Are you intrigued by the power and prestige of accounting? Do you want to be seen as successful and professional by friends and family? Maybe it’s the job stability and potential for growth that interest you in the lucrative field of accounting.
Like any career, accounting has its pros and cons. Accounting isn’t for everybody, but if you’re ready to begin moving up in your career and are driven to build a successful image, studying accounting may make sense for you.
Here are nine pros and cons of an accounting career you need to know:
Pros of an accounting career
1. You know your path
If you’re studying accounting, you’re likely looking forward to a future of crunching numbers and analyzing costs. Unlike those majoring in communications studies or political science, you have a clear vision of your career path. Plus, while studying accounting, you’ll receive specific training applicable to your career. As an accounting student, you have a great idea about where you’re going in your career.
2. Potential for growth
After graduation you may begin as an entry-level associate but the potential for growth can be great. After a few years, you could begin moving up the ranks. “Progression is fast in accounting,” Weinstein Spira director Marie-Pierre Stein says. “People start supervising others within a couple of years.” Many associates move up as managers, tax directors, partners, and can even open up their own firm, Fins Finance says.
3. Accountants are in high demand
As long as people need help with taxes and as long as businesses exist, accountants will be in demand. Accountants play an essential role in keeping businesses within their budgets. The number of jobs for accountants and auditors is projected to grow 13 percent through 2020, according to the Bureau of Labor Statistics. Despite fluctuating with the economy, accountants can look forward to a stable career, Stein says. Almost every organization and business is in need of an accountant.
4. You have the potential to be paid well
One of the most oft-cited pros of accounting is the pay. The median annual salary for an accountant in 2012 was $63,550, according to the Bureau of Labor Statistics.* In fact, “U.S. News & World Report” says the top 10 percent of accountants earn more than $100,000 per year. Additionally, accounting positions can be relatively high security. Not only do accountants have the potential to earn a generous salary, but full-time accountants have also been known to receive great pensions, healthcare, vacation time and other benefits.
5. You’re not tied down
While the highest salaries are generally located in largest metropolitan areas, companies everywhere need accountants. If you’re looking to relocate or start a new career in a fancy new city, accountants aren’t necessarily tied down to a specific location. Accountants are needed all over the country. And, if you’re looking to work abroad, you may need to be trained on some international accounting laws.
6. Different career areas
Another pro of accounting is the variety found in the field. Accounting offers many career areas. According to Udemy, there are four main branches of accounting: financial, management, auditing and taxes. Because of the diversity of the field, an accountant has many options in their career. They may work for the government or possibly a private institution. They may work at a large company or run their own small firm. They may manage a company’s expenses or solely do taxes.
Cons of an accounting career
1. Getting certified
One con of accounting is getting certified. The American Institute of Certified Public Accountants (AICPA) accredits Certified Public Accountants, or CPAs. Not all accountants are CPAs—there are a few different accounting credentials—but many go on to pursue this authorized license. CPAs can earn more and have the potential to advance higher in their careers than non-certified accountants, according to Investopedia. Certification varies between states, but it typically requires an advanced degree, a year or more of experience working in public accounting and passing a four-part exam, according to NASBA.
One thing to consider before getting certified is the time investment. According to Stein, it takes an additional six months to a year to study and pass all four parts of the exam. And while becoming an elite CPA will open many doors for your career, the path to getting certified is a challenging one. The exam is tough—the passing rate is around 50 percent, according to the American Institute of CPAs, though the respect, security and 10 percent pay increase are all the more incentive to achieving this career milestone.
2. Accounting may be a bit boring ...
... if you’re the creative type, says Jobs In Accounts. Monotony may be either a pro or a con of accounting, depending on your personality. If you like your work to be clear-cut and like working within the confines of a highly-regulated industry, then accounting may be right for you. You also have to be a problem-solver and possess a thorough attention to detail to avoid errors. The work can be repetitive and meticulous. Be prepared to spend a lot of time sitting at your desk working on the computer.
3. Work-life balance
Another con of accounting can be the level of stress. Accounting is typically a standard 9-to-5 job. But, like many industries, accounting has a cyclical pattern of heavy work loads. During tax season expect to spend extra hours in the office—as much as 80 per week, according to Career Explorer.
Accounting is also a competitive field. Many accountants go on to pursue a higher degree in hopes of advancing in the field or maybe even working for one of the “Big Four” accounting firms. On the plus side, accountants don’t need to worry about finishing up work outside the office, says financial controller Matt Fellows.
Now you know ...
Studying accounting is a no-nonsense fast track with applicable job training in the classroom and can lead to a career in a respected and highly recognized field. If you’re looking for that prestigious career with great growth potential to match your luxurious lifestyle, accounting is the discipline to take you there. If it’s an elite career you’re after, accounting is the clear path to take.
Source: http://www.rasmussen.edu
