There are many different types of accountants (too many to go into here). Still, if you want to become one of them, you've probably considered taking an accounting class.
Whether you do this as one of your classes at college or independently is up to you, but you should probably think about it before you get started because becoming an accountant isn't the easiest thing in the world.
However, there are certainly lots of advantages to studying accounting, whether you want to become an accountant or not.
Let's have a look at what they are precisely.
What Can I Expect to Learn in an Accounting Class or an Accounting Course?
The most obvious thing you'll be taught in your typical accounting class is the underlying theory behind accounting. While plenty of different types of accountants specialise in different fields and work for different organizations and businesses, the one thing they all have in common is their understanding of accounting fundamentals.
Take accounting classes at college or study an accounting course. You'll cover the basics of accounting, like income, expenses, assets, and liabilities, and build upon these fundamentals as you learn more about how financial systems work and the roles accountants play within them.
What to Expect from an Introduction to Accounting Course
The four fundamentals we just mentioned will likely be covered in your first accounting class or the first few lessons of your accounting course.
These classes or courses may be Accounting 101, Introduction to Accounting, Accounting Fundamentals, etc.. Still, no matter what the name of your class or course is, you'll be introduced to these concepts and also likely cover things like financial statements, budgeting, taxation, reporting, and account management.
You may also learn about developing systems for bookkeeping, creating payroll systems, and navigating tax regulations and the payments of said taxes.
Again, what you learn will depend on the class itself or the course you take, but you should learn things you can put to good use even if you don't become an accountant.
Is Studying Accounting Difficult?
It would be best to learn valuable things in an accounting course or class, but also know that accounting is no walk in the park.
It's all about finding the right program for you. The top US accounting colleges should be able to educate and prepare you for the professional world while still allowing you to achieve the whole collegiate experience.
If you take accounting classes at college, these classes should be at a college level. Naturally, some accounting classes will be more difficult than others, and since no two students are alike, what one person finds easy may be difficult for another. The critical thing to remember is that what you study at college should be more complicated than in high school.
Accounting can be as tricky as you want it to be. Like any other subject, there are advanced topics to cover, and students will generally find these more complex than the introductory concepts and topics.
Accounting requires a good eye for detail and being comfortable dealing with numbers. If this sounds like you, then you should be fine studying accounting. That isn't to say that there won't be complex topics to cover, but if you're willing to work hard and be organized, you're not the first person to study accounting, and you certainly won't be the last.
Why Is Accounting Important?
Accounting can be complex, but somebody has to do it. If you feel like this could be you, knowing it's essential can motivate you when it gets tricky.
In addition to keeping track of assets and cash for businesses and organizations, accounting also serves as a way for these entities to analyze how they perform financially and make informed decisions.
Additionally, accounting is essential because it has to be done right. Legally speaking, every business, organization, and government body must record financial transactions to a certain standard. Not getting this right has legal consequences for these entities and their accountants, so accounting is essential for staying on the right side of the law.
The Benefits of Studying Accounting
So now you know what kinds of things you might learn by studying accounting, how difficult it can get, and why accounting is so important, you can see why you should study it.
There are several benefits and many great reasons to study accounting. Here are a few reasons you'll want to do well in accounting class.
Demand for Accountants
Since accountants are essential to any business, entity, corporation, or government body, the demand for them is high.
Over the next decade, the demand for accountants and auditors is expected to grow by around 6%, which aligns with the average across all occupations.
Demand will vary, however, depending on an accountant's given specialization, with specific areas being more highly sought after than others. Auditors, for example, are likely to see their field grow more than the average for accountants.
Financial examiners and treasurers have a bright future, with their job outlooks closer to 18% and 17%, respectively.
Flexible Career Path
You might have wondered why we mentioned the demand for treasurers, financial examiners, and auditors when discussing the demand for accountants. While these roles aren't interchangeable, they're very closely related and are specializations anyone choosing to study accounting can consider pursuing.
Everyone studying accounting will have options to specialize and study related finance, business, and economics classes. Armed with the fundamentals of accounting, you'll find that you have many options for specialization; even once you specialize, accountants can play so many roles that the career path remains open to anyone with the right qualifications.
High Earning Potential
The average accountant earns more than the US national median (close to $43,000 a year), but the aforementioned in-demand specializations can earn close to double that.
Much like financial examiners and treasurers, auditors, senior bookkeepers, management consultants, payroll managers, tax consultants, and chartered accountants all have a higher earning potential than the average accountant and are roles worth looking into for anyone studying accounting.
The yearly salary for some of these roles averages closer to $100,000 a year, though the requirements for these roles often require more study than a few accounting classes at college.
Learn Transferable Skills
Accountants need more than just accounting skills. By studying accounting, you'll also pick up some essential accounting skills.
Accountants need an eye for detail, which will be an essential part of your accounting classes. Even if you never move into accounting after taking some accounting classes, this skill will significantly help wherever you go.
Accountants also need to be organized, and you can't pass an accounting class without a good level of organization. In every role, being organized is crucial, and the more effectively you can work, the greater an asset you'll be at your job.
Accountants also learn several math and IT skills. You'll learn to use Microsoft Excel and QuickBooks better than most.
Options for Further Study
When you finish your accounting course or your time at college, you can either look to start your life in accounting or continue studying.
As we've already seen, the demand for accountants and related roles is good, but many specializations require further study. Fortunately for you, after studying accounting classes or courses, you can study precisely what you need to make the move.
While there are plenty of options for further study, don't forget that you still need to work hard in your accounting classes, as some courses are popular, and only the best students can secure a place in them.
Is It Worth Being In Accounting?
Now, you should have a better idea of whether or not it's worth taking an accounting class and whether or not accounting is proper for you.
With good salaries, opportunities for progression, and many transferable skills, we'd say that it's worthwhile studying to become an accountant if you feel that it'd be a good fit.
Even if you're not sure that you want to become an accountant, there are so many jobs where the skills would be helpful that you could take an introductory class to see if it's right for you.
Don't forget that it isn't always easy, and it helps to have an eye for detail, good organization, and an aptitude for math.
Of course, if you need any help with any of this, you can always look to private accounting tutors, who can offer students of any level help with their accounting classes by teaching them in a way that works for them and how they like to learn.
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