If you’re pursuing a career as an accountant in the finance industry, it helps to have a few advantages over the competition. Here, we share nine things accounting students should know to work in the finance industry.
1. Become Bilingual (French/English)
One of the quickest ways to stand out when applying for accounting jobs in the finance industry is to demonstrate you are fluent in both English and French. This is a major advantage for Canadian companies that provide services across the country. You can communicate with both co-workers and customers in their preferred language, providing a higher level of service in your accounting function.
2. Understand SAP Applications
SAP applications are used in the finance industry as well as in many organizations to record transactions, manage accounts, and create financial reports digitally. Proficiency in SAP software allows you to step into many accounting roles with minimal training, saving employers time and money. If you can learn how to perform common accounting tasks leveraging SAP applications, you’re one step ahead of other candidates.
3. Become Fluent In Leading Accounting Software
Most larger organizations have deployed accounting software and technology such as NetSuite, QuickBooks, or Xero. Taking a course in one or all of the leading accounting software programs is a way to stand out in the finance industry. You can become even more valuable by becoming familiar with managing and analyzing accounting dashboards and utilizing reporting software. These are invaluable analytical tools used by financial advisors as they provide a clear picture of financial health and comprehensive financial reports.
For example, Microsoft’s Power BI (Business Intelligence) gathers and integrates data ready for analysis as a critical tool for analysts and advisors. To make sure you are focused on the right software, keep up to date on articles and follow influencers to understand what software will provide the most opportunities.
4. Develop The Right Soft Skills
Accounting candidates tend to focus too much on their technical skills and overlook the soft skills employers value. Unfortunately, it takes time to develop soft skills, and it is also difficult to demonstrate you have acquired them. Therefore, it’s important to practice soft skill development through networking to develop communication skills, using task management apps to improve your time management and organizational skills, and working on sample exercises that help develop your critical thinking and problem-solving skills.
Demonstrating your abilities in the following soft skills helps set you apart:
- Communication
- Time management and organization
- Critical thinking
- Problem-solving
- Strong attention to detail
- Adaptability
- Resilience
5. Volunteer Or Find An Internship
Joining a professional accounting association can lead to potential internships that help you gain firsthand experience. Some opportunities for industry associations include:
- Chartered Professional Accountants of Canada (CPA Canada)
- Association of Chartered Certified Accountants (ACCA)
- Canadian Academic Accounting Association (CAAA)
Volunteering can also provide an opportunity to gain hands-on experience with a non-profit and potentially build more business connections. However, you might overlook less obvious opportunities to gain experience, so it pays to keep your eyes (and mind) open. For example, if you live in a condominium, perhaps your condo board needs some accounting assistance. There might also be something like a local tax clinic where you can assist the community, or opportunities to find internships with smaller companies. Volunteer work always looks good on a resume and becomes even more relevant if you assist in an accounting capacity.
6. Expand Your Education
Your education should be focused on business, economics, finance, or accounting, and include training that covers a broader set of topics that expand your horizons. Other interesting courses such as consumer rights can also come in handy when working in the world of finance. Also, majoring in financial planning covers the types of topics that will contribute to a successful career in accounting, finance, and investing.
Don’t overlook taking part-time or even free online courses such as accounting and management software, accounting, investing, or financial courses, and opportunities you might find pursuing your master’s degree in accounting or a related financial field.
7. Pursue Part-Time Work In Financing
Never underestimate the power of part-time work during your student days. By choosing work in finance, you can enhance your skills and set a solid foundation that helps set your resume apart. Some opportunities might include:
- Assisting a tax accounting firm during tax season
- Working as a bank teller
- Assisting small business owners with basic bookkeeping tasks
- Assisting payroll departments
- Working with insurance companies
- Working with investment companies
8. Get Involved With CPA Canada
Building on the volunteer experience, CPA Canada uses volunteers to assist with things such as:
- Taxes
- Financial literacy
- Governance
- Research and guidance
- Professional development programs
You can be on the front lines with a truly relevant personal contribution that not only builds skills but also helps you develop an especially useful professional network. By proactively seeking new challenges through CPA Canada, you’ll raise your profile and be considered for increased responsibility that will improve your skills. Networking also opens more doors and helps you find more opportunities before the rest of the world hears about them.
By showing your desire to work and be useful, you become more resilient and are introduced to industry standards and work opportunities you might not have considered. You’ll also feel more motivated knowing you are being useful and find a supportive team that helps keep you focused on your goals even when you encounter setbacks in your career pursuits.
9. Understand The Lingo
To come across as someone who understands the world of finance, it’s important to brush up on industry lingo. Be sure to subscribe to financial news stories and read publications that will keep you updated on what’s happening in the industry. There are many options, including the Canadian Business Journal, The Globe’s Report on Business, the Financial Post, etc.
You want to be fluent in financial literature and breaking news, so be sure to look up any terms and jargon that you don’t understand. This will ensure you can speak intelligently with potential employers and not get caught off-guard by questions that use unfamiliar terms. An intimate understanding of not only Canadian but real-world finance accents your knowledge and makes you feel more comfortable at job interviews. You want to become confident speaking intelligently about financial topics and issues, much like you would when learning a new language.
Knowing all of these things provides an edge over the competition, so you stand out as the ideal candidate. These are the skills Intrepidium looks for when hiring financial experts. Call us today at 778-800-7976 or click here to schedule a consultation.
