To pursue a career as an accountant was never at the top of my mind. However, the 2008 financial crisis completely changed the way I look at my career choice.
The economy was tough during the financial crisis. Being unemployed is stressful. Stressful is probably an understatement. Having sent out countless resumes without much success, I decided to restructure my skill sets. I needed a career that provides financial stability.
Accounting appeared to be at the top of the list.
More than a decade has since passed. Without realising it, I have walked the journey as an accountant for more than ten years. I have also learnt that financial stability is not the only benefit of joining the accounting industry. There are many other reasons too. Here are the top 10 reasons why you should consider a career as an accountant as well.
1. No fear. You will not run out of jobs.
All companies need an accountant! Regardless of the state of the economy, companies will need to prepare and submit their financial statements to the authority. In addition, they will also need to prepare the tax returns regardless of the economic situation. These statutory reporting requirements help to minimise the possibility of job losses for accountants.
2. Opportunity to work in any industry you like.
I have worked in various industries in the past ten years or so as an accountant. It ranges from service, trading, manufacturing, F&B, construction and many others.
The truth is that different types of industries come and go. The financial sector used to be the top pick for fresh graduates ten years ago. Things have changed now. Bright and young talents are now aiming to work for large tech firms. But as an accountant, you will never have to worry if the industry you are in now will go out of the business one day. You can always move to other promising areas. Accounting knowledge allows you to join emerging industries, such as artificial intelligence, fintech, cloud computing and many others.
3. Tremendous earning potential.
As an accountant, the sky is the limit when it comes to your earning potential. You decide on how much you would like to earn. CFOs of large public listed companies are bringing home millions of dollars each year!
Unbelievable? But, it’s true. Let me share a Wikipedia link for Luca Maestri (CFO of Apple) here. Based on the article, his average compensation between 2018 to 2020 was $26 million!
4. Love to travel? You are in the right career!
While travelling has been more muted during this period, it does not mean it will not return. There are always reasons why accountants need to travel.
If you are in the headquarter, you will need to visit the subsidiary companies. Many of these subsidiaries are based overseas. You will have the opportunity to travel and meet them in the countries they are based, whether to conduct training or simply for regional meetings.
5. Accounting is a relatively easy knowledge to acquire.
Accounting is not rocket science. As an engineering graduate, I find that accounting knowledge is relatively easier to pick up. In addition, it is a career that gives a high financial reward.
Having been unemployed for more than a year while having a challenging degree in engineering, I learnt that we don’t have to go through the hard way in acquiring knowledge to do financially well.
6. You can work any time, anywhere!
Being an accountant offers tremendous flexibility. As a freelance accountant, I can choose to work at any time, anywhere.
Such an arrangement is beneficial to those who may have family commitments. You can send your children to school in the morning before starting your accounting work.
With the rise of cloud accounting software, accountants are no longer desk-bound! You can work anywhere you want.
7. Stepping stone to a career in the financial industry.
Whether you decide to work as a banker or fund manager in the future, the role as an accountant provides a solid foundation to take on new responsibilities.
Financial statements are the basis of lending and investing. As an accountant, you will have a good understanding of how to read them. These skills will provide a significant competitive edge against other job applicants who have no prior background as an accountant.
8. Strong career progression.
Career progression is abundant for accountants. The reason for this is because accountants have prominent visibility to the top management.
You might be wondering why is this so. There are several reasons for this. One of them is because accountants are responsible for processing reimbursement for management expenditure. Another reason is that they are generally involved in monthly financial review meetings.
9. Be a better investor!
Many accountants are not able to link the knowledge of accounting to finance. As far as personal finance is concerned, having a high salary is just one component of the equation. You will need to compound the cash reserve.
One of the easiest ways to compound the cash reserve is by investing in the equity market. To be successful in stock picking, you must know how to read financial statements. As a preparer of financial statements, you will be well-positioned to invest successfully in financial markets.
10. The starting point of running your own business.
Being employed as an accountant can only bring you so far. To truly live on your terms, you will need to run a business.
As an entrepreneur, you will need to be able to assess the performance of the business. You will also need to set up processes so that the company can run efficiently. You will never have to worry about these areas if you have prior work experience as an accountant. These are your bread and butter as an accountant!
Conclusion
If you are still not convinced whether or not you should pursue a career as an accountant and would like to find out more, you may want to check out the following articles.
1. The first decade of my professional life – lessons I learnt as a freshman in the corporate world
2. Freelance accountant – the journey of my life
3. Career switch – it was the best career decision I made!
Yanto Wong
