Is Accounting the Right Career for You

 

so you’re reading this post because you want to find an answer to a million-dollar question:

Is accounting the right career for you?

Well I can’t answer this question can I because I don’t know you enough but I know that you’re interested in accounts and you’re probably on the path of becoming an accountant or maybe you already started your accounting career so what I can do is to provide you with the pros and cons of being an accountant so you can decide yourself.

You can watch a video I have created discussing this exact same topic

But what do I know?

I’m actually a chartered accountant ACCA qualified and over the years I have gained a lot of experience in accounts and I’ve worked always in the industry so whatever I’m presenting to you below is based on my own experiences.

I’ve worked in accounts for over eight years and I’ve managed to notice a few patterns so I’ve put a few points together for you so maybe it’s going to be easier for you to think whether you have actually chosen the right path or whether you’re about to embark on a successful career path so let’s start with point number one the most important one which is money.

Pro 1. Accounting can be a very well paid job

Accounting can be a very well paid job so you are about to earn a lot of money depending on your experience and level of qualifications you can earn anything between £30 000 on the lower levels and even £640 000 pounds a year if you have really gone up the career path and climb up to the top.

But that brings me to the first downfall which is no one gets into this career right after college and gets a £640 000 a year salary unless you start very very early in your life.

By the way, you may be wondering where am I getting the £640 000 pounds from? Well, I have actually done research about how much the accountant earns after having ACCA qualification you can watch this video here. I’ve dug in into recruiters and I’ve asked questions and I have come up with the figures for you £640 000 was kind of the top figure that I could come up with, however, that doesn’t mean that this is limited to £640 000- you can earn more if you, for example, open your own company –  then the sky is the limit really!

But it takes years of experience backed up by qualifications and a bit of luck on the way to meeting the right people and getting to the right jobs along the way.

Pro 2. It is a solid career path with plenty of opportunities

Accounting is a versatile career with many roles available and paths to choose from you can work in a practice or in the industry and depending on which way you go there will always be different doors opening to you.  Either way, there is always a way up- if you want to go up that is!

Because some of you may be comfortable sitting in a job where for example you’re a Credit Controller and you always want to do this job and that’s okay for some of you because not everyone wants to be stretched to the limits and not everyone is comfortable being uncomfortable and this is what you got to do if you want to get to the top. You got to change the jobs regularly at least every year or so, so that you can quickly climb up the career ladder which brings me to the second downfall:

You may need the qualifications to open the right door.

 

Is accounting the right career for you

I’m sorry to say that eventually if you do want to become a CFO or a Financial Director you will have to get yourself either ACCA or CIMA or AAT or any kind of qualifications that will allow you to expand your knowledge to the level to manage the company. And while you’re getting that done you’re probably working full-time, you have a family to manage and the work to manage so it will be a juggle and a struggle to get to, nevertheless, it is going to be worth it. Trust me I’ve done ACCA and I’m not a Financial Director nevertheless I’m helping my husband to run a company and I know all the accounting matters that help us along the way to get where we want to get at the end of the month.

Pro 3. It is a very responsible job

Accounting is a very responsible job and this is especially true as you’re climbing up to the top. The higher you get the more responsibility you get.

At the start when you have the clerical positions and you make mistakes or errors they quickly get picked up or they are not significant enough to make any impact on the company. However, as you get higher to the top you become a supervisor or someone that manages the account or even become a decision-maker. If you manage to make the right financial decisions the company will profit from it and you’re probably going to get better shares but if you make the wrong decision it’s a sinking ship situation. So the responsibility goes up with the level of experience and the level of career and therefore sometimes people are just more comfortable staying in the positions that they are and not moving up the ladder because they just don’t want to take this responsibility and this as much as a pro is also a con because the more you grow the more weight on your shoulders you get and you have to be very strong to handle it. Mentally I meant.

Pro 4. It’s a reputable and respectable career

Just like a doctor, engineers, and lawyers- accountants too get a good reputation, because not everyone can be an accountant. Especially if you get to those high positions you get the authority and respect you deserve for the skills and knowledge you get and for getting this far.

The con however is that not many people see what goes behind the scenes. It probably took you years before you got there, it probably took you years before you get your qualifications, and the struggles and the hurdles that you go through. No one knows it.

Accounting can be boring, repetitive, stressful, there are lots of late nights and lots of coffee especially if you’re studying for qualifications while you’re working full-time and managing family life at the same time. But I think it’s just one of those things that you have to go through in order to get to the top.

Pro 5. It is a stable career and it’s not going away

Big companies, small companies and individuals – everyone needs an accountant!

Whether the economics are good or whether there are a recession companies will still need an accountant. So no matter how many machines we’re going to introduce, no matter how much automation, no matter how much artificial intelligence we get involved in the accounts, they’re always going to be accountants needed for the decision-making processes. So accounting is not going away! If you’re going to choose that path you’re bound to have a job forever!

However, at the same time with the automation and artificial intelligence, we will need to step up the game and probably gain the qualifications really quick so they’re able to make decisions so if you’re a clerk reading this- make sure you get those qualifications soon

I hope after reading this post you’re able to make a decision-

Is accounting the right career for you

I think it’s definitely a promising career and I would not have changed my decision if I could go back as they would have gone the accounting roots even though I’m not working as an accountant anymore, accounts will give me the exposure and knowledge to go forward and to help my husband to scale up his business.

 

Thank you for reading and here are some posts you might want to read next

 

The journey I went on to becoming an ACCA accountant

 

Take care

 

Agnes