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.