USA Data Scientist in Accounting

[dyytan15]

Hello All,

I am needing some guidance on establishing a career as an accounting data scientist . I graduated with a BS in Biology over a decade ago and worked for a healthcare facility for 15 years. During my employment, I returned to school to complete a MBA and an undergraduate certificate in Accounting. In 2019, I decided to leave the healthcare service sector and to establish a career in Accounting. I began to work as an Accounting and Administrative Assistant since Jan 2020. In the last 8 months, I have been learning and updating my knowledge on Taxation, Excel, Quickbooks and acquiring additional work experiences from volunteering. I feel I am ready to decide on a career path for accounting. I am most intrigued by the technology advancements all over the world and the adapting of the technology in accounting. I want to work as a data scientist in accounting but have difficulty to get start. What are the best skill sets for data scientists in accounting and where do I look to find entry level positions? Any advice would be appreciated. Thank you.

 

[Steve-LevelUp]

Although this is just from personal experience, I have not seen Data Scientists working within the accounting field. I have seen Data Scientists working for accountants, preparing models, reports, and analysis that is more about the data itself and less about accounting. An example would be a market wide/state wide pricing analysis for given market.

Alternatively, there is a Financial Analyst, which functions can vary depending on the firm, but could be analyzing corporate data for stock performance/investment purposes, or an internal analyst which provides input and commentary based on variances and changes over time in performance.

So although I am unsure exactly where to find an entry level data scientist in accounting, but given your education, It would seem that pursuing your CPA would be the best route. This will give you solid earning capabilities with the designation and in a public practice, you will have ample opportunity to work with a variety of technologies.

 

[dyytan15]

Thanks you Steve. You are right. My education is more relevant to business analyst and accounting than data science. The CPA is a better route.

 

[Varunjain]

Although this is just from personal experience, I have not seen Data Scientists working within the accounting field. I have seen Data Scientists working for accountants, preparing models, reports, and analysis that is more about the data itself and less about accounting. An example would be a market wide/state wide pricing analysis for given market.

Alternatively, there is a Financial Analyst, which functions can vary depending on the firm, but could be analyzing corporate data for stock performance/investment purposes, or an internal analyst which provides input and commentary based on variances and changes over time in performance.

So although I am unsure exactly where to find an entry level data scientist in accounting, but given your education, It would seem that pursuing your CPA would be the best route. This will give you solid earning capabilities with the designation and in a public practice, you will have ample opportunity to work with a variety of technologies.

Good suggestion Steve. Certified Public Accountant (CPA) is a license issued in 55 states or territories of the United States that authorizes the holder to practice as a CPA in that jurisdiction. To earn the prestige associated with the CPA license, an individual is required to demonstrate knowledge and competence by meeting high educational standards, passing the CPA exam and completing a specific amount of general accounting experience. The two most important aspects of becoming a CPA are passing the Uniform CPA Exam and meeting licensing requirements in the state where you want to practice. It is a short duration course with just 4 exams, which can be completed in less than a year's time.

 

[Chicago]

I'm in Lambda School's data science and machine learning program. I also have an accounting degree.

You can always perform big data analytics on accounting data sets. I've been told by multiple people that there aren't that many accountants with programming language experience. The biggest problem I have at the moment is convincing mid-tier and big firms that what I'm doing will add value to their organizations. If I have to pass interviews as well as play office politics I might as well own my own firm.

You should also look up Rob Nixon. Rob believes the accounting industry will be redefined so accountants serve more as advisors instead of doing tasks that will be automated.

 

[dyytan15]

I'm in Lambda School's data science and machine learning program. I also have an accounting degree.

You can always perform big data analytics on accounting data sets. I've been told by multiple people that there aren't that many accountants with programming language experience. The biggest problem I have at the moment is convincing mid-tier and big firms that what I'm doing will add value to their organizations. If I have to pass interviews as well as play office politics I might as well own my own firm.

You should also look up Rob Nixon. Rob believes the accounting industry will be redefined so accountants serve more as advisors instead of doing tasks that will be automated.

Thanks for the reply. To perform big data analytics on accounting data sets is exactly what I want to do. I just completed the introductory course on the Business Analytics certificate program at Ohlone. I really liked the subject. I will take more courses on data analytics in 2021. I think there is a demand for data analytics in accounting and finance field.

 

[Dave In Capital]

AICPA podcast episode discussing data analytics in auditing..

Audit evolution in action: Part 2

In part 2 of a series, hear or read more about the role of audit data analytics in the continuing transformation of auditing.

www.journalofaccountancy.com