Is Accounting A Good Career?

You may be curious in the viability of a career in accounting, whether you have just graduated from high school or are thinking about making a move in your professional life. When it comes to making a decision like this, there are a lot of different things to think about, and the response to that inquiry depends entirely on your own particular tastes and objectives. In this article, we'll discuss some of the benefits and drawbacks of pursuing a career in accounting, along with our thoughts on both.

You are most certainly not the only person who has considered whether or not a career in accounting would be suitable for them. One of the most significant decisions you will ever have to make is selecting a profession for one's working life; nevertheless, it is not always simple to determine which way to go in this regard. In this article, we will discuss some of the advantages and disadvantages associated with pursuing a career in accounting. If you decide that accounting is the path for you to take, we will also go over the abilities that are necessary for success in this industry as well as how to get launched in this line of work.

Numerous people choose to make their living in the field of accounting. But do you think it's the best path for your career? This article will assist you in determining whether or not a career in accounting is the best option for you. In this lesson, you will learn what accounting is, what skills are required to succeed in accounting, and what kinds of employment are available in the field of accounting. So that you may make a decision about your future that is well-informed and takes into consideration all of your options, we will also go over the benefits and drawbacks of a career in accounting. So, should you consider a career in accounting? Let's find out!

Why Is It So Difficult To Find An Accounting Graduate Job In Australia?

According to data gathered by the government, there are a number of reasons why accounting graduates are finding it difficult to gain that all-important initial foothold in the industry.

The data portray a picture of a career in which demand is relatively low in comparison to that of other professions, yet businesses are swarmed with requests for any open positions that become available.

And despite the fact that there is a demand for accountants in regional areas as well as for accountants who have particular expertise and talents, this is of little use to individuals who have recently completed an accounting programme.

Accounting organisations are progressively automating and offshore labour, which has had the additional effect of lowering the level of junior accounting employment.

Despite a request from the Department of Employment to remove the accounting profession from the list of occupations with the highest demand for skilled migrants, the government has decided to keep accounting on the list, albeit with a lower cap. This is despite the fact that there is already an excessive number of professionals working in the field.

If an accounting position is included on the Skilled Occupation List (SOL), up to 5,000 skilled migrant accountants will be able to gain employment in Australia without the sponsorship of an employer. The vocations on this list are those for which there is a high demand in Australia but a relatively low supply of available workers.

But even CPA Australia and the Institute of Chartered Accountants Australia, two accounting bodies that earn profit from evaluating migrant application forms and from affiliated membership fees, admitted in their submitting to keep the occupation on the SOL that shortages are most severe in regional areas and that "mid-to-senior level accountants are particularly sought after professionals in this occupation group in most states and territories." This is because "mid-to-senior level accountants are the most sought after experts in this occupation group in most states

After a migrant has been evaluated and found to possess the necessary abilities, they are free to accept whatever job they like in any area of their choosing.

International students who have graduated from an Australian university are eligible to apply for the 485 Temporary Graduate Visa. This visa enables graduates who have degrees recognised by the SOL to remain in Australia for up to 18 months and find employment there.

The Skilled Occupation List (SOL) and the 485 Visa are two different things from the 457 Visa, which is the one that allows businesses to bring skilled workers to Australia for up to four years at a time.

The number of accounting graduates with a locally obtained education has decreased slightly since its all-time high in 2011, and the proportion of international students in the student body has increased. Many international students have a difficult time finding an internship, let alone a graduate position.

According to the Internet Vacancy Index compiled by the Department of Employment, the number of job postings for accountants continues to be significantly less than that of other professions and is significantly down from its peak in 2008.

The accounting profession has the biggest number of applicants of any other field, and it also has the highest number of qualified candidates for each open position.

This indicates that approximately forty percent of migrant accountants end up working in jobs that require a lesser level of competence or in fields that are unrelated to accounting one year after arriving in Australia.

The Benefits And Drawbacks Of An Accounting Career

There is no career path that is entirely positive. Therefore, when you get ready to enter the world of full-time job, it is important to think about how much you will appreciate the benefits of an accounting career and how disappointing you will find the drawbacks of such a position to be.

Graduates of accountancy programmes who are not currently employed in the field can be found all around the world. Some of them are novels, some are comedians, like Eddie Izzard, and some are musicians, like Mick Jagger (John Grisham). You won't believe it, but some of them compete in mixed martial arts cage fights (Chuck 'The Iceman' Liddell, for example). However, it is a well-known fact that the vast majority of graduates in accountancy go on to work in the field, at least for some time. However, before you take any action, it is important to conduct some preliminary calculations on your own regarding the associated benefits and expenses.

The Benefits

• Interesting job. Forget the cliches about bean counters labouring over piles of musty financial documents in offices that are lacking in natural light. These days, accountants are responsible for a diverse range of activities. They frequently work in groups, and many of them are stationed in the offices of their customers. In addition, developments in technology have resulted in the automation of many routine tasks, which has freed accountants to concentrate on solving more difficult problems.
• An stimulating work atmosphere. Your coworkers will, in most cases, be bright, ambitious, and enthusiastic about accounting like you are. They will also share your passion for the field.
• There are no professional limits. Accountants can choose from a wide range of different job options. These include careers in public accounting, corporate accounting, careers in government and non-profit organisations, as well as academic accounting. There are also various sub-fields within accounting, such as healthcare accounting, environmental accounting, and tax accounting. Accounting can also serve as a stepping stone to professions in other fields, such as business, consulting, law, education, government, and non-profit organisations.
• You should see the world. Since there is a high need for accountants all over the world, it should not be too difficult to obtain a work visa for another country or even citizenship in a different nation. You have a decent chance of being able to schedule a tour of duty in a place such as New York or London if you operate for one of the global accountancy behemoths. This is because these companies have offices all over the world.
• Autonomy. If you are sick of working for "The Man" and desire to be your independent manager, you can embrace the growing number of accountants who have formed their own businesses and compete with them for clients.
• Put in some work while wearing your tracksuit pants. Accounting is one of those professions that can easily be done from home, even if the "big end of town" has been slow to accept the concept. Telecommuting is becoming increasingly common. There are a significant number of self-employed accountants who choose to operate from the comfort of their own homes and create offices there.
• A sufficient amount of money. Graduates of accountancy programmes in Australia can anticipate starting salaries of about $50,000 per year, while the exact amount will vary based on the industry and company. Within the next ten years, there is the very real possibility of doubling or tripling that amount. Should you persist in working your way up the corporate ladder, there is a chance that you will eventually earn hundreds of thousands, if not millions, of dollars annually.
• Learning while on the job. You may keep your abilities current by taking advantage of continuing education, which is actively encouraged in the accounting sector.
• A completely free education in business. Accountants have a unique vantage point from which they can observe how firms function and the usual blunders that are made by owners of enterprises. As you climb the corporate ladder and take on more managerial responsibilities, this information may come in helpful. Or in the event that you make the decision to hang your own shingle.
• A wealth of options for professional development and progress. It is anticipated that the majority of baby boomers will retire during the next decade, a significant number of whom currently hold positions of managerial or executive responsibility. This indicates that Gen Y accountants should have many more prospects for rapid progress than their Gen X counterparts did despite the fact that Gen X accountants had to endure more challenges.
• A growing variety of people. The Australian sector that was once associated with middle-aged white males has made significant gains in recent years to encourage participation from women and people from origins other than those in which English is the primary language.

The Drawbacks

• A lot of work. If you are interested in moving up the corporate ladder, you should prepare to put in a least of 40 hours of labour per week and likely much more than that. During the busiest times of the fiscal year, you will be expected to put in overtime hours even if you aren't the type of person who is preoccupied with their job and works long hours.
• Travel. When you're young and single, travelling all over the country and the world can seem like an exciting adventure, but when you're older and wanting to have a family, it can be a stressful experience.
• Stress. Several accountants assist in managing multimillion-dollar corporations. Even the most unassuming accountants in the suburbs are likely to be playing an important part in the process of ensuring the continued financial health of a large number of small family businesses. Therefore, the presence of pressure will invariably be a factor.
• Never-ending study. Because tax regulations are constantly evolving and maintaining certification is necessary, accountants are required to continue their education throughout their employment. After graduating, you will most likely have to put in a lot of hours at your current employment while also studying for an accounting credential such as the Certified Public Accountant exam.
• Politics in the workplace. Obviously, this is a problem in every sector of the economy. When you assemble a group of people who are all driven to succeed and have high standards for themselves, ego clashes and turf wars are inevitable.
• Conformism. Because of the industry's emphasis on teamwork and rules-oriented best practises, individualists may have a difficult time succeeding in this field.
• Sedentary work environment. A significant amount of time is spent by accountants, particularly those in more entry-level roles, sat in front of their monitors.
• Multiple conflicting demands. Generally speaking, accountants are tasked with a number of different projects at once. (You'll need to become skilled at setting priorities and, when necessary, learning how to decline opportunities.)
• Conservative culture. The past few years may have seen a loosening up of restrictions in other businesses, but the accounting industry has managed to preserve its well-deserved reputation for steadfast respectability. It is quite improbable that the industry would undergo significant transformation due to the characteristics of the work and the expectations of customers. You might want to look into other opportunities if you're hoping to get a job that allows you to dress casually and has ping pong tables on the premises.

Is Accounting a Rewarding Profession?

Once upon a time, accounting was considered to be one of the most secure job options available. It insured that you would have a successful career, a nice wage, and employment opportunities. Nevertheless, in light of the deluge of accounting students and the rapid development of technology, which threatens to make accounting activities accessible to virtually everyone, we are forced to pose the unavoidable enquiry: Is accounting still a suitable choice for a career?

In order to provide a solution, it is necessary to examine the subject from every angle. Because the primary responsibility of an accountant is to work with data that assists businesses in making significant choices (a task that cannot be quickly fixed without the involvement of a human factor), we can say with absolute certainty that we still require this occupation and that becoming an accountant is an excellent career choice to make.

Why Take Accounting Courses?

The following is a list of just few of the many benefits of choosing this profession: Accounting is an essential function for any organisation, whether it is for profit or not, or for the government. It is a profession that is held in high regard and provides both work security and prospects for promotion. You can work as an auditor, bookkeeper, tax accountant, financial analyst, controller, accounting manager — you name it.

According to over half of the 2,600 finance and accounting professionals who participated in a poll conducted by Robert Half, the primary reason they choose to work in this industry is that they enjoy the variety of tasks involved in their jobs.

Possibly, they were aware that finding solutions to problems would provide them with a sense of accomplishment at work or that they would take great pleasure in providing strategic advice for business. Or, it's possible that they were aware that an accounting career would give them access to a diverse range of opportunities, both in terms of the kind of businesses they could work for and the settings in which they would do their jobs.

Some individuals working in the accounting industry have been quoted as saying that they like work that is both meaningful and never fails to keep them bored. Because of the competence they possess, they are entrusted with the responsibility of operations, planning, and decision-making. And if they're going to put in more than 8 hours a day in a job, it need to be something that they excel at and takes pleasure in doing.

Several Good Reasons to Consider a Career in Accounting

Stability

In spite of swings in the economy, the employment rate in accounting remains relatively constant. When the economy is weak, it can be particularly difficult for some types of careers. But not the accounting department.

In order for businesses to be able to develop strategies to endure drops in economic activity, they need to carefully monitor their operations. Regardless of the health of the economy, they are required to file a report with the state detailing their income and pay their taxes. Reports must be submitted to the board on a regular basis, either on a monthly or quarterly basis. Do you get it now?

Accounting is not one of the careers that is in danger of becoming extinct due to developments in technology or shifts in industries or markets; rather, accounting is here to stay for the foreseeable future. On the other hand, a person who is skilled in managing funds is something that every organisation will require at some point in time. And despite the fact that it may occasionally appear as though such a person may be replaced by a smartphone app or a computer, this is not even close to being the case. Accounting necessitates deliberate thought, which is a characteristic that can only be found in human beings.

Accounting is an essential part of running a business. And as a result of the enormous amount of commercial activity that we currently have (and will continue to have), there is an abundance of work available for both inexperienced and experienced accountants.

Compensation

Those who work in accounting typically get a respectable living wage. Your job description, degree of expertise, academic background, educational background, location, and other factors can all have an impact on the compensation range you might expect.

PayScale estimates that an accountant in Australia brings in an annual salary of AU$55,046, making it the profession with the highest average salary. However, this amount rises when accountants acquire expertise in financial analysis and budget management. Financial analysts make approximately AU$71,299 per year, and budget managers make between AU$88,364 and AU$108,090 per year.

Diversity

When it comes to accounting, there is a diverse range of fields and areas of practise from which one can chose. If you so choose, you can get a job as an employee with consistent shifts and recurring responsibilities. Additionally, if you have the right qualifications, you can operate independently and bring in your own customers. When it comes to preparing, analysing, or auditing their financial statements, commercial organisations will require your knowledge. You could also teach at a university, write books, investigate financial crimes, or work as a specialist in information systems. Another option is to work in the academic field.

Accounting not only allows you to go high up, but it also gives you the opportunity to go wide by giving you access to a vast array of sub-specialties from which to select depending on your areas of interest. You can acquire the skills necessary to do this throughout your time at college by choosing a major in accounting such as cost accounting, internal auditing, management accounting, or forensic accounting, to mention just a few examples. Even if you are further along in your career, it's still not late to switch gears, acquire new skills and certifications, and broaden your scope of expertise.

You Have Room for Development

Not only can acquiring new skills and certifications help you earn a higher income, but it will also help you develop and progress on a day-to-day basis. Students who enrol in a well-liked course in Australia that leads to the awarding of a certificate IV in accounting, for instance, receive instruction on a broad range of topics, including the particulars of how accounting is carried out in Australia as well as the operation of accounting software that is necessary for the profession. Accountants are frequently driven to enhance their social skills and may even be encouraged to acquire a different language if they work with clients from other countries. This is because they communicate with clients a great deal, and clients come from all over the world.

It Opens New Doors

Accounting is the essential component that supports a company's financial operations. You will get the opportunity to network with a large number of people from your own company as well as from other businesses while you are here. Because of this diversity, you will not only be able to move to a different department within your company, but you will also be capable of changing your career entirely and go to a different powerful job that contains the abilities an accountant is competent in, such as leadership, organisational, and management skills.