Accounting is a big business, even in times of monetary crisis. If anything, there will always be a dire need for accountants to track, analyze, and record data associated with finance. But is an accounting degree worth it or should you settle for something else?
An accounting degree is worth it because there are job opportunities that demand the qualification. Stats from the Bureau of Labor Statistics show that there were nearly 1.4 million job openings for accountants, with a predicted increase by 7% by 2030.
Currently, there are several potential advantages to obtaining an accounting degree, including a high earning potential and a variety of employment opportunities.
Is a Degree in Accounting Worth It Anymore?
Examining the prospective employment, income, and academic requirements connected with a degree in accounting is important when deciding if it is the correct choice for you.
Notably, a degree in accounting is worthwhile for many students. The Bureau of Labor Statistics anticipates a 7% increase in business and finance jobs over the next ten years.
Depending on your preferences, you can specialize in any of the following areas:
- Fiscal auditing
- Payroll processing
- Criminal accounting
- Expense accounting
- Government finance
- Accounting information technology
Accounting degrees are accessible at all educational levels. You can begin with an associate degree and advance to a Bachelor’s, Master’s, or Doctoral degree.
Various occupations in the accounting business demand varying degrees of schooling. For example, a two-year degree may qualify you for entry-level bookkeeping positions, but you’ll likely need a four-year degree or higher to become a senior controller or appraiser.
Is an Accounting Degree Right for You?
Here are some possible pointers that an accounting degree is a course worth pursuing:
1. You Love Working with Numbers
Mathematics is the basis of accounting, but it is also makes accounting a difficult major. Therefore, if mathematics is your strong point, you may find accounting degree worth pursuing.
Your program will likely include algebra, calculus, statistics, derivatives, and economics as mandatory courses. You may also be encouraged or obliged to participate in supervised practicums or internships involving direct interaction with numbers.
And if you choose a profession in accounting, you will certainly work with statistics and numbers on a daily basis.
2. You’re willing to Involve in Continued Education
Your education will likely continue after you earn your degree. Numerous jobs require extra licenses or certificates, such as Certified Public Accountant (CPA) certification. These certificates may necessitate specialized examinations or study programs.
Some programs may also need license renewal every few years. Depending on the circumstances, this may necessitate re-testing to guarantee compliance with modern standards and procedures.
3. You Want to Work in an Area Linked to Finance
Accounting degrees are not exclusive to the financial sector.
For example, you may acquire a degree in accounting and apply it to a business position, or utilize it as a stepping-stone to advance your study in data or technology.
However, the majority of accounting degrees lead to professions in accounting, among them may be finance, economics, human resources, and business intelligence.
Accounting Jobs for Degree Holders
Here are a handful of the numerous occupations that you can do if you hold a degree in accounting:
1. Accountant
Accountants handle financial matters.
Whether it is crunching numbers, making spreadsheets, collecting statistics, assessing risks, or reviewing financial records, their major responsibility is the maintenance of financial data for a certain purpose or organization.
They must have a strong numerical sense and a keen eye for detail. They may specialize in cost accounting, forensic accounting, and tax accounting, among other sub-specialties.
2. Financial Analyst
Financial analysts are responsible for investments.
They may advise people and corporations that wish to invest, or they may accept positions of management monitoring an organization’s continuous investments.
They have knowledge of securities such as stocks and bonds.
3. Bookkeeper
Bookkeepers are accountable for a company’s “books” or “ledgers.” This may contain common costs as well as global credits, debits, earnings, and margins.
Bookkeepers may serve a range of responsibilities within an organization, depending on their degree of education.
A senior-level bookkeeper may be a highly qualified financial professional with a master’s degree, while an entry-level bookkeeper may be a college intern pursuing an associate degree.
4. Human Resources Professional
The human resources (HR) department is responsible for personnel management.
This often covers payroll, benefits, insurance, and other kinds of remuneration for accountants.
When contracts or salaries are involved, however, it may also overlap with recruiting and labor relations.
5. Payroll Clerk
The role of payroll clerk is an entry-level position for accounting majors. Typically, it requires an associate’s degree or less.
Some responsibilities include monitoring payroll, arranging time sheets, completing basic data entry, and handling employee account information.
Alternative Degrees in Accounting
It is not simply accounting that may prepare you for positions in the financial sector. There are other options, such as:
- Bachelor’s degree in finance: This vast field may lead to a variety of careers, including analyst, actuary, investor, trader, and portfolio manager.
- Bachelor of Science in Data analytics: A degree in data analytics teaches you how to analyze and model data to extract meaningful information.
- Bachelor of Economics degree: Accounting and economic themes cross often. If you have currently enrolled in college courses, your core topics may complete many of the same prerequisites for either accounting or economics.
If you do not wish to quit your accounting program, you might also explore changing your area of concentration. You may be able to hone in on your area of interest if you adjust your focus.
Final Thoughts
A degree in accounting may be the initial step toward a prosperous career in finance.
Whether you’re interested in accounting, appraising, bookkeeping, fundraising, or payroll clerking, the skills you gain in an accounting degree will help you qualify for these and other finance-related positions.
A degree in accounting may also open the door to high earnings and in-demand specialty with much room for advancement.
However, the first step is to locate and enroll in an appropriate degree program. With the availability of several online accounting programs, a degree in accounting may be attainable.
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