Is it still worth studying accounting?

Accounting is the practice of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. But in today’s world, where automation and artificial intelligence are taking over many industries, you may wonder if accounting is still worth studying.

Let’s delve deeper and find out.

FAQs

What is accounting all about?

As mentioned earlier, accounting is the practice of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. Accounting information is used by business owners, investors, creditors, and other stakeholders to understand the financial health of a company and its economic activities.

What skills do you need to become an accountant?

Accounting requires a combination of technical and soft skills. Some of the technical skills include bookkeeping, financial analysis, and tax preparation. On the other hand, some of the soft skills required include communication skills, problem-solving skills, and attention to detail.

Is accounting a good career?

Yes, accounting is a good career choice. According to the US Bureau of Labor Statistics, the median annual wage for accountants and auditors was $71,550 in May 2019. The employment of accountants and auditors is projected to grow by 4 percent from 2019 to 2029, which is about as fast as the average for all occupations.

Reasons why accounting is still worth studying

Effective accounting is critical to a company’s success

Effective accounting is critical to a company’s success. As the industry evolves over time, businesses need accountants to keep track of things like cash flow, which is the money coming in and going out of the business. New online technologies and e-commerce also make accountants highly valuable employees.

According to Investopedia, “accurate financial statements are critical to the health of a company, and accountants are the professionals who ensure that these statements are accurate.”

Furthermore, businesses need accountants to provide financial advice and guidance. An accountant can analyze a company’s financial data and provide recommendations that can improve its financial health.

Accounting offers a variety of career paths

Accounting offers a variety of career paths. You can work in public accounting, which involves providing accounting, auditing, tax, and consulting services to clients. Alternatively, you can choose to work in private accounting, which involves working for a single company or organization as an internal accountant or financial analyst.

Other career paths in accounting include government accounting, forensic accounting, and accounting education, among others.

According to Forbes, “there is always going to be a demand for accounting positions at all levels and all industries.”

Accounting is a stable and secure career choice

Accounting is a stable and secure career choice. As mentioned earlier, the employment of accountants and auditors is projected to grow by 4 percent from 2019 to 2029, which is about as fast as the average for all occupations.

Furthermore, accounting jobs are less likely to be automated or outsourced. According to Forbes, “accounting is a stable job, and one that is not prone to being outsourced to foreign workers.”

Conclusion

Accounting is still a worthy field to study. As businesses continue to grow and evolve, they will always need individuals with accounting skills and knowledge to keep things running smoothly. Furthermore, accounting offers a variety of career paths, and it’s a stable and secure career choice.

So, if you’re interested in finance, enjoy working with numbers, and want a stable career, accounting may be the right choice for you.

Sources

• https://www.investopedia.com/terms/a/accounting.asp
• https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
• https://www.forbes.com/sites/lizfrazierpeck/2019/06/18/do-you-really-need-a-degree-in-accounting/?sh=5e9ac5cf5e3f