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 career. Students are willing to put in a lot of effort for results – such as playing a major role in improving business performance – will find valuable opportunities in the field of Accounting. What’s more, this field is always looking for new and promising professionals to join them!
Interested? Here are some reasons why Accounting is such a great industry for students and graduates to hatch their careers!
Businesses Need Accountants
Every time a financial transaction is processed, there is accounting work to be done. These professionals help business owners better understand their financial position so they can plan for the future. For example, a company’s financial position will greatly influence an owner’s decision to invest in a new product or service.
In addition, there are certain Accounting duties that are legally required by businesses to perform at least once a year, such as tax and annual financial reports. Simply put, every business – big or small – needs an Accountant.
Accounting students and graduates have many options and opportunities to advance their careers. In fact, two professionals entering this field with the same position can pursue completely different career paths. Even within a single Accounting department, there are many potential specializations – internal auditing, financial analysis, and tax just to name a few.
Entry-level positions are easier to fill because the requirements are so similar – most require no more than what graduate students have. However, senior roles require more specialized knowledge, and it can be challenging to find the right individual for the role. Therefore, the Accounting industry is constantly in need of a higher number of professionals to meet this demand.
Recession Doesn’t Reduce Accounting Needs
In the event of a recession, businesses still need to be informed about their financial position. For example, they need to be more aware of their break-even point, which is the minimum amount of income they need to offset expenses, and whether or not they should close their business.
During these difficult times, many businesses will choose to consult with an accountant to develop a financial strategy to help the company survive. No matter the economic situation, accountants are still needed as usual.
Various Career Growth Opportunities
There are many positions in the industry, which provide more opportunities for students and recent graduates. With an aging population, experienced Accountants who are part of the Baby Boomers have retired or retired, leaving their positions open for others to fill. The Accounting Department has many levels of seniority – more than most – so young professionals often have the opportunity to advance their careers quickly.
Additionally, Accountants can take on increasingly challenging, but rewarding jobs as they move up. They may be tasked with gathering information for decision-makers in their entry-level assignments, but they may be the ones making decisions at a later date. This is not an immediate jump to the top, but allows for more promotions, which opens up more positions for new employees.
You will never be short of opportunities in Accounting! This in-demand industry offers a plethora of career paths and evolving responsibilities to keep young professionals excited and engaged.