There are a lot of careers that go up and down as the demand goes up and down. Not with accounting. The more businesses there are, the more they need accountants to take care of their finances, taxes, and everything else. Accounting may or may not be the right career for you, but it is a growing field, and it has a lot of potential for anyone interested in numbers, the way they work, and how to manipulate them.
There are various types of accounting that you can get into. It is basically like buying a new car. There are various types of cars out there, and not every one of them is the right fit for you. So you might be thinking about the different types of accounting subcategories that you can get into and How are financial and managerial accounting similar? Or which one is the right one for you?
It all depends on your interests, your personality, life priorities, as well as your working style. What you need to do is to understand who an accountant is, what does he do, and what does it take to become one. And if you like it, you can go forward with it.
So, should you pursue a career in accounting or not? Take a look at the list that we have compiled for you so you can make an informed decision.
1. There is a clear career path
One of the best things about choosing accounting as a career is that you have a clear and well-defined path ahead of you. You are learning everything about numbers and the practical skills that are needed to analyze them and get results. Unlike other fields, where the career outcomes are harder to define, this one is easy to understand. Although there are different types of accountants, the basics will never change, so you will always know exactly what you are getting yourself into.
2. It is a stable field of job
Like we mentioned earlier, careers come into focus and go out based on the demand. The benefit of choosing accounting as a field is that there is no shortage of demand, and it is not going away in the near future. Every business out there needs an accountant or a whole team of accountants depending on the size of the business. As more and more businesses enter the market and previous businesses expand, the market for accountants is never full. According to the Bureau of Labor Statistics (BLS), the field of accounting will see a growth of 10 percent from the year 2016 to the year 2026. This growth is faster than any other occupation.
3. You can grow professionally
When you start your career, you will start as an entry-level person, but that does not mean that you have to stay there for a long time. There is a huge potential for growth, and you can easily advance your career through additional education, online certifications, or by showing exceptional performance.
4. Great earning potential
Everyone wants a career that will enable them to lead a comfortable life with their families and allow them to do what they want. As far as accounting goes, it has great earning potential. You will start off at the bottom, but you can quickly make your way to the top and not only earn a handsome salary, but also enjoy other benefits like great healthcare packages, extended time for holidays, better plans for your retirement, and more.
5. Work anywhere you want
A lot of careers are region-specific, and you cannot move easily. But as we mentioned earlier, every business needs accountants. The bigger the business, the more accountants they need to handle everything from taxes to daily operations. This means that you can move virtually anywhere that you want and you can easily find opportunities for yourself.
6. Develops entrepreneurial capacity
Another benefit is that you do not have to be an employee all the time. Once you have the experience, you can easily start your own consulting business. You can easily fulfill your dream of being your own boss and performing well.
7. Keeping up to date
Like every other field, if you want to stay on top of the game, then you will have to keep yourself up to date with the latest information and trends. You can easily do that in your own time with online certifications and other accounting credentials.
8. The work can seem dull
There is a chance that you might find the work dry and dull. If you have done your homework before entering the field and you are already interested in numbers, there is no chance that you will ever be bored. But for some people, the routine immersion into a world of numbers might not be the ideal thing.
9. There is a busy season
Accounting jobs are usually 9 to 5, but at certain times of the year, you will have to stay late. These might include the start of the new fiscal year or the last dates of tax returns or some other deadline.
10. Stressful work
Since you will be responsible for the finances of an organization, there will be a certain level of pressure and stress involved. You will need to learn about the various ways that you can handle the stress and go through the phase positively.
Summing it up
So now that you know what the field of accounting involves, do you think that it is the right career choice for you?