4 Reasons Why The Accounting Industry Is Always In-Demand
No matter the economic situation, you can find stability in the Accounting industry. This is a great industry for individuals who are determined to go far in their careers. Students who are willing to put in a lot of effort to get results – such as playing a huge role in improving a business’ performance – will find valuable opportunities in Accounting. What’s more, this field is always looking for fresh and promising professionals to join them!
Here are just a few reasons why
Accounting is a great industry for students and grads to hatch their careers!
1 – Businesses Need Accountants
Whenever a financial transaction is processed, there’s Accounting work to be done. These professionals help business owners better understand their financial position so they can make plans for the future. For instance, a company’s financial standing would greatly impact an owner’s decision to invest in a new product or service.
In addition, there are certain Accounting duties that businesses are legally required to perform at least once a year, such as taxes and annual financial reports. Simply put, every business – large or small – requires Accountants.
2 – A Variety of Specializations
Accounting students and grads have many options and opportunities to advance their careers. In fact, two professionals entering the field in the same position could end up pursuing completely different career paths. Even within a single Accounting department, there are numerous potential specializations – internal auditing, financial analysis, and taxes just to name a few.
Entry-level positions are easier to fill because the requirements are very similar – most do not require more than what a student graduates with. However, senior roles call for more specialized knowledge, and it can be challenging to find the right individuals for the part. Because of this, the Accounting industry constantly needs a higher volume of Accounting and Inventory software to cover the demand.
Choosing between Public and Private Accounting can expose you to a different range of jobs. Public Accounting provides a lot of auditing options and allows you to work with many different clients. Private Accountants work with a single company and are primarily concerned with internal Accounting duties.
3 – Recession Doesn’t Reduce the Need for Accounting
In the event of a recession, businesses still need to be informed of their financial position. For example, they need to be even more aware of their break-even point, which is the minimum amount of revenue they need to offset expenses, and if they should close their business or not.
During these challenging times, many businesses will choose to consult with an Accountant in order to put together a financial strategy to help the company stay afloat. No matter the state of the economy, Accountants are still as necessary as ever.
4 – Multiple Career Growth Opportunities
There are countless positions within the industry, which provides students and recent graduates more opportunities. With an aging population, experienced Accountants who are part of the Baby Boomers have retired or are retiring, leaving their positions open for others to fill. An Accounting department has many levels of seniority – more so than most – so young professionals often have the chance to advance their careers quickly.
Also, Accountants get to take on increasingly challenging, but rewarding work as they move up. They may be tasked with gathering information for decision-makers in their entry-level duties, but they might be the ones making the decisions later on. It’s not an immediate jump to the top, but it allows for more promotions, which opens up more positions for new employees.
The accounting industry is always in demand because it relies on technology. In particular, businesses rely on accounting and inventory software to help them manage their finances and track their inventory levels.