Accounting has always had a good share of bad reputation and has been as populated by the math™s geeks who loves nothing else but crunching of numbers.
Fact is, the stereotype may have had some truth, sometime in the past, but no longer presents accurate picture of the career. Most of the accounting mechanics that have in the past become tedious are now automated with the accountants having more focus on analysis, interpretation and strategy of business. This completely changes the perspective on the question, why study accounting.
There is a brighter future to those who want to study accounting. The fact that accounting has now been rated among the most desirable available professions,according to Jobs Rated Almanac, 2002 it was the 5th best profession, based on low stress, lots of autonomy, high compensation and high demand. In addition, National Association of College and Employment winters (NACEW) 2002, accounting jobs were ranked top in the first-five job offers for graduating students.
The greater emphasis on need for accounting professionals and auditors for transparency, control and reporting of accounting and financial procedures gives reason on why you need to study accounting. Simply put; you should never be confused on whether to study accounting or not, on the job availability judgment, as there will always be plenty of them to choose from.
Pros and Cons of Accounting
Pros of Accounting Jobs:
- Collegial working environment: Most of the public accounting firms starting with big four™s: Ernst and Young, Deloitte, PriceWaterCoppers (PwC) and KPMG all tends to hire more of the newly graduated accounting professionals. Also being in an environment where you are surrounded by people with same concerns and interests makes the firm acclimation and job more agreeable. This environment also creates better grounds for the networking opportunities.
- Exposure to many companies: Accountants are concerned with different clients and activities. This accelerates the attainment of exposure of experience and skills, crucial for any competitive accountant. Also, due to the high demand of the accountants, most of them find themselves moving from one firm to the other depending on the salary, working condition and such factors. This way, exposure to different personnel and companies is created.
- Diversity of application: Knowledge in accounting is required in all sectors of business.’ Important functions of businesses such as retailing, procurement, marketing, finance and production uses financial transactions at on point in time. Financial statements are thus involved, which necessitates the need for accounting services. Thus, anyone who needs to study accounting, whether as employee or self business manager should make the decision immediately. Collectors and interpreters of financial information (accounting professionals) assist in development of comprehensive knowledge on businesses and key in decision making. The senior accounting professionals are called upon in offering of strategic advice, in addition to being production and marketing executives, as they are believed to have in-depth general managerial and accounting skills both from school and from the working experience.
- Women given a chance: Not all careers are for women (no gender bias), but honestly, that™s fact. For example, though there are some of the women who are in the building and construction, it has been believed that such projects are left for the men. When it comes to accounting, there was also a belief that only men could be left playing with numbers here. However, with the flexibility in work arrangement, women are encouraged on getting more answers on why study accounting should never be a worry in terms of job availability. Looking on the brighter side, according to Bureau of Statistics says that approximately 60% of according profession is accounted by the women. More reports from the CFO survey shows that 58% of CFOs have a belief that women accountants holding managerial level position will keep on increasing in next 5 years. In actual observation, men have bigger picture while women are actually aware of the intricate details. Hence all gender balance is catered for, and especially a time when women empowerment is being put to gear in most professions.
The Cons of Accounting Jobs:
- Lower pay comparison: Though accounting has more manageable lifestyle, the pay-off compared to the baking and consulting jobs, is lower. On average, accounting salary is 15-20% lower than banking and investment overall pay package. Needless to also say the incentives paid are smaller in public accounting, where they exist. However, this has nothing to mean that there is low pay; in fact the payments from starting are very attractive.
- Different priorities and many bosses: It is known that accountants are assigned multiple projects by different bosses at most times. However, they must learn to say No™ where necessary. This creates more pressure as the accountants tries to satisfy each of the boss. This is mostly seen in public accounting where different projects are expected to be done by accountant simultaneously. Those who are looking to study accounting should learn to also train working under pressure, as it happens sometimes.
Above all, the cons can never be compared to the pros, and this clears the mystery of those who are not sure of why studying accounting is important step for them. As long as you have the capability and persistence, sky is the limit.
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