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. 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. A business owner who spends time completing and filing out forms for the company’s taxes, stock issues, quarterly reports and other financial forms is being taken away from the main focus of the business. West Coast, East Coast or somewhere in between? Disadvantages of Being a Tax Accountant. 1106 Words 5 Pages. It might help to know what kind of commitment is involved. The career is well paying, and creates an opportunity to progress. Please visit www.rasmussen.edu/degrees for a list of programs offered. If you’re not exploring these options, then eventually you’ll be left behind. Accounting is can be considered the … Only this helps them to decide which accounting rules or economic measures could fit the business. Health. Pros and Cons of Public Accounting Jobs. Yet being stuck in an office, staring at spreadsheets on a beautiful sunny day, may not be your cup of tea. As the need for more accountability, transparency and controls in financial reporting increases, all types of accountants--public, management, government, internal auditors--will be in demand. Let’s take a look at the advantages of accounting as a career. You must be certified to maximize your income potential. If you like solving problems within a specified structure, then you’ll do well. 2. This includes organizations. It has since been updated. You know, you have to decide what type of accountant you want to be. Accounting is a surprisingly competitive career field. Jared. This means that during times like tax season, you can expect staying late to become the norm. Fierce competition. Disadvantages of Having an Accountant The following disadvantages to be discussed in this section are (1) cost and (2) liability. Accounting is can be considered the … You can travel. Answer Save. Disadvantages of Being a Tax Accountant. What are the disadvantages? For all that the field offers, it also requires quite a lot in return. There are several certification options available today for accountants, but the most prestigious credential tends to be the CPA – Certified Public Accountant. Accounting is not a profession that’s going away anytime soon. A Look at Life Behind the Ledger, Your Step-by-Step Guide on How to Become an Accountant, Financial Aid and FAFSA (for those who qualify). Pros and Cons of Becoming an Accountant. In terms of excitement, accounting might not compare with being a fighter pilot, but it’s not fair to assume accountants are bored to tears on a regular basis. If you know you’re easily frazzled, it’s possible that an accounting career isn’t the ideal choice for you. If you have some of that entrepreneurial spirit, starting an accounting firm could be a great way to advance your career. Accounting is also a demanding career, many companies require the help of an accountant to run their businesses, hence, creating high chances of being employed. Relevance. A Look at Life Behind the Ledger” for more additional perspective. Looking for more specifics? An accountant can also open their own businesses if they have the Certified Public Accountant (CPA) designation. Even if you’re earning the median salary of $63,000, you’re still pulling in a pretty good wage to support yourself. 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. What Are the Cons of Being an Accountant? A considerable amount of work-related skill, knowledge, or experience is required for this career. Accounting jobs pros and cons Pros of Becoming An Accountant: ... Another con of being an accountant can be stress, coupled with extra hours in the office. Although there is more work-life balance in this career than others, there are times when you’ll be away from your family and that could be problematic for some. Working with numbers may provide a steady job, but it can be a rather monotonous one. A certain number of accountants work from home or travel to audit clients. Talk with an admissions advisor today. Lv 6. That’s why we went over the 10 best things about being an accountant a few days ago. Here are some of the pros and cons of being an Accountant. What Are The Pros And Cons Of A Record Company? The pros for major record companies are that they have large financial weight behind them. The journey to become a Certified Public Accountant … After years of studying the art of managing … Pros of an Internal Auditing Career; Fast job growth for accountants and auditors (13% growth from 2012-2022)* Employees typically receive standard benefits* Work in a comfortable office setting* 10.26.2020, Callie Malvik | They don't even have to have a college degree. Some of the best accountants today earn over $100,000 per year. 1. 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? Accounting is typically a standard 9-to-5 job, except for certain times of the year with impending deadlines. Once you understand the possible pros and cons of an accounting career, you can make an informed decision. That’s tax season and you’ll be spending a lot of hours in the office. This means that during times like tax season, you can expect staying late to become the norm. If you tire of working for The Man and want to be your own boss, you can join the heaving ranks of those accountants who’ve started their own firms. If you work for one of the globe-spanning accountancy behemoths, you’ve got a good chance of being able to arrange a tour of duty somewhere like New York or London. What You Get for Your Money. But like everything in life, even pursuing a career in advanced financial accountinghave pros and cons. Accounting jobs pros and cons Pros of Becoming An Accountant: ... Another con of being an accountant can be stress, coupled with extra hours in the office. According to the Bureau of Labor Statistics in the US, the top 10% of accountants earn six figures. If you don't have a degree, you can be severely limited in your earnings. Brianna is a content writer for Collegis Education who writes student focused articles on behalf of Rasmussen College. More info. New comments cannot be … But just like any career, there are some downsides – so in the interests of fairness, now it’s time for the challenges! Rasmussen College is not enrolling students in your state at this time. Background: I am a 24 year old tax accountant who has worked for the big four and am currently working for an insurance company. Jobs will exist as long as business exists. There are many things to consider before becoming an accountant. If you’re studying accounting, you’re learning practical skills about crunching numbers and analyzing costs that employers need. Cons. But recognition and glitz aren’t everything. This thread is archived. No matter what accountant you hire, they are going to be human. What are the pros and cons of being an accountant? The Bureau of Labor Statistics (BLS) projects that employment in the accounting field will grow 10 percent from 2016 to 2026. Then here are some of the key pros and cons of being an accountant to consider today. Thanks! 1Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, [career information accessed February 12, 2019] www.bls.gov/ooh/. Once again, the obvious con of hiring an accountant is the cost. She earned her MFA in poetry and teaches as an adjunct English instructor. save hide report. This thread is archived. Read on to learn more about the pros and cons of a career in internal auditing. Not everyone is good at numbers and budgets. Think of it like shopping for a new car—some people seek dependability and safety while others crave performance and speed. ", Apple’s Mission Statement and Vision Statement Explained, How Does WhatsApp Make Money: Business Model & Revenue Explained, How Does Discord Make Money: Explanation of Business Model, Is Mercari Legit and Safe: 15 Tips for Buyers and Sellers, NEO PI-R Explained: Neuroticism vs Extraversion vs Openness vs Agreeableness vs Conscientiousness, 100 Powerful Gratitude Affirmations to Fill You with Joy, Keirsey Temperaments Explained: Artisan vs Guardian vs Idealist vs Rational, 101 Positive Affirmations for Work and Career Success, DiSC Personality Types Explained: D-Style vs I-Style vs S-Style vs C-Style, 100 Confidence Affirmations to Boost Self-esteem. Thanks! One of the largest hazards of being an accountant is that you’re going to be stuck in the office and the job may be monotonous. While there are significant benefits of an accounting career, downsides exist as well. Forensic accounting is a bit different compared to other accounting careers such as bookkeeping. Your job is in high demand. Check out “What Do Accountants Do? 07.20.2020, Hannah Meinke | However there are benefits or pros as well. How many world-famous accountants do you know of? A career in accountancy might not be for you if any of the following is a dealbreaker: 1. share. * Increased deductions. 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. 50% Upvoted. Home » Pros and Cons » 10 Pros and Cons of Being an Accountant. It’s highly unlikely that a pilot will ever launch their own airline, but accountants establish their own firms routinely. ... Accounting is one of the fields im looking at, so i wads hoping i could get some pros and cons of accounting. They still may make mistakes. What are the pros and cons of being an accountant? 3. You’re going to be stuck in the office. Neither option is inherently good or bad, but each vehicle is a better choice for different types of people. Public accountants have the opportunity to work with a variety of clients and have the opportunity to dabble in many different areas of accounting. Every business needs an accountant. They very important because taxes are very complex and they are changing every year. When establishing a small business and in the being phase of a startup company, money is tight. CONS; Not suitable for people who likes to work with designs: It is hard to get into this career. It is an extra expense and you will need to trust someone else to have access to your confidential business information. Do you fancy stepping aboard the lucrative career train that is accounting? People who like working with numbers, balancing budgets and checkbooks and who thrive on a deadline are usually better at accounting than less structured minds. Like every other profession option, accounting additionally has its positives and negatives, and it’s very critical to recognize which might be the pros and cons of accounting before you select your profession path. There are different accounting credentials, including the CMA (Certified Management Accountant), CPA (Certified Professional Accountant) and CFA (Chartered Financial Accountant). You have seasons of heavy work. 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. The benefits of being an accountant are numerous, as it is a growing field with many advancement opportunities. 3. Learn more about what it takes to launch this career in our article “Your Step-by-Step Guide on How to Become an Accountant.”. Auditing isn’t a very exciting career path. From farmers to government organizations to software development companies, seemingly everyone could use the services of an accountant. After getting started as an entry-level accountant, you should look at what type of certifications you might want to earn. This was a hard concept for me to grasp as I was convinced that even as I started a small business that with my accounting degree I could conquer the world of numbers and certainly not be defeated by taxes. You can choose to work on your own or you can pursue a full-time job with benefits in almost any industry. There’s no denying that. Against the national median salary of $37,040, that’s an impressive amount of upside.1. 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). So before you apply to our 16-month ABSN program, it’s important to weigh the pros and cons of a nursing career, and then decide if you’re willing (and able) to take the bad with the good.. Top 7 Pros of a Nursing Career. Hannah Meinke | 28 comments. Posted by 9 years ago. Here are some pros and cons: Pros. © 2020 Rasmussen College, LLC. Just like any industry, working in accounting does have its drawbacks. Many accountants seek out higher levels of education, advanced certifications, and other ways they can set themselves apart from others to earn a higher salary. Accounting is also a demanding career, many companies require the help of an accountant to run their businesses, hence, creating high chances of being employed. Accounting as a certain level of security and privacy mandated by the tasks you’re completing. You can be a staff accountant (not a CPA). Cons of Being an Independent Accountant You might only be able to offer limited services until you’re qualified and experienced in all aspects of accounting, whereas a larger firm will probably have every area covered, so some potential clients might prefer a ‘one stop shop’. Not only is there more than 10% expected job growth in this career over the next decade, but there is also a fast level of progression within it as well. There’s a chance to earn a six figure salary. Researchers at Loughborough University and the University of Leicester found in a 2011 study that long periods of sedentary behavior led to an increased risk of developing diabetes and heart problems, including death from a cardiovascular event. The decision to become an accountant isn’t one that should be made lightly. “Forensic” means “belonging to or suitable to use in a court of law”, which is why forensic accountants strive to produce findings that can be used in court. Obtaining the CPA license is very difficult. Please correct the errors and submit again. New comments cannot be … You’re not tied down to one specific location when you pursue accounting as a career choice. Here are some of the advantages of choosing this career path: Quicker job advancement opportunities; Variety of work It is an extra expense and you will need to trust someone else to have access to your confidential business information. External links provided on rasmussen.edu are for reference only. 1442 Words | 6 Pages. 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. This makes it easy to choose the right classes, the right major, and pursue any specialized training you may wish to have to make this career choice turn into a reality. With a VPN you might be allowed to telecommute, but most accountants, even those who are self-employed, go to an offsite office and stay there for the 9-5 daily grind. 3. If you have never worked an accounting job, it can be hard to know if you would enjoy it. After years of studying the art of managing … They very important because taxes are very complex and they are changing every year. You must be certified to maximize your income potential. You may pay less based on your business or your relationship that you have with the accountant, but you’ll be increasing your business’ overhead, even if you’re just having them come in part time. 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. An Accountant is Only Human. Unlike other accounting careers, those in forensic accounting can have a … Like any line of work, there are parts that can be a little dull or monotonous, but … 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. Just about everyone knows what an accountant does for a living. It can be hard to find a company willing to promote an accountant with no degree to higher paying positions. From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors, 14 Pros and Cons of Being a Company Director UK, "From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors. 9 years ago. So is accounting a good major for you to pursue? A public accountant can prepare simple financial statement or tax returns. If you like to work on your own and be creative, then this probably isn’t the type of job you want. 1106 Words 5 Pages. Are you thinking about this as a career option for yourself? Now that you’ve got a better grasp of the pros and cons of an accounting career, take the time to evaluate whether this is the field for you. An Accountant Isn’t Free You’ll have to pay an accountant for any work they’re doing and sometimes this added amount might really break the budget. Forensic accounting is a branch of accounting that focuses on investigating business and financial records to determine if fraud, money laundering, or other crime has occurred. There is no obligation to enroll. The job prospects in accounting are projected to grow in the coming years. If you choose to study accounting, you’ll learn the practical skills you need for … If you become an accountant, the learning doesn’t stop once you’ve earned your degree. 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 amount of job availability means you’ll have a superior level of income stability when compared to other career choices. Being an accountant is stressful. Disputes With Heirs. You might only be able to offer limited services until you’re qualified and experienced in all aspects of accounting, whereas a larger firm will probably have every area covered, so some potential clients might prefer a ‘one stop shop’. The BLS reports that most accountants work full-time, around or over 40 hours a week. Have you worked as an accountant in the past? Pros/cons of being an accountant/studying accounting heyitzaj User Awaiting Email Confirmation 50 replies 17 threads Junior Member October 2012 edited November 2012 in … Most of it is spent sitting at a desk, which is detrimental to health. 05.04.2020, Ashley Brooks | That is accounting a good career option to choosing where they want to be filed any certification is going require... Be severely limited in your area what works for you numbers, but accountants their... Outlook Handbook, [ career information accessed February 12, 2019 ] www.bls.gov/ooh/ a living i... 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