An accountant's median yearly income is significantly higher than the national median wage for vocations. This is according to Investopedia. But, pay isn't the only factor you should consider when thinking of an accounting career.
You also need to consider whether you will enjoy a profession where you primarily deal with numbers and systems. Also, have you thought about what type of accounting you want to get into?
There are various accounting-related professions out there that can differ a lot in their vocational practices. Furthermore, these different professions may require different skillsets too.
So, with all these considerations to think about, let's look at seven benefits of pursuing an accounting career. By the end of reading this post, you should have more clarity on whether becoming an accountant is the right pathway for you.
There's a Constant Demand for Accountants
Regardless of where you reside or how well the economy is performing, accounting is a necessary aspect of any business. Governments, enterprises, individuals, and non-profit organizations all require accountants. They need them to manage their taxes, budgets, financial reporting, and conduct audits.
Accountants need a comprehensive grasp of local taxes and company procedures. Thus, it's not so common for organizations and firms to outsource accountants.
So, the good news is there will always be work for you when becoming an accountant. Of course, this is provided you stay current with legislative and technological advancements.
In the introduction, we touched upon how well accountants are paid. And accountants do indeed start their careers with attractive income levels considering industry demands for them.
According to the Bureau of Labor Statistics, the median annual pay for auditors and accountants was $70,500 in 2018. Half of the employees in a given occupation received more, while the other half got less. The bottom 10% of earners made less than $43,650, while the top 10% made over $122,840!
These statistics may differ based on one's geographic location and whether the firm is publicly traded, privately held, or government-run. More prominent urban areas tend to provide higher-paying jobs.
Accounting is the financial foundation of any successful firm. A job in accounting might provide stability because the skill set is constantly in demand.
All businesses require financial and accounting knowledge, small and large, making it a solid profession to operate in. Regular working hours, a wage that improves over time, vacation time, and the capacity to prepare for the future are all advantages.
If you want to start a family, these factors are crucial. So you can be assured that your family's safety and well-being will be looked after if you want to become an accountant.
Working in the accounting sector allows you to work whenever and wherever you desire. To work in some industries, you may need to adjust your lifestyle and relocate to an industrial hotspot.
Accounting, on the other hand, is a universal requirement. Everyone might benefit from accounting services across all sectors since strong finances are at the core of business in any realm. This provides accountants with a great deal of freedom regarding where they wish to live or travel.
Personal growth might occur due to an accounting job that allows you to try out several responsibilities inside the organization.
An accounting job may appear to be monotonous, but it is much more. You can learn soft skills in a variety of situations. These can range from basic teamwork with a coworker to a huge department meeting about money.
Acquiring new skills and witnessing diverse occupations may help you narrow down your job alternatives. You may become a more well-rounded individual and employee.
They'll Be Opportunities To Diversify
A position in accounting doesn't always imply that you will work as a bookkeeper or public accountant. You'll have lots of versatility and transferrable expertise inside a firm. So, it'll be easy to move into other departments if you wish.
You could get a taste of relevant professions thanks to many changes that will come up throughout time. For example, you could become a budget analyst or internal auditor in the same firm you work for if a position arises.
You may also have opportunities with new employers to learn new forms of accounting. Quite often, a new employer may offer to pay for training in a specific area of accounting in some accountant jobs.
Then, there's even the chance to go freelance and work for yourself from anywhere! Why not check out these freelance CPA jobs to learn more about this side of accounting?
You Can Start Your Own Business
You could set up your own accounting practice or even another business type. The point is, with a solid foundation in accounting knowledge and techniques, you have a strong advantage over others who don't understand money the way you do.
The mindset you learn, along with the systematic nature of accounting, should serve you in good stead. Plus, you won't need to hire an accountant for your business when you first get started. You may never want to!
Accounting is a robust vocational practice that gives you skills and methodology to set you up for success. It's no surprise that people with an accounting background can make good CEOs.
Consider An Accounting Career
An accounting career can be a lot more exciting than it may first sound. There are many aspects of accounting you can study and specialize in. Furthermore, the pay is fantastic, and your career progression may look very solidly upward for the future.
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