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Advantages of An Accounting Career

Advantages of An Accounting Career

The field of accounting is rapidly expanding and is expected to grow in the coming years. Every company will always have a need for accounting services, so this is not a field that will disappear any time soon.

The field of accounting has grown by double digits over the past three decades. Accounting is expected to grow at a 10% rate through FY 2026, according to the Bureau of Labor Statistics (BLS).

Accounting on paper has long since become obsolete. With the development of cutting-edge technologies, the field of accounting is currently undergoing a period of rapid development. Accounting has become the norm for market-disrupting technologies like Machine Learning, Automation, Adaptive Intelligence, and Minibots. Modern accountants are more comfortable with and equipped with cutting-edge technological tools.

What Kind of Companies Hire Accountants?

Across industries and companies of all sizes, accountants can expect to enjoy a desirable career trajectory. Whether it's in the healthcare industry, the IT sector, or the marketing industry, the services of accountants are required by all businesses. There are many industries where a certified public accountant (CPA) could find a secure and expanding career such as:

  • Bookkeeping, Tax Preparation, Accounting & Payroll services
  • Company Accounts Management
  • State and National Government
  • Accounting Consultancy Services

When times are tough, businesses can always rely on their team of accountants. The financial health of a company can be assessed, allowing for the most efficient use of resources and the formulation of well-informed, data-driven choices that will lead to sustained success.

How much salary can an accounting professional earn?

The accounting field is attractive to bright young minds because it pays well and can help them realise their financial goals. There is a large range in accountant salaries. This is something that needs to be discussed between the applicant and the hiring company or agency. BLS reports that accountants can expect an average starting salary of over $75,000. The sum is sufficient to entice recent graduates and new professionals.

Benefits of Accounting Career

Competent accountants will always be in demand because tax and finance laws are constantly evolving. Now, let's take a look at the bright side of a career in accounting:

  • Always Stay In-demand
  • Unlimited Growth Potential
  • Work-Life Balance
  • Can Be Your Own-Boss

 

  • Always Stay In-demand:

A certified public accountant's career path is not totally vulnerable to economic fluctuations. There will always be a need for accountants, regardless of whether the economy is growing slowly or rapidly. Everyone, from governments to start-ups to SMEs to multinational corporations, requires the services of accountants for a wide variety of financial and administrative tasks.

Accountants will always be in demand because they are essential for ensuring that businesses stick to their budgets and can foresee the financial consequences of their actions. There are a variety of positions available in the field of accounting, whether you're interested in auditing, financial accounting, taxation, or management. 

  • Unlimited Growth Potential:

There is tremendous room for advancement in the accounting field. You can start out in accounting as an entry-level associate and work your way up the ranks while gaining valuable experience and knowledge. Later in your career, you can earn professional certifications like CIMA, Certified CPA, or ACCA to advance more rapidly. It's important to remember that accounting is a field where you'll never stop learning. You face difficulties daily, but you always manage to understand them, find solutions, and progress.

You might get your foot in the door at a smaller or medium-sized company, but it won't take long before you're offered a high-paying position at a major corporation. Accountants know exactly where they want to go in their profession from the moment they start school. Over the course of their careers, accountants learn a wide range of valuable skills, including problem solving, communication, management, and leadership. As you climb the corporate ladder, your expertise and experience will determine how much money you make. To thrive in today's interconnected business world, it's essential that you have a firm grasp of international financial reporting and accounting standards, which you'll gain through IFRS certification.

  • Work-Life Balance:

Gaining the ideal balance between work and personal life is another perk of working in accounting. As a rule, accountants have regular 9-to-5 workdays. However, it can be difficult to keep up with everything that needs doing during tax season. Professional accountants have a lot to gain from tax season and can expect a fair amount of challenge without a significant increase in workload. Professional accountants take responsibility for their office. Consequently, you can demarcate your personal time from your work time.

Furthermore, accountants play a pivotal role in any business. Their suggestions are used by businesses to improve their strategies and policies. They feel more valued by the company as a whole because their suggestions and reports are taken seriously. They do all of this while maintaining a healthy work-life balance, which is why accountants are so popular.

  • Can Be Your Own-Boss:

If you're an experienced accountant, you can always strike out on your own. Your education, practical experience, and contributions to reputable organisations all add up to establish your credibility once you enter the workforce as an accountant. To launch your own accounting or consulting firm, you need to build up a clientele. So, the field of accounting offers a great deal of opportunity for those interested in starting their own businesses.

We all know that accountants can be found in a wide variety of industries, companies, and work environments. Most accountants have worked in a variety of industries, including insurance, manufacturing, production, and corporate management. You can quickly rise to the top and establish yourself as a successful business owner if you take advantage of the right opportunities.

Final Thoughts

It's not a stretch to say that accounting is ripe with potential career advancement openings. Work for novices and veterans alike can be found in many fields and in many different capacities. Accounting is a field that is always in demand, pays well, and offers substantial job growth. As a result, it can withstand economic downturns with relative ease.

The roles of accountants are crucial to the success of any business. They have continuous input into major policy decisions and have an effect on the routine operations of the business. You'll never have a dull moment working in accounting. Every day brings fresh difficulties. You'll be handling a wide range of responsibilities, many of which involve numbers. The accounting profession is one that can be relied upon to provide steady income, benefits, and working conditions.

Here at Ujuzingo, we've made it a habit to support accounting and finance enthusiasts put their best foot forward as they search for opportunities that meet their skills and career aspirations, while also assisting employers in finding more job-ready applicants. Check out our accounting and finance courses or current job openings.