Ten truths you have to know about American accounting!

Everything has two sides, and the accounting industry is no exception. But in fact, the industry itself is not good or bad, only suitable or not. Before choosing an industry, we must clearly understand ourselves, such as your personality, you like a lifestyle, do you like a fast-paced workaholic, or a slow-paced lifestyle.

How to judge whether you are suitable for accounting in the United States? Let's first understand the real situation of the American accounting industry.

6 advantages of the accounting industry:

First: Accounting is easier to find employment

Compared with majors such as English or philosophy, the accounting profession is more practical and can basically achieve employment after graduation. Although there are many types of accounting positions, the basic functions and sequence of skills are similar, and it is very convenient even to change jobs.

Second: Accounting is a stable and growing industry

Accounting often needs to deal with money, so it is rarely heard that companies outsource accounting. In the next few years, the demand for accounting will increase. As long as tax laws and enterprises exist, the accounting industry will not die.

The United States Labor Organization predicts that from 2014 to 2024, the demand for accounting in various industries in the United States will increase by 14%, which is much higher than the national average of 7%.

Third: Huge room for growth in accounting

Many accounting students start their careers after graduation. They grow from the entry level, gradually become high-level accountants, and even open their own firms. With the accumulation of experience, they can improve their abilities and levels through on-the-job training, reading MAB, etc. It is not necessarily a CFO. Compared with many industries that eat youthful meals, accounting can be said to be more fragrant the older you are, and there is rarely a ‘middle-age crisis’.

Fourth: accounting income is not cheap

Accounting is not only quite decent, but also very rich. According to a survey conducted by the U.S. Bureau of Labor in 2016, the median annual salary of American accountants is $68,150, of which the top 10% have an average income of $120,000, far exceeding the median annual salary of $37,040 in the United States. In addition, accountants also enjoy many hidden benefits, such as advanced medical care, paid leave, and retirement protection.

Fifth: There are accounting requirements everywhere, regardless of location

If you can choose, which city in the United States do you most want to live in? East Coast, West Coast or Central Region? Do you live in a big city or a small city? Do you live in the mountains or the sea?

For some industries, people have to leave their homes to work in crowded central areas of large cities in order to work. However, the accounting industry does not have to worry about this at all. The demand for accounting is everywhere, whether it is an ordinary farm or a technology company, every industry needs accounting support. Accountants can choose their favorite city as they like.

Sixth: The accounting industry is suitable for entrepreneurship

For most people, the purpose of part-time work is to one day be their own boss. For experienced accountants, setting up their own accounting studio is not a difficult task. This advantage is not available in every industry, such as a pilot. If he wants to start a business, he can't open an airline.

4 major shortcomings of the accounting industry:

1. Accounting is an industry that requires lifelong learning

For CPAers, getting a certificate is not the end of learning. If you want to make progress at work, you must continue to learn. However, these efforts have paid off. As your academic qualifications increase, your position and income will also increase.

Accounting is an industry that values certificates. Some certificates with higher gold content include Certificate of Management Accounting (CMA), American Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), etc. The sooner these certificates are obtained, the better!

2. Accounting is a very boring job

Have you heard of any world-renowned accountants? I’ve never heard of it, because accounting is not an industry where celebrities come forth in large numbers. Carefulness and rigor are more important to accounting work than creativity and inspiration. For some people, this job is boring, but for others, it is a career they are willing to fight for all their lives.

Therefore, from the opening sentence, you must consider your own personality when choosing a career, otherwise the job will be a shackle that binds your nature and makes you miserable.

3. The accounting industry is sometimes too busy

Generally speaking, accounting is a nine-to-five job, but in a busy season, it will be too busy. For example, April 15th of each year is the tax filing season, and it is busy at these times. In addition, the period from New Year's Day to mid-April is also a busy season for accounting.

Overtime and weekend work have become standard features in the busy season. Fortunately, after the busy season, you can take care of (prepare) for the old (exam).

4. Accounting pressure is high

The accountant is the manager of the entire company's economy. Every day, the funds are very large. If you are not careful, you may face the destruction of your career. If you have a strong ability to withstand stress and can remain calm and calm under pressure, then the accounting job is suitable for you. If you are prone to irritability, then accounting may not be for you.

The above are the 6 major advantages and 4 major disadvantages of accounting that we have summarized. If you are still hesitating whether to enter the accounting industry, please consider your personality and the advantages and disadvantages of the accounting industry carefully. If you are determined to join, then the test can be started.

 

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