An accounting Career, like practically everything else in life, offers advantages and disadvantages. However, the truth is that the career is neither excellent or bad in and of itself, but rather that it is the ideal fit for certain people and not for others.
Consider buying a new car: some people want dependability and safety, while others want speed and performance. Neither option is intrinsically better or worse, but each vehicle is better for certain types of people.
Your opinion of accounting is influenced by your personality, job style, and life priorities. You can make an informed decision once you understand the potential benefits and drawbacks of a career in accounting.
So, do you think accounting would be a good degree for you to pursue? Take a look at these accounting occupations’ benefits and drawbacks to help you make the best decision.
Pros of an accounting career
There’s a lot to love about a career in accounting. Learn more about a few of the perks you can expect by pursuing this profession.
1. A defined professional path exists
Accounting students gain practical skills such as crunching numbers and assessing expenses that businesses want. When opposed to someone who decides to study English or philosophy, where the prospective professional consequences are more difficult to define, this gives you a much defined career route.
If you decide to pursue an accounting degree, you’ll have a good sense of where you’ll end up in your career. Though there are several sorts of accountants, the obligations and abilities you’ll utilize are generally the same, so you’ll know exactly what you’re getting into.
2. It’s a stable and expanding field of work
Accounting is not a profession that will go away in the near future. Almost every business requires an accountant or a complete accounting team, and even the average person occasionally requires the services of an accountant.
Accounting job opportunities are expected to improve in the coming years. Accountants will be needed as long as people require help with taxes and as long as businesses exist. Between 2016 and 2026, the Bureau of Labor Statistics (BLS) predicts a 10% increase in accounting jobs. This is significantly quicker than the national average for all vocations.
3. You’ll have the opportunity to advance professionally
You may start as an entry-level associate after college, but there is a lot of room for advancement. As they start their careers, many accounting graduates will work as staff accountants, junior auditors in public accounting, or assistants in the controller’s office in private accounting.
Career advancement can be achieved by on-the-job performance and extra schooling or certifications, such as becoming a Certified Professional Accountant, after you’ve established yourself and gained experience (CPA)
4. There is a good chance of making money
You, like everyone else, want a job that permits you to support yourself and your family. So, how does a career in accounting compare?
According to the Bureau of Labor Statistics, the median annual salary for an accountant in 2017 was $69,350
In fact, the BLS reports that the top 10 percent of earners made upwards of $120,000. Against the national median salary of $37,040, that’s an impressive amount of upside.
Furthermore, many full-time accountants enjoy excellent perks such as healthcare, vacation time, and retirement plans, among others. According to the Bureau of Labor Statistics, most accountants work full-time, around or over 40 hours per week.
5. You have the freedom to work wherever you wish
What city would you want to reside in? Is it better to live on the West Coast, East Coast, or someplace in the middle? Is it better to live in a big metropolis or a small town? Is it better to live in a mountain range or by the sea?
To get work in some industries, you may need to uproot your life and relocate to an industrial hub. Accounting, on the other hand, seems to be everywhere. Everyone, from farmers to government agencies to software development firms, could benefit from the services of an accountant. This allows accountants a lot of freedom in terms of deciding where they want to settle down.
6. There is the possibility of starting a business
In every career, you have the option of starting your own business. Although it’s doubtful that a pilot will ever start their own airline, accountants do it on a regular basis. In the field of accounting, the desire of being your own boss is alive and strong. Starting an accounting firm could be a terrific method to boost your career if you have some entrepreneurial flair.
Starting an accounting firm, like any other business, comes with risks and isn’t for everyone, but it’s always important to have options.
Cons of an accounting career
Just like any industry, working in accounting does have its drawbacks. Get a taste of some of the less appealing factors so you can decide if it’s the right fit.
1. The training is continuing
If you want to be an accountant, you won’t be able to stop learning once you’ve earned your degree. You’ll need to plan on continuing education to advance in your career—at the very least, to keep up with industry changes and necessary certifications.
Following your initial training as an entry-level accountant, you should consider what qualifications you might wish to pursue. The CMA (Certified Management Accountant), CPA (Certified Professional Accountant), and CFA (Certified Financial Analyst) are all accounting credentials (Chartered Financial Accountant). These credentials will all take a lot of time and effort to obtain, so it’s important to know what you’re getting yourself into before you start.
2. The labor may appear monotonous
Do you know how many world-famous accountants there are? There’s a reason you’re having trouble coming up with one—accounting isn’t exactly seen as a “glamorous” profession. However, celebrity and glamor aren’t everything. The day-to-day work entails a great deal of research and arithmetic, which can be tedious for some but fascinating for others.
This is one of those questions where you’ll have to search deep within yourself and honestly answer what works for you. Knowing more about what accountants perform on a daily basis will help you decide if the job is right for you. “What Do Accountants Do?” is a good place to start. For more information, see “A Look at Life Behind the Ledger.”
3. There is a busy season
Except for specific times of the year when there are imminent deadlines, accounting is normally a 9-to-5 career. For tax accountants, the most important deadline is April 15. The heavy labor for most tax accountants begins after New Year’s Day and continues until April 15.
Long days and weekend labor become the norm during the busy season as accountants struggle to get their clients’ finances in shape. However, after that time span, things begin to slow down dramatically. Accounting careers provide some variety in the yearly schedule in this way.
4. The job might be demanding
There’s certain to be some strain when you’re in charge of an organization’s finances. It’s all a part of the fun. However, such strain and stress can have a negative impact on your mental health and should be taken into account.
These bad experiences have a lot to do with where an accountant works and what their responsibilities are. The more significant your position is and the more money you deal with, the more pressure you will experience on the job. However, whether or not such pressure leads to negative stress levels is determined on your personality.
Try to be honest with yourself about how you feel when you’re under a lot of pressure or have a lot on your plate. Working as an accountant might not bother you if you aren’t easily stressed and don’t mind being a little tense. It’s probable that an accounting career isn’t the best fit for you if you’re easily agitated.
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