If you are a student selecting accounting as a major, you must be asking yourself if it will prove to be the right career choice. Or you might already be working in the finance industry and still need affirmation if an accounting job is a right fit for you. Before deciding whether a career is the right choice for you or not, you need to evaluate your interests and capabilities and then look at the job prospects for that career.
Accounting is one of the most important fields in the world of finance. Finances are a part of every business, no matter the type of company; of course, a company has a finance department and thus needs people with accounting expertise.
You need to be tech-savvy to utilize different technological advancements in the accounting field, be a critical thinker, have a problem-solving mindset, and be good with numbers to excel in this field. Having these qualities makes accounting the best choice for you. Moreover, here are five plus points of an accounting career that make it worth selecting.
1. Careers Options:
The accounting and finance world is not limited to a few options. A career in accounting is like an umbrella term for so many careers. With a degree in accounting, you can work in different roles, ranging from accounting clerk to management accountant to internal auditor, and even you can be the CEO. To get a role you prefer, you will need a relevant degree. If you are wondering ‘how do you become an accountant,’ then you can take the help of a mentor or do your research and find the most suitable academic path.
In general, if you attain a bachelor’s degree, you can choose from careers such as budget analyst, financial analyst, staff auditor, tax reviewer, staff accountant, and cost estimator. And with a master’s in accounting, you can select from options such as certified public accountant, lead accountant, auditing manager, financial manager, and senior budget analyst.
Moreover, accounting experts can easily make their way up to the C-suite. Accounting experts know the ins and outs of the business from a financial perspective; hence, they can advance to high management positions easily, like the chief accounting officer, chief financial officer, etc.
2. Stable and High Paying Field:
The things that guarantee a successful career are its stability and earning potential. The field of accounting is stable, and the jobs are growing in this field. Corporations hire accountants to tackle financial matters like tax auditing, etc. Aside from businesses, individuals also hire accountants to help them out with their finance-related problems.
Hence, as long as there are companies, businesses, and the finance sector, there will be a need for accounting experts. BLS reports that jobs in this field will grow at a rate of 7% from 2020 to 2030. And there will be 96,000 accounting jobs in that period.
There is also strong earning potential in the field of accounting. BLS reported that in 2021, accountants and auditors earned a median average salary of $77,250 annually. To put into perspective, the median yearly salary was $45,760 for all workers; look at the huge difference in earning potential. Moreover, those accounting professionals who served in management positions earned even more as financial managers received a $131,710 median annual salary in 2021.
3. Exciting Work:
Accounting has long been stereotyped as a boring and tiring job, with monotonous tasks of entering data into spreadsheets and being bent over the calculator all the time. But you don’t have to worry about boring work as the advancements in technology and the way business operations have changed, the work of accountants has also evolved.
You will find many exciting and rewarding tasks to work on. As an accountant, you need to gather, analyze, and interpret financial data to help the organization you work for make informed decisions. It goes beyond interpreting numbers and data; you will guide your business about many things like launching new products, starting or ending business ventures, avoiding unprofitable business moves, moving into new markets, finding ways to reduce costs and waste, etc.
Thus, you will help your corporation make the right decisions regarding all finance-related matters. Your work and advice will help shape the business to achieve growth in the future. As an accountant, your company will rely on your expertise when they have to make tough decisions.
4. Work in Different Industries:
As mentioned earlier, finance is a part of every organization and firm, no matter which industry they belong to. This allows you to work in any industry you want. A career in accounting means there is a demand for you in almost every industry. You can switch your working industries, too, as there will always be a company looking forward to hiring an accountant to understand their financial situation, crunch numbers, and keep their books.
You can choose to work with a retail company or a tech company. Likewise, you can work with the hospitality business. Also, you can work with agencies, local and government, like public school systems or law enforcement agencies. You can work with NGOs and non-profit organizations. You can also work in public tax preparation agencies and so on. An accounting career gives you so much freedom that no other career possibly can.
If you want to live abroad, you can do that by working as an accountant in a foreign company. Some certifications like CPA and being a member of certain industry organizations also make it easy to get foreign accounting jobs as these things are globally recognized.
5. Develop and Sharpen Skills:
You need to have a specific skill set to become an accountant, but even if you don’t have many skills other than being good at mathematics and you start a career in accounting, you will get to develop these skills. This means you will develop new skills and sharpen existing ones.
Such skills are high in demand in every field of work, and you can apply these skills even when you work in a different position in a different industry. In an accounting career, you need or will develop skills such as analytical abilities, communication skills, business acumen, quantitative reasoning, leadership, detail orientation, organizational abilities, problem-solving efficiency, and software skills. These skills are transferable and highly valuable in versatile competencies. Even when you switch careers or industries, your skills will still be with you and benefit you to excel at your job.
If you are wondering whether a career in accounting is right for you or not, you have come to the right place. Accounting is a highly rewarding career with more job opportunities and growth prospects. With a career in accounting, you will develop valuable skills. Look at these five benefits of choosing an accounting career and decide for yourself.