The Business Case for a Career in Accounting
- July 31, 2022
- Savannah Higgins
- No Comments
Schools around the country have been reporting an overall drop in enrollment within the Accounting profession, which is ultimately causing challenges with the availability of talent for entry level positions and may eventually lead to problems filling higher level, key roles years down the line. As much as the existing population of accountants simply LOVE their jobs, we thought it might be helpful to present the business case for considering a career in accounting for college students, inform our friends in public accounting of different options they have in industry, or remind you of why it was such a GREAT decision you made back when you set your major. Here are a few key reasons why YOU should either add a major in Accounting to the top of your list or feel really good you made such a smart decision when you were in school.
- Accounting is a fantastic feeder degree. Whether you see a career in debits and credits as your dream job or not, a degree in Accounting is in high demand for, and beneficial to, other professions, including finance, management, audit/compliance, operations, and yes…even sales. Having an understanding of the underlying accounting data and metrics that drive the success of a business is universally valuable. Whether you want to work for a major corporation or own your own business, accounting provides a critical foundation for understanding the levers that translate to profitability and stability for any company.
- Everybody needs an Accountant. The need for accounting professionals is industry agnostic, company size agnostic and ownership structure agnostic. All companies need strong accounting talent to track, analyze and report on their financial results. As a result, the demand for accounting professionals is only increasing. In fact, according to the U.S. Bureau of Labor Statistics, jobs in accounting are projected to generate approximately 135,000 new job openings each year, on average, from 2020 to 2030. This rate of unemployment for accounting professionals remains very low and that trend is definitely expected to continue. If you want to make sure you will always have a great job, and opportunities for career growth, accounting could just be for you!
- The nature of the accounting profession is evolving. Accounting used to have a reputation for being a boring desk job. Many may have the mental image of being chained to a desk while you read through reams and reams of paper. However, new systems and tools are becoming commonplace in the industry, meaning more menial aspects of the profession are being automated, leading to a greater demand for “thinkers” and creative problem solvers. There’s a huge push to evolve what we do and how we do it, and that means a focus on process, optimization and working smarter vs. harder. Furthermore, in the post-COVID world, remote or hybrid work arrangements are becoming more commonplace, offering a ton more flexibility, while worklife balance is becoming a market mandate to attract top talent. The profession is definitely evolving with the times, meaning a better quality of work and more challenging, dynamic responsibilities.
- You’re on the positive side of the supply demand equation. If we’ve learned one thing from our economics class, it’s that low supply and high demand drives market prices up, and arguably we are seeing some pretty notable growth in accounting salaries locally, as well as enhanced benefits packages and other perks. While there is still room to improve here, companies are being more aggressive and more open to recruiting talent from around the country, so it’s a lot more common to be sitting here in beautiful, sunny Florida while working for a company in another higher cost of living market, and as a result, earning salaries in excess of the local compensation trends. The market for accounting talent is hot and heavy and that means multiple, competing offers is becoming commonplace.
These factors highlight just a few of the many selling points for pursuing a degree in Accounting and options one might have after just a couple years of experience in the debits and credits. While every profession has its pros and cons, this is one that promises a steep trajectory for growth, with improving market and workplace conditions, as well as real job stability. Want to learn more? There is a ton of information out there in the market that could cause you to consider “swiping right” on a career in Accounting! As always, the team at Taylor White (all of whom are accounting and financial professionals by trade) would be happy to share their experiences and insights with you. Interested in speaking with one of our career coaches? You can reach us at firstname.lastname@example.org or check out our website (with a ton of video and blog content!) at www.taylorwhite.com.