If you’re considering a career in accounting, you’ll probably already know that this field is full of diverse paths and fresh opportunities. This is an upside in theory, although in practice it leaves you with quite a few decisions to make.
So whether you’re starting from scratch or looking to specialize further, making informed choices is a must, and here’s a look at how you can get through this process without losing the plot.
Picking the Right Degree
It’s no surprise to see that the education you’ve got under your belt will determine the type of accounting roles you can get once your career kicks off.
Here are some key points to guide your decision:
- Associate vs. Bachelor’s: An associate degree can get you started quickly, but a bachelor’s opens doors to more advanced roles and certifications.
- Accredited Programs: Ensure the school or program holds accreditation. This guarantees quality education and helps when applying for certifications like CPA.
- Specializations: Look into programs that offer courses in niche areas such as forensic accounting or taxation if you’re drawn to specific fields.
- Online Options: Consider flexible online programs if you’re working or have other commitments. They provide a balanced learning schedule.
Around 1.44 million people work in accountancy roles nationally, and each one will have a slightly different educational history behind them. So don’t feel that there’s one ‘right’ way to go about earning your stripes.
Choosing Certifications
Having a recognized accounting certification to your name will pave the way to career progress and prosperity. With so many options, focusing on the ones that matter is wise.
Certifications of note include:
- CPA (Certified Public Accountant): A must for public accounting roles. It enhances credibility and since CPA salaries are typically higher, sitting at around $122,000 on average, it offers a great return on investment.
- CMA (Certified Management Accountant): Ideal if you’re interested in management or corporate roles, providing insights into financial analysis and strategic management.
- CIA (Certified Internal Auditor): Suits those pursuing internal audit positions within organizations, emphasizing risk assessment skills.
- EA (Enrolled Agent): Perfect for tax enthusiasts, it’s recognized by the IRS for tax expertise.
Different paths align with different certifications. So consider where you want to land in your career before making this choice.
Industry Options Beyond Public Accounting
The accounting ecosystem is broader than it seems from the outside. In fact several industries offer varied and exciting career paths.
Sectors to consider include:
- Corporate Accounting: Work in-house for companies, managing budgets and financial planning. Ideal for those wanting a stable environment or who are eager to climb the corporate ladder.
- Government Agencies: Positions in local, state, or federal governments focus on compliance and fiscal management.
- Nonprofit Organizations: Handle financial records for charities or NGOs. You can make a social impact while practicing your skills.
- Financial Services: Roles include working with banks or investment firms where you analyze trends and advise on market strategies.
Think about your personal interests alongside the opportunities available in each industry. This will help you find the perfect fit for your skills and passions within the accounting field.
Tech Trends Shaping Modern Accountants
Technology is revolutionizing accounting, and staying updated can set you apart from the rest, as well as giving you a sense of which career path you should pick.
Here are some trends to keep an eye on:
- AI and Automation: Software handles repetitive tasks, freeing up your time for strategic decision-making. Understanding these tools is a plus, as 30% of accountancy organizations are in the process of exploring generative AI deployment options as we speak.
- Blockchain: Known for security and transparency in transactions. It’s crucial for those interested in forensic or auditing roles.
- Cloud Computing: Provides real-time access to financial data from anywhere. Familiarity with platforms like QuickBooks Online boosts your adaptability.
- Data Analytics: Helps in interpreting complex datasets, enabling better business insights. Training in analytics software could be invaluable.
Keeping pace with technology not only improves efficiency but also broadens your career opportunities by preparing you for future changes in the industry.
Work-Life Balance in Different Roles
Striking a balance between your career and personal life is important, but it often depends on the role you choose.
Here’s what to consider:
- Public Accounting: Typically involves long hours, especially during tax season. Expect higher demands on your time.
- Corporate Accounting: Offers more predictable hours with occasional peak periods, allowing for a steadier routine.
- Freelance or Consultancy: Provides flexibility to set your schedule. It’s perfect if you value independence and control over work-life integration.
- Nonprofit Sector: May have a more relaxed pace, aligning with organizational missions that prioritize people over profits.
Evaluating these factors helps you select roles aligned with your lifestyle preferences. Balancing professional ambitions while maintaining personal satisfaction is key in achieving sustainable success in accounting.
Investigating Remote and Hybrid Work Environments
The shift to remote work has changed how accountants operate, creating new dynamics and opportunities. And since people who are able to work from home are 35% less likely to leave their jobs, it’s something employers are happy to offer in most cases.
Aspects at play include:
- Flexibility: Remote roles often offer adaptable schedules, which can enhance productivity if managed well.
- Communication Tools: Mastering platforms like Zoom or Slack is essential for staying connected with teams and clients.
- Home Office Setup: Investing in a dedicated workspace at home boosts focus. Consider ergonomic furniture to maintain comfort during long hours.
- Time Management: Without physical boundaries between work and home life, setting clear work hours prevents burnout.
Remote environments demand discipline but provide autonomy that many find rewarding. Adapting to these changes allows you to thrive in the evolving landscape of accounting careers.
The Last Word
There’s no one-size-fits-all approach which applies to a career in accounting. With the aspects we’ve discussed, from education and certification to work-life balance and tech integration, you should be able to work out which way forward is right for you. If you’re still unsure, speaking with existing industry pros and even getting a mentor on-side will be helpful.
