Try to honestly assess your attitude toward pressure and heavy workloads. But the plus side is that things slow down significantly after that time period. Your ability to work with money allows you to help others succeed financially as you provide for … So how does an accounting career stack up? Brianna is a content writer for Collegis Education who writes student focused articles on behalf of Rasmussen College. She earned her MFA in poetry and teaches as an adjunct English instructor. By clicking the button above, Post University has your consent to use automated technology to call, text and email you at the information above, including your wireless number, regarding educational services. EDITOR’S NOTE: This article was originally published in July 2014. 04.20.2020. Additionally, many full-time accountants receive great benefits such as healthcare, vacation time, retirement plans and more. Pros And Cons Of Career In Accounting 1238 Words 5 Pages Professor: Mr. David Capriola November 23, 2015 Career in Accounting “Accounting is the practice or profession of maintaining financial … This gives you a much clearer career path compared to someone who chooses to study English or philosophy where the potential career outcomes are harder to define. The BLS reports that most accountants work full-time, around or over 40 hours a week. It has since been updated. A notable Chartered Accountants’ Benevolent Association study found that the majority of accountants experienced stress due to their job, with 77 percent citing long hours as their primary concern. The median accounting wage estimated by the BLS is likely a lowball estimate for Master’s program graduates, especially as the highest 10 percent of accountants earn over $120,910. External links provided on rasmussen.edu are for reference only. Whether you desire 9-to-5 work or entrepreneurial adventures, an exciting and prosperous career path awaits. Each has precise benefits, making both useful selections for business and financial specialists. world as we know it. CONS. So is accounting a good major for you to pursue? For others, it can be a bit more complicated. If you don’t stress easy or don’t mind being a little high-strung, working as an accountant might not bother you. By comparison, the median annual wage for all employees was $37,040 in May of 2016. Forensic accountants with accredited degrees are at high demand due to the increasing rates of frauds that take place these days. Do you desire a stable 9-to-5 position? Learn more about a few of the perks you can expect by pursuing this profession. As of 2016, the BLS reported median pay of $68,150 per year for accountants and auditors. Accounting can also serve as a launching pad for careers in business, consulting, law, education, government and non-profits. Busy season is getting busier. We will discuss the corporate culture at WorldCom and how it contributed to the accounting fraud, how the CEO’s desire to be the #1 stock on Wall Street contributed to the fraud, pressures on accountants to book and release accruals to meet expectations, pros and cons … 1. Read on to learn more about the major differences between MBA vs. Masters in accounting two graduate … You will also want to make sure that you attend an accredited and … Like nearly everything in life, accounting careers have positives and negatives. The median annual salary for an accountant in 2017 was $69,350, according to the BLS.1 In fact, the BLS reports that the top 10 percent of earners made upwards of $120,000. Especially with the clamping down on financial legislation, professional management reports and annual financial statements need to be submitted in order to stay in business, so in house accountants are always on board, if not the people with accounting … in Accounting Programs … A thorough understanding of the pros and cons surrounding accounting is essential prior to entering a Master of Science in Accounting program. It is true that there’s an ever-growing need of accountants – but there is also an … Cons: Increased cost of education. John P. Burke School of Public Service and Education, Financial Literacy & Responsible Borrowing, Center for Career & Professional Development. One of the most promising benefits of a career in accounting is job security. But whether that pressure results in negative levels of stress depends on your personality. Big city or small town? Rasmussen College is a regionally accredited private college. If you’re struggling to think of one, there’s a reason for that—accounting isn’t usually seen as a “glamorous” field. Higher starting salaries: The starting salary coming out of university will be $15K – $20K higher than at an accounting firm. If you know you’re easily frazzled, it’s possible that an accounting career isn’t the ideal choice for you. Learning more about what accountants do on a daily basis will help you determine whether or not the work appeals to you. Neither option is inherently good or bad, but each vehicle is a better choice for different types of people. It takes hard work and sacrifice to earn an MSA, and the challenges are far from over after graduation. There’s a lot to love about a career in accounting. When you’re responsible for an organization’s finances, there is bound to be some pressure. Lack of Flexibility. Once you understand the possible pros and cons of an accounting career, you can make an informed decision. Think carefully before you select a graduate program so that you’re prepared not only for the rigors of your academic journey, but also years of challenges (and rewards) in the accounting field. So we’re here to help break down what each entails and what the pros and cons … For most tax accountants, the heavy lifting starts after New Year’s Day right up to April 15. Work might be slow during some months, but others will be incredibly busy — and you’ll be stressed as a result. You will prepare reports and analyze data. Every industry has its problems, however, and many accountants are willing to put up with the unique complications of their industry in order to earn the impressive wages that accompany a Master of Science in Accounting. 1Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, [career information accessed February 12, 2019] www.bls.gov/ooh/. Every industry has its problems, however, and many accountants are willing to put up with the unique complications of their industry in order to earn the impressive wages that accompany a Master of Science in Accounting. There are different accounting credentials, including the CMA (Certified Management Accountant), CPA (Certified Professional Accountant) and CFA (Chartered Financial Accountant). It’s just part of the game. The most notable deadline is April 15 for tax accountants. Pros. All Rights Reserved. It is growth to the relevant field and helps in finding a good job. This website uses cookies to ensure you get the best experience. Let’s start by considering the benefits of graduate school and how it might impact your future career path. Earning a master's degree in accounting can bring some pros and cons to your future. 800 Country Club Road P.O. Your guide to learn everything you need to know about earning a Master of Science in Accounting Online. There is no obligation to enroll. After graduation, you might begin as an entry-level associate, but the potential for growth can be great. Here are some of the advantages of choosing this career path: Better overall work-life balance; You will have a chance to make an impact at your company; Better overall job satisfaction; You don’t need a CPA to reach management status; Cons. Potential for more job and advancement opportunities. Travel the world. Read on to learn more about the benefits of pursuing a career in accounting and the potential pitfalls. By CPA we refer to the US CPA designation. Please correct the errors and submit again. Accounting, however, tends to be everywhere. In a mountain range or by the ocean? A Master degree is a postgraduate degree awarded to individuals who complete additional studies in their field and get expectations in the relevant field. Employment conditions in your area may vary. Career opportunities are very favorable. Below are some of the pros and cons for study in the UK at the master … 10 Cons of Being an Accountant. After getting established and gaining experience, career advancement can be achieved through on-the-job performance and additional education or certifications, like becoming a Certified Professional Accountant (CPA). You will need to know the pros and cons of traditional Master's programs before you decide which type of program that you want to enroll in. If you have some of that entrepreneurial spirit, starting an accounting firm could be a great way to advance your career. A few notable downsides accompany the many benefits highlighted above. Often, accounting students become financial analysts — a particularly lucrative career track. Rasmussen College is a regionally accredited college authorized to operate as a postsecondary educational institution by the Illinois Board of Higher Education. But that pressure and stress can have an impact on your overall mental health, and deserves consideration. Are you still asking, should I become an accountant? There’s a lot to love about a career in accounting. Expect to continue taking classes and attending seminars in the interest of shoring up your skills and proving to employers and clients that you’re at the forefront of your industry. The age old question for every accounting student or young professional seeking a position in public accounting will ask: “What Line Of Business Should I Choose: Audit or Tax?” For some, the answer is simple. West Coast, East Coast or somewhere in between? … This is one of those questions in which you’ll need to look within yourself and answer honestly about what works for you. There is no one career field that appeals to all professionals. As long as people need help with taxes and as long as businesses exist, there will be a need for accountants. Accounting is not a profession that’s going away anytime soon. Assignment # 3 Worldcom Accounting Scandal 1486 Words | 6 Pages. While this outlook applies to accountants, auditors, and financial managers with their bachelor’s degree, graduate-level credentials make accounting professionals that much more hireable, thereby improving their chances in an already promising job-hunting process. Rasmussen College may not prepare students for all positions featured within this content. Many accounting graduates will start as staff accountants, junior auditors in public accounting or assistants in the controller’s office in private accounting as they begin to plot their career paths. Pros of earning a master’s degree. Job opportunities are abundant for those with accounting skills and experience. Learn more about a few of the perks you can expect by pursuing this profession. Pursing a business administration degree may not be easy or cheap, but it can pay off in the future. It might help to know what kind of commitment is involved. The United States Bureau of Labor Statistics reports a job growth outlook of 10 percent between 2016 and 2026 — an improvement over the projected 7 percent outlook across all industries. It is a career that offers a certain level of prestige. Not many jobs can be deemed recession-proof, but accountants can take solace in knowing that their skills will remain in demand no matter the state of the economy. Fierce competition. To progress in your career, you’ll need to plan on continuing education—at least to keep up with changes in the industry and important certifications. There is a clear career path. CMA vs. CPA - Requirements & More. Take a look at these pros and cons of accounting careers to steer yourself in the right direction. Like anyone, you want a career that allows you to provide for yourself and your family. © 2020 Rasmussen College, LLC. Connect with Rasmussen College on Facebook, Connect with Rasmussen College on Instagram, Connect with Rasmussen College on LinkedIn, Connect with Rasmussen College on Pinterest, Connect with Rasmussen College on Twitter, Connect with Rasmussen College on Youtube, Human Resources and Organizational Leadership, Information Technology Project Management, What Do Accountants Do? This piece of ad content was created by Rasmussen College to support its educational programs. With some career fields, you may need to uproot your life and move to an industry hub to find work. Rasmussen College does not guarantee, approve, control, or specifically endorse the information or products available on websites linked to, and is not endorsed by website owners, authors and/or organizations referenced. A Look at Life Behind the Ledger” for more additional perspective. Though there are different types of accountants in the field, the duties you’ll have and skills you’ll use will be generally the same, meaning you know what you’re signing up for. Think of it like shopping for a new car—some people seek dependability and safety while others crave performance and speed. Starting your own business is the same option in every profession. Pros. Job stability is likely even in economic downturns, especially as businesses and individuals strive to reduce spending waste. Did you speak with a Post Representative on a Military Installation. Information represents national, averaged data for the occupations listed and includes workers at all levels of education and experience. While it’s true that there’s an ever-increasing need for accountants, the number of employers seeking graduates is also high. Looking for more specifics? 1) Fierce Competition. … Where would you like to live? This is faster than the national average rate for all occupations.1. 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