There are all kinds of career choices you can make, but if you have been thinking about studying accounting, you may have a list of pros and cons going through your head.
Accounting is a rewarding field that pays well and offers a great deal of prestige.
Let’s discover why studying accounting is a smart choice through stimulating and rewarding opportunities.
In this article, we will discuss the variety of career paths available, from finance and investment to leadership positions. Learn how to study accounting through degree programs and earn recognized accounting designations.
Why Accounting? Why should you Study Accounting and Finance
Today’s accountant is a key person of management teams in non-profit, public, government, and private organizations. Accounting is really the language business speaks.
Business communicates in dollars and sense, and accountants are an integral part of that communication.
Accounting offers many career opportunities.
Business valuations such as mergers and acquisitions, forensic accounting, evaluation of corporate control systems, public accounting, management accounting, tax preparation, and internal auditing are just a few career options you have available once you become an accountant.
Why Study Accounting? 4 Reasons to Study Accounting
Here are four main reasons why individuals choose to study accounting and earn a degree in accounting and finance.
1. Stimulating
The finance and investment world is exciting, attracting many of the top graduates.
Prestigious companies such as Merrill Lynch, Morgan Stanley, and JPMorgan offer exciting and glamorous careers. With all the recent scandals, there has been more demand than ever for accountants.
2. Rewarding
The salaries associated with careers in accounting generally have high salaries associated with them.
The National Institute study recently identified accounting as one of the most lucrative degree courses based on lifetime earnings. The salary ranges depending on position, but six-figure salaries are the norm.
3. Variety
The number of career opportunities available to you with an accounting degree is mind-boggling. Many underestimate the choices.
There’s a career to suit every interest, including management consultant, auditor, corporate accounting, tax planning, IT consulting, human resources, and insolvency. Of course, that’s just a handful of career choices.
4. Leadership
After you have earned your degree and gained your professional qualifications, many accountants begin to climb the corporate ladder into senior management and CEO positions.
It’s an exciting career choice. You are limited only by your own desire to rise.
A Guide to Studying Accounting: How to Study Accounting
Earn your degree by attending university, through correspondence, or by taking courses online.
Many universities offer the option of taking all or part of a degree program online. There are a number of degrees you can pursue, including, but not limited to:
1. One-year accounting certificate
2. Two-year Associate Degree in Accounting
3. Bachelor’s Degree Accounting Major
4. Commerce Degree Accounting Major
5. Master of Science or Accountancy
6. Doctoral Program – the highest level of accounting degree.
How to Earn an Accounting Designation
The following are recognized accounting designations:
- CA – Chartered Accountant
- CGA – Certified General Accountant
- CMA – Certified Management Accountant
- CPA – Certified Public Accountant
These are the designations given to accountants who have proven their competency through experience and education, which has then qualified them for their designation of CA, CGA, CMA, or CPA.
You will be required to meet the experience criteria under the supervision of an experienced accountant in an accounting firm or equivalent organization. Here, you will develop the necessary skills to ensure you will be a competent accountant. The final step will be to pass your professional exam.
Exploring Specializations in Accounting
While accounting offers a wide range of career opportunities, there are also various specializations within the field that you can pursue based on your interests and career goals.
Specializing in a specific area of accounting can enhance your expertise and open up niche job opportunities. Here are a few notable specializations in accounting:
1. Auditing: Auditors examine financial records and statements to ensure accuracy and compliance with regulations. They play a crucial role in assessing a company’s financial health and identifying any discrepancies or potential risks.
2. Taxation: Tax accountants specialize in tax laws and regulations. They assist individuals and organizations in preparing and filing their tax returns, maximizing tax deductions, and ensuring compliance with tax laws to minimize liabilities.
3. Forensic Accounting: Forensic accountants combine accounting and investigative skills to detect and prevent financial fraud and misconduct. They work closely with law enforcement agencies, attorneys, and businesses to analyze financial data and provide expert testimony in legal proceedings.
4. Management Accounting: Management accountants focus on providing financial information and analysis to assist management in making informed business decisions. They help develop budgets, analyze costs, and evaluate the financial performance of an organization.
5. Financial Accounting: Financial accountants are responsible for preparing and reporting financial statements, ensuring accuracy and compliance with accounting principles. They provide vital information to external stakeholders, such as investors, creditors, and regulatory authorities.
Continuing Professional Development in Accounting
To stay current in the accounting field and advance your career, it’s essential to engage in continuous professional development (CPD). CPD involves activities that enhance your knowledge, skills, and professional competence. Here are some ways to engage in CPD as an accountant:
1. Attend Professional Development Programs: Participate in seminars, workshops, conferences, and webinars offered by professional accounting organizations. These events provide updates on industry trends, changes in regulations, and emerging practices.
2. Obtain Professional Certifications: Pursue specialized certifications such as Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), or Certified Information Systems Auditor (CISA). These certifications validate your expertise in specific areas and enhance your professional credibility.
3. Stay Informed: Keep up with the latest developments in accounting standards, tax laws, and industry best practices by reading professional publications, journals, and online resources. Subscribe to newsletters or join online communities related to accounting.
4. Network and Collaborate: Engage with fellow accounting professionals through networking events, online forums, or professional social media platforms. Collaborating with others can provide valuable insights, mentorship opportunities, and potential career connections.
5. Embrace Technological Advancements: Stay abreast of technological advancements in accounting software, data analytics, and automation. Developing proficiency in relevant tools and technologies can enhance your efficiency and effectiveness in your role.
Remember, ongoing learning and professional development are essential for maintaining your competence and ensuring your skills remain relevant in the ever-evolving accounting profession.
By continuously expanding your knowledge and staying engaged in the field, you can position yourself for long-term success and advancement in your accounting career.