accounting degree

accounting degree

The Benefits of Pursuing an Accounting Degree

1. Introduction

The accounting degree program and the concentrations in the program meet the academic requirement for candidates to sit for the CPA exam in Massachusetts. Candidates interested in obtaining a Niagara undergraduate accounting degree that fulfills the academic requirements for the CPA exam in a state other than Massachusetts must consult with the dean of the College of Business immediately upon declaring the accounting degree discipline. While students with accounting degrees will be well situated for professional careers as public or private accountants, they also may select positions in various business areas related to accounting, such as financial reporting, cost accounting, tax accounting or auditing.

Accountants tell the story of any business or individual by looking at its financial reports. They also can advise their bosses, or clients, on ways to minimize taxes, legally. As accountants progress in their careers, they help their businesses and individual clients to grow and become more financially secure. Everyone needs an accountant, at least occasionally. Job growth for accountants is expected to increase by 10 percent by 2026, according to the U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, much faster than the average for all occupations. Now is the perfect time to consider a career in accounting, especially if you also want a degree with dynamic career possibilities. In short, an accounting undergraduate degree gives students a set of marketable skills that enable them to understand how businesses work, explain the story behind business finances, maintain the financial records of both not-for-profit and for-profit entities, offer a broader set of business-related skills, and prepare for professional careers in the fields of accounting, finance or other related business areas.

2. Section 1: Job Opportunities in Accounting

In addition, accountancy job opportunities are not only limited to positions in public accounting firms. Many companies and organizations are constantly in search of accounting professionals who can assist them with their finance needs. Businesses in the industrial, technological, pharmaceutical, service, and manufacturing industries are in need of professionals equipped with skills and expertise in the field of accounting. For example, accounting professionals have the ability to excel in business-related positions, such as business development executives, financial planners, inventory experts, legal professionals, market research specialists, etc. Your accounting major will not limit your potential professional growth for a wide array of business opportunities both within your work area and outside of it.

If you are considering fulfilling your dreams of working in the accounting field and taking up an accounting course, then you are on the right road to a more fulfilling career. Your decision to take up an accounting course is beneficial to many businesses and organizations that rely on accountants to do financial decision-making and oversee financial transactions. Compiling and organizing information used for financial decision-making is the job of an accountant, as well as providing assurance and operational context in financial transactions. The information provided by accountants is very important, especially during presentations, investment planning, and strategy meetings. Accounting firms are always on the lookout for young professionals who are constantly inquiring and seeking new knowledge. As someone with accounting skills and knowledge, you will be highly valued by your superiors due to your resilience and ability to take on multiple tasks.

3. Section 2: Competitive Advantage in the Job Market

An industry-recognized leader, Canada meanwhile employs 3,200 in-house accountants who earned the Chartered Professional Accountants (CPA) designation at the Chartered Professional Accountants of Canada’s address in Toronto. Of course, one needs the education to qualify for the designation. Business employers look favorably on CPA professionals, with seven in 10 requiring graduates to have obtained the designation. That’s more than double (201 percent) than it was in 2017. Earning a CPA designation is not easy; the process includes but is not limited to an enabling competencies pre-assessment and the Common Final Examination, but it will be worth it. CPA Canada reports that CPAs earned an average $154,184 in 2013 with a median of $87,000. The Chartered Professional Accountants of Ontario’s 2012 Ontario School Leavers Survey painted a pretty picture, too. Of the 94 percent of surveyed students who found employment, 92 percent were employed in their fields making an average $57,000. After completing U of T’s Master of Management, Accounting Specialization program, graduates would have completed all of the Prairie provinces’ procedural requirements and be eligible to write the CFE, up to three months sooner than those who graduated from another Ontario master’s business program.

To compete in today’s job market, it is beneficial to hold an accounting degree. Business employers north of the border are still interested in fresh grads, and in 2019 they plan to hire 11 percent more bachelor’s graduates than they did in 2018. It is further reported that accounting services such as financial, auditing, tax preparation, and payroll services are members of the professional, scientific, and technical services industry and are below the national employment average in the manufacturing and healthcare and social assistance industries. And they’re the top employers for the field, representing 26 percent of jobs at an average $34.71 per hour. This is promising news for new accounting grads – but let’s not get ahead of ourselves. Location and educational experience will affect your career choices. Canada is home to four of the top 100 business schools worldwide and six of the top 10 Canadian business schools according to the QS World University Rankings: Global MBA Rankings 2019. The University of Toronto, the leader of the six, also claims the top spot in 2019’s Canadian accounting degree rankings. Its Master of Management, Accounting Specialization program landed the number-two spot in 2019 rankings by best-masters.com, placed behind the University of Waterloo’s Master of Accounting and even further behind the University of Toronto’s other accounting programs.

4. Section 3: Advancement Opportunities and Higher Salaries

Accounting is a conservative profession that is not a source of innovation in professional or academic environments. Consequently, the major problems that accountants have faced from the distant past to the present day are the lack of promotion and the lack of self-esteem. However, the achievement of higher education is the most significant way to overcome these problems. The third section of the analysis evaluates the positive relationship between an accounting degree and promotion opportunities, higher salaries. The data presented in the analysis indicate that accountants with an accounting degree have significant advantages in respect of promotion opportunities and salaries. The individuals with accounting degrees rank first on the list of those persons who received promotion in the last five years. Additionally, persons with an accounting degree tend to earn significantly higher salaries than persons without an accounting degree. Moreover, accountants rank fifth among those professionals who received the highest salaries in Turkey.

Accounting professionals make a substantial contribution to an organization’s success. However, working professionals in accounting – that is, individuals who present or analyze financial information – are more than mere record keepers. Rather, they serve as financial advisors and business consultants that interpret financial data for upper management and guide their businesses to profitability and long-term success. However, in today’s world where more and more desirable jobs require applicants to have a formal education, certification, or advanced skills, working professionals in accounting need to obtain higher education. They need to achieve a passport to opportunity – the accounting degree.

5. Conclusion

We must therefore count our blessings when they come. I feel blessed to be surrounded by those who see accounting for what it is: a wonderful resource to help students grow personally and professionally. When pursuing an accounting degree, we learn who the customers of financial statements are – our employers, banks, the government, investors, and ourselves – and the needs we must meet through those financial statements. The status and health of a business and individuals are communicated through various accounting reports. An accounting degree provides the knowledge, guidance, and skills to produce these statements well and redirect a business, or personal life, to a bright future amidst confusing challenges. Glory, not shame or fear, awaits those who persist and flourish with an accounting degree!

Accounting is not just for those interested in becoming accountants or CPAs. However, it is a magnet for individuals like myself who quietly, cheerfully bask in its predictability and reliability. An ability to process numbers, an analytic mind, and an inclination to use principles to solve complex problems are all must-haves if an individual is to flourish as an accountant. At the very least, an individual should be interested in, even passionate about, these skills and their applications in the business world. Accounting brings us to the very fundamentals of business – concepts that land a job and make us successful employees, professionals, and people at large. We thereby open doors, and inspire action and respect from companions of any background. No other major will prepare an individual for meaningful economic growth as an accounting degree will. This feat could not be more rewarding and well worth the cost.