If you’re considering a career in the field of accounting, you may be wondering what the industry outlook is these days. Accounting has traditionally been considered a practical, stable, lucrative and consistently in-demand field, well suited to people with strong quantitative and organizational skills. While much of this is still true, the field of accounting today looks different than it did some decades ago. Recent technological advances have changed accountants’ day-to-day responsibilities, requiring less rote work and more strategic thinking. If you’re interested in becoming an accountant but aren’t sure what the future of the field looks like, here are a few helpful facts you may be interested to know about.
1. Accountants Are In Growing Demand
Whether you’re considering becoming an internal auditor, certified public accountant, tax specialist, or any additional career options, you should know that accountants across the board are in increasingly high demand. Because their services are fundamental to healthy finances for any company, accountants can find employment in a variety of industries, making this career path a stable and potentially lucrative one for qualified people. The Bureau of Labor Statistics recently predicted that the field will grow by about 6% in the next decade, creating over 90,000 new jobs. This means that accountants are set to see an increasing number of opportunities in the coming years.
2. Globalization Means More Interesting Work
If you have strong quantitative skills but you’re worried that an accounting program or working as an accountant would be dry or boring, you may be interested to know that the increasingly globalized business world is resulting in ever more interesting work. Depending on your position and company, you don’t necessarily need to work only on local matters. Many international mergers and acquisitions, for instance, require accountants to ensure trade goes smoothly. Companies that go public need accountants to make sure their finances are in order. Ever-changing tax laws and regulations require the help of accountants for compliance. No matter what you’re interested in, you can likely find a way to explore it via your accounting career.
3. Salaries Are Increasing Over Time
Another perk of becoming an accountant is that because the work is so crucial, the salaries tend to be high. According to the Bureau of Labor Statistics’ report, accountants and auditors earned a median annual salary of $71,550 in 2019. Additionally, the longer you work in the field, the higher up the career ladder you can climb and the more you’ll be compensated. It’s not uncommon for senior accountants to earn well over six figures a year in some cases.
4. Responsibilities Vary By Job
Thanks to new technology like increased computational power, accountants are no longer stuck spending time on lengthy calculations by hand and similar tasks. This means your day-to-day tasks could involve more strategy and high-level thinking. However, exact responsibilities will vary by job.
Accounting has long been considered one of the most practical career options that typically offers good pay for stable, interesting and important work. If you’re debating whether to become an accountant and wondering if the field holds future potential, consider these key facts and you’ll be well prepared to make your career choice.