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Can A Chartered Accountant Become Data Scientist?

Changing careers can be a daunting experience, especially when transitioning to a complex field like data science. However, it is believed that finance seems to be a perfect fit for data science, especially for the ones working with numbers, like accountants.

Accounting has mainly been the field of analysing business transactions and thus requires analytical skills, which is similar to the area of data science. In fact, both the field leverages numerical data to make a business decision; however, the latter requires a high-level of computer skills to gather the relevant data.

As experts believe markers of a genuine data scientist isn’t just the background of maths and statistics along with programming skill, instead it also includes domain experience. And that’s where the knowledge of CAs such as accounting, analysis and storytelling comes into the picture. An in-depth understanding of the financial space is the cherry on the top.

Why should CA’s learn programming ?

Imagine having an EXTRA team at ZERO cost !!.Automate your daily spreadsheet tasks with pandas. A good code saves time and eliminates errors. Let’s you focus on what rather than how.

Why choose python ?

There are a number of programming languages like C,C++,Java, R. Python has an edge due to following features:

1) Simple English like syntax that is easy to read and learn for beginners(including non-programmers).

2) A vast collection of libraries that support data analysis ,visualization, machine learning, thereby reducing development time. Select a library that meets your requirements and use its functions.

3) Flexible enough for develop a simple scripts to complex commercial applications

4) Yet there are easier options to programming, 4 generation languages(4 GL) like low code programming where you can analyze data with drag and drop. They come with a cost while python is an open source software and new developments are continuously on the rise.

What is Pandas ?

Pandas is a popular data analysis library in python. A library is a collection of files called modules that contain functions for use by other programs. A function can be defined by end user or a standard function from the library. When you code, functions are assembled in the required order to achieve the end result.

. Why should you learn Pandas ?

Chartered Accountants either in practice or industry extensively use Microsoft Excel. If you have worked with excel learning pandas is quite easy as Pandas library has functions similar to that in MS Excel. All that you have to do is execute a function and output is instantly available.

How To Perform Set Operations On Pandas DataFrames

Changing careers can be a daunting experience, especially when transitioning to a complex field like data science. However, it is believed that finance seems to be a perfect fit for data science, especially for the ones working with numbers, like accountants.

Accounting has mainly been the field of analysing business transactions and thus requires analytical skills, which is similar to the area of data science. In fact, both the field leverages numerical data to make a business decision; however, the latter requires a high-level of computer skills to gather the relevant data.

As experts believe markers of a genuine data scientist isn’t just the background of maths and statistics along with programming skill, instead it also includes domain experience. And that’s where the knowledge of CAs such as accounting, analysis and storytelling comes into the picture. An in-depth understanding of the financial space is the cherry on the top.

Accounting Skills Of CAs Can Help Transition Into Data Science

Accounting is a field where accuracy takes the utmost importance when required to extract data from accounts and sort the same for relevant insights. Along with extreme knowledge in mathematics, accountancy also comes with an amount of domain experience, which is critical for the data science field.

Such requirements are quite similar to what the data science field necessitates for; thus, an accountancy background for a professional can be extremely beneficial to pursue a career in data science. In fact, accountants having experience in working with databases to process massive amounts of information can have an edge in the data science field, which mainly focuses on analysing data. 

As a matter of fact, accounting, finance knowledge, database administration as well as financial reporting are some of the key educational background requirements advertised for data science jobs. Along with that data science job also requires the aptitude for data and the ability to automate processes, which again are vital features of an accounting professional. 

Moreover, with the BFSI industry increasingly relying more on the data-driven environment, the requirement for data scientists is increasing. But, the ones equipped with financial knowledge are even becoming more relevant. With an understanding of finance and management, accountants can easily stay ahead of the curve for reading financial data, which is ever-growing.

Data Analysis Skills That Can Help CAs Transition Into Data Science 

Having said that a professional with a chartered accounting background brings a unique approach to the data science field. Not only it involves the aspect of finance, accounting and management but also brings their understanding of financial data which is critical for extracting business insights. 

With all things considered, mathematical knowledge is the key to any sort of analytical job, and chartered accountants are well versed with statistics, which is extremely critical for the field of data science. Data scientists tend to use statistical formulas along with computerised algorithms to analyse data and gather relevant information.

Alongside similar to data scientists, chartered accountants also leverage data analytics tools as well as visualisation tools such as Power BI, Datawrapper, Tableau, etc. for making sense of data, as well as predict operational business risks. Thus, transitioning to a data science field would be easier for CAs compared to other professions.

Apart from excel sheets, chartered accountants many a time also use programming languages like SQL, R, Python to get their work done faster and with a higher degree of accuracy. As a matter of fact, accountants with a certain level of programming language are high in demand.

Therefore, if willing to change the course of their career to data science, these programming skills and knowledge of tools can come handy for chartered accountants. Besides these, working in the finance domain also makes accountants robust in understanding how businesses operate and how to determine the financial aspect of the company. 

Thus, in entirety, understanding of the essential analytical tools, along with the business knowledge and expertise in communication with clients while auditing, can make transitioning to the data science field easy for chartered accountants. 

Conclusion

Data science is a field of interest, and if one has an interest in numbers and learning programming skills, it becomes an easy transition for them. With both accounting and data science primarily addressing numbers in order to bring out relevant insights, it’s only applicable for accountant professionals to opt for higher education in data science so that it becomes easy for them to combine the two aspects and become a financial analyst or a data scientist in the BFSI or other similar industries.