It takes a lot commitment and hard work to become an accountant. You will be investing a lot of time and money taking classes, earning a degree and looking for a job. So before you commit to it, you need to know whether a degree in accounting is worth it in the end.
Nevertheless, there is no one particular size that fits all the answers to the question as everyone has various needs and wants in their life. There is a more you to need to know about. It will help you decide for yourself. Studies have combined real time job analysis data, government information and firsthand knowledge from seasoned accountants to give you an idea of whether or not to enroll in an accounting program.
Is There A Demand For Accountants?
Benjamin Franklin rightly said “in this world, nothing can be said to be certain except death and taxes.” No matter where you are on taxation, this is a positive saying for accountings. Taking a few disasters into consideration where all bets are off, people and businesses will have to pay their taxes every year. Need evidence? According to the U.S Bureau of Labor Statistics, accounting jobs are expected to increase at a nominal rate of 13% through 2022.It overtakes the national average for all occupations, a suggestion for an bright future for aspiring accountants.
Does An Accounting Job Pay Well?
Running a business or financial house in order, is important and the importance is seen in the compensation of accountants. The BLS reported that the median annual salary for accountants in 2012 was $63,550. It is relatively higher than the median annual wage for all the workers in 2012, which was $34,750. If you want to pursue a degree in Management Accountant or became a certified public accountant, your earnings can be higher.
The institute of Management Accountants conducted a salary survey which suggested that the accountants who earn the CMA make at least about $10,000 more than an accountant without a degree. Remember that the salary information is self reported and majority of the respondents have years of experience in the field.
What do you have to do begin?
Like every other in demand jobs with the potential of earning a huge amount, several accounting positions will need a bachelor’s degree. An analysis of about 285,000 accounting jobs posted last year showed that 98% of employers are looking for candidates with a bachelor’s degree or higher. On the other hand, you could find an entry level job in accounts payable or receivable or as a tax preparer to build experience as you work your way through university.
Another factor to take into consideration is the process of certification- CPAs and CMAs should take the certification exams that will need both practical work experience and a detailed understanding of the accounting practices. It is pretty common for CPAs to spend months studying and preparing as they make their way through the four certification exams.
What If You Want To Change Your Career?
The time and money invested in becoming an accountant is important, so it’s understandable if you are worried that you may box yourself into a career you may not enjoy. You not be completely stuck if you think that life as an accountant if not what you hoped for even though it may seem like a very specific skill.
So, Is Getting A Degree In Accounting Worth It?
A degree in accounting can put you on track to a well paying job. It won’t be a walk in the park. You will work hard and get your degree first. So, ask yourself, is a degree in accounting worth it? It is something that you will have to answer yourself.