Accountancy continues to be one of the most popular educational and professional paths out there, with solid market demand, highly transferrable skills and a lot of career and job stability. If you are interested in learning more about what becoming and being an accountant entails, below are 10 must-know facts of an accounting career.
It is a Career Choice With Continuous Learning Requirements
Once you become an account, there are professional development requirements that you will have to stay on top of for the rest of your career in order to not only remain in good standing with professional accounting regulatory bodies, but also to stay on the cutting edge of the profession, keeping your skills sharp, up-to-date and adding value.
CPE, or continuing professional education, is something that all accountants need to complete each year. It could be a specific course offering, seminar or conference, but the objective is for accountants to stay constantly adding to their knowledge base.
There are Different Kinds of Accountants
Anyone unfamiliar with the accounting profession, and perhaps even some people just starting to research the field as a career path, might be unaware of the various branches and specializations in accounting. Being a CPA, or a certified public accountant, is not the only professional accounting designation you can pursue—although it is the most common.
You can choose to become a financial accountant, a managerial accountant, a cost accountant, a tax accountant, or a fiduciary, forensic or information systems accountant. All involve similar base knowledge which is then expanded upon to include various niche specifics and particularities. There are different demands for each specialization, as well as different career and salary potential.
You Have a Clearly Defined Career Path
One of the most attractive features of an accounting designation is that it provides people with a clearly-defined career path. Compared to many other professional careers out there, if you are signing up to be an accountant, you know, more or less, that you will typically start in some kind of entry-level position. After several years, you will likely move into a senior accounting position.
As you continuing improving, mastering your craft and learning the industry and your organization, you may eventually be moved into a managerial position and finally, after some time, the partners, or owners of the firm you are working for, may offer you a coveted partnership position.
Accounting Skills Are Broadly Applicable
Accounting skills will serve you well in a wide range of industries and positions. A good accountant will quickly add value in virtually any financial role, in operations management, project management, human resources and marketing.
The ability to understand the flow of money and the financial health and viability of an organization or particular project gives accountants unique insight into things like cost tracking, budget planning and forecasting.
Digitization is Changing it
Like any profession in the digital era, accounting has not been immune to the radical changes of automation and digital transformation. Technology has made it easier for accountants to do things like analyze statistical values and interpret data.
In order to remain competitive and adding value in the digital era as an accountant, you need to make sure that your digital, paperless accounting skills are constantly up to date. Accounting firms are being forced to adopt new digital accounting programs and methods, and accountants must keep abreast of and up with these changes.
You Can Use Your Accounting Skills in Your Personal Life
As an accountant, you aren’t just limited to putting your accounting education and experience to good use in a professional setting. Having the in-depth financial knowledge and understanding of an accountant will serve you extremely well in all facets of your personal life as well, from budgeting to saving, to taxes, to making wise investment decisions. This is also knowledge you can impart to friends and family, helping those around you build important financial literacy skills too.
Accountants Are Well-Paid
Accountants are virtually guaranteed a solid middle-class income within a few years of starting their careers. The median salary of an accountant in the United States, according to the Bureau of Statistics, is $70,500 per year. Keep in mind that this figure will vary based on things like location, education, experience and industry.
Accountants Can Work Remotely
Because so much of modern accounting work is paperless and thanks to collaboration and workplace communication software, much of modern accounting is easily done outside of an office environment. This means there are great remote work opportunities for accountants.
There Are Joint Accounting Degrees
It is possible to get not just an accounting degree nowadays, but a law degree (JD) at the same time. There are schools all over the U.S., and all over the world, offering joint accounting-law degrees, two educations which, when combined, add a tremendous amount of value.
Different Jurisdictions Have Different Accounting Designations and Standards
There are a total of 41 different accounting standards worldwide, including various discourse standards, disclosure standards and presentation standards. Generally Accepted Accounting Principles (GAAP), which are formally designated in the U.S., vary on a country-by-country basis, and there is, as of yet, no universally accepted set of publishing and recording principles.
Conclusion
An accounting career path, for those who are committed to putting in the work, always pursuing continuing education, and keeping up to date on the latest trends and industry changes, is usually a personally and financially rewarding one. If you are considering taking the next step towards an accounting career and/or education, keep the above facts in mind and ensure you are making the right choice for your professional future.