As is everything in life, accounting careers have pros and cons. The truth of the matter is that there is no good or bad in the career, rather than if it is a career that fits your personality or not.
Think of it like buying a new vehicle. Some people prefer motorcycles for efficiency, some prefer sedans for speed and performance, some prefer SUVs for space and comfort. There is no good and bad, just if it “ngams” the person.
Likewise, what you’ll think of an accounting career depends on your personality, working style and life priorities. Once you understand the possible pros and cons of an accounting career, you can make an informed decision.
So it beckons the question, is accounting a good major and career for you to pursue? Take a look at these pros and cons of accounting to steer yourself in the right direction.
Pros of an accounting career
There’s a lot to love about a career in accounting. Learn more about a few of the perks you can expect by pursuing this profession.
1. There is a clear career path
In this career, you will learn practical skills about calculating and analyzing costs for companies, which gives you a more defined career path compared to someone who studied language or history where the potential career outcomes are harder to define.
If you choose to pursue an accounting degree, you’ll have a pretty solid idea of where your career will take you. Though there are many 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.
2. It’s a stable and growing job field
Accounting jobs will ALWAYS be in demand.
Every business needs an accountant or a team of them to keep the company going.
Even the average person has to hire an accountant from time to time.
The job prospects in accounting are projected to grow in the coming years, as long as people need help with taxes and as long as businesses exist, there will be a need for accountants.
It is actually one of the fastest growing and in demand jobs in Malaysia!
3. You’ll have the potential for professional growth
After graduation, you might begin as an entry-level associate, but the potential for growth can be great.
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.
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).
4. The earning potential is great
Like anyone, you want a career that allows you to provide for yourself and your family. So how does an accounting career stack up?
The average salary for an accountant with some experience in Malaysia goes up to RM72,500 a year, or roughly RM6,000 a month.
More experienced accountants (more than 5-years experience) may earn 6 digits a year.
Additionally, many full-time accountants receive great benefits such as healthcare, vacation time, retirement plans and more.
5. You can work where you want to work
Where would you like to live? Semenanjung, Sabah and Sarawak or somewhere in between? Big city or small town? In a mountain range or by the ocean?
With some career fields, you may need to uproot your life and move to an industry hub to find work.
Accounting, however, tends to be everywhere. From farmers to government organizations to software development companies, seemingly everyone could use the services of an accountant.
This gives accountants a fair amount of flexibility when it comes to choosing where they want to settle down.
6. There is entrepreneurial potential
Starting your own business is the same option in every profession. It’s highly unlikely that a pilot will ever launch their own airline, but accountants establish their own firms routinely.
The dream of being your own boss is alive and well in the profession of accounting. If you have some of that entrepreneurial spirit, starting an accounting firm could be a great way to advance your career.
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.
Cons of an accounting career
Just like any industry, working in accounting does have its drawbacks. Get a taste of some of the less appealing factors so you can decide if it’s the right fit.
1. The education is ongoing
If you become an accountant, the learning doesn’t stop once you’ve earned your degree.
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.
There are different types of certifications and they all take a lot of time and effort to achieve. You need to do research on which is the best certificate to take and matches your career progression the best if you want to keep increasing your salary and position.
2. The work can seem dull
How many world-famous accountants do you know of? 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. The day-to-day work requires a lot of investigating and math, which can be boring to some but interesting to others.
This is one of those questions in which you’ll need to look within yourself and answer honestly about what works for you. Learning more about what accountants do on a daily basis will help you determine whether or not the work appeals to you.
3. There is a busy season
Accounting is typically a standard 9-to-5 job, except for certain times of the year with impending deadlines. The most notable deadline is April 30 for tax accountants. For most tax accountants, the heavy lifting starts after New Year’s Day right up to April 30.
During the busy season, long days and weekend work become the norm as accountants work to get their clients’ finances in order. But the plus side is that things slow down significantly after that time period. In this way accounting careers offer some variety in the yearly schedule.
4. The work can be stressful
When you’re responsible for an organization’s finances, there is bound to be some pressure. It’s just part of the game.
That pressure and stress can have an impact on your overall mental health, and deserves consideration.
These negative experiences have a lot to do with where an accountant works and the specifics of their roles. 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.
But whether that pressure results in negative levels of stress depends on your personality.
Try to honestly assess your attitude toward pressure and heavy workloads. If you don’t stress easy or don’t mind being a little high-strung, working as an accountant might not bother you.
If you know you’re easily stressed, it’s possible that an accounting career isn’t the ideal choice for you.
So, is accounting a good career choice for you?
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. 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.
Ask yourself, are you interested and keen on becoming an accountant?
If yes, then we will provide you the opportunity to walk this career path HERE!
