5 Reasons Why Accounting Is a Hot Industry
What is an Industry?
Any industry is a noun that refers to a particular branch of an organized activity involved with the production, manufacture, and or construction of large-scale commercial goods or services within an economy. Synonyms include manufacturing, business, commerce, trading, and engineering. The widespread economic activity, commercialized or standardized, within any industry for goods and services is what makes the world operate and employs millions of workers all over the world. Certain industries offer better benefits than others, with more positive qualities and incentives. Some of the hottest industries available for a stable career and immediate hire are:
- Health Care
- Customer Service
Those hot industries are continuing to remain stable and even expand in types, in spite of financial and economic changes. The amount of jobs and training that is available within those industries are the highest and many people strive to gain a career within those particular industries only for many different beneficial rewards.
Which Industry is Right For You?
What is Accounting?
Accounting, also known as bookkeeping or recordkeeping, is collecting, measuring, processing financial data to communicate the results. That data can be used for decision-making purposes, forecasts, trends, and other valuable information within businesses and corporations. In 1494, an Italian mathematician named Luca Pacioli began what is known today as accounting. Accounting is also referred to as the language of business because all businesses must have some form of accountancy to operate legally and report their taxes. Accountants generate reports which may or may not include graphs or charts. The tax aspect is covered by maintaining tax payments quarterly and or annually, plus keeping records of all purchases. Corporations and much larger business dedicate an entire department to accounting, which may have several different branches. A few of the branches of accounting include:
- Accounts Payable
- Accounts Receivable
- Taxes (Public/Private)
What Do You Think About Accounting?
Do you think accounting is necessary?
5 Reasons Why Accounting is a Hot Industry
The accounting industry is a professional service industry that provides accounting services combined with tax services to individuals, families, and businesses. Financial and managerial accounting is the process of preparing, maintaining, and communicating financial information for the use by managers, investors, and even by banks or lenders. Personal accounting involves tax planning, retirement, and or investment planning for individuals and for families. The accounting industry continues to grow and remains steady. The accounting industry is a hot industry and has many benefits.
Out of all of the hot industries to choose from, accounting is the hottest mainly because of the variety, growth, and diversity it can provide. Accounting is also a different industry because it involves math skills, problem-solving skills, along with high levels of accuracy, attention to detail, and professionalism. Many people think accounting is boring, but really it is very exciting and is set apart from other industries by the five reasons listed below.
1. The Constant Need and Demand for Accountants
There will always be a consistent and stable need and demand for accounting, and for accountants to perform the processes, as long as goods and services are being purchased with a payment transaction, either cash, debit, or credit. Accounting was first established during 7500 BC, by cultures and civilizations accounting for their tokens, agriculture, and anything used for the payment to purchase other goods and services. Now certain accounting is required by the Internal Revenue Service from every person and business at least once per year, known as annual income taxes that must be paid or refunded for the previous year. The need and demand for both accounting and accountants will remain steady and is even increasing for certified accountants.
2. An Increasing Annual Salary Amount
The accounting industry offers an increasing annual salary amount which is due to promotions, longevity, and seniority that is gained. The salary amount for an entry level accountant does start very decently but increases drastically over time. The increasing annual salary amount increases noticeably after 1 - 4 years of experience have been accomplished, which is easy to obtain. There are many different benefits that an increasing annual salary amount has and accounting is the best way to get there. Not to mention this is an incentive to stay within this industry is a long-term career.
Pay Scale 2018
3. Accounting is a Gateway to Success
Accounting can be a gateway to increased success, which is a gateway to many other opportunities. Many famous people have started with a career in accounting, some certified and some were not, but they eventually did branch out into something new or different only to become even more successful than before. The accounting industry is a great way to meet many different people professionally that are from different industries and backgrounds, which is a great way to increase any one's future success. Often it is said that success sometimes depends on who you know. Many great people have started in accounting but changed their industry.
- Phil Knight: the chairman of several Fortune 55 companies, including Nike, is a CPA.
- Kevin Kennedy: the former Texas Rangers manager and CPA processed his player's tax returns for some extra cash while managing the minor leagues.
- J.P. Morgan: this accounting graduate got his first job as a junior accountant on Wall Street, only to have founded his own company five years later known as 'J.P. Morgan Chase.'
- Nimrata "Nikki" Haley: the current United States Ambassador to the United Nations, first female governor of South Carolina, and former South Carolina House of Representative.
4. Advanced Growth Opportunities
The accounting industry is filled with multiple advanced growth opportunities which can also lead up to an even higher annual salary as mentioned previously. Some of the growth opportunities within the accounting industry include a senior accountant or controller, possibly even chief financial officer. Many people who begin a career in the accounting industry often do great things. Politics, law, and banking mingle closely with accounting, which can lead to new industries and new career choices. The growth can come from within the accounting industry, but can also open new doors and opportunities.
5. A Wide Variety of Jobs to Choose From
There is a wide variety of jobs to choose from in the accounting industry. There is no degree required start working in accounting, but one is required for advancement. This is true for most other industries, but other industries maintain that a degree or certificate is required before that career can even be started. Starting from the bottom is an accounting clerk, working in accounts payable, accounts receivable or payroll. Earning an associate degree in accounting while working considerably boosts your chances for a promotion. With that degree and a promotion to a more responsible position, such as payroll accountant, continuing education and earning a bachelor's degree will ensure advancement to management positions.
A professional accounting certificate means that a person is certified to perform accounting and tax duties for business as well as for individuals and families. This is a difficult test that is often taken more than once to pass. Once certified as a Certified Public Accountant (CPA), there is even more variety to choose from, like opening a firm, partnering with another firm, pro bono work or even seasonal work only.
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© 2012 Cristale Adams