Whether you are a young person weighing your career options or considering a career move, accounting is one of the professions that may cross your radar. Accounting is one of the most exciting and rewarding careers and thousands of people take their first steps towards pursuing accounting every year. Businesses rely on their accountants and bookkeepers to perform complicated mathematical tasks accurately and at a fast pace.
To be a good fit in this profession, you need to have sharp mathematical skills, an eye for detail, and a methodical approach to work. Although you are not required to have a degree to get started, you do need some kind of training.
The ACCA certification is an internationally recognised certification for accountants worldwide. It is wise to check for ACCA courses to identify the one that meets your needs best. Here are some reasons why you should consider a career in accounting.
You Can Work in Any Industry
The first thing that comes to many people’s minds when they think about accounting is the financial sector. In reality, an accounting qualification enables you to work in virtually any industry. You can also checkout PKF Cooper Parry one of the best companies to work for. Popular accounting roles in the current job market include the following:
Financial institutions like banks and stock brokerages hire financial analysts to help them identify the most profitable investments. In recent years, it is also common to find financial analysts employed by retailers and other businesses.
Most medium and large-sized companies employ a number of accountants. Roles for accountants include balancing books, preparing financial statements, and ensuring that their employer is compliant with the country’s financial regulations.
Investment bankers are involved in buying and selling assets and securities and advise their employers or clients on a number of financial matters.
Many companies are outsourcing payroll management tasks to accountants who have specialised as payroll specialists. Payroll specialists log work hours, process salary payments, and calculating taxes. Outsourced payroll positions are some of the few roles in the accounting industry where you can work remotely from any location in the world.
The insurance industry thrives on accounting. Insurance companies usually need actuaries and analysts to help them to identify the optimum insurance premium.
In the UK, the audit threshold currently stands at £10.2 million and most medium and large-sized companies are required by law to hire auditors every year. The big four auditing firms employ thousands of accounting professionals, but you can also work for a smaller firm or independently.
Financial Rewards Await You
While the size of the salary should never be the sole consideration when weighing career options, for many people, remuneration ranks high among the factors they consider when choosing a career path. No one wants to be toiling away at an otherwise acceptable job where it is a daily struggle to make ends meet. Accounting professionals are some of the most well-paid professionals in the UK. Numerous surveys and studies have over the years painted a consistent picture that accountants earn more than the average working professional.
In a study by The Telegraph, university graduates with an economics degree (a considerable number of whom end up in accounting jobs) come out top of the earning pack compared to other graduates after five years of employment. Results from this study showed that economics degree graduates almost universally earn north of £50,000 five years into their careers regardless of the academic institution they attended. In fact, economics graduates on average earn more than lawyers and doctors with the same level of work experience five years after graduation.
These results have been corroborated by a number of independent observations by several job sites. An analysis by the job website Reed.co.uk ranked financial officers fifth in their ranking of top paying roles in the UK. Another independent analysis ranks stock brokers, and financial managers and directors amongst the top three paying jobs in the UK.
Rubbing Shoulders with Smart Buddies
It takes hard work and determination to qualify and succeed as an accounting professional. Accountants usually have a firm grip of maths and it takes a measure of discipline to stay focused when working on tedious and time-sensitive chores. When you pursue a career in accounting, you will study and work with many people with these qualities.
In addition, The financial industry employs one of the most diverse group of individuals in the UK. Over 16,000 international students choose to study accounting and finance when they join UK universities. A considerable number of these students stay and work in the UK financial sector after graduation. If you qualify as an accountant and choose to work in the UK, you will likely have the pleasure of working with a diversified crop of people from all over the world.
If you enjoy exploring, an accounting job may be your gateway to a world of travel and privilege. Not all accounting jobs involve travel but a number of auditing and financial sector accounting positions involve regular domestic and international travel.
Getting Connections and Business Exposure
There is perhaps no other group of professionals that is exposed to the inner workings of companies like accounting professionals. Due to the nature of their work, company financial officers and auditors have access to documents from all departments of the organization. This exposure can help accounting professionals to learn the ropes of businesses in a short time. It is not a surprise that accounting officers usually quickly rise through the ranks of organisations and are given senior roles.
In 2018, LinkedIn conducted a survey to shed some light on the academic and job history of the CEO’s of the world’s greatest companies. The study revealed that economics, business, and banking and finance ranked second, third, and fourth most common field of study by the CEOs respectively. It is, therefore, safe to assume that a big number of the current CEOs started out with an accounting qualification.
Accounting professionals also usually work with and build relationships with a number of people in the companies they work with. The experience and connections can come in handy if you want to launch a businesses of own.
Accounting is one of the oldest professions and it will continue to exist as long as businesses exist. If you invest by training in a reputable accounting institution, you may reap big rewards in the future. Accounting positions are usually a gateway to attractive salaries, a diversified and smart bunch of work buddies, travelling opportunities, and the ability to work in any industry. If you have a strong mathematical background, an eye for detail, and you don’t mind the rigorous demands of the job, accounting may be the right career for you.