If you have a passion for numbers and you feel comfortable working with spreadsheets and formulas, you probably have a future in accounting. Like most careers, a life in accounting has its pros and cons to consider. While some people hate the idea of working with financial figures all day, others love the thought of helping companies to achieve their goals or assisting freelancers in managing their tax reports each year. If you’re not sure whether a career in accounting is right for you, it might be time to start considering the various positives and potential negatives involved with taking this route. Today we’re going to cover some of the essential points to consider before you take your next step.
The Benefits of a Career in Accounting
A career in accounting comes with a lot of great benefits, one of the most obvious being that you’ll always have a stable job to look forward to. No matter how the world changes, companies are always going to need financial professionals to help them with things like managing cashflow, calculating risk in investments, and even arranging tax returns at the end of each financial year. While it’s true that there are various software solutions available to help business leaders and freelancers do their own accounting these days, most still rely on a professional human accountant to ensure they’re always making the most of their available finances. This also means that you have opportunities to work for a large corporation or venture out on your own and provided services as an independent contractor. Some of the biggest benefits of a career in finance include:
- There’s a clear career path: There are tons of different kinds of accounting you can get involved in, but the good news is that you should have a good idea of exactly where your degree can take you. You won’t have to dither over whether your degree in philosophy should lead to a career as a public speaker or business owner. Accounting gives you a clear vision to look forward to.
- Stability: Accounting as a profession won’t be going away any time soon. The more you develop your skills, the more in-demand you become. You might end up working for a company as a CFO, or you may become a freelance accountant, offering everything from assistance with VAT to tax guidance to companies of all sizes. Whichever route you choose, you should be able to earn a consistent income.
- Great earnings: Although money isn’t the only thing worth thinking about when choosing a career path, accounting does offer the potential for a decent income. You can earn over $100,000 a year in an accounting job, depending on the kind of role you decide to take on. What’s more, you can also choose to work from virtually anywhere, because there’s no limit to the people who need accounting support.
- Remote working opportunities: Accountants can even choose to work remotely from home if they don’t want to deal with a commute every morning. All you need is an internet connection and the right software to keep track of your clients. This means you have more control over your life and your schedule.
Are There Downsides to Becoming an Accountant?
Perhaps the biggest potential downside to becoming an accountant, is that you need to be committed to the role. If you become an accountant, you’ll need to build up your education by taking out a student loan from a private lender and getting a degree at college. You may also need to commit to regularly updating your knowledge with new courses as various tax laws and financial challenges change around the world.
Aside from an ongoing education, some people find they don’t love life as an accountant because there are periods where the work can seem dull, and you may take that as a sign to change jobs or industries. In some parts of your job, you might be repeating the same tasks over and over again, checking figures, and adding up amounts in a spreadsheet. However, even this can be enjoyable if you like working with numbers.
On the other hand, some people find accounting stressful, because there are peak seasons when the workload is likely to be a lot higher than at other times of the year. Because tax season rolls around at a specific point each year, you’ll need to prepare for periods when you’re dealing with an excess of demand from companies and clients who all need your assistance at once. Even at times when you’re not overwhelmed by demand, a career in accounting can be stressful, because a mistake you make can mean disaster for the businesses you work with.
Should You Pursue Accounting?
If you can handle the pressure and the ups and downs of workflow when working in the accounting world, then you could find this career is an excellent opportunity to ensure you always have a consistent source of income, and a job you can rely on. Like any career, an accounting job might not be right for everyone, but it could be the ultimate job for you if you have the right combination of personality and skills.