial records and statements
• Technical proficiency: Familiarity with accounting software like SAP and Excel

How to become a corporate accountant?

Becoming a corporate accountant involves these 6 major steps:

Step 1: Obtain a Bachelor's Degree
Most employers require corporate accountants to hold at least a bachelor's degree from a recognised institution. This qualification demonstrates your solid understanding of mathematical, accounting, and business principles. While accounting is the most common major, degrees in business, finance, or economics are also widely accepted.
Related: 21 Accounting and Finance Degree Jobs to Consider

Step 2: Pursue further education
Although some roles may accept a four-year degree, many corporate accounting positions require you to earn a Certified Public Accountant (CPA) qualification. Typically, this involves completing around 150 hours of college credit, with a minimum of 15 hours from an advanced programme such as a master's or doctoral course. You can obtain these credits through a master's in accounting, a PhD programme, or a CPA-specific accredited online course.
Read more: Master's Degree in Accounting: Job Options (With Salaries)

Step 3: Secure an internship
Gaining practical work experience is crucial. Securing an internship during your bachelor's or master's studies provides valuable exposure to real corporate environments. Moreover, many states require a certain amount of work experience to qualify for CPA certification. You can locate internships via job websites or through your university's career centre.
Read more: How To Get an Accounting Internship in 8 Steps

Step 4: Pass the CPA examination
After fulfilling the educational and work experience requirements, you can sit for the CPA exam. This comprehensive test is divided into four sections—Regulation, Financial Accounting and Reporting, Auditing and Attestation, and Business Environment and Concepts—each lasting about four hours and featuring multiple-choice questions.
Read more: Guide To the CPA Test: What It Covers and How To Prepare

Step 5: Begin with an entry-level position
Following the successful completion of the CPA exam, seek an entry-level position in a corporate setting. This role will provide further practical experience and help you understand the workings of a corporate environment. An entry-level job, even if secured before taking the CPA exam, can be beneficial as part of your overall work experience alongside your internship.
Related: Creating an Entry-Level Accountant Resume: Tips, Template and Example

Step 6: Apply for corporate accountant roles
Once you have gained sufficient experience, you can begin applying for corporate accountant positions. Many organisations prefer to promote internally, so consider discussing potential opportunities with your current employer. Alternatively, you may search job sites or contact local corporations directly to explore available roles.

Tips for becoming a corporate accountant

Here are some recommendations that may boost your chances of securing a corporate accountant position:

• Find a mentor: A mentor can play a pivotal role in achieving your career objectives by offering valuable accounting insights, aiding your CPA exam preparation, and introducing you to key industry contacts. Moreover, having a mentor listed as a reference on your CV could enhance your hiring prospects. Consider seeking mentorship from someone at your internship or entry-level role.
• Expand your network: Developing a strong professional network within the industry provides access to essential knowledge and resources. This network may also reveal unadvertised job opportunities. Enhance your connections by attending industry events, engaging with colleagues during internships or at work, requesting introductions from your mentor, and participating in conventions or other sector-specific gatherings.
• Pursue internal promotions: Many organisations prefer to promote from within. Look for advancement opportunities at your current workplace, whether during an internship or in an entry-level role. Communicate your aspirations to your supervisor and inquire about any available positions or projects that could help you transition into a corporate accountant role.
• Join a professional organisation: Professional associations offer a platform to connect with industry peers and hone your skills through networking events, workshops, master classes, and conventions. Investigate local and national accounting bodies and consider joining one to further develop your career and expand your professional horizons.

Corporate accountant vs. public accountant

Following are the major differences between a corporate accountant and a public accountant:

Conclusion

Corporate accountants are indispensable to the financial well-being of any business. They not only manage financial transactions but also contribute to strategic planning and regulatory compliance. For those aspiring to become corporate accountants, the Bajaj Finance CA Loan can be a valuable resource, easing the financial burden of advanced education and certification. So, take the leap and explore the rewarding world of corporate accounting today.