Seven Reasons Why It Pays Well to Be an Accountant
An accountant is a professional who deals with financial records and business transactions on behalf of an organization.
Due to the nature of the role, they deal with financial statements and often file reports on the company’s monetary management.
Due to high salaries and a more comprehensive range of careers, accounting is one of the most profitable professions.
According to the US Bureau of Labour Statistics (BLS), 135,000 accounting jobs are posted annually, making it one of the most popular and high-paying careers.
Accounting is also one of the most prestigious jobs in the market. One of the many reasons is accountants are required by almost every organization and business today.
The demand for accountants is expected to increase further following 2020-2030.
For graduates, an accounting degree offers a high return on investment. Many students invest in their academics and complete their Bachelor’s, Master’s, and even PhDs.
Unfortunately, these academic endeavors don’t always lead to high-earning jobs.
Since the demand for accountants is increasing yearly, even those with marketing degrees can jump onto the high-paying bandwagon.
For accounting majors, another option ensures a potential career option. That option is becoming a Certified Public Accountant (CPA). A CPA is considered an elite professional in accounting and financing.
Passing a CPA exam and obtaining a CPA license is a monumental challenge. Luckily for graduates, there are preparation centers such as Wileythat increase the likelihood of passing the CPA exam.
The chances of obtaining the license afterward increase significantly.
Earning a CPA license or getting an accountant’s degree is many benefits. There is a broader range of opportunities awaiting those who successfully clear their CPA exams.
Due to such a large number of benefits, the appeal of an accounting career is understandable.
This article will cover some of these benefits which make accounting a highly sought-after career.
1. Job Security
Considering how the pandemic has changed the job security of many professions, accounting still being one of the secure jobs is saying something. It is one of the most stable professions due to low unemployment rates.
The demand for many jobs has significantly decreased in the recent decade. Many professions that were once highly paying jobs are no longer required in the current market.
High demand has led to an increase in the number of jobs. Due to that reason, it is still considered one of the safest career options in terms of professional stability.
2. High Salary
Accounting is one of the most profitable career options due to its high salary options. According to stats in 2018, the median salary of accounting was reported to be north of 70,500 USD.
It is expected that entry-level salaries are pretty low in different sectors. However, the basic wages in the accounting field are often 52,000 USD to 60,000 USD. The number is only expected to rise due to the competitive market.
3. A Multitude of Opportunities
Finance experts have high demand in nearly every sector. Whether in the entertainment industry or non-profit organizations, financial calculations are an essential part of operations.
For that reason, accounting is a potential career with plenty of opportunities. Finance professionals who help and manage business transactions and financial statements have skills that can be applied in every industry.
It also presents a brilliant opportunity of choosing one’s industry and work setting. Such freedom is only possible because of the diverse career options in accounting.
4. Career Growth
Accounting is one of the fields with high career growth opportunities. There are plenty of options for accountants to mature in their field and climb the corporate ladder.
Due to such opportunities, it is not uncommon to find accountants in high corporate positions.
Some candidates often land high posts in many different industries. Some accountants also become eligible for partner positions.
That growth opportunity doesn’t end here. Accounting also paves the way for entrepreneurial careers.
There are plenty of examples in which some accountants opened their separate businesses.
5. Manageable Workload
One of the most significant benefits of a career in accounting is the manageable workload. Many jobs that pay well have many tasks and assignments that leave no room for a personal life.
However, accounting is one of those careers in which professionals can easily manage their workflow.
Due to the manageable workload, many accountants can keep agood work-life balance. Many have the option of assigning a specific time for a task. It leaves plenty of room for breaks.
6. Professional Connections
In today’s world, networking is essential for maintaining a high profile and securing success in the modern world.
The more professional one’s network is, the more prominent a person becomes in their career.
Accountants are often known to maintain a network of professionals. They rarely work alone. Usually, the team that accountants work with is made up of high-ranking professionals.
It often builds successful connections, which can be leveraged later in life.
7. A Prestigious Career
One of many reasons for choosing accounting as a career option is how respectable the profession is.
Financial information is highly confidential, and it cannot be shared with just anyone. Accountants are some of the most trusted people in an organization. It takes high standard work ethics to handle such a profession.
Socially, accountants enjoy a prestigious position. It is one of the most respected career options in society.
Accounting is one of the most beneficial career options for young graduates and students. A degree in accounting ensures a high return on investment for the expenses spent on education.
Besidesgood job security and high-salaried positions, accounting is also a prestigious career option.
Accountants can keep a proper work-life balance, and they are also able to sustain a powerful network of professionals.
They enjoy a wide variety of options to choose from, and their positions offer them plenty of learning opportunities.