5 Things To Know About Majoring in Accounting

by Sasha McGregor about a month ago in degree

Accounting is one of the best business degrees for an individual. It offers the skillset to understand every company's foundation.

5 Things To Know About Majoring in Accounting

Accounting is an attractive career for many people. While some may think that accountants only handle taxes, there are many more branches that one can pursue. There are investment accountants, auditors, project accountants and financial advisors. Because of the stable career and opportunities that this job provides, many students may be interested in majoring in accounting. It is important to know if one is fit to be an accountant and what the job market looks like for newcomers. Consider these five things that you need to know before officially choosing accounting as your major.

1. Ideal Qualities of an Accountant

The tasks that accountants perform can often be time-consuming and tedious, so there are certain personality traits that mesh well with the job. Those with high attention to detail can excel in this career; this is especially useful when navigating accounting software. Organization and self-motivation are also key skills an accountant should possess. Because many accounting projects have a deadline, it is important that one is able to manage time well. The company that one works for may expect the person to get the job done on time without a lot of overhead supervision, so it is important to be able to stay on task.

2. Educational Requirements

To obtain entry-level employment, most accountants have a minimum of a bachelor's degree. One majoring in this course of study will take classes in economics, marketing, ethics, statistics and several electives. The curriculum tends to be math-oriented, but there is also an aspect of business management dispersed throughout the program. Master's degrees are often sought after completing an undergraduate course and typically take one to two years to complete. Basic prerequisite courses can be taken at a community or junior college, while the last two years of coursework is taken at a university level.

3. Job Opportunities

Accountants do not have to work in a tax firm; many work in banks or other institutions. One with a degree in accounting can work in a private setting, a public firm or even for the government. Career paths for auditors and fraud examiners often begin with an accounting degree. This major can also be helpful for those wishing to become entrepreneurs. An undergraduate degree in accounting can be very advantageous if one wishes to pursue higher education in business law. There are plenty of job opportunities with this major, and it is important that students research all available options.

4. Career Advancement Potential

When choosing a career path, many people want to know what the options are for growth within a chosen field. Accountants who pursue special certifications have more advancement opportunities within their field. A CPA certification can make an accountant seem more reputable to clients. According to Chron.com, a Certified Public Accountant typically earns 10-15% more than an accountant without the certification. Within an organization, an accountant could be promoted to a senior-level accountant and may have other accountants that he or she is responsible for. Within a private firm, an accountant can be made a partner if he or she shows promising potential.

5. Job Growth Projection

According to the Bureau of Labor Statistics' Occupational Outlook Handbook, the accounting profession is expected to grow as fast as average over the next nine to ten years. As of May 2019, the average salary for accountants nationwide was $71,550 per year. It is important to keep in mind, though, that some accountants may be required to work overtime at certain times of the year, especially tax season. The occupational growth of this career depends greatly on the health of the economy. As the economy grows, there is a greater need for financial experts like accountants.

Accounting can be a rewarding career full of opportunity. There are certain people made for this specific job, and it is important to recognize the personality traits that are suited for it. For more information on this major, consider visiting the college or university of your choice for a tour of the accounting department.

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Sasha McGregor
Sasha McGregor
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Sasha McGregor
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