Accounting was once one of the safest career choices out there. It ensured your employment, a good paycheck and success. However, with the avalanche of accounting students and tech advancements threatening to bring accountant tasks close to anyone, we must ask the inevitable question: Is accounting still a good career choice?
To answer it is important to see all the aspects of the situation. Since the accountant’s primary role is to deal with data that help companies make huge decisions (a task that can’t be easily resolved without human factor), we can in whole certainty claim that we still need this profession and that is a great career to choose.
1. There’s Still Room
One of the things that worries people the most is the fear that they won’t be able to find the job they want to do, especially if that was their long-term wish they spent years studying for. The fact that The Australia Department of Employment still keeps accounting on the Skilled Occupation List for Migrants means that there is still room for those who want to get into this career, and the situation isn’t much different in other countries.
2. It Pays Well
According to PayScale, the average wage of an accountant in Australia is AU$55,046 per year, but that number increases when accountants gain skills of financial analysis and budget management, with the financial analysts earning about AU$71,299 per year and budget managers getting between AU$88,364 and AU$108,090. In the U.S. the average salary of an accountant is $49,545 per year.
3. You Can Advance up the Career Ladder
Accounting isn’t one of those careers where you start working on one position end remain there until you retire. On the contrary, it gives you plenty of opportunities to advance up the career ladder.
From accounting, you can move on to a financial analyst. From there, a Chief financial officer, and from there, you can become anything. Just look at how Man Group promoted Jonathan Sorrell to co-president last year.
4. There Are Loads of Different Fields
Besides going high up, accounting is enabling you to go wide by offering an extensive range of different fields you can choose, depending on your interests. This is something you can do in your college years by opting for cost accounting, internal auditing, management accounting and forensic accounting, to name a few. Even later in your career, it is not too late to change focus and gain new certificates and skills.
5. You Can Grow and Improve
Gaining new skills and certificates will not only help you acquire a higher wage, but to grow and improve on a daily level. For example, a popular course in Australia that enables you to get a certificate IV in accounting provides students with a wide spectrum of knowledge ranging from the specifics of organizing accounting in Australia to using software essential for accounting. Since they communicate with clients a lot, accountants are often motivated to improve their social skills and even learn a foreign language if they work with clients from abroad.
6. It Opens New Doors
Accounting is the financial backbone of every business. Here, you get to interact with many people in your and other companies and forge fruitful business connections. This diversity will enable you, not only to move on to another department of your company, but also change your career entirely and go to another important position that includes the skills an accountant is proficient in, such as leadership, and organizational and management skills.
7. It Won’t Go Away
Unlike some other professions that are becoming obsolete due to tech advancements and industry/market changes, accounting has no chance of going away. On the contrary, every business will always need finances and a person proficient in managing them. And even though it sometimes seems that such a person can be replaced with a smartphone app or a computer, that is far from the truth. Accounting requires deliberation, which is a quality attributed to humans exclusively.
This is a challenging time to choose a profession, and it is important to consider all of the aspects, including the salary, possibility to thrive and the demand for this job position. Accounting scores on all of these points, so if you’re good with numbers, responsible and willing to learn, this might just be the job for you.