Accounting can be a fascinating job, and its scope instills both fear and amazement. It concerns working with an organization’s finances, which involves making constant calculations and reports. Despite the adoption of technologies, accountants remain in demand, as any establishment, regardless of size, requires a person overseeing the financial side. If one strives to become an accountant, they are unlikely to struggle with finding an occupation. However, it is advisable to consider the profession’s advantages and challenges before pursuing it. The potential employee should focus on why accountancy is a superior choice to other jobs, what it involves, and how it can ultimately benefit the person.
Accountancy is a great career choice due to it feeling as significant as running an organization, the market omnipresence, and profitability. First of all, accountants are the crux of any organization, as their operations drive all processes. Major decisions are impossible to implement without consulting an accountant beforehand, as they ultimately judge whether the establishment is “making a profit” (Smith, para. 3). It makes the job daunting but suitable for people who prefer when others rely on them. Another important point is that accounting has a wide range of applications, including education, entertainment, commerce, politics, and other fields. Even if someone is not interested in business, they can still be a school or a science laboratory accountant. It is also possible to be flexible and change fields, as the necessary skills will remain the same. The last but not the least point relates to arguably the most important aspect of a profession – profitability, and accountancy can be rather lucrative. Accounting.com states that “candidates who hold bachelor’s degrees in accounting earn $69,000 per year on average”, and the salary can be as high as $96,300 in New York (para. 5, para. 10). The chosen field also impacts how much an accountant will earn, so one might combine business and pleasure. Thus, accounting is a superior choice because it is a valuable position within an organization and has a wide range of potential application fields and a profitable nature.
While accountancy may be prestigious and lucrative, it also involves accepting many responsibilities, which cover various aspects of organizational activity. Accountants should perform all financial operations within the organization: “ensuring the accuracy of financial documents,” “preparing and maintaining important financial reports,” and “ensuring that taxes are paid properly and on time,” among others (Miller, 2019, para. 9). They must be accurate and meticulous, as “a single digit to a set of numbers can have a huge impact” (Shikati, 2017, para. 1). The job also requires one to offer “guidance on cost reduction, revenue enhancement, and profit maximization” (Miller, 2019, para. 9). In addition to cost optimization, accountants focus on maximizing profits and improving an organization’s revenue. It may appear challenging, especially in times of crisis, when merely keeping organizations afloat would be sufficient, but extra finances lead to improvements. Being an accountant also means having integrity, which is “ahead of their own self-interest or the interests of their supervisors and employers” (Shawver & Miller, 2019, p. 29). A person serves the public as much as the organization, so it is imperative to avoid fraud and partiality as both can damage all parties involved. Altogether, accountants have numerous responsibilities, including performing financial operations, improving an organization’s expenses and profits, and preserving its integrity.
As established, accounting is not only a prestigious position within an organization but a lucrative occupation. According to Accouting.com (2020). “The entry-level average payroll accountant salary is $40,000 per year, while professionals with 5-9 years of experience earn an average of $55,000 annually” (para. 4). The provided figures do not consider one’s education, and having a degree only increases them, the Master’s allowing one to reach as far as $91,000 per year (Accounting.com, 2020, para. 7). For 2017-2018, public colleges required “over $9,900 for in-state tuition and $25,620 for out-of-state-tuition,” while for private non-profit schools it was $34,740; the Master’s program reached $10,830 at maximum (All Business Schools, n.d., para. 27-30). As evident from the costs, it is possible to cover them while working concurrently with studies or after graduating and have a surplus. As mentioned previously, the state of operation also impacts the number, so an accountant from Washington, D.C., earns more than a person holding the same position in New Jersey (Accounting.com, 2020). Surprisingly, accountants working for the government ($68,420) will not profit as much as those in insurance ($74,690) or enterprise management ($73,180) (Accounting.com, 2020, para. 10). What also matters is one’s specialization, such as being a tax accountant or a forensic. Out of the two, the latter is more profitable, making a person earn as much as $65,760 annually (Accounting.com, 2020, para. 14). Thus, having a degree, moving to another state, and choosing the appropriate field and specialization can maximize a person’s benefit, although certain investments will be necessary.
Accountancy is a challenging job, but it would not be so prestigious and profitable otherwise. Employers value accountants for their skills and qualities and are willing to invest in them. The profession will always be relevant due to human activity being intertwined with finance, so one cannot go wrong with the choice. Its flexibility allows an accountant to maneuver among various fields and find what is both interesting and lucrative. Hopefully, more people will consider accounting as a career choice due to those advantages and low investment with great returns.
References
Accounting.com. (2020). Payroll accountant salary guide. Web.
All Business Schools. (n.d.). Accounting degrees and certification: What you’ll study in an accounting program. Web.
Miller, K. (2019). What does an accountant do? Role, responsibilities, and trends. Web.
Shawver, T. J., & Miller, W. F. (2019). Assessing the impact of GVV modules in accounting courses. In T. J. Shawver & W. F. Miller (Eds.), Giving voice to values in accounting (pp. 16-30). New York, NY: Routledge.
Shikati, C. (2017). The key qualities of a good accountant. Web.
Smith, R. (2019). What is accounting and why is it important for your business? Web.