Accounting occupations, like practically every other aspect of life, have both pros and negatives to offer. However, the reality is not that the job itself is either beneficial or harmful; rather, the fact is that some people are more suited for this line of work than others.
Imagine that you are in the market for a new vehicle: while some individuals prioritise dependability and safety, others are more interested in performance and speed. There is nothing intrinsically right or wrong with either alternative; yet, certain individuals would be better served by one of the available cars rather than the other.
Your personality, prefered method of employment, and top goals in life will all influence how you feel about a career in accounting. After gaining an understanding of the potential benefits and drawbacks of a career in accounting, you will be able to make an educated decision.
Therefore, do you think that majoring in accounting would be a smart choice for you? Consider the following information regarding the benefits and drawbacks of careers in accounting so that you can make an informed decision.
Benefits of a job in accounting
There are several enticing aspects to pursuing a career in accounting. Find out more information about some of the benefits that coming into this line of work will bring you.
1. A definite career path exists
If you study accounting, you will be able to obtain the practical abilities that are required by organisations, such as being able to analyse costs and crunch figures. This gives you a much clearer career path than someone who decides to study English or philosophy, where the prospective job results are harder to identify than the professional paths that may be gained by studying a subject like computer science. If you decide to study computer science, this gives you a much clearer career path than someone who decides to study English or philosophy.
If you decide to get a degree in accounting, you'll have a very good notion of where your professional life will lead you if you choose to go in that direction. You are aware of what you are getting yourself into because even if there are numerous subspecialties within the subject of accounting, the responsibilities you will have and the abilities you will employ will, for the most part, be the same.
2. There is steady job growth in this industry.
The field of accounting is not one that will become obsolete in the foreseeable future. Even the typical person may find themselves in need of the services of an accountant on occasion. This is because virtually every company need either an accountant or a full accounting staff.
In the future years, there is anticipated to be an increase in the number of job opportunities available in accounting. There will always be a demand for accountants so long as people have a need for tax preparation assistance and businesses continue to operate.
3. You’ll have the potential for professional growth
Following graduation, you might begin your career in this profession as an associate in an entry-level position; nevertheless, there is a significant amount of possibility for growth within this industry. Many newly minted accounting graduates, when they first start to think about their careers, will choose entry-level positions such as staff accountants or junior auditors in public accounting or assistants in the controller's office in private accounting. These positions are common in public and private accounting, respectively.
After establishing oneself in the field and accumulating experience in it, the next step in advancing one's career is to demonstrate superior performance on the job while also pursuing additional education or qualifications, such as becoming a Certified Professional Accountant (CPA).
4. There is a good chance of financial success
You, just like everyone else, undoubtedly want a job that will allow you to provide financially for yourself and the people who are important to you. How does a job in accounting stack up against the other choices out there?
In addition, many accountants who work full-time are entitled for comprehensive benefit packages, which may include retirement plans, paid time off for vacation, and health insurance. The Bureau of Labor Statistics (BLS) reports that the vast majority of accountants are employed full-time, putting in close to or beyond 40 hours of labour per week.
5. You can work where you want to work
Where in the world would you like to make your home? Or would you like a tiny town? Where would you rather live: in a mountain range or by the sea?
In order to obtain work in certain professions, you might have to uproot your life and relocate to a major city that serves the industry. However, accounting has a tendency to pop up in unexpected places. It would appear that everyone may benefit from the services of an accountant, from farmers to organisations run by the government to firms that generate software.
This provides accountants with a decent degree of leeway in terms of deciding where they wish to make their permanent home.
6. There is entrepreneurial potential
In every line of work, you always have the option of going into business for yourself. When compared to the frequency with which accountants found new businesses, it is quite unlikely that a pilot will ever find their own airline. Accounting is one of those fields where you can still pursue your ambition of becoming your own boss. If you have an entrepreneurial spirit, opening your own accounting firm could be a fantastic opportunity to take your career to the next level.
Like establishing any other kind of business, starting an accounting firm comes with its share of challenges and might not be the right choice for everyone, but it's always good to have the opportunity on the table.
Cons of a career in accounting
Working in accounting can provide its share of difficulties, but so can working in any other industry or profession. Get a better understanding of some of the less desirable characteristics of the circumstance so that you can evaluate whether or not it is the right fit for you.
1. The education is ongoing
Your education will not be finished even after you have earned your degree in accounting; rather, it will continue to support you throughout your professional life. If you want to succeed in your profession, you should make preparations to participate in ongoing education. At the very least, you should do this so that you can keep up with the latest advances in the industry and maintain any necessary certifications.
After gaining some experience as an accountant in an entry-level position, you should consider the kinds of qualifications that you could pursue in the future. There are numerous certifications available in the field of accounting, such as the CMA (Certified Management Accountant), CPA (Certified Professional Accountant), and CFA (Chartered Financial Analyst) (Chartered Financial Accountant). Because obtaining any of these qualifications will require a significant amount of time and effort on your part, it is essential that you have a clear understanding of what you are getting into before you begin.
2. The work may appear tedious
How many well-known accountants do you know of that are prominent in their field? In case you're having problems thinking of a decent justification for it, there is one: accounting is not typically considered to be a "glamorous" sector of work. On the other hand, wealth and notoriety are not the things that should be prioritised in one's life. The day-to-day labour requires a substantial amount of investigative work in addition to arithmetic, both of which, depending on the person, can either be very tiresome or highly fascinating. The work must be done.
This is the kind of question that will force you to look very deeply within yourself in order to come up with a truthful response regarding the things that function well for you. When you have a greater grasp of the work that accountants do on a daily basis, you will be better able to assess whether or not it is something that you would enjoy doing for a living.
3. A busy season exists
The hours for accounting work are normally Monday through Friday, 9 am to 5 pm, with the exception of specific seasons of the year when there are pressing deadlines. The due date of April 15 is the most significant one for tax accountants. The majority of tax accountants don't get their work cut out for them until after New Year's Day and continue until April 15 each year.
Working late into the night and on weekends becomes the norm for accountants during the busy season as they strive to organise the financial matters of their clients. The good news is that things will calm down dramatically when that period of time has passed. Accounting occupations, on the other hand, allow some degree of flexibility in terms of the annual timetable.
4. The work itself might be tense at times
When you are in charge of the organization's financial problems, there is no way to avoid feeling at least some level of stress. There is no way around it. The whole thing is just an ordinary part of the competition. Nevertheless, the amount of strain and stress that you are currently experiencing may have an influence on your mental health in general, and it is important to keep this in mind.
The specifics of an accountant's work and the atmosphere in which they do their duties can have a significant impact on the kinds of negative events that occur to them and the frequency with which they do so. There is a good chance that the amount of strain you are put under on the job will increase in direct proportion to the significance of the position you hold and the quantity of money you are entrusted with managing. This is one of the more likely scenarios. But how you respond to pressure can help determine whether or not you end up experiencing levels of stress that are unhealthy for you as a result of the situation.
In order to get an accurate picture of how you react to high levels of stress and demanding job, you need to be as truthful as you possibly can be. Working as an accountant might not bother you if you are someone who does not get easily stressed out or if you are okay with being a little more on edge than other people. If you are the type of person who is prone to feeling nervous on a regular basis, pursuing a career in accounting might not be the greatest choice for you.
Are you a good candidate for a job in accounting?
You should give some serious thought to the question of whether or not accounting is the proper field for you now that you have a better grasp of the advantages and disadvantages associated with a career in the field. You may want to research the ways in which you may best prepare yourself for work in this field if you believe that the possible benefits of working in this industry exceed the potential drawbacks.
Do you still have an interest in finding out whether or not I ought to work in accounting? It would be useful to have some sense of the level of commitment that is required in order to complete the task.
How many accountants are stress-free? 2 percent only
This morning marks the beginning of Mental Health Awareness Week in the UK, with the focus being on body image for this year's campaign.
Because of the high-stress levels and the expectation to be "always-on," the accounting profession is one in which mental health is becoming an increasingly important topic of discussion.
Here at Accountancy Age, we have compiled a compilation of the various things that accounting companies are doing this week to assist in the fight against mental health issues.
Increased talent can improve wellbeing
According to research conducted by the AAT, ninety per cent of persons who work in accountancy have felt overwhelmed by the demands of their jobs, and 43 per cent have felt the need to take time off as a direct result of their stress levels. Because of this, working in accounting is often ranked as one of the most stressful professions.
On the other side, enhancing the skill sets of workers is one option that can be taken to ease the stress they are under. According to research that was carried out by LinkedIn, workers who are given the opportunity to learn new skills while they are on the job are 47% less likely to feel stressed, 39% more likely to feel productive and successful, and 21% more likely to feel confident and happy in their work environment.
Hannah Carrington is a mental health advocate who works at KIM Inspire, a charitable organisation that offers peer and professional help for mental health issues in the local community. She made a plea to business owners and managers, urging them to acknowledge the additional benefits that making chances for training available could bring to their workplace.
"If the person can go advances positively, they can be a lot happier in work, and they can feel like they can contribute more," she said. "If the employee can move forwards favourably,"
"For instance, they may not have a very strong self-esteem, and if this is the case, training could be incredibly beneficial. They will have the impression that they know precisely what it is that they are aiming to do and why, and as a consequence, they will believe that the work that they do is more valuable if they enhance both their skills and their level of self-assurance. They will be able to do a better job overall at the work that they already have as a result of this.
Only 2% of accountants report being stress-free
There is currently a crisis occuring in terms of mental health within the accounting profession. Only two percent of accountants are found to be completely immune to the effects of stress, according to research conducted by CABA, the welfare charity for accountants. The CABA study also revealed that one in three accountants experience stress on a daily basis, and the same proportion of respondents checked their email when they were ill or on vacation.
The following and other causes, among others, contributed to the high levels of stress that accountants felt:
- having too much work (41 percent )
- workplace squabbles (33 percent )
- being unappreciated (29 percent )
- failure to raise prizes or pay (29 percent )
- having too many meetings to attend (28 percent )
Kelly Freehan, the Service Director of CABA, indicated that there is a risk of being less productive or burning out if the levels of stress are really high. "A certain degree of pressure might help with motivation, but if stress levels are extreme, we risk becoming less productive," Companies have a responsibility to actively urge their employees to strike a better balance between their working and personal life.
Perhaps even more concerning for the accounting profession as a whole are the findings of those who are relatively new to the field. There was a significant age disparity between younger and middle-aged accountants and their older colleagues. Only 15 percent of accountants over the age of 55 reported experiencing daily stress, but over half of all accountants between the ages of 18 and 44 reported experiencing daily stress.
Freehan appealed to the top executives of various organisations, urging them to invest more in the professional development of their younger employees. "It's really troubling to discover that such a large number of young people working in the business are battling with stress. According to the findings of our study, young people are the most likely demographic to bring work home with them, remain at the workplace past their normal closing time, and work on their days off. Because of this, the fact that so many young people are battling with stress is a particularly alarming trend to observe. If we want to lessen the possibility that fewer young people will follow careers in accountancy, the leaders of firms need to provide the kind of real assistance that enables employees to begin their professional lives with the kind of work habits that are good for them.
The unintended effects of running a small business on one's mental health
According to recent research conducted by FreeAgent, more than half of all owners of small businesses have reported feeling burned out as a result of working too hard on their company. The study also indicated that 86 percent of respondents admitted to sacrificing their care for the benefit of the firm, such as skipping meals or cancelling social plans. In addition, 38 percent of respondents stated that they did not have a professional support network in place.
Despite this, there were some encouraging indicators, such as the fact that 75 percent of respondents still endorsed self-employment as a career path.
According to Ed Molyneux, CEO of FreeAgent, the data demonstrated the need for additional support for people who are self-employed. "The large number of business owners who do not have a support network in place demonstrates that either there is not enough support available for these self-employed persons or that they are uncertain about where, or who, to seek aid from when they are in need,"
When you scratch the surface of the issue, it's troubling to see how stark the reality of working for yourself can be. Although it's encouraging to see that the majority of small business owners said they would recommend self-employment, it's troubling to see how stark the reality of working for yourself can be. It means working very long hours for many people who are self-employed, and the stress of managing their businesses can have a discernible impact on their mental health, as he mentioned further on in his statement.
Being your own boss should be an enriching experience that enables you to seize control of your life; it should not be one that is detrimental to your mental health, as stated in the article "Being Your Own Boss: More work needs to be done to ensure that the legions of freelancers and small business owners in the United Kingdom are able to protect themselves from any mental health problems that may arise in the future as a direct result of self-employment. These problems may be caused by the stress of working for themselves.
Accountants play an incredibly important role in every organization, making this a great career for anyone who wants to work in an important position. Salaries for trained accountants are quite high, which means this is an excellent industry for anybody looking to maximize earning potential.
- Bookkeeper. National average salary: $43,861 per year. ...
- Auditor. National average salary: $49,889 per year. ...
- Accounting clerk. National average salary: $51,702 per year. ...
- Credit analyst. National average salary: $55,250 per year. ...
- Compliance officer. ...
- Tax accountant. ...
- Accounts payable manager. ...
- Financial analyst.
While accounting does require a complex set of skills and abilities, as well as excellent attention to detail, it really isn't any more difficult than many of the other popular fields of study that lead to excellent lifelong career opportunities.