Is Accounting a Good Major for Me?

Business accounting is a growing field that needs smart, driven individuals to make sure companies and organizations run smoothly. Accounting requires a solid grasp of basic principles, high levels of accuracy, and good organization skills. Professionals in this field operate in a detail-oriented environment. A small mistake can have huge ramifications on the operations of the business. Employers select competent candidates with the ability to prepare a wide variety of financial reports. In addition, they require a minimum of a bachelor's degree in accounting.

In turn, qualified professionals enjoy wide-ranging benefits. Some of the possible pathways in accounting include certified public accounting, auditing, and investment accounting. It is also possible to work as a self-employed accountant or consultant specializing in tax, payrolls, or other areas. Cost or management accountants are tasked with the responsibility of preparing financial reports for company managers.

Qualities of a Competent Accountant

To become an accounting professional, you must be good with numbers and have the capacity to think outside of the box. A lack of basic math skills can make it difficult to prepare accounting reports, which entail computing financial ratios like margins, debt-to-equity, and asset turnover ratios. Some of the additional qualities required in the field include:

• Time management skills – an efficient accountant prioritizes tasks to ensure timely completion of reports, which play a key role in strategic decision-making.
• Autonomy and communication – you should have the capacity to collaborate with colleagues and also work autonomously to enjoy greater success in this field.
• Knowledgeable of principles – keeping abreast with the latest changes to tax laws and generally accepted accounting principles (GAAP) is a key aspect.
• Technical skills – in-depth knowledge of accounting software and other tools allows you to work more effectively. Software vendors constantly update accounting solutions to provide better functionality.
• Creativity – not all accounting tasks are textbook cases, thus you may need to find creative strategies to solve company dilemmas.
• Professionalism – employers seek trustworthy accountants because the role involves handling sensitive financial documents.

Benefits of Majoring in Accounting

Majoring in accounting comes with a wide variety of benefits. Working as an accountant allows you to consider finding employment abroad because money is a universal language, globally. This path opens doors to a number of business-related areas, including management positions. In addition, the field offers many networking opportunities, which can prove useful in the long-term.

Prospects for Accounting Majors

The decision to pursue a degree in accounting could prove beneficial in different ways. The flexibility enables you to choose the path that suits your specific interests and long-term objectives.

• Forensic accountants – the role involves identification, evaluation, and investigation of financial crimes. You need to have knowledge of both accounting and business law.
• Loan officers – this path entails reviewing loan applications. You can work at a mortgage company, credit union, or bank.
• Financial analyst – experienced accountants can transition to analyst roles, which involves evaluating financial data, preparing reports, and analyzing business trends.
• Investment accounting – provide expert advice on finance-related matters.
• Auditing – perform on-going analytical work on financial documents to ensure compliance or detect irregularities. You can work independently or for a company.

Education and Training for Accountants

The majority of entry-level accounting positions require a bachelor's degree. The qualification comes with a variety of specialization options. The coursework covers topics, such as principles of accounting, business organizational management, macroeconomics, auditing, and much more. These training programs, like any bachelor's degree, require a considerable of amount work.

The bachelor's degree prepares you for further study to a master's in accounting. On the other hand, to legally file reports with the Securities and Exchange Commission (SEC), you are required to become a Certified Public Accountant (CPA).

ECPI University offers a Bachelor of Science in Business Administration with a concentration in Accounting both on campus and online. If you think you’re interested in a degree in accounting and want to start learning right away, contact ECPI University today to talk to an admissions advisor about your options.

It could be the Best Decision You Ever Make!

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