What Does a Junior Accountant Do?
Find out what a junior accountant does, how to get this job, and what it takes to succeed as a junior accountant.
Junior accountants are entry-level positions in the accounting field. They typically perform a wide range of tasks, from basic bookkeeping to more complex analysis and reporting. Junior accountants may also be tasked with interacting with clients or other stakeholders on behalf of their organization.
Junior accountants must have strong attention to detail and organizational skills. They often work under the supervision of senior accountants or managers, so they must also be able to work well as part of a team.
Junior Accountant Job Duties
Junior accountants typically have a wide range of responsibilities, which can include:
- Reporting directly to the chief financial officer (CFO) or other senior members of management such as the vice president of finance or chief financial officer (CFO)
- Preparing monthly financial reports and performing other accounting tasks such as record keeping, data entry, and bookkeeping
- Performing audits to ensure company accounting records are accurate
- Reviewing financial statements and reporting findings to management
- Recording financial transactions such as deposits, withdrawals, loans, and payments made by customers
- Preparing budgets for departments within the company based on projected revenue levels and expenditures
- Reviewing financial statements from external sources such as banks or other businesses that have a financial relationship with the company
- Preparing reports such as profit and loss statements, cash flow statements, and balance sheets
- Auditing financial statements and other documents to ensure they comply with generally accepted accounting principles (GAAP)
Junior Accountant Salary & Outlook
Junior accountants’ salaries vary depending on their level of education, years of experience, and the company size and location. They may also earn additional compensation in the form of bonuses.
- Median Annual Salary: $52,500 ($25.24/hour)
- Top 10% Annual Salary: $94,500 ($45.43/hour)
The employment of junior accountants is expected to grow at an average rate over the next decade.
Employment growth will be driven by the need for accountants to keep track of complex business transactions and ensure that companies are in compliance with government regulations. However, automation may limit the number of jobs for junior accountants. Accounting software can automate many tasks currently performed by these workers, such as calculating depreciation rates.
Junior Accountant Job Requirements
Junior accountants typically need to have the following background:
Education: Junior accountants are typically required to have a bachelor’s degree in accounting or a related field. Some employers may prefer candidates who have a master’s degree in accounting. Relevant coursework includes accounting, business, finance, economics and mathematics.
Training & Experience: Junior accountants typically receive on-the-job training from their supervisors or other experienced accountants. This training helps junior accountants learn the specific processes and procedures of the company. They also learn how to use the company’s software and computer systems.
Certifications & Licenses: Although junior accountants are not usually required to have professional certifications, many earn these additional credentials to improve their qualifications or increase their earning potential.
Junior Accountant Skills
Junior accountants need the following skills in order to be successful:
Accounting skills: Junior accountants need to have a strong understanding of accounting principles and practices. They should be able to perform basic accounting tasks like recording transactions, reconciling accounts and preparing financial statements. They should also be familiar with accounting software and be able to use it to complete their work.
Communication skills: Communication skills are essential for junior accountants to develop. These skills allow them to interact with clients, other accountants and other employees in a professional manner. They also use their communication skills to explain complex financial information to clients and other employees.
Critical thinking skills: Critical thinking skills allow you to analyze situations and make informed decisions. As an accountant, you may be required to make financial decisions that affect the company’s bottom line. Having strong critical thinking skills can help you make the best decision for the company.
Problem-solving skills: Problem-solving skills are essential for junior accountants, as they may be the first point of contact for clients and other employees. You can use your problem-solving skills to help clients and employees find solutions to their problems and answer their questions. You can also use your problem-solving skills to find solutions to financial issues within the company.
Organizational skills: Organization is a crucial skill for junior accountants to have because it allows them to keep track of their work and ensure they submit all the necessary paperwork on time. Organization also helps them keep track of their files and records, which is important for ensuring the accuracy of their work.
Junior Accountant Work Environment
Junior accountants work in a variety of settings, including small accounting firms, large corporations, and government agencies. They typically work regular business hours, although they may have to work overtime during busy periods, such as at the end of the fiscal year. Junior accountants typically work under the supervision of a senior accountant or manager. They may be responsible for a specific area of accounting, such as auditing, tax, or accounts receivable/payable. Junior accountants must have excellent analytical and problem-solving skills and be able to pay close attention to detail. They must also be able to work independently and be self-motivated to meet deadlines.
Junior Accountant Trends
Here are three trends influencing how junior accountants work. Junior accountants will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.
The Need for More Technical Skills
The accounting industry is changing rapidly, and businesses are increasingly looking for accountants who have more technical skills. This means that junior accountants will need to be able to use software such as Excel and QuickBooks in order to keep up with the demands of their job.
In addition, they will also need to be familiar with other technologies, such as cloud computing, which is becoming an increasingly popular way for businesses to store their data. By learning these new skills, junior accountants can set themselves apart from the competition and ensure that they remain in high demand.
More Focus on Data Analytics
As data becomes more and more important, businesses are beginning to realize the value of having a team of professionals who can analyze it and make sense of it all. This is leading to an increased demand for accountants who have experience in data analytics.
Junior accountants who are interested in staying ahead of the curve should focus on developing this skill set. They can do so by taking courses or training programs that focus on data analysis, or by working with a mentor who can help them learn the ropes.
Greater Attention to Cybersecurity
As businesses become more reliant on technology, the need for cybersecurity professionals has grown. This is especially true for companies that deal with sensitive information, such as banks and insurance companies.
Junior accountants can capitalize on this trend by becoming certified in cybersecurity. This will allow them to work with businesses to protect their data from hackers and viruses. In addition, it will give them a competitive edge when searching for jobs.
How to Become a Junior Accountant
A career as a junior accountant can be a great way to get your foot in the door of the accounting industry. As a junior accountant, you’ll have the opportunity to learn about different aspects of accounting and gain experience working with clients.
To become a junior accountant, you’ll need to have a degree in accounting or a related field. You should also have strong math skills and be able to work accurately and efficiently. Additionally, it’s important to have good communication skills so that you can effectively communicate with clients and other members of the team.
Related: How to Write a Junior Accountant Resume
Advancement Prospects
Junior accountants typically start out in entry-level positions, such as staff accountant or auditing clerk. With experience and the successful completion of professional exams, they can advance to senior positions, such as senior accountant, controller, or treasurer.
The most common path to advancement for junior accountants is to become a certified public accountant (CPA). To qualify for the CPA exam, candidates must have a bachelor’s degree in accounting and pass an ethics exam. Once they have passed the CPA exam, they can use the CPA designation after their name.
CPAs who want to advance to management positions can get a master’s degree in business administration (MBA) with a concentration in accounting. MBAs with accounting experience may qualify for top executive positions, such as chief financial officer (CFO).
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