A career in accounting can be seen as a professional and prestigious one. You may be interested in the job stability and potential growth in this career. However, like many other careers, not everyone is suitable to be in this line of work. Getting a professional certification in accounting does not mean you are going to enjoy being an accountant.
Take a look at the list of Pros & Cons in an accounting career you have to consider:
- Accountants in demand
Whether the economy is good or bad, companies will still need to have their accounts properly done up, and as long as there is a need to help with taxes, accountants will be in demand. Accountants can look forward to a stable career as almost every company is in need of an accountant.
- Potential growth in career
Before graduation you may start to visualise your dream career in one of the Big 4 accounting firms. Most graduates will choose to join the top accounting firms (KPMG, PWC, Ernst & Young, Deloitte et) as an entry level associate to gain experience. And after few years, you could be moving up ranks as to become managers, or even directors, and some may even open up their own accounting firms.
- Well Paid
One of the perks in the accounting career is the pay. An entry level associate can be earning approximately $3,000 a month after graduation, which is consider a reasonable amount for an inexperienced person.
- Easy to switch jobs
Nowadays, not many people stay more than 5 years in a company. Most will leave the company within 2 years to seek for better prospect in their careers. Similar to accounting career, it is common for accountants to job hop to have more insight in different industry. Good news is, it is not difficult for accountant to change job for better prospective growth.
- Able to Specialise in different areas
There are 4 major areas that accountants can specialise in according to their interest: Financial, Management, Auditing, and Taxation. Due to the diversity of the field, accountants can have many options for their career pathways.
- Repetitive work
You should be able to imagine what it is like to be an accountant, spending most of your time facing the computer screens and invoices. Work can be repetitive and monotonous, while requiring you to be meticulous. Depending on your personality, this may or may not be suitable to you.
- High possibility to work Over-Time
The level of stress of working in an accounting industry is considered high. Typically, the working hours are from 9am – 6pm. Unlike other industry, the workloads have its own pattern. Besides daily accounting work, there are peak period to handle as well. Some peak periods include tax period, year-end closure of accounts and auditing period. During these peak periods, you can expect to stay extra hours in the office just to meet the deadline. If you strongly believe in work-life balance, then an accounting career may not be suitable for you.
Now that you know the various Pros & Cons as of an accounting career, do you still think you have what it takes? Getting certified as an accountant is not an easy path, however if you are seeking for a stable and rewarding career with great growth potential, then this is a clear path to take.