Accountancy is a profession that has a lot of prestige and power. People who become accountants are often seen as successful professionals by their friends and family. Accountants also have a high degree of job security thanks to the fact that the field is well paid, and there will always be demands for accountancy services.
But like any other career, accountancy has both pros and cons. It’s not a profession that is for everybody and can be disastrous if you do not have the right personality for it.
Here is the good, the bad, and the ugly of being an accountant.
The Good
One of the most commonly cited positives of being an accountant is the pay. According to the Bureau of Labour statistics, the average accountant was paid more than $65,000 a year in 2012. Furthermore, the News of the World has reported that the top 10% of accountants earn more than $100,000 a year. This, combined with the fact that accounting is a secure job, means that it can be a very lucrative profession.
What’s more, there are many areas in which to expand your knowledge and specialize. Some accountants go into tax, others go into regulatory compliance: the choice is yours. Accountants also can do refresher courses on what they have learned, giving them time to decide whether they want to go in a new direction. Finding the best CPA review course is relatively easy, thanks to the internet.
The Bad
It’s not all good news of course. Accounting is a standard 9-to-5 job, and because of this, it ‘s hard to work on a flexible basis. Unlike many other Industries, accountants have to be in the office all day during weekdays in order to meet their client’s needs. Things become especially severe around tax season when many businesses file their taxes. During tax season, accountants will find themselves working overtime, as much is 80 hours per week according to websites like Career Explorer.
Is also worth bearing in mind that accountancy is a highly competitive field. This means that getting into one of the so-called “Big Four” accounting firms is tough. Many people who take their accountancy exams fail to land the job that they want and have to settle either for a much smaller business or working for themselves.
The Ugly
Accountancy probably isn’t suited for those with a creative streak. According to Rasmussen accounting can be highly monotonous. If you like your work to be the same day after day, and you like working in a highly regulated industry, then accounting might be the perfect job for you. But if you are the type of person who likes to innovate and make large changes in the world, then accounting can be stifling.
It’s also worth pointing out that accountants have to be problem solvers. People who don’t like solving difficult problems probably aren’t suited for accounting, especially if they prefer to do more creative tasks. The same applies for people who don’t like spending hours and hours looking through financial statements for errors. Having a keen eye for detail is a must for new accountants.
Are you a budding accountant? Let us know how you are getting on with achieving your career goals
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