Things to Put into Account when it comes to Accounting
Accounting is becoming a steady industry in the field of business that concerns money. From small scale businesses to mega corporations, a highly skilled accountant will always be relevant no matter what field. They are well-respected professionals and are widely recognized by the public.
If you are someone who is looking at the possibility of becoming an accountant, you may want to look at the things you need to take into account.
To become a competent accountant, it is important to understand that your career will revolve around numbers and figures. One does not need to be a math genius but it is still ideal if you at least have a certain fondness for mathematical figures. An accountant must also be a critical thinker and have strong moral values to uphold the code of ethics for accountants and incorporate federal laws concerning business transparency.
While it could be considered as a highly technical and sensitive career since there are a lot of ethical and corporate laws to consider, many high school graduates are enthralled by accounting. One of the main reasons is that those in the accounting field are appropriately compensated, registering a 2015 median pay of $67,190 per year at $32.30 per hour. In terms of supply and demand for accountants in the field, there is a high possibility that those who chose this career path will find employment. In the 2013-2014 academic years alone, as reported by The American Institute for CPA or AICPA, the enrollment for accounting undergraduate and graduate accounting programs has crossed the 250,000 threshold for the first time. The increase in the enrollment could also be an effect on the steady climb of employment in the accounting sector since 2010 when a total of 33,321 accountancy graduates were hired in public and private firms. The boom of accounting outsourcing in the field of business is also a contributor in this ascend in numbers. This trend in enrollment and employment is expected to continue for the next two more years and may increase by 13% from 2012 to 2022 according to Bureau of Labor Statistics 2014-2015 Occupational Outlook Handbook.
A bachelor’s degree in accounting or a related field is considered the minimum education requirement for those who plan to become an accountant. Being a certified public accountant also enhances your chances of gaining clients. Every accountant filing a report with the Securities and Exchange Commission (SEC) is required by law to be a Certified Public Accountant (CPA). Becoming a CPA requires passing a national exam and meeting other state requirements. The Institute of Management Accountants also offers to applicants who complete a bachelor’s degree. Those who seek for advancement in the field of accounting could also look into getting a master’s degree. According to Joanne Fiore, AICPA vice president of professional media, the number of students graduating with master’s degrees translates directly into increased hiring of those candidates by firms.
With the data backing up the probability of success of those who will take the career path of accounting, we can see that accounting is a very promising industry. Here are the facts. Now, it is up to you if you will take on the challenge.