“Is An Accounting Degree Worth It?” – This is a question that many students, aspiring professionals and even experienced workers ask themselves. With the rapidly changing job market and the increasing competition for high-paying careers, it’s important to make an informed decision when it comes to your education and career path. An accounting degree has long been considered one of the most lucrative and in-demand degrees, but is it really worth it?
In this blog post, we’ll dive deep into the world of accounting and explore the many benefits and drawbacks, the Pros and the Cons, of obtaining an accounting degree. From the potential career opportunities, earning potential, job security and more, we’ll provide you with all the information you need to determine if an accounting degree is the right investment for you. So, whether you’re just starting your academic journey or looking to make a career change, join us as we explore the value of an accounting degree and help you make an informed decision for your future.
Here Are the Cons
- Continuous Learning Process
In many professions, you acquire a degree, learn the necessary skills and then just practice and earn. You don’t have to study harder to get a better pay package or a promotion. But, in the accounting field education is an ongoing process. It is common for accountants and auditors to study further to keep up with the latest trends and do additional courses to obtain and maintain certain specific certifications.
- Very Stressful
Accountants can have some really stressful days. The stress increases during year closing months, when they are required to complete the tax formalities for the companies they work for. The work itself is of a stressful nature as you need to keep track of the finances for a business. At times, too many figures, numbers, debits and credits can collectively take a toll on your mental health.
- Annual Busy Season
Every country’s government tax audits and files need to be completed and filed within a specific time. For an accountant, a certain busy season every year is filled with stress and impending deadlines. During this busy season, an accountant may have to work night and day to get their clients’ finances in order.
- Tedious and Monotonous Work
There is not much variety in work for an accountant. Sometimes, the work can get extremely dull and boring. It is also of a repetitive nature. If you are going to pursue an accounting degree make sure you are a person that dots all i’s and crosses all t’s.
- Fierce Competition
It is tough to land an accounting or auditing job today with a good pay package as the competition is really fierce. There are many good accountants seeking good jobs today and you have to really excel in this field to be successful.
Here Are the Pros
- Income Stability
Once you are an accountant or an auditor, you can count on a stable income. Your life is kind of secure in terms of finances and if you continue to work hard and study further, there is only growth. This is a job where the demands will only increase with time.
- Potential for Growth
There is ample potential for growth in this profession. You may get your first job as entry-level, but you can easily move up the career ladder with experience, exposure and hard work. You can also get additional certifications such as Certified Public Accountant (CPA), that will give momentum to your growth.
- High Salaries
As you study further in this profession, there is plenty of scope to earn more. The salaries largely depend on the region you are working in and the size of the company that employs you. In the US, the national average annual salary of an accountant is approximately $59,204 with the heist pay more than $70,000. The average pay is around 28,875 euros in the UK.
- Highly in Demand Occupation
Accountants can never fall short of work. Regardless of the type of firm, every company needs an accountant. In just one year, one can easily grow from an entry-level accountant to a head-level auditor in a big company and make a comfortable living. According to the statistics presented by the Bureau of Labor Statistics, the job growth for accountants would shoot up by 11.2% by 2029.
- Chance to Travel
Accountants can choose to travel to different offices and cities for the same company or keep changing the cities they work in if they love to travel. Many big companies that have offices in different locations are ready to send their accountants to different cities every few months to keep up with the accounting work.
- Clear Job Path
Many students who study science still are unclear about which line they would choose later on. There are many options available for them and hence, greater the confusion. The accounting degree has a very clear job path. There are a few options to choose from. If you are someone who is very good with numbers and mathematics, perhaps, this field is perfect for you.
- Entrepreneurial Potential
It is very likely for accountants to start their own business after a few years. A pilot is not likely to start with their own plane, but for an accountant, this switch and growth in profession is quite possible and easy.
- Great Network
Most accountants develop a strong network of important friends and contacts. They deal with big companies and tackle their finances. In this process, they find many big investors, businessmen and entrepreneurs befriending them and sometimes relying on them. This helps them develop a strong and great network for their own benefits.
- Great Bridging Program
There are many options to choose a different profession even in accounting. For example, if you are an accountant and want to later shift to study law, this can be easily completed. You can easily apply for a higher degree in law school after getting a major in accounting.
- Job Satisfaction
This is one profession that, although it requires some hard work initially, it gives you great job satisfaction later on. If you love numbers and love your work, you can easily earn a good living, and even get into entrepreneurial aspects later. Apart from the annual busy season, the job is pretty 9 to 5 and after a few years, you can even choose to work in your preferred hours.
- Help with your own business
An accounting degree can help you with the accounts of your business if you plan to get into business later in life. This degree may save you from hiring an accountant and paying extra. An accounting degree is always worth it in any field of business.