Accounting Majors: 10 Benefits And Career Prospects 2024

When we think of accountants, most of us imagine numbers-obsessed people calculating profit margins and handling payroll.

However, accountants are a vital part of any business. Nowadays, accountants are not just the people who do your taxes. They are advisers, consultants, and legal experts. Accountants can help companies improve efficiency and give you a clear picture of income.

For most entrepreneurs, accountants are the only people keeping their business afloat. Most businesses shut down within the first five years because of cash flow issues. However, a competent accountant can help the business survive the rocky period.

Therefore, accountants are always in demand. Furthermore, accounting is a diverse field with several subcategories. There are also many benefits of an education in accounting. Following are a few perks and career prospects of education in accounting.

Accounting Majors Perks

Accounting is a diverse field

Accounting is a wide-ranging profession. Therefore, there is a demand for accountants in every industry. Students who want to pursue a career in a multidimensional discipline should opt for a degree that merges different fields.

For example, someone interested in both finance and criminal justice can get a degree in forensic accounting. Furthermore, learners can choose to work in the public and private sectors.

Students can study online

Everyone does not have the luxury to go to university. Fortunately, students can enroll in online programs to juggle work and school. With a bachelor’s degree in accounting online, students can choose their hours. They do not have to worry about long commutes. Therefore, online programs can help students pursue affordable education.

Makes transitions easier

accountants can easily switch career tracks. They have an advantage in the labor market because of their diverse skill set. Accounting majors can also pursue self-employment with an accounting firm.

They can set their schedules by offering freelance services to small businesses. Students can serve in the marketing, IT, financial planning, or banking sectors. People interested in a high-stakes profession can even work as private investigators to identify fraud.

You can make a lot of money

According to the Bureau of Labor Statistics, the annual wage of accountants is 73,000 dollars per annum.

Therefore, accounting is one of the highest-paying positions. Students can make more by upskilling, gaining experience, and improving their credentials. Furthermore, students in competitive areas and large metropolises earn more than those living in small cities.

A chance to love your job

According to the old saying, people who like their job do not have to work a day in their life. Accountants can count themselves as these lucky people because their jobs are intellectually challenging.

Employees see practical applications of mathematical theories. They offer innovative solutions to help companies efficiently run their businesses. Furthermore, employees interact with people from all sorts of backgrounds.

Unlike other professions, a career in accounting has several career prospects. Students can hope for a position managing mergers, monitoring quality management, or estimating costs computing. Furthermore, private and public firms help students jump-start their careers.

Following are a few accounting jobs.

Accounting Majors Career Prospects

Forensic accountant

After the Panama scandal, companies are under the scrutiny of regulatory authorities for tax fraud and money laundering. So, government agencies are teaming up with forensic accountants to investigate the financial enterprises of companies.

They may also sift through the activities of criminal organizations to look for a money trail. This exciting profession notes suspicious activities and spots wrongdoers.

Chartered accountants

Business owners want expert counsel and reliable data to make informed decisions. And in their time of need, they turn to chartered accountants for help. These experts work to maximize profitability for their clients.

They also help employers liar with auditors and negotiate with suppliers. However, chartered accountants have to work extra hours to meet deadlines.

Compliance officer

Each government has regulations for business entities and sole traders. These regulations include finance rules to local ordinances. Skirting or violating the laws can even land multi-million dollar corporations in hot water.

Therefore, they hire compliance officers to keep things up to code. Compliance officers help employees maintain legal and ethical standards. Most officers have graduate-level degrees in accounting with a specialization in business law or ethics.

Entertainment accountant

Hollywood lovers do not have to act or dance to work in the entertainment industry. They can work as accountants to monitor the budget of films, concerts, festivals, and tours. Entertainment accountants have to monitor expenses and prepare budgets.

Students with CPA licenses can apply for a specialization in the entertainment business. However, most entertainment corporations value enthusiasm and guts over degrees.

Stockbroker

Fans of Trading Places will remember the character of a stuck-up stockbroker who lives for his job. Fortunately, real-life commodities brokers are nothing like that. Stockbrokers do market research and write reports and newsletters about trends.

They help clients upgrade their portfolios and inform them about the risks and opportunities. Stockbrokers have a fiduciary duty towards their clients, so they must be honest and avoid exaggerating.

Conclusion

Accounting is a diverse and multi-faceted field. Not only is a career in accounting lucrative, but it is also satisfying. Furthermore, students can smoothly transition to other roles. Most businesses rely on accountants to help them survive in a cutthroat world.

But students will have to update their skills in an ever-evolving digital world. They will have to prepare themselves for the future by using forecasting software and AI technology.