So, you feel uncertain whether accounting is the right major for you in college, but at the same time, the course itself fits the bill of what really interests you.
Before you take the plunge into this commitment, consider the list of pros and cons like any smart person would. Just like any other course, it has its upsides - as well as downsides - that may or may not be compatible with your personality, working style, or even life priorities.
Here are some of the positives and negatives that you can expect out of the accounting career;
A Streamlined Career Path
As soon as you graduate in accountancy, your career path will be well-defined and the practical skills you’ve learned will be applied all throughout. Unlike other courses that cover a wide array of vague career outcomes, you’ll have a pretty grounded idea of where accountancy will take you.
Continuous Education is Required
Learning does not stop once you graduate. Important certifications will be vital if you want to keep up with the expanding industry. Do note that these may take some time and a considerable amount of effort to obtain.
Here are some of the certifications you might want to earn to help you progress in your career: CMA (Certified Management Accountant), CPA (Certified Professional Accountant) and CFA (Chartered Financial Accountant).
Employment Stability and Opportunities Abound
As a growing industry that expands in proportion to the continuous boom of businesses today, accountancy is and will always be in demand. Not only that, but people as well would need the assistance of an accountant from time to time. As long as there are taxes to be done and new businesses being established, there will always be a need for an accountant.
Borderline Routine Work May Seem Dull
Day-to-day work involves crunching numbers and thorough investigation, which may not be for everyone. It is very vital to consider if this is your thing since math will be a major part of your everyday life once you step into the world of accounting. Whether or not you find this interesting, know that most of an accountant’s work revolves around proficiency in mathematics and a keen eye for details.
Boundless Career Advancement Potentials
Further down everyone’s career path, growth and advancement seem near-inevitable. But for accounting majors, promotion may be closer than you think. Many accounting graduates will start as staff accountants or junior auditors in public accounting. But after getting a decent amount of experience and exposure on the job, you can find yourself leading a team of accountants in no time. This is where additional education and certification truly shines, like becoming a CPA (Certified Professional Accountant).
Peak Seasons Can Be Stressful
On normal days, accounting usually takes up the standard office time. But on business peak seasons and other times of the year, even your weekend time will be taken away just to meet those deadlines. The long days you’ll spend meeting your clients’ financial organization needs eventually dwindle down, however, after this peak season is over.
An accountant’s base salary is about Php 356,251 annually, and against the median annual salary of Php 267,000.00 in our country, that is a huge upside. With the dozen other benefits such as healthcare, vacation time and retirement plans an accountant might enjoy, you will find yourself seldom wanting in this career.
The Responsibilities Can Pressure You
Handling a huge company’s finances is never an easy task, and this is always accompanied by pressure, perhaps even more than one can normally handle. Considering this, people are always different, even in handling stress. Some can be very much affected while others don’t really stress easy. This relates to the responsibilities of one’s specific roles in a firm, usually being proportional to how crucial your position is and how much money you work with.
Assess your personality. Do you mind being pressured constantly over deadlines and additional workloads? If yes, then accountancy may not be for you.
No Limits To Where Work Will Take You
There are limitless possibilities on where you can apply for work when looking for a position in accountancy. Because of this, there won’t be a problem looking for work virtually almost anywhere. From the provinces where agricultural companies are to government facilities in the city, everyone will always be in demand of an accountant.
Accountancy may be a little bit challenging, and it is up there on the courses that are hardest to master. But with everything that you can make out of it, it makes the journey as an accountant a lot more fruitful.