Today, the accounting sector is getting labeled as one of the most transformative industries of all time. After all, the world around competent accountants is constantly evolving. The up-and-coming tech evolutions have also created a buzz in the accounting world.
As the accounting industry continues to grow and expand, it also opens doors to many new opportunities for aspiring accountants. Every company is looking for an accountant with number-crunching skills and a willingness to change. Not only this, but the accounting sector also offers lucrative salary packages higher than the industry average.
So, why not explore this option as a career pathway? People interested in numbers, data, and statistics can become incredible accountants. All you have to do is enroll in an accounting degree and start learning the ropes. If you are skeptical about this, look below.
Here we have highlighted seven things you should know before opting for an accounting degree.
So, without further ado, let us get straight to the topic.
- Accounting Background
Most students cancel accounting and finance degrees from their list because they didn’t take these subjects in school. Even though the curriculum taught in school helps students develop fundamental accounting knowledge, there is no perquisition for accounting degrees.
Different colleges offer accounting for non accounting majors with accelerated courses. Hence, it becomes easier for students to learn and keep up with their classmates from an accounting background.
Initially, it might seem overwhelming since you haven’t learned any of these things in school. With time and dedication, you will get the hang of it, helping you pursue an accounting degree without hassle.
- Job Opportunities
As every company needs an accountant to handle money-related matters, job opportunities will continue to increase. The accounting industry could be the perfect choice for anyone worried about job security.
Moreover, accounting jobs aren’t rigid. They can adjust to your lifestyle, helping you maintain a healthy work-life balance.
Most companies allow their accountants to work remotely as all data is available on their laptops.
In addition, they can connect with their subordinates through Microsoft teams, ensuring optimal productivity. Hence, you don’t have to maintain a 9-5 career and enjoy working with flexibility in this field.
- Accounting Specializations
Most students consider accounting to be a specialized degree, but that is not true. There are various accounting specializations, such as forensic and environmental accounting.
While forensic accounting is all about investigating facts and figures, environmental accounting focuses on record-keeping. Depending on your expertise and area of interest, consider a relevant specialization.
- Emerging Software Solutions
Today’s accounting industry is going through significant changes – all thanks to technology. That also means that role of accountants is far beyond manual bookkeeping now. They can rely on Microsoft Excel and Sage to record all accounting entries. In addition to saving time, it reduces the likelihood of human error and redundancies.
Besides Microsoft Excel, companies have also started using customer relationship management (CRM) and enterprise risk planning (ERP) software. They provide financial statements automatically, improving accuracy.
Further, they also visualize all financial data to enhance understanding. Artificial intelligence and machine learning are also making waves in this industry. They have taken over all mundane and repetitive tasks, making accountant’s jobs much more manageable.
Therefore, make sure you are tech-friendly before stepping into this field. If not, become adaptable and open yourself to change. It would be best if you kept trying new things to learn and excel in this industry.
- Versatile Skillset
Gone are the days when knowing accounting fundamentals and principles helped students get high-paying jobs.
Now recruiters look for much more than technical knowledge like soft skills. They want accountants to have competent communication skills to explain the company’s financial performance to managers without jargon.
Likewise, they expect their accountants to be incredible problem solvers.
Hence, your goal shouldn’t be to hone your basic knowledge of numbers as an accounting student. You should choose courses that help polish your soft skills. Similarly, pay attention to your technical skillset.
Enroll in courses that teach how to use specialist software. That way, you can quickly assimilate into the tech-driven culture of different companies.
- Additional Certifications & Programs
An accounting degree can help you set foot in the industry, but what about professional development?
Even though an accounting degree adds to your resume, millions of other accounting students hold the same qualifications.
As competition is cut-throat, you will need additional certifications to stand out in the market. Therefore, start looking for professional certifications like ACCA, CPA, CFA, or anything that aligns with your degree.
These certifications hold significant importance in the corporate world, making them an incredibly rewarding option for all accounting students. None of these certifications have a rigorous classroom learning curriculum. You have to appear in papers after every few months, allowing you to learn at your pace.
Hence, consider signing up for something extra to boost your employability.
- Requires Tax Knowledge
The changing tax system globally is no surprise to anyone. Governments are constantly adding new legislation and tax reforms for the corporate world, making it arduous for entrepreneurs to keep up.
As a result, they are hiring accountants to fill in the gaps. They expect accountants to be on top of all taxation practices, from tax brackets to limits. Thus, you must have vast tax knowledge to succeed as an accountant in this industry.
You can enroll in a few taxation-related courses or choose tax accounting as a specialization. It will ensure your tax knowledge is up to date, making you an attractive candidate in the corporate world.
Final Thoughts
Accounting is a challenging but exciting field, full of new opportunities for aspiring individuals.
You can pick different career pathways in this domain according to your area of interest. It is also one of the fields where learning never ends.
You have to keep up with changing trends and adapt to new technology. And above all, accounting is one of the most credible professions in the world. Accounting could be the best choice if you like to work with numbers.