Pros and Cons of Accounting

Considering a career in accounting? Take a look at the key pros and cons of being an accountant and then decide if this career is right for you.

Wondering if a career in accounting is right for you? Like any other career option, accounting also has its positives and negatives, and it’s very important to know which are the pros and cons of accounting before you choose your career path. Being an accountant is so much more than just working with numbers on a daily basis – it is a flexible and financially rewarding career that offers a certain level of prestige. Your ability to work with money will allow you to help others to reduce their costs and succeed financially as you provide for yourself. So, if you’re considering this type of job, take a look at some of the possible pros and cons of being an accountant and then you’ll know whether you’re the best fit for the job.

How do I Know if Accounting is for Me?

Accounting

Pros

Job Security

Job security is certainly one of the biggest benefits of being an accountant. Many businesses, individuals, and almost all government agencies will require the assistance of an accountant regularly and that’s why accounting is considered one of the most popular and secure professions in the world today. Also, thanks to the ever-changing tax codes and government regulations many accountants can look forward to a stable and secure career even when the economy fluctuates.

Job Diversity

In addition to security, a career in accounting also offers the opportunity for job diversity. Almost every company and organization is in need of a financial advice and an accountant, so there are lots of different paths available. You can choose a career in governmental accounting, public accounting, forensic accounting, or managerial accounting. Government accountants maintain and examine the records of government agencies, managerial accountants keep track of a company’s income and expenses, while forensic accountants work with criminal investigators and prosecutors. Public accountants either work for an accounting company or has their own private practice. Their daily tasks include auditing, financial planning, filing taxes, as well as consulting and providing advice about compensation and benefits.

High Salary

If you’re ambitious and hard-working, you can achieve a very good standard of living as an accountant. A high salary is one of the most important accountant job benefits as most entry-level positions start with salaries of $40,000-$50,000. However, there’s a good chance to double or triple that within ten years, so you could end up earning hundreds of thousands or even millions of dollars per year and receive amazing benefits such as healthcare, vacation time, and retirement plans. Some of the most successful accountants today earn over $100,000 each year.

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Flexibility

As an accountant, you can work literally where you want to work, because accountants are needed all over the world. There’s flexibility to take your work anywhere, so if you want to move location or settle down somewhere else, you can be certain that you’ll easily find a job. Because of the many benefits of accounting in business, almost every company could use the services and the financial advice of an accountant,. This gives you an enormous amount of flexibility and security when it comes to choosing where do you want to live and work.

Advancement Opportunities

Many accounting graduates start off as staff accountants for public accountant companies to learn the basics and gain experience. However, during your first few years of working in the accounting field, you will start to explore all the possibilities of advancing your career. If you want you can advance to a more responsible position by looking at the areas of specialization in the accounting industry. Whether or not you want to remain working as a public accountant, you need to study for the CPA exam in order to become a certified public accountant. Many of the high paying jobs in this industry require you to have this certification, and once you have it, you can easily gain promotions in your company or set up your own business.

Cons

Never-Ending Study

Unlike some other industries, when it comes to accounting the learning won’t stop once you earn your degree. If you want to progress in your career and to maximize your income potential, you’ll need to plan on continuing education after earning your accounting degree. There are several certification options available for accountants, but the most prestigious one is the CPA – certified public accountant. Public accountants tend to earn more, have more advancement opportunities and are able to sign more clients if they decide to work on their own.

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Stress

This job can be very stressful. Some accountants are responsible for managing multimillion-dollar businesses, so they are hard pressed to meet endless deadlines and work long hours. If you’re responsible for a company’s finances, there’s bound to be some stress and pressure. Many accountants feel stressed in their day-to-day life, so if you can’t handle a lot of stress and you are not prepared to work overtime, it’s possible that accounting isn’t the right career for you.

The Job Can be Boring

One of the biggest disadvantages of being an accountant is that you’re going to be stuck in the office and the job can be monotonous. Working with numbers may provide job security and high salary, but it requires you to sit at a computer for extended periods of time every day and this can be extremely boring. So, if you enjoy routines, accounting can be the ideal profession for you, but if you’re very active, creative, and you don’t like the same work every day, then you might want to consider another career.

Seasons of Heavy Work

As an accountant, you’ll have seasons of heavy work every year. Tax season (which is usually from January to April) is the busiest time of the year for public accountants and many companies need accountants to work 9-10 hours a day. This means that you’ll be spending a lot of hours in the office, sitting in front of a computer all day trying to get your clients’ finances in order, answering questions and dealing with a variety of issues. There will be times when you have to work long hours and you’ll be away from your family and friends, and this could be very difficult for some.

Now that you’ve seen the biggest pros and cons of an accounting career, we hope that you can easily determine whether or not you’re a good fit for this job.

Slobodanka
As a winged guardian of simplicity with facts as my mightiest arrows, I draw inspiration from all that surrounds me: music, books, fashion and all my daily battles.