Before or during college, we all have to make what seems like the biggest decision of our lives: choosing a major. Even after you've chosen a major, it seems impossible not to second guess yourself. It’s very common to hear many accounting majors complain about how much they wish they had majored in something more interesting in business, like finance. It, too, is very common to hear many non-accounting majors express concerns about the major they chose as graduation nears and job prospects are looking weak.
Anxiety related to your major and future career is typical for most students. However, accounting students should just relax. Spend less time worrying about the major you chose and more time investing in your education and career development.
Why? Accounting is a great place to be. There are endless opportunities for newly minted accounting graduates. The accounting profession provides professionals with unparalleled learning opportunities, career choices, mobility and growth. Furthermore, the demand for accountants leaves those in the profession with a relatively secure job and comfortable paycheck.
Learning Opportunities
You should have one goal in mind early in your career: Learn as much as you can. Surround yourself with the smartest people you can find. This should drive your career choices. To our tremendous benefit, the accounting profession is one in which constant learning is both highly accessible and necessary for many. There are formal (e.g., CPE training and similar presentations) and informal (e.g., on-the-job training, learning as you do) opportunities to learn. Seek out these learning opportunities, and don't turn down a unique experience. If your employer provides you with an opportunity to try something different or learn something new, be the first to volunteer. The accounting profession is one of the best places to start your career because you can learn the most early on, you mature professionally the quickest and set yourself up to do other things – both within the profession and in other ones.
In addition to the more technical learning environments mentioned above, there are also venues for accounting professionals to learn soft skills. For example, joining and being involved with the New Jersey Society of CPAs is a great way to meet new people, bounce ideas off of like-minded professionals and learn about career opportunities through formal and informal relationships.
Career Choices
Similar to choosing a major, many of us don't know what we want to do after graduation. And once we decide, we still don't know if that's what we really want to do. If you're unsure of what you want to do, but feel you want to be in business, accounting is a great career path. There are many ancillary paths within accounting, including private and public accounting, internal and external audit, tax, consulting, forensic accounting, education, government and management accounting, to name a few. There are also many other niche areas in accounting. Simply put: There are accounting jobs almost everywhere.
Career Mobility and Growth
There is also ample career flexibility within the accounting profession. Accountants are moving around all the time, both inside and outside of the profession. This has to do with the constant need to learn more, as well as the ability to change gears and adapt quickly because of a strong skill set. People will often stay in the same firm but change groups, perhaps move from audit to consulting or from SEC reporting to Treasury. There's always a need to keep people educated, highly experienced and well rounded. Similarly, some people will leave one accounting job and take a role at another firm, such as go from external auditor to controller. On the other hand, people may leave their accounting job and go into a different profession. They may decide to go back to school to get an M.B.A. or a Ph.D., finance-related job or operational position.
The reason that mobility and professional growth are so readily available for accountants is because of the skill sets they develop. Accountants understand the language of business, develop the discipline and thought process needed to succeed in various types of positions and form an understanding of business operations and how things work from both a narrow and broad business focus.
Demand
Accountants are always in demand, regardless of the economy. Sure, when the economy drops, so do the number of jobs. Overall, though, there is usually a need for accountants in all areas of the profession. Every person and company must file their taxes, all public companies must get audited and every company has to have people responsible for its accounting. The government alone has thousands of accounting jobs. From a simple economics perspective, here are some reasons why choosing the accounting profession makes sense:
- Accounting students, as well as experienced accountants, are actively recruited.
- Accounting positions are generally secure.
- Accounting jobs pay relatively well, especially as a first job out of college.
- Accountants can transition to other jobs relatively easily.
To make the most of your accounting career, learn from others from the time you begin your career until the end of it. Leverage the experience of your peers and superiors. Don’t sit back and wait for things to happen. Take ownership and responsibility for your career. Work hard, build relationships and manage your career like it's your second job.
Ryan McDonough earned his B.S. in accounting, minor in economics and MAccy at Rutgers University. At Rutgers, he was the President of Beta Alpha Ps and a 2008 Recipient of the New Jersey Society of CPAs College Scholarship. McDonough currently works at PricewaterhouseCoopers as a senior associate in transaction services.