Accounting has been around since the beginning of the earliest forms of trade. And, through the years it has become a major field in the finance landscape. Today, it continues to employ millions of professionals around the world. Careers in accounting are flourishing due to the steady demand for its services.
One of the frequently asked questions regarding this matter is: "Is accounting a good career?".
I hear this a lot especially from my accounting and financial management students. (They should have or would have already asked that before entering an accounting program, but I understand that they'd want some confirmation). I also see that question posted in accounting forums and around the net.
People have different takes on this and the answer depends upon what you want in life, really. Now that would be a totally different (and long) topic so let's not go into that. We'll get into the hard facts instead. Short answer -- I'd say yes. I think accounting is an excellent choice, and a very promising one. I'll tell you why in 3 points.
Accounting offers a stable rate of employment amidst economic fluctuations. Other professions generally take a beating when the economy dives. But not accounting.
Businesses need to keep track of their operations to be able to find ways to survive economic plunges. They need to report their earnings to the state and pay taxes, regardless of the economic situation. Managers need to regularly furnish monthly or quarterly reports to the board. Get the idea?
Accounting is a necessity in business. And with the massive business activity we have (and will continue to have), there's just plenty of work for new and seasoned accountants.
Accounting professionals enjoy decent remuneration. The salary range varies as on job description, level of experience, educational background, location and other factors.
Bookkeepers, accounting technicians and clerks receive approximately $40,000 annually. Salaries of entry-level certified accountants range from $40,000 to $66,000 while seasoned accountants and management officers receive as high as $200,000 per annum. The average salary of a CPA in the United States is at $120,000.
In accounting, you have a wide selection of fields and areas of practice to choose from. You can work as an employee with steady shifts and routine tasks if you want.
Also, with sufficient qualifications, you can put up your own firm and have your own clients. Business organizations will need your expertise to prepare, analyze, or audit their financial statements. They might also want to consult you when making business decisions.
You can also work as an instructor in the academe; become a book author, a fraud investigator, or an information systems specialist.
That's how vast the opportunities are in this profession.
Now let me point out one important point. Accounting isn't the most exciting career. Pretty much, your work will revolve around numbers, computers, and spreadsheets. Actually, it is quite boring unless you get into the more creative specializations. Personally, I find managerial accounting and advisory more exciting among others.
In the past, holding a bachelor's degree is sufficient to land into a well-paying job. It still is a qualification but with the increased competition in today's employment, you've got to stand out. A certification in a specialized field of accounting, such as CPA, CMA, and CIA, will help you advance your career and increase your earning potential.