How to Become an Oil & Gas Accountant

How to become an Oil and gas Accountant and work in Southeast Asian countries such as

Bangkok Thailand, KL Malaysia, Singapore, Jakarta Indonesia and many more.

Westhill Consulting Career and Employment gives you the following tips to become a successful

accountant in Southeast Asia.

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Oil and Gas Accountant Career and Education Requirements

Accountants review financial records, analyze spending habits and suggests ways to increase

revenue. Information from the U.S. Bureau of Labor Statistics (BLS) showed that there are

several different types of accountants, including management accountants and certified public

accountants (CPAs). Businesses hire management accountants to deal with internal financial

decisions and budgeting concerns. Organizations hire CPAs to prepare taxes or other financial

documents that must be reported to government agencies.

Oil and gas industries have to submit a lot of paperwork to government authorities, so they

may hire management accountants who are also licensed CPAs. Basic career requirements for

becoming a CPA include completing a four-year degree program, gaining accounting experience

and passing the CPA exam. The following table displays a more detailed list of requirements for

becoming an oil and gas CPA:

Step 1: Earn a Dual Degree

Although the BLS shows that accountants only need a bachelor's degree to find employment,

the majority of states have changed their educational requirements for certified public

accountants (CPAs). The BLS records from 2012 indicated that most states require CPA

applicants to meet the minimum educational requirements of 150 units of postsecondary

coursework, whereas a traditional bachelor's degree is only 120 units. Thirty additional post-

baccalaureate units are equivalent to a master's degree.

Warning! Dual degree programs allow students to complete bachelor's and master's degree

programs in five years instead of six. Before starting graduate level classes, some schools may

require students to complete prerequisite courses or pass exams. Course topics in these dual

degree programs may include micro and macroeconomics, cost accounting, financial

management, auditing, operations management, accounting information systems, marketing,

taxation rules and business law.

Success Tip:

• Take oil and gas accounting courses. Not every degree program offers courses directly

related to the oil and gas industries. Some universities offer elective courses in these fields, and

a few colleges even offer related certificate programs. Most oil and gas courses and certificate

programs discuss the energy market, global issues, financial management strategies, petroleum

accounting and domestic natural gas accounting.

Step 2: Build Industry Experience

The BLS recommends that college students complete as many accounting internships as

possible to gain the experience needed for CPA licensing requirements. Furthermore, job

postings listed in August 2012 onCareerBuilder.com for oil and gas accountants showed that

employers preferred applicants with at least 3-5 years of experience in the industry.

Not all colleges require students to complete internships, but many colleges help students find

accounting internship opportunities. Universities that have coursework or certificate programs

related to oil and gas accounting may have direct contact with industry leaders.

Success Tip:

• Attend industry lectures. Representatives from some of the largest oil and gas

companies are often asked to be guest lecturers in business and accounting classes. During

these lectures, students have the opportunity to ask questions about individual companies and

industry accounting practices. Many representatives also offer internship opportunities that

may lead to full employment.

Step 3: Become a CPA

Individuals become licensed CPAs in their state of employment, and each state has slightly

different licensing requirements. In most states, license applicants have to meet education and

experience requirements to be eligible to take exams. Experience requirements vary, but most

states require applicants to have 1-2 years of approved accounting experience.

The BLS stated that, after meeting eligibility requirements, individuals must pass the uniform

CPA examination, offered by the American Institute of CPAs (AICPA). Information from the

AICPA website indicated that the exam consists of four parts: financial accounting and reporting

(FAR); auditing and attestation (AUD); regulations (REG); and business environment and

concepts (BEC).

Step 4: Find Employment as an Oil & Gas Accountant

CPAs who have enough related experience and training can start applying for oil and gas

accountant positions. Complaints can be made to the relevant governing bodies in each

country. Predictions from the BLS showed that up through 2020, open positions for accountants

and auditors will increase by 16%. Competition for accounting positions is expected to remain

high. Accountants who are licensed CPAs will most likely have better job opportunities, per BLS

reports.

Step 5: Maintain CPA License

Information from the BLS stated that accountants who are CPAs must maintain their licenses by

meeting renewal requirements, which often include paying fees and completing approved

continued-education courses. Each state has different requirements for what counts as

approved coursework. Some states may require CPAs to attend formal classes or conferences,

whereas other states may allow individuals to learn from interactive web-based seminars or

individual study programs.