Forging a career in accounting equates to security. You will find many in-demand jobs that offer a lot of perks to those who pursue this path. You can work in many different industries or establish your own firm. Not convinced? Here are the six top advantages of making this your career choice.
1. Gain a Better Comprehension of Finances
After many years of understanding the complex task of managing money, you will gain knowledge and experience that other people will willingly aim for. In addition, getting your degree in accounting opens your mind to many other things beyond managing ledgers, making financial reports, and analyzing statements. Studying accounting includes coursework in the following areas:
- Business laws
- Tax laws
- Corporate finance
- Spreadsheet analysis
- Financial management
- Supervisory skills
When you analyze it, all these skills apply to any occupation. This means potential employers will benefit immensely from accounting job candidates who have a strong proficiency in these skills. In turn, you can apply these skills to other occupations like being a fund manager, financial planner, banker, etc.
2. Strong Demand for Accounting Specialists
The demand for accountants has been at a consistently high rank since time immemorial. Since accounting involves money management, it is a major driving factor that moves the economy. As a result, every business ever established, from small enterprises to large corporations, needs at least one accounting professional to manage the books and ensure the company’s financial health.
In fact, big conglomerates establish an accounting department with several accountants and bookkeepers to keep track of their cash flow, credit, loans, and future projections. This service spans all industries, assuring prospective accountant’s career security and longevity. Moreover, it is evident that this strong demand for accountants will continue to remain strong in this century and beyond.
3. Offers Opportunities for Career Advancement
Even as an entry-level junior accounting associate, you have the potential to increase your salary pay grade within a year. Besides, establishing the right connections assures continued professional growth. When you combine your accounting skills with mentorship, training, and seminars, you can further hone your skills. With the right knowledge, you can engage in specialization and become a:
- Tax Accountant
- Payroll Clerk
- Corporate Financial Officer (CFO)
Moreover, when you combine accounting with other skills, you can curate an exemplary resume that prospective employers will run after. Clearly, possessing knowledge of accounting principles serve as a rock-solid foundation for advancing into high caliber positions. Today, companies expect their accounting and finance departments to generate more than reports and power points. You must be able to analyze, explain, recommend action, and forecast.
4. Enjoy Highly Competitive Pay Grades
Because the nature of this job requires in-depth knowledge and high skill levels, you will find enticing entry-level salaries. Recent job studies show that an entry-level accounting graduate can earn around P205,000 annually. The more years you practice, the higher it becomes. The potential to earn increases tremendously when you pass the CPA board exams.
Notably, the pay rate depends on the region, as well as if the company is private or operated by the government. Some professionals decide to open their own firm because they can earn a lot more. Though establishing a firm comes with overhead costs, you can command higher retainer fees from various clients.
5. Learn Skills and Gain Contacts to Start a Business
It is very common for accounting professionals to venture into entrepreneurship. This typically happens after several years of working. While on the job, you will meet a lot of contacts and expand your network. Through this, you may feel very comfortable starting your own company. You can engage in consulting, establish your own firm, or even put up a business that sells goods and services. After all, you can easily do the books and monitor the cash flow.
Today, accounting ranks high as one of the best options for incoming college freshmen. Most likely, this is due to the nature of the profession. With this degree, you have a place in the job market or venture out on your own. Even people with disabilities can readily practice accounting. In addition, you will always have the potential to earn big because there is a strong demand for people who can do effective money management.
6. Gain Greater Understanding of Tax and Business Laws
A good accounting curriculum exposes you to both taxation and business laws. As an accountant, one of your primary responsibilities will be preparing tax returns. Failure to do so on time and with accurate data can adversely affect personal, business, and even legal repercussions. Thus, you are required to study these laws.
When you understand the law, you can better serve your clients. If you open your own business, you can leverage your knowledge to make sure that your company rakes in a lot of profit legally. At the same time, you know what deductibles to avail of to reduce your tax dues. With the right knowledge, you can avoid BIR investigation and audit.