A recent Wall Street Journal article entitled "Why No One's Going into Accounting" paints a rather dismal future for solving the talent shortage the profession is currently experiencing. Authors Lindsay Ellis and Paul Overberg write, "An accounting career, once a launchpad into the upper middle class for hundreds of thousands of Americans, is no longer paying off."
Their primary reasons are based upon comparative starting salaries and the return on investment of the 150-hour requirement (fifth year of studies) to sit for the CPA exam. While these are valid concerns, both are currently being addressed by the profession (the American Institute of CPAs and public accounting firms). Curriculum planning and expansion into finance, economics, management information systems, marketing and sales can increase the value of the four- or five-year curriculum.
Perhaps we need to take a moment to think about how to reframe the problem. Is this only a talent problem, or is it much broader and includes the impact of rapidly disruptive technology and the need for updated skills, tools and mindsets not only in college, but throughout one's career? To improve and retain relevance there must be better collaboration among the stakeholders (universities, employers and students).
Amid rapidly advancing technology, shifting global economies, and evolving job markets, college students find themselves at the crossroads of critical decisions. One of the prominent considerations is which major or degree to pursue that promises both stability and growth. Amid the vast sea of choices, accounting stands tall, shining its light of prospect for future business leaders. Here are several reasons college students should give serious thought to accounting as a launchpad for their business careers.
A pathway to earning power
While starting salaries are important, the ability to grow personally and professionally throughout your lifetime is even more important.
Accounting is sometimes referred to as the "language of business." It equips students with a solid understanding of financial operations, as well as lucrative and rewarding careers well beyond transactional and compliance roles. Much of the transactional and compliance work is being disrupted by automation and work management systems. The recent surge in artificial intelligence demonstrates the importance of accounting knowledge in advisory and consulting services.
Specialized knowledge and analytical skills acquired by accounting graduates make them valuable assets in private companies as well as public accounting. Certifications like the CPA open increased opportunities, and the earning potential can surge over one's career.
A future rich with opportunities
The realm of accounting is not limited to just tax filing or auditing. The future holds vast opportunities for accounting graduates, some of which include:
- Forensic accounting. With financial frauds becoming more sophisticated, there's a growing need for forensic accountants who can investigate and deter these irregularities.
- Technology integration. Today's accountants who are technology-savvy can specialize in integrating AI, blockchain, and other technologies into accounting processes, redefining efficiency and accuracy. Robotic process automation is currently a priority in all organizations.
- Strategic consultation. Accountants often ascend to advisory roles, guiding businesses on growth strategies, mergers, acquisitions and financial restructuring.
- Environmental accounting. As businesses become more conscious of their ecological footprint, environmental accountants help in assessing and reporting a company's environmental impact, ensuring that they adhere to sustainability norms.
- Global opportunities. There is a rising demand for accountants familiar with international tax laws and regulations. This provides opportunities for accountants to work in diverse cultures and locations.
Continuous learning and professional growth
The CPA profession is the leader in fostering perpetual growth and competency in a field where the only constant is change. For accountants, CPE is not simply a requirement, but a strategic tool to remain competitive and proficient. CPE is a testament to an accountant's dedication to ethical standards and their commitment to their profession.
The importance of life-long learning cannot be overstated. It is a critical element that helps to maintain the integrity and expertise of the profession, ensuring the accounting profession continues to be a trusted and pivotal part of the business landscape. Life-long learning enhances employability and one's life-span.
Work-life integration
Many use the term work-life balance but, in reality, it is work-life integration. The image of a CPA chained to a desk is outdated. Accountants today benefit from a wide variety of flexible working arrangements. The pandemic accelerated the adoption of technology and mindsets to allow this positive transformation. Flexible hours and remote work continue to thrive after the pandemic.
Many of the tools available today were pioneered by outsourcing and technology companies looking to increase performance and the employee experience.
Conclusion
Accounting is not merely a discipline; it is a strategic career choice for college students. It promises not just a stable and rewarding career but also offers the flexibility to adapt to life's changes and the capacity for continuous growth.
The additional educational requirement of 150 hours is a significant consideration, yet it paves the way for higher starting salaries and a robust career trajectory. Affordable work-learn programs are being implemented to expand student options and reduce educational investments in time and money.
As businesses navigate an ever-complex landscape, the demand for accounting knowledge and wisdom soars. An accounting degree, therefore, is not merely an educational credential — it's a launchpad into the upper echelons of the business world, offering a future that is as diverse as it is financially rewarding. For the college student pondering their next step, accounting is a degree that can indeed count toward a successful and dynamic business career.
Think — plan — grow!
