Accounting has mainly been the field of analysing business transactions and thus requires analytical skills, which is similar to the area of data science.
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 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.
Data science is omnipresent to advanced statistical and machine learning methods. For whatever length of time that there is data to analyse, the need to investigate is obvious.
If you have other resources, tips, or advice, please leave a comment below and I’ll update this post for others looking to advance their data career.
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