Organizations need someone to oversee their finances. That involves not only collecting and recording the flow of funds, but also analyzing that flow to arrive at reasonable business decisions.
If that sounds like something you’d be interested in doing, then you may want to consider a career in accounting. Before you dive in headfirst, however, take the time to learn what’s in it for you.
Here are 7 real advantages of becoming an accountant:
1. Have An Excellent Understanding Of Finances
Studying to become an account can teach you a lot more than just how to balance a checkbook if you enroll in reputable institutions such as the University of Alabama Birmingham.
By taking up a bachelor’s degree in accounting, you could learn about the following courses apart from accounting itself:
- Business administration
Combined with real-life applications, these courses will give you a deeper understanding of how money works and what it influences, in both small and big contexts.
They will also equip you with useful skills. You can choose to use that skill set to increase your value when applying for a job and also apply them in your own life as well.
2. Enjoy the Demand
A business without an accountant is like a car without headlights; yes, it can move along its path, but without something illuminating the road ahead, it’s very likely to crash.
In other words, every kind of business needs accountants, which is why you can choose to work in any industry that you want.
Now, try to remember that although the demand for accountants is more or less consistently high, it’s still up to you to seek out job opportunities and select the one that’s right for you.
Accountants are like doctors in the sense that they can get into different specializations. So don’t fret if there are a handful of things that you don’t really like about accounting since you are free to choose from any of these specific job posts:
- Analyst Certified Public Accountant (CPA)
- Chief Financial Officer (CFO)
- Controller Tax Accountant
- Payroll Clerk
When deciding which specific accounting role to pursue, a factor that you can consider is which industries pay well. For instance, healthcare was the highest paying sector in the U.S. last 2017, with business leadership coming in at a close second.
Perhaps the profit of a particular industry could also be a huge factor in your decision. In that case, take note that software and IT services are leading in that respect.
4. Get Paid Generously
This benefit is probably everyone’s favorite, especially those who wish to have financial freedom. Indeed, it’s true: accountants generally get paid high salaries. However, that may still depend on things likewhere you live and how long you’ve been practicing.
On average, accountants can expect a starting annual salary of $50,000 when employed by large organizations. This figure will only increase the more you advance in your career. Additionally, accountants who work in the heart of a big metropolitan area can expect a higher figure than the one mentioned.
5. Fastrack Your Career Advancement
Companies are under constant pressure to keep innovating their financial management techniques. In order to accomplish that, they would need to hire a skilled group of accountants.
When an organization sees your skills and hard work, they would be inclined to promote you to a higher position where you can enjoy even more benefits.
6. Venture into Your Own Business
It is not uncommon for the more experienced accountants to go out on their own and start a business, like consulting firms. After all, they’ve spent years weaving a great network of contacts and fine-tuning their skills in money management, so why not put all of that to good use?
Take note, however, that this is not a necessary step in being an accountant. You can still earn enough to live comfortably by being a regular employee who balances the books.
7. Understand tax laws better
Every decent citizen is obligated to pay taxes. You can use your knowledge of taxes to your advantage not only in your career, but in your personal life as well.
While it’s true that the road to becoming an accountant is riddled with numerous challenges, the hard work and perseverance that you put into getting through them could all be worth it.
If accounting is something that you want to pursue, then don’t forget that after all the hustle you can enjoy advantages like being in demand, enjoying a high salary, and having the chance to start your own business.