The accounting industry is booming. According to The Business Research Company, regulatory reforms in the financial sector have hiked the demand for accounting services in areas like tax advisory and accounting.
The accounting services market showed global growth at a compound annual growth rate (CAGR) of 5.4% between the current and previous years. It went from USD 640.7 billion in 2022 to USD 675.14 billion in 2023. The market is further expected to grow to USD 795.99 billion in 2027 at a CAGR of 4.2%.
If you’re looking for a career in a growing field that will challenge you intellectually and financially, you might want to consider getting your bachelor’s degree in accounting. Here are some of the advantages of pursuing this degree:
Increased Earning Potential
There are many reasons why a bachelor’s degree in accounting can lead to higher salaries and more career advancement opportunities compared to those without a degree. Firstly, there is an increasing demand for accountants as businesses continue to grow and expand globally.
Secondly, accountants have a good pay grade compared to many other professions. According to U.S. News, accountants in 2021 made a median salary of USD 77,250. The 25% best-paid made USD 99,800 a year, while the 25% lowest-paid made USD 60,760. Thirdly, the profession is expected to grow by 6%, as the U.S. Bureau of Labor Statistics (BLS) projects 81,800 new jobs in accounting by 2031.
Job Security
Accountants with bachelor’s degrees are more likely to be hired than those without one because employers see them as better prepared for entry-level positions in corporate accounting departments or public accounting firms.
In addition to providing general knowledge about business practices, an accounting degree prepares students with specific technical skills, such as financial analysis and budgeting, that are essential in many careers related to business management (e.g., financial management).
A bachelor’s degree also provides students with an understanding of how organizations operate from a financial perspective so they can make informed decisions when working within these organizations.
Diverse Career Opportunities
A Bachelor’s degree in Accounting can lead to a variety of career paths, including corporate accounting, public accounting, government accounting, and non-profit accounting.
Accountants work in nearly every industry sector, from financial services to healthcare to manufacturing. They’re also employed by government agencies, international organizations, and private companies of all sizes. From start-ups to multinational corporations with offices around the globe.
The fact that accountants have such diverse career opportunities makes them highly sought after by employers across all industries. This means that if you decide that you want to pursue a specific type of accounting job after graduating from college (for example, public vs. private), then there will likely be plenty of openings available for graduates who meet those qualifications.
Skills In Financial Management
The skills you learn in a Bachelor’s degree in Accounting are essential for any job and can also be used to help with personal finances. A Bachelor’s degree in Accounting provides students with the knowledge and skills necessary to manage finances, create financial statements, and provide valuable information to stakeholders.
This skill set makes graduates with a Bachelor’s degree in Accounting highly sought after by employers who need employees who understand how money works within their organization.
This is especially true for small businesses because they don’t have access to someone who specializes solely in accounting tasks like larger companies do. Therefore, it becomes imperative for all employees at these companies to have some familiarity with how things work financially so they can make good decisions on behalf of their employer.
Ethical Responsibility
Ethical responsibility is an important aspect of any career, but it’s especially critical in accounting. The Code of Professional Conduct for Certified Public Accountants (CPA) states that CPAs are held to a high standard of ethics and integrity when carrying out their work.
In addition, accountants play a crucial role in ensuring the transparency and accuracy of financial information and promoting ethical and responsible business practices.
A bachelor’s degree program will teach students about these principles as well as other core concepts like financial reporting standards and analysis techniques used by CPAs today.
Opportunities For Advancement
As an accountant, your career opportunities are vast. In addition to the obvious path of becoming a CPA (certified public accountant), you can choose from many different roles in accounting and related fields.
For example, if you want more responsibility or higher paychecks than just being an entry-level bookkeeper, there are plenty of managerial positions available for those with bachelor’s degrees in accounting.
Relevance In A Global Economy
According to Forbes, emerging technologies like cloud computing and artificial intelligence will lead to more automation in accounting, but business agencies will still need accountants to oversee these automated functions. The growth in the global economy has led to tax laws and regulations becoming more complex. Accountants, therefore, remain essential to the economy.
Conclusion
A bachelor’s degree in accounting is a valuable investment. The skills you’ll learn will help you succeed in several careers and industries, giving you the freedom to choose where you want to work and live. You’ll also gain access to new opportunities as technology continues changing the way we do business today.
