Choosing a major when applying for higher education is one of the most challenging decisions to make. People, especially professionals trying to upgrade their careers, have several questions running through their heads. How will this subject help me in my job? Will I be able to earn a higher salary? Is this subject relevant in the years to come?
Gone are the days where only science-related professions (doctors, engineers, scientists, etc.) were in demand and considered lucrative fields of study. However, here’s a simple question; If everyone opted for healthcare and engineering-related degrees, who would handle all the money flowing in and out of a company/business? In the current world, poor financial management due to inadequate know-how sinks many business ships before they cross their second year anniversary. Sound financial decisions depend on good accounting skills and practices. Both of these skills will thus always be in demand. And this is enough reason for some, if not all, to pursue an accounting major. We’ve listed a few more below to convince you.
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Better job opportunities
The accounting profession has lots of growth potential. Every company or business needs someone to manage its finances well. It needs people at the top of the chain with accounting knowledge to make sense of numbers in financial statements and make effective decisions. So if you’re at a junior level, the added accounting know-how and expertise that comes with higher education in the field makes you an attractive candidate for senior roles in management. Fortunately, you don’t have to go back to a traditional learning environment to earn a Master of Accountancy degree. Instead, you can enroll in an online MAcc program. With a flexible learning schedule, you’ll be able to balance your professional and academic goals simultaneously.
But professional growth isn’t all a major in accounting has to offer. With an in-depth knowledge of maintaining and using financial information, you’ll be making such effective decisions for yourself. You won’t need to hire a third-party firm or accountant to manage your finances; you’ll be doing it on your own! This skill can be convenient if you’re an entrepreneur or a frequent tax filer. By knowing how to record transactions, you’ll manage your budget very effectively, and filing those tax returns will also be as simple as slicing a cake. Your financial decisions will be data-driven. At the end of the day, making such decisions leads to greater financial independence at the personal and entrepreneurial levels.
Understand financial situations
Accounting will not only groom your personal decision-making skills, but your professional ones as well. It’ll give you a good understanding of your organization’s financial standing, and you’ll be able to recommend effective decisions to help your firm grow. Furthermore, there are financial scandals every other day, and you’ll be able to understand what went wrong there. You’ll also understand how little events around the world change the business environment and how they affect commerce worldwide.
Who says your only career path as an accounts major leads to being a CFO? No one! Likewise, do you have to limit your employment to banks, financial intermediaries, and accounting firms? No. You can opt for an accounting-related career in any industry, from healthcare to fashion, with a major in accounts. Every business/company needs someone to manage finances. With technological innovation, these jobs are much easier to carry out in non-financial companies. So the different jobs at your disposal will be far from boring. But if you still want to stay close to home, you can specialize in niche areas of accounting such as taxation, auditing, and forensics.
If you’re looking for a career that pays well, then this is it! Accounting jobs are currently hot, making this area of study lucrative with an equally incentivized pay scale. An average accountant in the US makes about $57,000 annually, while senior positions can easily net a six-figure salary. These stats also vary from one industry to another. Accountants in auditing and legal firms tend to earn more than others. Even though you might have to work overtime during some periods of the year, you’ll still be adding a substantial chunk to your yearly income. So, do you have big financial plans? An accounting major will help you accomplish them.
Apart from financial know-how, an accounting major will help you improve several other technical and soft skills. For example, an accounting degree will enhance your attention to detail while trying to spot discrepancies in ledger entries. It will also help you hone critical thinking, managerial, and project management skills. These skills will pay dividends in any job role and even if you decide to switch professions.
In short, accounting is a great field to explore. It has excellent potential for personal and professional growth, with diverse job opportunities in various industries. It gives a great understanding of the financial world. It gives you the skills to make impactful decisions to keep a company afloat. It is an incredibly diverse career that enhances your skills. Opting for a major in accounting will open doors to fantastic opportunities for you, and it’ll be a decision that you’ll not regret.