As a person on the cusp of making a decision about what career path to choose, this is an exciting time, but often one that can be fraught with anxiety. If you have always been good with numbers, or come from a family of accountants, you may be strongly considering a career in accounting. To help you decide if accounting is the right career path for you, the Rules of Thumb blog from MoneyThumb would like to offer several very good reasons why accounting is a great career choice.
Let's start out with the cold, hard facts.
Accounting is part of every business, nonprofit or government organization. A career in accounting offers a high level of job security, opportunities for advancement and a low unemployment rate. You can work as an auditor, bookkeeper, tax accountant, financial analyst, controller, accounting manager, you name it. The U.S. Bureau of Labor Statistics shows that employment of accountants is projected to grow 10 percent to 2026, faster than the average for all occupations.
Good pay and benefits come with most accounting jobs, and salaries are rising, with sign-on bonuses and other incentives also increasingly common. Below are the current salaries you can expect for different accounting roles:
- Staff accountant — These professionals do everything from maintaining general ledgers to meeting with clients to discuss real estate tax liabilities. The staff accountant salary midpoint for someone with up to a year of experience is $45,000. That increases to $60,000 in starting salary for one to three years of experience.
- Forensic accountant — These specialists investigate fraud, such as money laundering and embezzlement, by analyzing an organization’s financial records. The projected salary for forensic accountant jobs is $90,000 at the midpoint
- Accounting manager — They are responsible for a team of accountants in maintaining the general ledger system, preparing financial statements, coordinating the budget process, and so on. The latest research shows the midpoint salary for an accounting manager is $90,000.
Aside from great pay, a job with a major accounting firm will almost always offer a great benefits package, including paid vacations, good health insurance and 401K matching.
Now let's talk about the more emotional side of becoming an accountant. For one thing, accounting is a widely respected profession. Also, a good accountant with the specific skills and education required can pretty much write their own ticket. You will be in high demand, and if you choose you can move up the ladder quickly.
Then there is the fact that you can always choose to start your own accounting firm at some point. With an entrepreneurial spirit and the skills, you acquire while getting your accounting degree and working for an accounting firm, you could become highly successful in your own firm at some point.
As you can see, a career in accounting is a very good idea. We hope this blog post has helped you make a final decision. The Rules of Thumb blog from MoneyThumb would love it if you shared this post on your social media page so that your fellow aspiring accountants can take advantage of the information it contains.