Advantages of Studying Accounting: Are you looking forward to studying accounting, but some concerns have made you skeptical?
Your concern is valid because education is an investment towards a promising career. It plays a massive role in deciding your professional future, and one has to be sure that it is a practical choice that you won’t regret in the future.
As a major, accounting is fascinating and vouches for a job that would help you earn well. Accounting stands out in the list of careers that are fun and worth the hard work involved. In professional life, hard work is necessary, but only a few professions like accounting satisfy the needs and demands of employees for good monetary compensations and job roles. This field has emerged as a respectable career that provides multiple avenues for professional specializations. Even during recessions, most private and public sector companies continue to seek competent accountants. According to the US Bureau of Labor Statistics, approximately 135,000 job openings appear annually for accountants and auditors. This figure is expected to increase by 7 percent (Bureau of Labor Statistics, 2022) in the next ten years.
Here are some benefits that would help you understand why accounting is a professional qualification worth investing your time, energy and money. Have a look!
Options for Online Courses
Most degrees require students to have a formal four- or five-year diploma from a university. In accounting, there are traditional on-site study options and several online platforms that help you study without enrolling in any institution. You can get an online accounting certification from online networks like Wiley Efficient Learning which prepares students for the accountants licensing examination. These study centers are equally well-respected and recognized in the professional world of accounting. Their expertise and experience help students learn the complexities of the financial world online without stepping out of their comfort zones. Students also have the freedom to manage study hours without any compulsion.
Diverse Working Environment
Accountants are in demand in every business sector in every part of the world. Hence, they have the choice to work for farmers or software companies. There’s an array of accounting roles to choose from, ranging from consultants tax services to manufacturing and company management. The flexibility in choosing between multiple career paths is the main benefit of studying accounting. It allows you to gain experience in various industries and explore multiple personal and professional growth avenues. As a result, accountants get to meet people from different backgrounds who can help in their professional progress.
Become your Boss
Accounting is a subject that gives you the extra edge if you choose to become an entrepreneur. Though it requires years of experience and a handful of good contacts, you can always start your firm once you have perfected your skills. It also gives the liberty to specialize in taxes or be a consultant with endless options of specializations related to money.
Variety of Skills to Learn
The best part of studying accounting is that it does not limit you to specific skills. You can enhance your CV with several transferable skills to make you a desirable candidate for any job. In addition to computational proficiency and legal know-how, accounting helps people develop fast and effective written and verbal communication skills, strong organization, and time management capabilities. They also develop skills in critical thinking, analysis, and argumentation, to name a few.
Almost every business firm requires someone to handle their finances and an accountant is all they need. Having a degree in accounting is equivalent to career longevity and job security. The employment rate for accountants is high. It is considerably higher than most jobs in the market both nationally and internationally.
Accounting is not a subject that requires you to excel in mathematics or statistics. It includes numbers, but software handles the number crunching most of the time. If you have paid attention during your lectures and understood the logic behind each lesson, you won’t have to worry about mathematics or any subject.
Becoming a consultant
Some people fear that studying accounting would put them around mathematic equations and algebra. As mentioned above, it is a bizarre misconception. Accountants are more like money managers for firms and businesses. They use their knowledge and expertise to guide the customers through their business plans, tax expenditure, and cash flow throughout the year.
Least Strenuous Career
The career of an accountant does not demand work throughout the year. It is a seasonal business that reaches intense heights during the first three months of the year because of the tax season. Accountants have work the rest of the nine months of the year, but it is the least stressful. If they choose, they can take annual vacations without worrying about the workload. It gives you opportunities to plan holidays and getaways during this time.
High Earning Potential
Many students worry about feeding themselves and their families after graduation, but such is not the case with accountants. An accounting graduate does not have to worry about the salary as long as he is proficient in his work. It is a high-paying profession that promises approximate earnings of $73 560 per annum. Jobs for accountants also come with various incentives like healthcare and retirement plans.
Basics for any career
Let’s suppose you do not wish to become an accountant. However, studying accounting can help you a lot in life. You can pursue a career in economics or financing with the basic knowledge of accounting and work as a policymaker with a specialization such as Certified Public Accountant (CPA). Accounting makes a person good with numbers and teaches essential skills needed in several careers. It can be a plus point even if you do a completely different job that has no direct link with this subject.
A degree in accounting means that you know the universal language- numbers. Numbers remain the same in the world. Hence, if there is demand for accountants in any part of the world, you have the fluid and transferrable skills to travel and explore opportunities abroad. Several companies have their headquarters in various countries, and sometimes they even pay your travel expenses so you could visit their offices in times of need.
We live in a world where any skill or knowledge never goes wasted. If you decide to study accounting, it will help you in life. Regardless of whatever you study, it is essential to understand that we cannot take true advantage of any of the points mentioned above until and unless we learn to be patient and hardworking. There’s no guarantee that you will have a six-figure salary right after graduating. But there is the assurance that this knowledge won’t let you starve at any point in your life. Developing skills in any field requires focus and dedication, so don’t forget to give your best.
Hopefully, this article will have helped you decide on studying accounting.