Accounting is a truly fulfilling discipline to get into for multiple reasons. It provides students with the knowledge and skills relevant across numerous industries, especially in the modern world.
As a matter of fact, there will always be a need for accountants as long as there are businesses worldwide.
The best way to kick-start your career is by securing an accounting qualification. However, before deciding to study accounting, get to know a bit more about this field of study.
What Do Accountants Do?
There are numerous professions that deal with handling financial resources, so what makes accounting different from other roles?
The easiest way to describe accounting is dealing with actual transactions, observable finance, and real revenues.
Accountants have to work with real-time financial scenarios and are not tasked with speculating or forecasting.
They are meant to be abreast with the latest rules and are expected to be great at keeping track of numbers.
Accountants may also have to evaluate caches of complex financial history; however, they deal less with the unknown as opposed to finance-related positions.
The key role of accountants is the preparation and examination of financial records. They must ensure the accuracy of a person or business's money trail and that taxes and bills are paid appropriately and on time.
Some more responsibilities in an accounting job include:
- Organizing financial records
- Ensuring that statements and records comply with law
- Inspecting accounting systems and account books
- Reviewing statements accurately
- Preparing tax returns, computing owed taxes, and ensuring prompt payment
- Providing auditing services
- Increasing profits and revenues
- Suggesting ways to reduce overheads
Studying Accounting Provides A Foundation For Diversification
Even if you want to branch out into economics and finance, an accounting background provides a valuable foundation to approach other related fields.
Accountants can enhance their craft by learning to use relevant methodologies.
Why You Should Study Accounting
Accountants are considered to be the backbone of a company. Their job involves analyzing and making accounts and financial records.
These responsibilities arm accountants to help check whether the business is doing well, making them very important for a firm's future.
Therefore, here are seven reasons why you should consider studying accounting:
1. An Entertaining Studying Experience
Accounting is a comparatively difficult field to study and excel in. However, if you have a knack for numbers, then you will surely love the challenge.
You do not necessarily have to be a math wizard to get an accounting degree. Knowing the essentials of division, multiplication, subtraction, and addition are all you need, besides great analytical skills.
Apply for an accounting degree that will help you learn the essentials of the field, alongside providing a fun, conducive learning experience.
2. Teaches Skills With Diverse Real-World Applications
In high school, everyone learns Calculus, Trigonometry, Algebra, and Geometry. However, not everybody uses them as there aren't many real-world applications.
For example, if you are not contemplating a career in architecture or engineering, geometry has no use for you.
With a career in accounting, you can apply the teachings of critical accounting resources both in and out of the office.
Therefore, you can apply your payroll management knowledge, loss and profit ratios, and other business-related concepts when starting your own business.
The accounting knowledge you receive will also help you manage the day-to-day financial implications of running your house.
3. Taking Other Degrees With Accounting
It is common for someone majoring in accounting to simultaneously do another degree because of the versatility of finance and accounting. Therefore, you can go for double majors such as:
- Business Management and Accounting
- Accounting and Finance
- Business Entrepreneurship and Accounting
Having a double degree will make your CV much more attractive to employers, increasing your chances of getting into a top-tier firm.
Apart from this, you also give yourself a chance to broaden your horizons and work in multiple fields.
4. Getting Immediately Hired
Accounting is a field well-known for having a high rate of employment. Every company, governmental organization, and non-governmental organization requires someone well-versed in the nuances of accounting.
Therefore, once the graduating classes of some of the best universities exit the university doors, they find a line of recruiters competing for their services.
5. Always Being In Demand
As mentioned, every company requires an accountant. Even with advancements in technology, an accountant's skills are still in huge demand.
Furthermore, there have been substantial technological upgrades in the field, like shifting from written to digital ledgers and employing more advanced software and applications to make work quicker.
However, these tasks still require the expertise and analytical ability of an accountant. They are vital employees as they determine and ensure ways for the company to earn a profit.
The greatest misconception of getting an accounting degree is that it will only lead to filling up ledgers and making a financial statement for the company you work for.
However, this is not true, and you can also choose to be a:
- Business Analyst
- Finance Manager
- Investment and Financial Advisor
- And much more
6. Having Greater International Opportunities
One of the good things about accounting is getting exposure to a wider range of opportunities internationally. If you are thinking of working abroad, an accounting degree carves your path to an overseas job.
Most accounting techniques and principles apply across international borders, apart from the specific laws applicable to each country.
Therefore, you might only require limited additional classes to prepare for the economic regulations in different cities, countries, or states.
7. Getting Recommendations To Advance Your Career
An accounting degree opens up opportunities for volunteering in big organizations like the World Health Organization (WHO) and the United Nations (UN).
International organizations like these continuously require more economics experts and accountants to help them in their daily auditing.
Keep in mind, though, that organizations like these might not pay very well. However, the volunteer experience in international organizations is valued beyond any degree you may have.
Working in organizations like these will also help you network with influential companies and people leading the industry.
These connections significantly benefit you if you are thinking of pursuing accounting as your livelihood, expanding your career, or getting a master's degree in a high-ranked school.
What Is It Like Studying Accounting
While studying accounting, you will study the laws governing businesses, accountancy ethics, typical business administration schemes, accounting theory, and statistics.
You will learn to prepare key documents involving the job, including financial statements, business proposals, and tax returns.
Furthermore, you will also learn subjects overlapping various finance-based courses.
Studying accounting means that you will know your way around mathematics and will be able to infer results from numbers.
The course guide for your accounting diploma would provide you with additional information on whether you should pursue it. However, it is also very important to consider your ideal career and your future working life.
Are you comfortable with routines, factual data, and solving problems? If yes, then accounting would be right up your alley.
However, suppose you admire a continually shifting role, requiring greater risk-taking and speculation. In that case, you might want to look into other financial roles.
Suppose you cannot decide whether an accounting degree is right for you. In that case, you can always talk to the student advisor or the department head at your educational institute.
Through that, you will get advice from people with a comprehensive understanding of the industry and the course.
You cannot go wrong with an Accounting Degree. Even when you decide to later change your career, you will have a foundational understanding of how money is reported and recorded, ultimately helping you in the long run.
And if you're contemplating getting into the field, or even if you're in the middle of your accounting degree, you may find yourself to be out of your depth, requiring assistance.
Visit Superprof to find the most qualified accounting tutors in your area. They will help prepare you for your exams, entrance tests, and assignments while working on your time and according to your budget!