Finance

13 Benefits of Becoming an Accountant

13 Benefits of Becoming an Accountant

A career in accounting is in high demand and offers many benefits to those who choose it. Accountants enjoy the flexibility of working in different industries, job security, and the possibility of starting their own business. The benefits of earning a degree in accounting are numerous.

Let’s check a few

  1. Accounting Professionals Understand Finances Better

Accountants gain knowledge of money management through years of studying. In addition, the degree offers knowledge in ledger management and financial reporting. The courses include micro-and macroeconomics, which is further categorized into business law, tax law, business finance, spreadsheet analysis, banking, financial management, and management and supervision. Because these skills can be applied across any field in a job, employers greatly benefit from hiring candidates who possess these skill sets. Accountants also have skills relevant to other professions like financial planners, fund managers, and banking specialists.

  1. Accounting Jobs Are In High Demand

No one can guarantee they will land a job once they have earned their degree, but it is worth noting that accountants are consistently in demand. The accounting profession entails handling money so that it can be viewed as an important driving force of the economy. At least one accountant is necessary to manage the finances of a business; in some cases, large companies hire accounting departments with hundreds of staff at several offices around the globe to maintain accounts. Accountants will likely remain in great demand for the foreseeable future. Since accounting is necessary for all businesses and industrial sectors, it naturally provides career longevity and job security. 

  1. Math Skills Are Not Necessary

While many people have the misconception that accounting is all about math, in reality, becoming an accountant doesn’t require you to be an expert in mathematics. Number crunching is important, but it’s only one of several skills necessary for academic success. Accountancy firms today rely on software for processing large amounts of data, while the team focuses on advising clients.

  1. Career Advancement Opportunities

An entry-level accountant can increase their earning potential within a year if they make the right kind of networking connections. They can become a tax accountant, auditor, budget analyst, controller, payroll clerk, certified public accountant, or even a corporate financial officer by combining academic skills with continuing professional education. A resume that combines accounting skills along with other business knowledge will definitely catch employers’ attention.

For your career, a solid foundation in accounting principles is essential. Those in positions such as Financial Planning and Analysis and Cost Accounting should know how figures are calculated. In the modern era, a financial statement is more than a PowerPoint presentation; shareholders pressure the finance sector to become more strategic. The accounting and finance departments are expected to analyze, explain, and act.

  1. Improved Financial Understanding

Most people hire accountants because they have a good understanding of finances. As an accountant, you can use this understanding when deciding what stocks to invest in or filing your annual taxes. Additionally, accountants often possess transferable skills that can be applied to other career paths in the future.

  1. Accountants Are Paid Competitively

Accountants usually begin their careers at a high salary scale. As of May 2018, the Bureau of Labor Statistics reported that the median annual wage for accountants and auditors was $75,000 per year. The median wage is equal to the wage earned by half of the workers in the occupation, and half earned less than that amount. Only one-tenth of low-income Americans made less than $43,650, whereas one-tenth of the high-earning people made more than $122,840. One’s salary figures may differ depending on one’s region, the company’s ownership, or whether it is publicly traded. Larger urban areas are likely to offer higher salaries.

  1. The Business Operates Seasonally

A lot of accountants fear the end of the year or tax season. On the one hand, it’s the busiest time of the year, but on the other, it also makes the rest of the year easier. You can easily plan your holiday activities because it’s predictable.

  1. It’s A Great Way To Volunteer For Charities

Are you passionate about charities and other worthwhile causes? You can use accounting qualifications to benefit others as well as yourself. The time you spend on tax planning will save a fortune in fees if you’re a qualified accountant. 

  1. You Can Start Up A Business

Professional accountants often become entrepreneurs; this usually occurs after years of on-the-job experience when they have built a network of business contacts. Accountants may have developed contacts that they can use to start their own business after years of working together. 

  1. Accounting Offers Flexible Opportunities

The options are endless when it comes to financial affairs, whether it is tax accounting or representation. It is not surprising that Forbes magazine lists accounting as one of the best careers for prospective college students since it is a career that can withstand today’s job market. The field is also popular with people with disabilities due to its flexibility. It is possible to earn a considerable income as a self-employed accountant simply due to the steady demand for accounting services.

  1. It’s Ideal For Adventurers Who Are Looking For A New Life Abroad

The ultimate portable qualification (arguably) is in accounting. ACCA (the Association of Chartered Certified Accountants) membership is globally respected and recognized for its universal principles. With an accounting qualification, you could move to the city of your dreams.

  1. Become More Familiar With Business Law And Taxation

In accounting programs, students take courses on business law and taxation. The job requires taxation knowledge due to the personal, legal, and business repercussions of failing to follow tax laws. 

  1. It Is A Highly Prestigious Career

Accounting is a respected career that gives accountants relevant skills applicable to various fields. Thanks to accountants’ core values and skill set, businesses and organizations often hold these professionals in high regard.

Conclusion

Accounting is one of the most popular college majors. Students pursue degrees in accounting for a variety of reasons. Career advancement, expanded duties, a high income, and respect characterize this career path. Given all the benefits of the field, earning a degree in accounting is well worth the time, cost, and effort.

About the author

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Miller Willson

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