Just as many other careers, Accounting, too, has its pros and cons. However, it is not the profession that is either good or bad; it solely depends upon a person who opts for a particular filed as a profession, as there are chances that some people may excel in some fields and some may not be proficient in them.
Choosing a career is akin to purchasing a car. Some people prefer durability and security while some are more concerned about its performance and speed. Both the choices are neither bad nor good; rather, it depends upon a person who is intending to buy a car.
Before choosing any field as one’s life career, one should think of all the merits and demerits of the field one has the intention to choose. Similarly, in order to decide whether a person should really go for accounting career, he should consider all the positive and negative aspects of this field.
Some of the pros and cons of choosing accounting as a profession are as follows:
Pros of an accounting profession
There are lots of privileges that a person can cherish if he chooses to be one of the smsf accountants in Melbourne. Some of them are:
- No ambiguity in career life
Accounting is all about studying numbers and examining costs required by employees. Hence, it makes one’s vision clear about what will be the work if one takes the decision to be an accountant in future. There are different fields within accounting itself and their work is explicitly stated, so one would be quite certain of what one is going to delve into, which makes accounting better than other subjects
- Ever green profession
Accounting is an ever green career; it will never go outdated. All the business companies require an accountant and an accounting team to tackle their financial records and render them good advices for investment. In fact, even a common individual is in need of an accountant to deal with his tax problems, financial statements, etc. Moreover, according to The Bureau of Labor Statistics’ report, there are chances that the jobs in accounting field will likely expand in 10 years. So, an accountant does not have to worry about being jobless.
- Chances of personal growth
Right after graduation, many accountants embark on their accounting journey by becoming staff accountants, junior auditors, or an assistant, but they always have a room for improvement, and gradually they reach the desirable position. Moreover, a person can also elevate his status by getting himself enrolled in other certified programs within the field of accountancy, like CPA.
- Attractive Salary Packages
Professional accountants earn a good deal of money from their jobs. According to an estimate conducted by BLS, an annual salary package of an accountant for the year 2017 was $69,300. In fact, some accountants’ salaries hiked up to $120,000. Apart from that, accountants also get healthcare privileges and vacation time, which make more desirable job.
- No restriction regarding working from a particular place.
Everyone is in need of an accountant. Ranging from a farmer to a business organization to government, everyone seeks assistance from an accountant. It offers an accountant a chance to work from where he desires to live instead of migrating to another city merely for the sake of doing a job
- Owning a business
Unlike many other professions, accountancy provides a platform to accountants to start their own business instead of doing jobs. All one requires, is to have an entrepreneurial enthusiasm to have one’s own accounting firm. It may not prove as fruitful for everyone, but it is certainly worth the risk for many.
Cons of an accounting career
Just like other professions, accounting to have some demerits. Below are some of the cons of accounting:
- Lifelong studies
A person choosing to become an accountant will have to keep himself immersed in studies forever so that he could stay relevant. For getting promoted he will also have to get himself enrolled in different certified programs. CMA (Charted Management Accountant), CPA (Charted Professional Accountant), CFA (Charted Financial Accountant). These are certain programs that a person has to undergo in order to prove his worth in this field; however, these programs are quite time consuming and exhausting too. Hence, a person, intending to choose career as an accountant, should be patient enough to reach his destiny
Accounting is not as attractive as the salary it offers. The work is monotonous, tedious, and exhausting, as it involves math which few like and others abhor. Before choosing accounting as a life career, one should really look into what accountants do so that he may not remain in delusion.
- A Busy Job
Usually accounting is a 9-5 job; however, for tax accountants, the workload starts to increase after New Year which remains till April 15. During this period, accountants work at the weekends too to maintain the financial reports of their client.
- Stressful job
The higher the post is greater responsibilities it involves. Accountants work for big companies and have to deal with finances; they have to be really careful about certain matters in order to maintain their position and not to get involved in any kind of problem. It takes a huge toll on one’s mental health sometimes. Hence, it is not an ideal job for people who get baffled easily.
After reviewing all the merits and demerits of accounting, one can easily judge which part he is inclined to. If he is still attracted to the positive side of this job despite knowing the drawbacks, then he can consider choosing accounting as a life career.