Why Business Accounting Might Be A Worthwhile Career - Ganna Magazine Blog

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Why Business Accounting Might Be A Worthwhile Career

Have you ever thought about going into accounting? Truth be told, it doesn’t have a reputation as the most exciting profession, but that’s because most people don’t understand it. When you look behind the scenes, you’ll find that it doesn’t just offer great remuneration and opportunities for career progression – it also provides a dynamic environment in which intelligence and intuition are highly valued and getting to the top is about merit. It’s a profession in which talent is nurtured, with mentoring commonplace, and it can offer real job satisfaction. Read on to see if it might be right for you.


What Does A Business Accountant Do?

Although at the most basic level, it’s all about keeping track of the numbers, there are several different roles within business accountancy. You could be preparing account entries, analyzing existing accounts, auditing documents, processing tax records, managing payroll, ensuring that financial strategies are correctly implemented, or making financial recommendations – and that’s just for starters. In small companies,the same person often does all these jobs. In sizeable ones, there’s a tendency to specialize, and developing niche skills can be a good way to advance.

Career Progression Opportunities

Accountancy isn’t a profession that offers a single, linear path for advancement. Rather, it gives you varied options that enable you to make the best of your talents as you discover them. You could move into a role where you’re managing a specific set of tasks – such as becoming head of payroll for a big company – or you could move into upper management by showing good decision-making ability and a talent for providing helpful advice based on your analyses. Once you have experience under your belt, there’s also the option of setting up independently. Consultancy work in this field can be very lucrative, and many people find it more satisfying than working for an employer.

Salary

Salaries in business accounting can be generous, starting at around $68,000 for a regular staff accountant and rising to around $120,000 for a chief financial officer. As long as you are in a full-time role, you can expect good health insurance as standard, and retirement schemes tend to be impressive. Furthermore, employers often pay the full cost of additional training to enhance the skills of their accounting staff.
In addition to good financial recompense, you can expect a large vacation allowance compared with roles at a similar level in other professions. The downside is that there will be times when you absolutely cannot take a break, such as the end of the financial year, when it’s all hands on deck.

Qualifying For The Job

Although some people manage to work their way up by spending years proving themselves in other financial roles, most employers are looking for a good, relevant first degree in those they take on as accountants. That could be in business or finance; if supplemented by a master’s degree, it could also be in economics, math or chemistry (which is popular because it produces graduates who are very good at organizing information). A master’s degree isn’t strictly necessary but really helps if you want to go for the best roles where there’s some serious competition, and can also be an advantage when it comes to career progression. If you don’t want to stay at college, you could consider taking a master’s in accounting online while working or getting some relevant experience.

For the very top jobs, it helps to get an internship with a well-known firm. These are often available during the summer so they can be undertaken part way through a traditional college degree.
Because the regulations and regulatory practices that accountants work with often change, you will be expected to keep on learning throughout your career.

Breaking Into Business Accounting

Many people progress directly into business accounting after qualifying, through graduate recruitment drives run by the big accountancy firms. If you’re not one of the lucky ones of if you prefer to try something different, you should start by looking for some experience. Small businesses are always in need of people who can handle finance. You might also consider volunteering to work for a charity. When you can, move into a larger company with an established finance department that can help you find a mentor, and start networking to boost your future opportunities.

Business accounting is a challenging field where there are always opportunities for those who work hard, learn fast and have real ambition. You might find it a lot more exciting than you expected.
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