Over the years, the accounting profession has accumulated a number of misconceptions, and it’s important for students choosing their career path to decipher the facts from the myths. Let me help you de-myth-defy the profession to clarify the role of the accountant and help advance the profession.
1. All accountants do taxes.
This is one of most common misconceptions about accountants. Although most people attracted to accounting like the numbers aspect of it, there are so many other paths you can take with an accounting or finance degree – becoming a tax preparer is only one of them.
Because many college curricula focus on public accounting – hence the misconception – it’s sometimes difficult to decide your path while you’re still in school. Once you’re in the field, however, the hands-on experience will help you decide what specialty is right for you.
2. Accounting is a male-dominated profession.
Contrary to popular belief, the field is actually dominated by women. According to the U.S. Bureau of Labor Statistics, women accounted for 61% of accountants and auditors in 2014. And women are earning the majority of bachelor’s degrees (52%) and master’s degrees (54%) in accounting.
3. Accountants don’t make important financial decisions.
Management accountants are increasingly becoming strategic business partners for their companies. Not only can we interpret the financials of the company, but we’re also able to advise top management on opportunities to grow the company, impacting the overall direction of the company and helping to maximize profits. Our skills in performance measurement, analysis, and risk management help organizations prosper in a sustainable way. We have gone from “bean counters” to “bean growers.”
4. You can’t make good money as an accountant.
IMA’s Global Salary Survey reveals that accountants’ average annual salary is $100,000 in the U.S. (the map in the survey report (Figure 1 below) shows the average salary and compensation rates from all over the world). Top management like CFOs and controllers are some of the highest-paid employees in a company – and they are accountants!
Also, holding certifications can increase your annual salary and compensation. This year, professionals holding the CMA® (Certified Management Accountant) credential reported earning an average of 63% more in total annual compensation than their noncertified peers. Certifications help increase your salary because they demonstrate your mastery of the critical skills needed on the job today.
For the Future
Accountants are in high demand, and the benefits are considerable. When starting your career in accounting, consider the various opportunities open to you. One last myth to note about accounting is that it’s boring. It is anything but – believe or not, a career in management accounting can actually be exciting! Our work with budgets and strategy help a business drive value and make the work of nonprofit organizations possible. The accountants of tomorrow have an enormous opportunity for growth and career enrichment. How will you impact your future?
Written by Dennis Whitney, CMA, CFM, CAE
Follow me on twitter: @IMA_DWhitney
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