Like nearly everything in life, accounting careers have positives and negatives. But the truth is not that the career itself is good or bad, but rather that it’s the right fit for certain people and not for others.
Think of it like shopping for a new car—some people seek dependability and safety while others crave performance and speed. Neither option is inherently good or bad, but each vehicle is a better choice for different types of people.
What you’ll think of an accounting career depends on your personality, working style and life priorities. Once you understand the possible pros and cons of an accounting career, you can make an informed decision.
So is accounting a good career for you? Take a look at these pros and cons of accounting to steer yourself in the right direction.
Pros of an accounting career
There’s a lot to love about a career in accounting. Learn more about a few of the perks you can expect by pursuing this profession.
1. There is a clear career path
If you’re planning to pursue a career in accounting, you will be learning practical skills about crunching numbers and analysing costs that employers need. This gives you a much clearer career path.
2. It’s a stable and growing job field
Accounting is not a profession that’s going away anytime soon. Virtually every business needs an accountant or an entire accounting team, and even the average person has reasons to hire an accountant from time to time.
The job prospects in accounting Industry are projected to grow in the coming years. Accounting Industry has grown significantly in the past Year on Year. As long as people need help with taxes and as long as businesses exist, there will be a need for accountants.
3. You’ll have high potential for professional growth
After graduation, you might begin as an entry-level associate, but the potential for growth can be great. Many accounting graduates will start as Accounts Executive as they begin to plot their career paths. After getting established and gaining experience, career advancement can be achieved through on-the-job performance and additional education or certifications.
Looking for more specifics? Keep checking our site for to know more on the various opportunities available in the Accounting Industry.
4. The earning potential is favorable for Graduates
Like anyone, you want a career that allows you to provide for yourself and your family. So how does an accounting career stack up?
For Graduate (B.Com, BBA, BCS, BBM etc…) with good clarity on Accounting Principles and concepts the salary range is between ₹10,500 to ₹16,000 CTC Per Month. Minimum salary quoted covers Independent Audit Firms, Small, Large Audit Firms, Accounting Outsourcing Company, Finance & Accounting Shared Service Centre’s. The highest salary in this segment is offered by Shared Services and the expectations will be good knowledge in Accounting clubbed with reasonable good english comprehending skills.
5. There is entrepreneurial potential
Starting your own business is the same option in every profession. It’s highly unlikely that a pilot will ever launch their own airline, but accountants establish their own firms routinely. The dream of being your own boss is alive and well in the profession of accounting. If you have some of that entrepreneurial spirit, starting an accounting firm could be a great way to advance your career.
Starting an accounting firm, like starting any business, has its risks and may not be for everyone, but it’s definitely good to have this as an option. You may also deliver Financial Support Services like Tax Filing, GST Filing etc among others and for this you need not be a Practicing CA.
Cons of an accounting career
Just like any industry, working in accounting does have its drawbacks. Get a taste of some of the less appealing factors so you can decide if it’s the right fit.
1. The education is ongoing
If you become an Professional accountant (CA), or you choose a career in Accounting Industry the learning doesn’t stop once you’ve earned your degree, Certifications, Job etc. 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.
After getting started as an entry-level as an executive, you should look at what type of certifications you might want to earn. There are different accounting credentials. These credentials will all take a significant amount of time and effort to obtain, so it’s important to know what you’re getting into ahead of time.
2. The work can seem dull
How many world-famous Chartered accountants do you know of? If you’re struggling to think of one, there’s a reason for that—accounting isn’t usually seen as a “glamorous” field. But recognition and glitz aren’t everything. The day-to-day work requires a lot of investigating and math, which can be boring to some but interesting to others.
This is one of those questions in which you’ll need to look within yourself and answer honestly about what works for you. Learning more about what accountants do on a daily basis will help you determine whether or not the work appeals to you. If you wish to know more you can reach out to us.
3. There is a busy season
Accounting is typically a standard 9-to-5 job, except during Audit & Month end Closing times with impending deadlines which may go on upto 18 Hours a Day for days together. The most notable deadlines are Month End, Quarterly, Half Yearly & Annual Book Closing. For most tax accountants, the heavy lifting starts as per the above.
During the busy season, long days and weekend work become the norm as accountants work to get their clients’ finances in order. But the plus side is that things slow down significantly after that time period. In this way accounting careers offer some variety in the yearly schedule.
4. The work can be stressful
When you’re responsible for an organisation’s finances, there is bound to be some pressure. It’s just part of the game. But that pressure and stress can have an impact on your overall mental health, and deserves consideration.
These negative experiences have a lot to do with where an accountant works and the specifics of their roles. It’s a safe bet to say, the more important your position is and the more money you work with, the more pressure you will face on the job. But whether that pressure results in negative levels of stress depends on your personality.
Try to honestly assess your attitude toward pressure and heavy workloads. If you don’t stress easy or don’t mind being a little high-strung, working as an accountant or choosing a career in accounting Industry might not bother you. If you know you’re easily frazzled, it’s possible that an accounting career isn’t the ideal choice for you.
So, is accounting a good career choice for you?
Now that you’ve got a grasp of the pros and cons of an accounting career, take the time to evaluate whether this is the field for you. If the pros are outweighing the cons, you might want to take a closer look at how to prepare yourself for a job in this field.
More over you may also choose to sign up for our Behavioural Assessment tools to validate if Accounting Career can be suitable for you.