15 Things You Didn’t Know About Studying Accounting
Accounting is so important to every form of business right from the very beginning; be it on a small, medium, or large scale, they are all in need of an accountant who would be responsible for the organization’s profit and loss. There’s a pride in studying accounting; for most of it, it is the clear career path from which one stands to benefit, just like attending a medical school or law school. It is a straightforward course that guides students to their career dreams of being an accountant, auditor, bookkeeper, etc. With stronger ambition, one may end up a public auditor.
In this post, I will show you 15 things you didn’t know about studying Accounting.
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15 Things You Didn’t Know About Studying Accounting
Studying accounting is a very important course just like law, politics, or science, impacting society on all levels, from the government to business organizations, etc. Therefore, we should take a keen look at some things we did not know about studying accounting or see oversight in order to enable us to make informed decisions concerning the course. Here are things you did not know about studying accounting and I hope it helps you study more and love the profession.
1. Studying accounting leads to a career path:
Accounting is a course that leads one to a particular set of career objectives. There is a diverse accounting profession, from tax accountants to auditors. However, all types of accountants have the same training and skills required generally for the different offices and duties.
2. Growing job stability:
This is another benefit of studying accounting. Accounting is a profession that has been on the earth’s surface as soon as man started transactions and businesses grew. Some might have dated the profession to be about 7,000 years old. Therefore, it is a profession that has increased job stability. It is one of the very few professions where one hardly gets a sack from this profession.
3. Luca Pa Cioli:
He was a great Italian mathematician who was the father of accounting and bookkeeping. Luca first published his book on the Chronicles of Double-Entry Accounting in 1494, and it is known that Leonardo da Vinci was one of his students.
4. The flexibility of where to work:
An accountant is always in demand in almost all facets of life, as long as there is a form of business. Therefore, an accountant can work in government parastatals, huge business organizations, schools, banks, and even churches at times. There is no limit to the geographical location an accountant should be in; hence, accountants do have the flexibility to choose where they would like to operate. This is to prove that every industry needs an accountant, no matter how small; so far, bookkeeping has kept it done.
5. Entrepreneurship is an option.
A lawyer can go into private practice and own a firm, as can a doctor and many other professionals. Just like these other professions, an accountant also has the choice to own a firm. It is a personal choice and risk to take but you can study accounting to also go into private practice, though it is reliable to back this with some years of experience to understand the market and know how to penetrate like every other businessman. Therefore, an accountant has the option of owning a business in his or her field.
6. Avenues for professional growth:
Another thing you didn’t know about studying accounting is that to be competent, you have to put in hard work and gain experience. Agreeable, other fields or courses provide opportunities for professional growth but with accounting, there’s a systematic and diverse way for personal and professional growth. Though it is advisable after graduation, accountants should gain experience from junior-level or entry-level auditors or accountants in order to plan out desirable choices of unprofessional growth either by further education or becoming a certified professional accountant.
7. Profitable career path:
Aside from the ambition to attain a particular level in a profession, it is still paramount to measure success alongside the financial earnings of one. A full-time accountant with different organizations earns profitably around $70,500 per annum as a median salary, according to the Bureau of Labor Statistics (BLS), while a senior accountant earns about $100,000 per annum alongside many other incentives such as vacations, healthcare, retirement plans, etc.
8. Accountants Get Respect:
If you want to study accounting and become popular, it is better to do so for the right reasons. An accountant’s daily routine is not about glamor and fun; it subjects you to serious mathematics and continuous examination of books, making sure they are all in order. Accountants for any organization are also another part of the engine that runs the day-to-day activities of the organization; hence, they are usually where engines are, in the back room. An ambitious accountant has fun with the work done; it is not always about celebrity recognition.
9. Constant Education:
An accountant does not end their studies after graduation. It takes continuous education to keep growing in this field. So it is a rigorous course that will demand extra certifications as one proceeds in the field and even with the experience at different intervals, there would be a need for some other certifications, which consume time and endeavor to accomplish, so it is advisable for entry-level accountants to also further education and also for every accountant to keep learning about trends in vogue in order to be up to date about modification.
10. Accountants have a patron saint:
Yes, accountants do have a patron saint, the author of the very first gospel of the New Testament, Saint Matthew. He was actually a tax collector before following the call of Christ, at the time in a place called Capernaum. The Roman Catholic Church celebrates this saint and apostle on the 21st of September as the feast day dedicated to him. Therefore, he is the patron saint of tax collectors, accountants, stockbrokers, and accountants.
11. Accountants brought about Al Capone’s conviction:
Accountants have also made history over the years. Though a particular accountant may not be a celebrity, their hard work is worth celebrating. For a huge and deep crime lord, Al Capone, the FBI has been on trial and yet could not find substantial evidence to apprehend and convict him. History will forever have it that an accountant actually got evidence to convict Al Capone, which took just charges over tax evasion. Ever since 1908, accountants have always been on the FBI investigation team.
12. You will need to learn a lot of math.
Yes, accounting entails a lot of mathematical calculations, which is why it’s true to say that math is everything in accounting. The profession deals mainly with numbers, spreadsheets, and other computer programs used in the audit. Doing audits in accounting is quite important. The mathematical calculations you would need in accounting are basically the normal fractions, ratios, averages, and a little bit of algebra when necessary.
13. Accounting classes are fun.
Although all classes can be very serious, it’s still fun. Most people do not know this because the profession appears to be mighty but it is a great field. You would be able to learn a practical skill that you can actually put to use in your field and job. In accounting programs, you get to work on the computer and learn so much new software. You will also learn how to design spreadsheets, solve problems, and really use your mind and your intellect to learn and work. Bye are those days when accounting was done on only books; these days, everything can be done online using software, and you do not need a single book.
14. Your learning does not stop.
Another thing you didn’t know about studying accounting is that even after graduation, you still need to continue learning and adding to your skills. Accounting has a lot of sides and new things keep developing every day. Therefore, if you want to practice your accounting profession for a long time, you will have to keep studying at every opportunity you get. You can take up classes for further studies to keep updating yourself and your skills.
15. Accountants can be very busy.
There are some times of the year when accountants are really busy, most especially around the end of the year or the beginning of a new one. Most accounts need to be closed during these times of the year. If you work for a firm or are a company accountant, you have the normal nine-to-five jobs, and this could be really overwhelming and take up all of your time. Although accounting is fun, it can also be stressful at times, and you may need to take a break in between your work.
Types of Accounting Professionals You May Not Know Are Available
Accounting professionals can find employment in all sorts of different work settings. If an organization trades with money in any form or way, it absolutely needs an accountant as one of its staff. Below are some examples of the different types of accountants that are in existence.
1. Certified Public Accountants (CPAs):
Are known as upper-class accountants who are recognized as experts in any firm or organization in which they work. This CPA is always in charge of an organization’s accounting records, taxes, and financial standing. While some of their work involves mainly taxes, their involvement also tends to be more concentrated than just working with taxes. A Certified Public Accountant role can be likened to that of a trusted advisor, who is always ready to help their client plan and meet his or her financial goals while also assisting in other fiscal matters that may require the help of a CPA. These other fiscal matters could include accounting book reviews, consulting, and litigation services. For one to become a CPA, one must obtain a bachelor’s degree from an accredited accounting program before going on to obtain certification by passing the Uniform CPA Examination.
2. Forensic accountant:
These are professionals who help analyze the different financial records of their clients to ensure they are compliant with the setup standards and guidelines. Forensic accountants uncover errors, omissions, or even outright fraud in some cases. A forensic accountant must possess an adequate, unique skill set and have the curiosity of an investigator, almost like a detective. Forensic accountants often work in either investigation or litigation support. In some cases, forensic accountants can serve as expert witnesses in court proceedings. For you to become a forensic accountant, you need to, first of all, earn a bachelor’s degree in accounting. After graduation, you need to take some certification examinations to prepare yourself for the field of your choice.
3. Auditor:
This is the accuracy expert in an organization or company. Many organizations, from commercial businesses to government-owned companies and nonprofit organizations, are all required to conduct an annual audit to ensure their accounting records are correct and up-to-date. Auditors are usually brought in from outside of an organization to analyze the numbers without being biased on the issue. This is mainly the reason why external auditors are always brought in. These accounting professionals are tasked with examining the financial statements of the organization, inspecting their account books to uncover any fraudulent acts, and also helping in organizing and maintaining their financial records and assessing financial operations to provide recommendations for improvement. For you to become an auditor, you will need to earn a bachelor’s degree in accounting, just like in any other accounting field. Earning an accounting certification after graduation often improves your job prospects as well.
4. Management accountant:
When making important strategic decisions, business leaders need to know the status of an organization’s financial health and how it could be affected. It is then the responsibility of the management accountants to provide this information so that good decisions can be made and followed regarding the future of the company or organization. Some of the common duties of a management accountant are basically: planning and budgeting the organization’s funds; supporting external financial reporting; risk management; profitability analysis; and so on.
In addition to the technical accounting skills, these management professionals must possess the skills and ability needed to organize information and put it forward to the appropriate authorities in a concise format for business executives to comprehend and carry out. To become a management accountant, you have to earn an accounting bachelor’s degree from a prestigious institution. You will also need to undergo a professional examination to become a certified management accountant.
5. Cost accountant:
Businesses are always trying to improve their processes to save money. This is then the duty of all cost accountants. They are responsible for the examination of an organization at every expense and they also help to conduct a profitability analysis and budget preparation whenever necessary. The cost accountant analyzes every cost or expenditure made about labor, materials, production, administration, and all other necessary expenses. All of this information is then compiled and communicated to the business owners to help them identify the various ways in which they can improve their financial efficiency. To become a cost accountant, you must earn a bachelor’s degree in accounting or finance and be equipped with strong math and statistics skills. You may also be required to take a Certified Cost Accountant (CCA) accreditation examination to boost your career prospects.
6. Government accountant:
Accountants are also needed in various government parastatals. This could either be at the state or federal government level. All government agencies need accountants to keep track of money, both in profits and expenditures. These professionals have to make sure hard-earned taxpayer money is spent wisely and prudently. These accountants also help government agencies plan out their activities for the fiscal year. Some government accountants are employed by agencies like the Internal Revenue Service (IRS) and are responsible for auditing other private businesses and individuals when invited. To qualify as a government accounting professional, you must possess a bachelor’s degree in accounting. Many government accountants may also hold a master’s degree in accounting, finance, taxation, or business administration to maximize their productivity.
7. Project accountant:
A project accountant works on a project-by-project basis. This person oversees all aspects of a project that might affect the overall cost, including preparing and collecting invoices, approving expenses, verifying employees’ billable hours, planning and maintaining budgets, and ensuring the team is meeting project deadlines. There are many types of projects that a project accountant may work on, everything from a new product launch to the construction of a new facility. Project accountant
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