Reasons to Choose Accounting as a Career
If one is not sure what to do as a career, a career in accounting is one of the best options available, especially if getting a job is of the utmost importance upon graduation. While waiting for that one fantastic idea to make that first million or that one opportunity to launch that dream career, a career in accounting will never be wasted, especially if one wants to be an entrepreneur later or to manage ones assets, investments and liabilities. The other great reasons are;
Jobs
Accounting is a profession where no matter how qualified one is; there will be a job suitable for the candidate. Every business in this world requires an accountant. One accountant can’t do it all. They need to be supported by auditors, credit controllers, assets managers, treasurers, analyst, financial reporting assistant, together with the multitude of other assistants usually called accounting clerks are required; depending on how diversified and how big the volumes of transactions are in a business.
Besides businesses, other organization such as clubs, non-profit organization, building societies, co-operatives, etc. also requires someone to keep accounts in the proper manner.
As such, jobs in the accounting field are in abundance. It is also a highly skilled and a highly regulated profession where trained accountants undergo years of industrial training to become a qualified accountant. As a result, even if accounting jobs are in abundance, it is not a highly replaceable job suited to everyone in the general employment market.
Salary
Because of the nature of the profession where a qualified accountant is required to undergo up-dates in accounting regulations to improve their skills periodically, and it being a highly regulated profession, accounting jobs are paid higher than a general degree graduate, especially, if one is a qualified certified public accountant, a chartered account, or a certified accountant; titles accorded depending on the accounting body recognized within certain countries.
There is a high demand for accountants worldwide as big corporations expand their businesses globally and businesses are always growing and many more new ventures and start-ups are opportunities for a qualified accountant.
Other finance related profession, especially the investment banking and stock broking sectors always put a premium on qualified accountants as they are the best candidates suited to that particular industry. Because of this phenomenon of qualified accountants moving to investment banking and stock broking, it firstly creates a very high demand for qualified accountant in the industry, and due to the nature of these jobs and the industry they are working in, accountants earn high bonuses when the banks and stock broking industry does well. The continued demand of accountants also put an overall pressure to pay more for qualified accountants.
Progression
A career in accounting is always exciting and never stale. That is because there is so much to learn in the finance field and there is always a sense of progression from being an accounts clerk to a top level position of a finance director of a large corporation or even a partner in a professional accounting firm.
An accountant does not only learn about accounts, but has to learn about accounts in the various industries, for instance the banking industry, a hotel, a development company, or a petroleum extract industry etc; and all the accounting standards to treat certain transactions in every particular industry is different. As such an accountant normally specializes, as it is impossible to learn about accounting in every industry in the world.
On top of that, an accountant has to have a wide knowledge of related matters relating to accounting and business, which includes taxation, audit, investments, budgets, financial decision making, cash-flows etc., that makes accounting one of the most fascinating fields to be in. If one takes the accounting career seriously, an accountant practically has to know all about a business; not only in account and finance, but also in sales and marketing, R&D, HR, administration, mergers and acquisitions etc.
Thus it is not surprising that many accountants gradually move up in the company to eventually become finance directors and even after retirement they are invited to join the board of directors in the running and management of the company.
Diversification
Many accountants find the job of an accountant stressful, but all is not lost if one decides to change career. Many accountants went on to take up other careers for instance to become bankers in the credit loans analysis department, analyst in investment banks, treasurers, stock brokers, day traders, investors, entrepreneurs, and lecturers, which are jobs that are also in great demand.
A qualified accountant does not need to be an employee. They can be their own boss by providing professional accounting services to others. Many also become management consultants to other businesses, and as discussed earlier, there are many areas an accountant can specialize in to provide services to small businesses who cannot afford to have a full time accountant working for them.
Even if one decides to become an entrepreneur, knowledge in accounting will be very useful and it gives the entrepreneur an edge to becoming a successful business person.
Qualification
In some countries, apprenticeship training together with examination is available to those who do not want to waste time getting a general degree first. Apprenticeship could start after A Levels with a chartered accounting firm who undertakes the proper training and passes the required examinations. This means one can start working earlier and gaining work experiences whilst earning an income; clearly an advantage compared to studying full time.
Qualifications especially from the US and UK are recognize in most countries as companies from these two countries has diversified and expanded globally, as such if one is a CPA from the US he could still work in India with Coca-Cola or McDonalds. This means that an accountant is able to work internationally in other countries to gain international and global experience to enhance working experience leading to a great resume and an opportunity for advancement not at home but also in other countries.
In some countries one can choose the type of accounting qualification one aspires to have. Not everybody wants to be an auditor. In the UK, one can choose to be a management accountant, or maybe just a bookkeeper, a cost controller, or even a treasurer.
The above are some of the great reasons as to why accounting should be a serious option when choosing a career. Even if it leads to a more fulfilling future endeavors, the accounting knowledge gained is never wasted.
