Are you searching for the perfect degree option to pursue in 2023? With so many fields to choose from, the decision can be overwhelming.
However, one field stands out as an excellent degree option in today’s time – accounting. Not only does accounting offer a wide range of career opportunities and high job stability, but it is also an essential component of any business or organization.
After reading this article, you’ll be confident in your decision to pursue a degree in accounting and excited for the opportunities that await you.
1 Lucrative Career Opportunities
The accounting field offers a wide range of career opportunities that span various industries. Graduates with an accounting degree can pursue a career in public accounting, corporate accounting, government accounting, forensic accounting, nonprofit accounting, and more.
Public accounting is one of the most common career paths for accounting graduates. Public accountants work for public firms and provide financial services such as auditing, tax preparation, and consulting to clients. This type of work is fast-paced, challenging, and requires strong analytical and communication skills. Corporate accounting involves working for a private company and managing the company’s financial accounts. It includes creating financial statements, managing budgets, and analyzing financial data. This type of work is typically less stressful than public accounting and offers more stability and work-life balance.
To pursue higher roles in the field, an MBA degree is required. An MBA gives students the knowledge and skills to succeed in executive management, financial analysis, and consulting roles. MBA graduates also earn a median base salary that is 75% higher than the median base salary of those with only a bachelor’s degree.
Moreover, the rise of online learning has made it possible for aspiring individuals to opt for such specialized degrees from the comfort of their homes. An online MBA accounting degree is an excellent option for those willing to pursue an advanced degree while maintaining a full-time job or other commitments.
2 Growing Demand
The accounting field is currently experiencing high demand for skilled professionals, making it an attractive career option for those with an accounting degree. According to the BLS, demand for accountants is projected to grow by 6% between 2021 and 2030. Recently, there has been a significant influx of financial regulations put in place to protect consumers and prevent financial fraud. As a result, companies require skilled professionals who can navigate these regulations and ensure compliance. Accountants are critical in helping businesses stay up-to-date with these regulations and minimizing financial risk.
Another factor driving demand for accounting professionals is the growth of international business. With the rise of global markets and the increase in international trade, companies require accountants with knowledge of international accounting standards and regulations. This demand is expected to grow as more companies expand into new markets.
3 Job Stability
Job stability is an essential consideration for those looking to pursue a career in accounting. Fortunately, the accounting field is known for job stability, making it an attractive career option for those seeking long-term employment.
One of the reasons for the stability of accounting jobs is that accounting is a fundamental aspect of all businesses. Every company, regardless of industry, requires the expertise of accountants to manage financial records, analyze financial data, and provide advice on financial decisions. And this means that there will always be a need for skilled accounting professionals. Companies may cut back on specific positions or departments during economic uncertainty or recession. But the need for accounting professionals remains high.
In addition to this, the accounting field is diverse, with many different specializations and areas of expertise. Accountants have the opportunity to specialize in areas such as auditing, taxation, financial analysis, and consulting, among others. This diversity allows for a range of career options and opportunities for career advancement.
4 Salary Potential
Fortunately, accounting is known for offering competitive salaries and a range of opportunities for higher earning potential.
According to a survey by BLS, the median annual wage for accountants and auditors was $77,250 as of May 2021. However, salaries vary widely depending on location, education level, and years of experience.
One way to increase earning potential in accounting is to pursue advanced education and certifications. For example, obtaining an MBA in Accounting can lead to higher-level positions with increased salaries. Certified Public Accountants (CPAs) also earn higher salaries than non-certified professionals. Experience is also critical in determining salary potential in the accounting field. As professionals gain more experience and advance to higher-level positions, they typically earn higher salaries.
Location is another factor that can impact salary potential in the accounting field. Salaries are higher in metropolitans and urban areas, with a higher demand for skilled professionals. However, the cost of living in these areas may also be higher, so it’s essential to consider all factors when evaluating potential earnings.
5 Advancements in Technology
Advancements in technology have significantly impacted the accounting field in recent years. Adopting new technologies has transformed how accountants work and the skillset required for success in the field.
One of the most significant advancements in accounting technology is the shift toward cloud-based accounting software. Cloud-based accounting software allows for real-time data entry, access to financial information from any location, and automated bookkeeping processes. This technology has dramatically increased the efficiency of accounting processes and allowed accountants to spend more time analyzing data and providing insights.
Another area of technology that has impacted the accounting field is artificial intelligence (AI). AI-powered tools can perform data entry, reconciliation, and fraud detection tasks. It allows accountants to focus on higher-level tasks such as analysis and strategic decision-making. AI-powered tools can also help identify patterns and trends in financial data, providing valuable insights for businesses.
Blockchain technology is also making its way into the accounting field, with its ability to create secure, tamper-proof records that can be shared across a network. This technology has the potential to revolutionize accounting by minimizing the need for intermediaries and increasing transparency in financial transactions.
Finally, advancements in data analytics and visualization tools have also reshaped the accounting field. These tools allow accountants to quickly analyze and visualize large amounts of financial data, providing insights into financial performance and identifying areas for improvement.
Pursuing a degree in accounting is a wise choice for anyone looking for a stable career with excellent advancement opportunities. The demand for skilled accounting professionals is high, and with the proper education and experience, accounting professionals can build rewarding careers with tremendous earning potential.