College is an important part of one’s life. This is the stage where we choose our course of study as well as the eventual career.
With so many options to choose from, one has to be careful to choose a course that suits them perfectly and also has a rewarding future. This begs the question, what are the factors that assist one in choosing a course in college?
Most of the original Fortune 500 companies do not exist today. The evolution of business has seen many careers disrupted and become extinct. The modern business environment is being driven by great technological adoption.
The accounting industry has also greatly evolved. Initially, financial accounting entails using a company’s financial information and creating statements that enable the company’s internal and external stakeholders to make business and investment decisions. Today accounting is integrated with other skills like communication and digital compliance.
1. Accounting is Ever Evolving
Initially, one would have to be able to work with complex math formulas to work out accounting problems. However, these days accounting has been fully computerized and hence working out mathematics solution in the industry has been greatly reduced. Computers coupled up with tailor-made software makes it an interesting and less cumbersome career.
Additionally, accounting is more of consultancy, advice and bookkeeping more than it is mathematical.
2. Specialization Areas for Accountants
There are many specializing fields under the accountant umbrella. Some of the areas include forensic accounting, internal audit, cost accounting, management accounting, independent accounting and much more. Additionally, all businesses need accounting services. These are in areas of tax, money management, bank relations and so on.
According to Wikipedia, ‘Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization’s financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers.’
3. Job Sustainability
First of all, accounting courses are heavily offered in most schools. In terms of job security, the accounting departments are rarely the ones hit with layoffs. Other departments such as marketing or communications are the ones initially affected. It is also an industry that is rarely affected by outward changes such as political or policies. However, when it happens, it is quick to adapt. Online job opportunities in accounting can provide full-time job opportunities. The need by cross-sector private and public companies is big since most cannot function without an accountant.
4. Availability and Flexibility of Accounting Courses
Many colleges and universities offer part-time and online accounting programs. This allows you to take up a part-time job or even the flexibility in parenting. This availability makes accounting the go-to course for many students. After this, accounting job opportunities are readily available due to the evolution of online job opportunities. Accounting has also become vital as with many SME businesses coming up and they all need accountants.
5. Accounting Allows One to Move to Other Job Specialization
Those with accounting degrees can be able to move on to managerial positions in organizations since they have a wide breadth of experience on accounting arm which is very vital. This may be due to the expansive experience taught in the discipline hence easier to transit to other business departments.
Additionally, you can also choose to go into accounting consultancy or even start your own business. A highly trained and experienced accountant has the essential skills to be their own boss and conduct accounting consultancy to many small businesses that need accounting services. It is said that almost all good businessmen start off their working careers as accountants.