What is Accounting
Accounting is the process via which we record, report and communicate the financial information of an organization or an individual. Or simply, accounting is the way by which businesses (or entities) record their financial situation. Anyone who is given the task of accounting financial activities must capture in a snapshot the entire financial health of the entity at a given point in time.
There are many different types of accounting, which vary with the kind of entity. For example accounting for small businesses, forensic, government, management accounting and then accounting for corporations etc. It shouldn’t come as surprise then when we say that accounting is an important field for all businesses and individuals, the world over.
A career in accounting can thus be a door to many new opportunities for those who study accounting. Qualified accounting as well finance professionals are in high demand in all sectors. We have prepared a list of top 10 reasons that you should account today, for a brighter tomorrow:
Accounting is a great foundation/ basis for many career paths:
A background/ basic education in accounting lays a very strong foundation for many career paths. This especially holds true for those who want to branch out into economics and finance.
Studying accountancy and holding a certification in it, is extremely valuable. For example, accountancy teaches you to focus on proper money management, financial recording as well as reporting. And other processes to ensure monetary benefits/ optimization.
The average salary of accountants is higher than most professions
According to the Bureau of Labor Statistics, the 2020 median salary for accountants and auditors was USD 73,560 p.a. This is much higher than the median salary for most professions. Additionally the top 10% of accountants and auditors make more than USD 128,680 annually. However, for those just entering the field of accounting will be at the lower end of the salary spectrum.
As per some BLS stats, in comparison to this the median annual salary for all other professions is USD 41,950 for 2020. This is proof enough that studying accounting has many monetary benefits, with options for many high paying jobs.
Every organization in every industry needs accountants
Any and every kind of business organization or professional individual keep track of their finances. Thus, everyone universally needs someone to keep proper records of their financial standing while meeting regulatory requirements.
Accounting and finance go hand in hand and are important for business management. This implies that there is a high demand for finance and accounting graduates, thus ensuring high job security. Studying accounting hence means that you will have job security.
Universal and transferable skills
Studying accounting equips students with a variety of transferable skills which are universally applicable. The skills you gather under accounting don’t only enhance your CV but also make you more suitable for a range of jobs. Accounting helps you develop strong quantitative and numerical skills. Other skills one develops while studying accounting includes- advanced analytical skills, problem solving, communication, time management and organisation etc.
All of the aforementioned and other skills accounting helps develop are universal. They make you more desirable as an employee to a variety of employers belonging to varied industries and organisations. All in all, studying accounting today will open many doors for you in the future.
Better equips you to manage personal finances
We have already said how beneficial accounting is for one’s professional life. Another side of the coin is one’s personal life. Studying accounting equips you to better understand and handle your own personal finances. It also equips you to make monetary beneficial decisions for yourself. Accounting teaches you about the best possible monetary tools, finance management and analytical skills.
You can pursue other degrees along with accounting
It is quite common for accounting majors to pursue other degrees simultaneously along with accounting. There are multiple courses and fields of study that go perfectly with accounting. For example you can major in accounting and business management, or accounting and business entrepreneurship, or accounting and finance, and many others.
Opting for such double majors adds a lot more credentials to your CV and make for a more enticing resume. In addition, it also helps broaden your horizons, and also gives you an option to work in varied fields.
Accounting is an ever changing and growing field making it a fulfilling experience
Just like technology, accounting is also an ever growing and changing field of study and occupation. With time there have been many advancements in data recording and management technology, as well as accounting software. These have made accounting functions more efficient than ever before.
In addition to the technological advancements, the regulations in relation to accounting also keep evolving. All these aspects make for a very interesting field of study. Even for those who are employed in accounting, it is ever evolving thus keeping them engaged.
All in all, accounting makes for a very engaging, fulfilling as well as challenging stream of both study and occupation.
Accounting has an international appeal
As we have already mentioned that accounting as a field of occupation has bright outlook. Accountants and other accounting professionals are always in demand. Every industry in every country needs qualified accounting professionals. This means that accounting is an internationally appealing subject of study and occupation.
If you hope to work abroad, an accounting degree gives you a near sure job possibilities. Most of the accounting principles and techniques that you learn are the same across international borders. Except for some specific state/ country laws, the basic applications are the same.
So all you need is, to take a few additional classes to study the respective country’s accounting fundamentals/ laws to be able to work there.
It can be your stepping stone to entrepreneurship
An accountant possess a mix of many technical as well strategic skills which he learns over the course of his educative and working years. He also gains insight into the working mechanisms of different industries and markets. All of these make a great foundation for entrepreneurship.
Studying accounting also equips you with the fundamental knowledge about the maintenance of business finances. You learn about what a healthy business looks like and how to maintain its financial health efficiently.
Being qualified and skilled in the field of accounting can lead you to open your own accounting firm down the line. You can also pursue another field of business with your knowledge and background in accounting.
You can study accounting online
With the change in time and restrictions that have come with Covid-19, many courses have become available online. And the same goes for accounting. Numerous reputable universities and institutions are offering online accounting courses. These courses are just as good as any other offline courses.
In addition these online courses also come with flexibility in terms of timing and location. Also these online courses are more economical in comparison to many other offline ones. All you need to fulfil your dreams of becoming an accountant is a laptop/ computer, an internet connection and the will to study.
Hope this list sheds light on why it is beneficial for you to study accounting. Start your career in accounting and we are sure a bright future awaits you.