This may be true for some industries and people who are not skilled and prepared, but the experts are leaving out one important fact. The first round of Baby Boomers (those born between 1946 and 1964) are retiring, and employers are going to be very hungry for new blood. And the accounting industry is no exception.
Now that you know accounting jobs aren’t going anywhere in the coming years, read on to find out more about why you should join this booming job industry.
1. Business and Government Changes Will Create a Need for Accountants.
With businesses and the government constantly expanding and changing, despite economic recession fears, there is always a strong need for accountants and auditors who understand finance. This comes from ongoing legislation related to taxes, financial reporting standards, business investments, mergers, and other financial events, according to the U.S. Department of Labor Bureau of Labor Statistics’ Occupational Outlook Handbook.
2. Your Accounting Skills Will Keep You at the Top of the Accounting Industry.
The Bureau of Labor Statistics also projects that in years to come it will be more and more important for accounting and auditor professionals to have solid education and certification behind their accounting skills.
In the next few years, those accounting professionals who hold bachelor’s degrees, master’s degrees, and/or certifications or licensures, particularly CPAs, will be the most in demand in the accounting industry. Also, those who are proficient in the use of accounting and auditing computer software will excel.
Like in many other industries, those who have specialized backgrounds and strong interpersonal skills will do well in accounting in the coming years. Some of these accounting specialties are international business, specific industries, and current legislation.
3. You Can Make a Big Impression to Earn Your Dream Accounting Job.
No matter what area of accounting they’re interested in — public, management, government, or internal auditing — accounting professionals can choose from a variety of jobs, but they have to have the chops to get them.
To attain those big-time accounting positions, professionals have to prove themselves. Because there are so many accounting jobs out there, ranging from entry-level to senior-level, some accountants and auditors may need to work up the corporate ladder to earn their dream accounting jobs.
This may include working in temporary accounting positions or project-by-project accounting jobs. As in most temporary jobs, employers carefully observe accounting contractors or part-time accounting employees to see if they want to keep them around. Eventually, if you are thriving and increasing the business flow, it will be noticed and rewarded with a full-time accounting job.
4. Accounting Salaries Are on the Rise.
With businesses expanding and increasing compliance requirements, salaries for many accounting specialties are hiking upward. The average increase in base accounting job compensation jumped 3.8% last year, according to the 2007 Salary Guide from Robert Half International.
This report also says that general accountants and internal auditors with up to one year of experience earned between $31,500 and $48,250 a year. Those with one to three years of experience earned between $36,000 and $60,000. Senior accountants and auditors earned between $43,250 and $79,250, managers between $51,250 and $101,500, and directors of accounting and internal auditing between $68,000 and $208,000.
5. We Need More Accountants Because Most Americans Are Financially Stupid.
Sorry for the bluntness, but it’s true. If you can understand math and finance issues, you’re really ahead of the game. I blame it on math teachers; I only had about two good math teachers in my entire U.S. education. It seems that we’re always going to be bad at math because most math teachers are bad at math or teaching or both.
According to a recent report from a federal panel, American students’ math performance is ''at a mediocre level'' compared with that of their global peers.
''The sharp falloff in mathematics achievement in the U.S. begins as students reach late middle school, where, for more and more students, algebra course work begins,'' said the report from the National Mathematics Advisory Panel. ''Students who complete Algebra II are more than twice as likely to graduate from college, compared to students with less mathematical preparation.''
The point is because we’re all so bad at math, we struggle with our finances, providing much more job opportunity and growth for accounting professionals.
Results like those discovered by a survey conducted by TNS in partnership with professors at Harvard Business School and Dartmouth College last month support this idea. The results were alarming when TNS sought to understand the severity of the country’s financial illiteracy. The survey reports:
- Only 35% of respondents were able to correctly estimate how interest compounds over time.
- More than half of respondents did not understand how minimum payments are calculated and applied to a principal balance.
- Almost none of the respondents understood the financial difference between paying in monthly installments versus one lump sum at the end of a certain time period.
