Accountants play an integral role in corporations, the government, or even in the lives of individuals. If you have always been a detail-oriented professional who is great with numbers, the field of accounting may be right for you. The first step to selecting the perfect career choice is identifying your personality type and pinpointing your strengths academically. Once you do this, you must sift through all of the career options that cater to your personality type and require those skills. All too often, individuals forget to research the career outlook for a profession before they put all of their time and effort into completing degree and higher education programs. Here is a forward-thinking guide career outlook predictions for accounting professionals.
Earning Potential in Accounting and Salary Trends
There is a reason why the Wall Street Journal has accounting professionals with a CPA and finance executives with a Master’s degree or MBA in Finance are the hottest careers, and salaries are predicted to rise by at least 3.6% in the next year alone. If a career is about earning potential to you, an important factor to consider is pay. If you have the proper educational background, the right training, and you earn your CPA licensing, you can use your accounting education to earn high six figure salaries once you work your way up the ladder and gain experience. The average CPA salary is $59,802, but CFO and other executive salaries double or triple this average.
Why is the Job Outlook Positive for Accountants?
There are several different reasons why CPA candidates with 3 to 6 years of experience entering the job market will have no trouble getting job offers. One of the main reasons why job outlook is positive is because the accounting is an ever-changing field where regulations and global laws change. Because finance is perhaps the most important behind-the-scenes aspect of a business, you can understand why corporations and even small businesses hire talented accountants to gather financial information, record this information, summarize it, and to make predictions and recommendations for future financial health.
Stricter regulations are not the only reason why the BLS projects that jobs in the field of accounting will grow by 22 percent within the next 5 years. In addition to the changing accounting laws, lenders also have much tighter lending requirements when it comes to commercial loans, and this means that businesses must generate more cash flow and handle their finances more efficiently to survive in their industry. If you have a Master’s degree in Accounting, an MBA with a concentration in Accounting, or a CPA license, you will be positioned for success in the competitive finance job market.
You can work for big private accounting firms, directly for a corporation, for a government agency, or even for yourself as an accountant. While the demand does vary between each sector, the corporate sector and government sector are predicted to have a lot of job openings in the upcoming years. Find a higher education program that will help you develop the skills you need to succeed, and enter a field where there are plenty of opportunities.