free online oil and gas accounting courses

Last Updated on December 14, 2022

Best Oil and Gas course tutorial class certification training online

The oil and gas industry has an enormous impact on all aspects of daily life. Individuals, corporations, and national governments make financial and policy decisions based on the cost, use, and availability of these two natural resources. This two-week course looks at the two most fundamental aspects of the oil and gas industry, its operations and markets, each of which is addressed as a separate module in the course. In the operations module, the course provides an overview of the production of oil and gas, from initial exploration to final transport. The second module focuses on the forces that drive the industry’s operations, the oil and gas markets, including the cost of wells, seasonal impacts on prices, and the role of oil reserves. After every lesson, learners will take short quizzes to test their newly acquired knowledge, participant in crowd-sourced discussions about global markets, and complete a final project.

Accountants work in almost every industry. All businesses, organizations and governments need to account for their financial transactions. The U.S. oil and gas industry is a major contributor to not only accounting jobs but also to the nation’s gross taxable revenue. Oil and gas accountants work for energy, refining, exploration, drilling and production oil companies.

Course Description
Oil and gas operations have some of the most unique accounting issues found in any industry. Oil & Gas Accounting delves into acquisition, exploration, development, and production activities, covering many industry-specific accounting issues. Topics covered include the successful efforts method, full cost method, reserve reporting, the unit of production method, severance taxes, take-or-pay arrangements, transfers of mineral interests, and joint interest accounting, as well as industry-specific controls that should be installed. In short, this is the essential oil and gas desk reference for the accountant.

Oil and Gas Accountant Overview

Degree LevelBachelor’s degree
Degree FieldAccounting
LicensureCertified public accountant (CPA) license
Experience3-5 years of experience in oil and gas accounting, revenue, accounts receivable, coding or tax analysis
Key SkillsListening, communication, and writing skills; attention to detail; proficient in spreadsheet and allocations software; full understanding of math and statistics formulas; use of electronic calculators
Salary$78,820 (2018 mean for all accountants and auditors)

Sources: U.S. Bureau of Labor Statistics (BLS), CareerBuilder.com August 2012 job postings.

Oil and Gas Management (MBA)

Robert Gordon University Aberdeen Business School

The MBA Oil and Gas Management specialist course will hone your management skills to the specific needs of the oil and gas sector, giving practical experience while you learn and provide priceless insights and learning that can significantly impact your effectiveness and career. Read more Institution ProfileVideo(s)Student Profile(s)Online

MBA International Oil and Gas Management (Distance Learning)

University of Dundee Centre for Energy, Petroleum and Mineral Law and Policy

The world’s long-term economic development depends on the existence of efficient, innovative and creative energy and resources industries. Read more Institution ProfileVideo(s)OnlinePart Time

Online Study in Energy Economics and Finance PgCert

Aberdeen University Business School

University of Aberdeen and the city of Aberdeen UK is internationally recognised for its multinational oil and gas businesses and it acts as a European and world hub for much exploration globally. Read more Institution ProfileVideo(s)OnlinePart Time

Finance MSc

Aberdeen University Business School

This programme is an ideal method of converting from any discipline to a very employable finance industry. Careers in this industry are many and varied and include. Read more Institution ProfileVideo(s)OnlinePart Time

Accountants review financial records, analyze spending habits, and suggest ways to increase revenue. There are several 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. Since oil and gas industries have to submit a lot of paperwork to government authorities, they might hire management accountants who are also licensed CPAs.

The majority of accountants work in office settings, and a few work from their homes. Accounting work can be stressful, and depending on the time of year, it can be very fast-paced. Accountants generally work independently, and they might be required to travel some to oil and gas extraction or refinery locations. Almost all accountants work on a full-time basis with overtime common during tax season.

Oil and gas accountants must be able to listen to coworkers and clients and comfortable communicating orally and in writing. They must enjoy examining information closely and be able to maintain an organized work area and pay attention to detail. Additionally, they must be proficient in spreadsheet and allocations software programs, with a full understanding of mathematical and statistical formulas and familiarity with electronic calculators. According to the U.S. Bureau of Labor Statistics (BLS), accountants and auditors in general earned a mean annual salary of $78,820 as of May 2018. However, those employed in the oil and gas extraction industry earned significantly more, with a mean annual wage of $88,180. Let’s examine the steps involved to become an oil and gas consultant.

Step 1: Earn a Dual Degree

While accountants typically only need a bachelor’s degree to find employment, the majority of states require CPA applicants to have at least 150 units of postsecondary coursework. A traditional bachelor’s degree program in accounting requires only 120 units.

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 require students to complete prerequisite courses or pass exams. Course topics in these dual degree programs might include micro and macroeconomics, cost accounting, financial management, auditing, operations management, accounting information systems, marketing, taxation rules and business law.

Not every degree program offers courses directly related to the oil and gas industries. Some universities offer elective courses, though, and a few colleges even offer related certificate programs. Most oil and gas courses and certificate programs address the energy market, global issues, financial management strategies, petroleum accounting and domestic natural gas accounting.

Step 2: Build Industry Experience

College students should complete as many accounting internships as possible to gain the experience needed for CPA licensing requirements. Additionally, employers of oil and gas accountants tend to prefer applicants with at least 3-5 years of experience in oil and gas accounting, revenue, accounts receivable, coding and tax analysis.

Not all colleges require students to complete internships, but many help students find accounting internship opportunities. Universities that have coursework or certificate programs related to oil and gas accounting might have direct contact with industry leaders.

Additionally, 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.

After meeting eligibility requirements, individuals must pass the uniform CPA examination, offered by the American Institute of CPAs (AICPA). The exam consists of four parts: financial accounting and reporting, auditing and attestation, regulations, and business environment and concepts.

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. The BLS projected that positions for accountants and auditors will increase by 6% from 2018 to 2028. Competition for accounting positions is expected to remain high. Accountants who are licensed CPAs will most likely have better job opportunities.

Step 5: Maintain CPA License

CPAs must maintain licensure 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.

Step 6: Gain Experience

Oil & Gas Accountants with leadership skill might advance into supervisory or management positions within their respective company. They also are strong candidates to move into high-level financial positions in budgeting, accounting, or auditing.

In summary, oil and gas accountants typically need bachelor’s and master’s degrees in accounting, state licensure as a certified public accountant and 3-5 years’ experience in the field.

Salary

The average accountant earns an annual salary of $53,430, according to the Bureau of Labor Statistics as of 2010 The average oil and gas accountant earns $68,300 annually. The top 10 percent of oil and gas accountants earn in excess of $108,000 while the bottom 10 percent earns less than $40,000.

JOB PROSPECTS

A postgraduate qualification in Oil and Gas Accounting and Finance provides you with the opportunity to pursue a variety of roles and careers requiring knowledge, understanding and practical skills of accounting, finance, management and economics within the context of the oil and gas industry and the energy and financial sectors.

Example careers include working in energy companies, government departments or regulatory bodies and parastatals, consulting and research companies, and energy and financial markets and institutions (including oil and gas trading, financial analysis and reporting, equity research, benchmarking and intelligence). Your remit could include applying oil and gas accounting, finance and economics in policy analysis and regulation and governance of the oil and gas industry and the extractive industry.

For those who are new to accounting, this course will allow you to develop the practical skills, knowledge and understanding required to enter into and develop your career within the accounting profession.

The qualification can also be a stepping stone for advanced research degrees (e.g. PhD) in accounting and finance.

Requirements

Accountants are usually required to hold a bachelor’s degree in accounting, finance or a related business field for entry-level opportunities. Oil and gas accountant positions require experience with oil and gas accounting or completion of an oil and gas accounting class. Oil and gas accounting courses are generally offered as electives at many U.S. colleges and universities offering accounting degree programs.

Other Compensation

In addition to a regular salary, oil and gas accountants are often paid secondary forms of compensation. Bonuses are paid to accounting staff for personal or company performance. Deferred compensation is another form of compensation. Stock options are also paid out in some cases to accounting leadership and executive staff.

Salary by Specialty

There are many kinds of oil and gas accountants. Revenue accountants record transactions that relate to production, royalties and oil and gas marketing. The average annual salary of an oil and gas revenue accountant is $75,000, according to Indeed.com as of July 2011. An oil and gas joint-venture accountant earns an average annual salary of $74,000.

Free Online Oil And Gas Accounting Courses

How do I become a oil and gas accountant?

These positions require at least a bachelor’s degree in accounting, and some employers prefer applicants with a master’s degree in accounting. Most employers also prefer applicants who are Certified Public Accountants (CPAs), and they may require you to have previous experience in the oil and gas industry.

What is oil and gas production accounting?

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Oil and gas production accountants calculate and analyze production data. They calculate revenue and royalties associated with properties owned by oil companies. They also ensure reporting requirements are met.

What are the courses for oil and gas?Institute-wise Oil & Gas Courses and Fees

InstituteCourseFees
NISTNEBOSH CoursesNot Available
UPESMBA in Oil and Gas ManagementRs 13.99 lakh
BBA in Oil and Gas MarketingRs 9.05 lakh
LPU JalandharBTech in Petroleum EngineeringRs 5.04 lakh

Can an accountant work in an oil company?

As an accountant in the Upstream accounting group, you’ll work with teams to: Provide accounting support to domestic oil and gas production organizations. Apply fixed-asset and work-in-progress accounting procedures. Account for the acquisition, exploration and development of oil and gas leases.

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