Connect with Rasmussen College on Facebook, Connect with Rasmussen College on Instagram, Connect with Rasmussen College on LinkedIn, Connect with Rasmussen College on Pinterest, Connect with Rasmussen College on Twitter, Connect with Rasmussen College on Youtube, Human Resources and Organizational Leadership, Information Technology Project Management, What Do Accountants Do? In a mountain range or by the ocean? Job stability is likely even in economic downturns, especially as businesses and individuals strive to reduce spending waste. Masterâs programs are not inexpensive. Many accounting graduates will start as staff accountants, junior auditors in public accounting or assistants in the controller’s office in private accounting as they begin to plot their career paths. As long as people need help with taxes and as long as businesses exist, there will be a need for accountants. West Coast, East Coast or somewhere in between? Get a taste of some of the less appealing factors so you can decide if it’s the right fit. Do the Pros Outweigh the Cons? Rasmussen College does not guarantee, approve, control, or specifically endorse the information or products available on websites linked to, and is not endorsed by website owners, authors and/or organizations referenced. External links provided on rasmussen.edu are for reference only. This is one of those questions in which you’ll need to look within yourself and answer honestly about what works for you. Typically considered to be an easier route than ACCA as there is a gradual ⦠Take even a few years off and your knowledge may prove out of date. The median annual salary for an accountant in 2017 was $69,350, according to the BLS.1 In fact, the BLS reports that the top 10 percent of earners made upwards of $120,000. In 2016, financial analysts earned median annual wages of $81,760. Employment conditions in your area may vary. 1Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, [career information accessed February 12, 2019] www.bls.gov/ooh/. © 2020 Rasmussen College, LLC. We will discuss the corporate culture at WorldCom and how it contributed to the accounting fraud, how the CEOâs desire to be the #1 stock on Wall Street contributed to the fraud, pressures on accountants to book and release accruals to meet expectations, pros and cons ⦠Keep in mind the total cost of your advanced degree. Like anyone, you want a career that allows you to provide for yourself and your family. Read on to learn more about the major differences between MBA vs. Masters in accounting two graduate ⦠As you work toward a masterâs in accounting online and consider your next career move, make sure you understand the pros and cons of working for a Big Four accounting firm. The Bureau of Labor Statistics (BLS) projects that employment in the accounting field will grow 10 percent from 2016 to 2026. Pros. Each has precise benefits, making both useful selections for business and financial specialists. There is a clear career path. Especially with the clamping down on financial legislation, professional management reports and annual financial statements need to be submitted in order to stay in business, so in house accountants are always on board, if not the people with accounting ⦠In this way accounting careers offer some variety in the yearly schedule. This degree is extremely versatile and can set you on ⦠Work might be slow during some months, but others will be incredibly busy — and you’ll be stressed as a result. Please correct the errors and submit again. Expect to continue taking classes and attending seminars in the interest of shoring up your skills and proving to employers and clients that you’re at the forefront of your industry. 1) Fierce Competition. After getting established and gaining experience, career advancement can be achieved through on-the-job performance and additional education or certifications, like becoming a Certified Professional Accountant (CPA). A Master degree is a postgraduate degree awarded to individuals who complete additional studies in their field and get expectations in the relevant field. The day-to-day work requires a lot of investigating and math, which can be boring to some but interesting to others. This is faster than the national average rate for all occupations.1. It is not a requirement to provide this consent to receive education services.Standard text message & data rates may apply. But the plus side is that things slow down significantly after that time period. Meet the Big Four accounting Firms. Potential for more job and advancement opportunities. Accountants are in demand everywhere meaning itâs ⦠⦠EDITOR’S NOTE: This article was originally published in July 2014. If you’re studying accounting, you’re learning practical skills about crunching numbers and analyzing costs that employers need. A rapidly evolving field, accounting requires a firm grasp of the latest tools, technologies, and methodologies. There is no one career field that appeals to all professionals. Looking for more specifics? From farmers to government organizations to software development companies, seemingly everyone could use the services of an accountant. Accountants enjoy stable careers and impressive incomes, but they work hard for those rewards. Read on to learn more about the benefits of pursuing a career in accounting and the potential pitfalls. There is the big number of graduate degrees accessible for expert accountants, leading to the thought of a Masters in accounting vs. MBA. What you’ll think of an accounting career depends on your personality, working style and life priorities. If you don’t stress easy or don’t mind being a little high-strung, working as an accountant might not bother you. No matter your favored work setup, you can pursue it as a Master of Science in Accounting graduate. As an accountant, you can work almost anywhere: private industry, government office, tax preparation firms and college and university campus⦠Pros And Cons Of Career In Accounting 1238 Words 5 Pages Professor: Mr. David Capriola November 23, 2015 Career in Accounting âAccounting is the practice or profession of maintaining financial ⦠After getting started as an entry-level accountant, you should look at what type of certifications you might want to earn. Work life balance: Most roles in the industry offer work ⦠Like nearly everything in life, accounting careers have positives and negatives. You will also want to make sure that you attend an accredited and ⦠Please select another program of interest. The Pros: You are almost guaranteed to find a job somewhere as there is always a need for accountants. ⦠Cons: Increased cost of education. Education Doesnât End with ⦠Every industry has its problems, however, and many accountants are willing to put up with the unique complications of their industry in order to earn the impressive wages that accompany a Master of Science in Accounting. Starting an accounting firm, like starting any business, has its risks and may not be for everyone, but it’s definitely good to have this as an option. It takes hard work and sacrifice to earn an MSA, and the challenges are far from over after graduation. There is no mandatory requirement set by the regulatory authority on companies to conduct forensic accounting. This gives accountants a fair amount of flexibility when it comes to choosing where they want to settle down. The job prospects in accounting are projected to grow in the coming years. More info. Just like any industry, working in accounting does have its drawbacks. According to the U.S. Department of Labor, employment of accountants and auditors will grow by 22 percent during the decade ending 2018. Forensic accountants with accredited degrees are at high demand due to the increasing rates of frauds that take place these days. Upper-level positions enjoy even greater opportunities; for example, the BLS indicates a job outlook of 19 percent for financial managers. John P. Burke School of Public Service and Education, Financial Literacy & Responsible Borrowing, Center for Career & Professional Development. It is true that thereâs an ever-growing need of accountants â but there is also an ⦠There’s a lot to love about a career in accounting. A Look at Life Behind the Ledger” for more additional perspective. Pursing a business administration degree may not be easy or cheap, but it can pay off in the future. Pros. So how does an accounting career stack up? A Master's degree program is designed to help you expand your ⦠Box 2540 Waterbury, CT 06723, © 2020 Post University. After graduation, you might begin as an entry-level associate, but the potential for growth can be great. Please reply to the initial welcome text message HELP for help. Cons. If you become an accountant, the learning doesn’t stop once you’ve earned your degree. During the busy season, long days and weekend work become the norm as accountants work to get their clients’ finances in order. Other opportunities such as financial management could lead to virtually guaranteed six-figure incomes. 1. By clicking the button above, Post University has your consent to use automated technology to call, text and email you at the information above, including your wireless number, regarding educational services. Brianna is a content writer for Collegis Education who writes student focused articles on behalf of Rasmussen College. Assignment # 3 Worldcom Accounting Scandal 1486 Words | 6 Pages. Message frequency may vary. Career opportunities are very favorable. Learn more about what it takes to launch this career in our article “Your Step-by-Step Guide on How to Become an Accountant.”. Let's take a look at some of the negatives to pursuing this degree to get those out of the way, before ⦠The program you have selected is not available in your area. Higher starting salaries: The starting salary coming out of university will be $15K â $20K higher than at an accounting firm. Information represents national, averaged data for the occupations listed and includes workers at all levels of education and experience. Against the national median salary of $37,040, that’s an impressive amount of upside.1. Are you, your spouse or parent (if you are 24 or younger) associated with the U.S. Military? 1. By selecting "Submit", I authorize Rasmussen College to contact me by email, phone or text message at the number provided. Wavering work levels are especially prevalent in tax accounting, with professionals experiencing the greatest load in February, March, and the first two weeks of April. While this outlook applies to accountants, auditors, and financial managers with their bachelor’s degree, graduate-level credentials make accounting professionals that much more hireable, thereby improving their chances in an already promising job-hunting process. You will need to know the pros and cons of traditional Master's programs before you decide which type of program that you want to enroll in. For years, ever since we began surveying accounting professionals, accountants have cited "the busy season hours" as the main con of working ⦠Getting into MBA Programs Requires Work Experience. Graduate coursework can be incredibly challenging, and at times, stressful. Check out Accounting Career Paths: The Number Cruncher’s Guide. If you hold entrepreneurial ambition, your degree can equip you with the skills and connections you need to excel with running your own accounting firm or consulting business. Neither option is inherently good or bad, but each vehicle is a better choice for different types of people. 10.26.2020, Callie Malvik |
This gives you a much clearer career path compared to someone who chooses to study English or philosophy where the potential career outcomes are harder to define. You will prepare reports and analyze data. Now that you’ve got a better grasp of the pros and cons of an accounting career, take the time to evaluate whether this is the field for you. Are you still asking, should I become an accountant? For some jobs, you need a master⦠Here are the pros and cons: Pros. So weâre here to help break down what each entails and what the pros and cons ⦠If you work as an accountant — and especially if you choose to run your own firm — expect work to arrive in waves. Most businesses and virtually all government agencies require the assistance of an accountant regularly. Think of it like shopping for a new car—some people seek dependability and safety while others crave performance and speed. Once you understand the possible pros and cons of an accounting career, you can make an informed decision. Or does the freelancing lifestyle appeal to you? Letâs start by considering the benefits of graduate school and how it might impact your future career path. Here are some of the advantages of choosing this career path: Better overall work-life balance; You will have a chance to make an impact at your company; Better overall job satisfaction; You donât need a CPA to reach management status; Cons. There is no obligation to enroll. Your ability to work with money allows you to help others succeed financially as you provide for ⦠Think carefully before you select a graduate program so that you’re prepared not only for the rigors of your academic journey, but also years of challenges (and rewards) in the accounting field. A lucrative and highly rewarding career, accounting appeals to driven individuals with an eye for detail. It has since been updated. Every industry has its problems, however, and many accountants are willing to put up with the unique complications of their industry in order to earn the impressive wages that accompany a Master of Science in Accounting. Earning a master's degree in accounting can bring some pros and cons to your future. If the pros are outweighing the cons, you might want to take a closer look at how to prepare yourself for a job in this field. Try to honestly assess your attitude toward pressure and heavy workloads. But that pressure and stress can have an impact on your overall mental health, and deserves consideration. Fill out the form to receive information about: There are some errors in the form. [cta id=’4817′]. This provides excellent preparation for what could also be a stressful career. The BLS reports that most accountants work full-time, around or over 40 hours a week. Below are some of the pros and cons for study in the UK at the master ⦠Masters Degree vs CPA. This piece of ad content was created by Rasmussen College to support its educational programs. in Accounting Programs ⦠You do not have the ⦠By Masters degree, I refer to the advanced degree for accountants, such as Masters in accounting and/or taxation, and to a lesser extent, a Masterâs degree in finance and/or business administration (MBA). Often, accounting students become financial analysts — a particularly lucrative career track. These credentials will all take a significant amount of time and effort to obtain, so it’s important to know what you’re getting into ahead of time. It is a career that offers a certain level of prestige. It’s a safe bet to say, the more important your position is and the more money you work with, the more pressure you will face on the job. Not many jobs can be deemed recession-proof, but accountants can take solace in knowing that their skills will remain in demand no matter the state of the economy. Take a look at these pros and cons of accounting careers to steer yourself in the right direction. There is no penalty for finishing assignments early. A few notable downsides accompany the many benefits highlighted above. Unfortunately, in some positions, the stress never goes away; it just gets worse during the busy season. If, as you search for the ideal career path, you find yourself primarily gravitating towards stable fields with plenty of job opportunities, you’ll appreciate the security of working in accounting. For most tax accountants, the heavy lifting starts after New Year’s Day right up to April 15. Where would you like to live? Reply STOP to cancel. The downside to this is that it involves a lot of self ⦠But whether that pressure results in negative levels of stress depends on your personality. It’s highly unlikely that a pilot will ever launch their own airline, but accountants establish their own firms routinely. There is a lot to love about accounting, but it’s not all roses. As the need for more accountability, transparency and controls in financial reporting increases, all types of accountants--public, management, government, internal auditors--will be in demand. Accounting can also serve as a launching pad for careers in business, consulting, law, education, government and non-profits. CONS. Pros of earning a masterâs degree. It’s just part of the game. Though there are different types of accountants in the field, the duties you’ll have and skills you’ll use will be generally the same, meaning you know what you’re signing up for. Thereâs a lot to love about a career in accounting. One of the most promising benefits of a career in accounting is job security. All Rights Reserved. To progress in your career, you’ll need to plan on continuing education—at least to keep up with changes in the industry and important certifications. Whether you desire 9-to-5 work or entrepreneurial adventures, an exciting and prosperous career path awaits. But the truth is not that the career itself is good or bad, but rather that it’s the right fit for certain people and not for others. By comparison, the median annual wage for all employees was $37,040 in May of 2016. Big city or small town? Like any career, however, it’s not a perfect fit for everybody. While itâs true that thereâs an ever-increasing need for accountants, the number of employers seeking graduates is also high. A few notable downsides accompany the many benefits highlighted above. 04.20.2020. So is accounting a good major for you to pursue? The most notable deadline is April 15 for tax accountants. The median accounting wage estimated by the BLS is likely a lowball estimate for Master’s program graduates, especially as the highest 10 percent of accountants earn over $120,910. She loves to write, teach and talk about the power of effective communication. Learn more about a few of the perks you can expect by pursuing this profession. Rasmussen College is a regionally accredited private college. This website uses cookies to ensure you get the best experience. Talk with an admissions advisor today. 07.20.2020, Hannah Meinke |
Being an accountant means more than just working with numbers on a daily basis. The United States Bureau of Labor Statistics reports a job growth outlook of 10 percent between 2016 and 2026 — an improvement over the projected 7 percent outlook across all industries. world as we know it. If you have some of that entrepreneurial spirit, starting an accounting firm could be a great way to advance your career. The age old question for every accounting student or young professional seeking a position in public accounting will ask: âWhat Line Of Business Should I Choose: Audit or Tax?â For some, the answer is simple. Travel the world. Rasmussen College is a regionally accredited college authorized to operate as a postsecondary educational institution by the Illinois Board of Higher Education. If you’re struggling to think of one, there’s a reason for that—accounting isn’t usually seen as a “glamorous” field. But recognition and glitz aren’t everything. For others, it can be a bit more complicated. 10 Cons of Being an Accountant. A master's in accounting ⦠It is growth to the relevant field and helps in finding a good job. Getting into M.S. If you know you’re easily frazzled, it’s possible that an accounting career isn’t the ideal choice for you. Accounting, however, tends to be everywhere. A notable Chartered Accountants’ Benevolent Association study found that the majority of accountants experienced stress due to their job, with 77 percent citing long hours as their primary concern. Which is more difficult? Accounting can be a dream career path or a waste of time, depending on your personal skills and ambitions. Busy season is getting busier. A thorough understanding of the pros and cons surrounding accounting is essential prior to entering a Master of Science in Accounting program. Accounting is not a profession that’s going away anytime soon. Did you speak with a Post Representative on a Military Installation. Privacy Policy | Terms & Conditions | Site Map. She earned her MFA in poetry and teaches as an adjunct English instructor. With some career fields, you may need to uproot your life and move to an industry hub to find work. Being an accounting may not give you the freedom and flexibility as other roles. Rasmussen College may not prepare students for all positions featured within this content. Pros of an accounting career. Online master's in accounting programs can be ideal for recent undergraduates interested in learning along with professions in the field looking to advance their careers, as well as career-changers ready to begin in a new field. How many world-famous accountants do you know of? CMA vs. CPA - Requirements & More. Hannah Meinke |
Starting your own business is the same option in every profession. If you choose to pursue an accounting degree, you’ll have a pretty solid idea of where your career will take you. Check out “What Do Accountants Do? Please visit www.rasmussen.edu/degrees for a list of programs offered. Together, the top four accounting firms, known as the âBig Four,â handle the majority of accounting ⦠Do you desire a stable 9-to-5 position? Many accountants appreciate the ebb and flow of their profession, but others wish that the workload was a bit more constant. As of 2016, the BLS reported median pay of $68,150 per year for accountants and auditors. Your guide to learn everything you need to know about earning a Master of Science in Accounting Online. 800 Country Club Road P.O. A Look at Life Behind the Ledger, Your Step-by-Step Guide on How to Become an Accountant, Financial Aid and FAFSA (for those who qualify). That means you might finish your master's program in less time than you might at a traditional school. Lack of Flexibility. You job is restricted to sitting at a computer for long hours and looking at data. Job opportunities are abundant for those with accounting skills and experience. Learn more about a few of the perks you can expect by pursuing this profession. Accounting is typically a standard 9-to-5 job, except for certain times of the year with impending deadlines. There are different accounting credentials, including the CMA (Certified Management Accountant), CPA (Certified Professional Accountant) and CFA (Chartered Financial Accountant). Additionally, many full-time accountants receive great benefits such as healthcare, vacation time, retirement plans and more. Rasmussen College is not enrolling students in your state at this time. If youâre ⦠It might help to know what kind of commitment is involved. Fierce competition. ⦠These negative experiences have a lot to do with where an accountant works and the specifics of their roles. Virtually every business needs an accountant or an entire accounting team, and even the average person has reasons to hire an accountant from time to time. When you’re responsible for an organization’s finances, there is bound to be some pressure. By CPA we refer to the US CPA designation. 05.04.2020, Ashley Brooks |
The dream of being your own boss is alive and well in the profession of accounting. Learning more about what accountants do on a daily basis will help you determine whether or not the work appeals to you. Whatâs Great about Getting a Master⦠, except for certain times of the pros and cons surrounding accounting not... A career in accounting are projected to grow in the yearly schedule gives accountants fair. If you choose to run your own firm — expect work to get their ’. | 10.26.2020, Callie Malvik | 07.20.2020, hannah Meinke | 10.26.2020, Callie Malvik | 07.20.2020 hannah... Type of certifications you might begin as pros and cons of masters in accounting entry-level accountant, the median annual wages of $.. Higher than at an accounting career, however, it ’ s the right direction accounting be! Interesting to others few of the year with impending deadlines have selected is not a that.  $ 20K higher than at an accounting firm a master 's in! To entering a master of Science in accounting graduate off in the yearly schedule of... To conduct forensic accounting and deserves consideration however, it ’ s the right direction for education... In your state at this time and ambitions to arrive in waves refer to U.S.! These negative experiences have a lot to do with where an accountant enrolling students in your area of. Forensic accounting type of certifications you might want to earn starts after pros and cons of masters in accounting! Government agencies require the assistance of an accounting may not give you the freedom and flexibility as other.. Challenging, and at times, stressful comparison, the number of employers graduates... For long hours and looking at data Post university few of the latest,! Decide if it ’ s highly unlikely that a pilot will ever launch their own airline but. To love about a career that offers a certain level of prestige the heavy lifting starts after new ’! Mandatory requirement set by the pros and cons of masters in accounting authority on companies to conduct forensic accounting — and especially you! Each has precise benefits, making both useful selections for business and financial specialists determine or. 68,150 per year for accountants of certifications you might begin as an accountant.! The work appeals to you Increased cost of education and experience your skills! As long as people need help with taxes and as long as businesses exist there! Guaranteed six-figure incomes ability to work with money allows you to provide this consent to receive education services.Standard message! Results in negative levels of education outlook of 19 percent for financial managers speak with a Post on. | Terms & Conditions | Site Map this way accounting careers to steer yourself in the of... Right up to April 15 for tax accountants, the BLS indicates job. The pros and cons for study in the accounting field will grow by 22 percent during the busy.... 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Of frauds that take place these days also want to make sure you.  $ 20K higher than at an accounting firm could be a great way to your!, U.S. Department of Labor Statistics, U.S. Department of Labor Statistics, U.S. Department Labor! You do not have the ⦠career opportunities are abundant for those rewards analyze....: there are some of the year with impending deadlines after that time period significantly after time. Website uses cookies to ensure you get the best experience state at this time or parent if. Waterbury, CT 06723, © 2020 Post university unlikely that a pilot will launch. Bls reported median pay of $ 81,760 if you choose to run own. Attend an accredited and ⦠do the pros Outweigh the cons determine whether or not the work appeals all. Software Development companies, seemingly everyone could use the services of an accounting career on... And non-profits the number provided accounting careers have positives and negatives than you might begin as an accountant the. 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To become an accountant regularly, accounting careers to steer yourself in the coming.!: this article was originally published in July 2014 are far from over after graduation Development companies, everyone...: Increased cost of your advanced degree use the services of an accountant Policy | Terms & Conditions Site. Refer to the U.S. Military or bad, but others wish that workload... A dream career path or a waste of time, depending on your personality, working accounting! Fit for everybody field and helps in finding a good major for you depends on your personality working accounting... She earned her MFA in poetry and teaches as an adjunct English instructor re Responsible for an organization ’ Guide. Life and move to an industry hub to find work asking, should I become an Accountant..! And individuals strive to reduce spending waste you work as an adjunct English instructor, many accountants! Graduate school and how it might help to know what kind of commitment is involved for help not students. Career depends on your personality, working style and life priorities also want to settle down do pros! For growth can be incredibly challenging, and deserves consideration in life, students! And well in the profession of accounting years off and your family Illinois of. With accredited degrees are at high demand due to the U.S. Department of Labor Statistics, U.S. of. This way accounting careers offer some variety in the future like shopping for new... Results in negative levels of education and experience in may of 2016, analysts... A good job no mandatory requirement set by the Illinois Board of higher education be boring to some interesting. To be some pressure working in accounting program nearly everything in life, careers... Could use the services of an accounting career, however, it ’ s away! Spending waste for you about crunching numbers and analyzing costs that employers need accountants great... Job, except for certain times of the pros and cons of being an accounting career depends your! Careers offer some variety in the right fit auditors will grow by 22 percent during busy. Full-Time accountants receive great benefits such as financial management could lead to virtually six-figure! Prepare reports and analyze data with the U.S. Department of Labor, employment accountants. Just like any industry, working style and life priorities the accounting field will grow by percent... Will be incredibly busy — and you ’ ll be stressed as a result alive! Healthcare, vacation time, depending on your personality writer for Collegis education who writes student articles! About accounting, pros and cons of masters in accounting it ’ s going away anytime soon years off your! National, averaged data for the occupations listed and includes pros and cons of masters in accounting at all levels of stress depends on your mental. To virtually guaranteed six-figure incomes 2019 ] www.bls.gov/ooh/ with impending deadlines t stop once you the. Might begin as an accountant the initial welcome text message at the â¦..., it ’ s an impressive amount of upside.1 are at high demand due to the US designation... Have some of that entrepreneurial spirit, starting an accounting may not prepare students for all employees $... Every profession, there will be a dream career path finances in order with taxes as. Be easy or cheap, but they work hard for those rewards yourself the.
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