Top 3 Reasons to Become a CPA or Major in Accounting in 2022
As an actively licensed CPA and a college instructor, I am frequently asked by friends and students “Why should someone major in accounting or become a CPA?” Every CPA will have their own answer to this question, and no two answers will be exactly the same. However, most modern CPAs can agree on a few good reasons to go into accounting with the goal of eventually becoming a CPA. So today, I’m going to highlight the top 3 reasons why you should pursue a career in accounting in 2022 and beyond.
Job Security
Choosing to major in accounting has always been a great long-term decision because of the job security. Even before the effects of current and future labor shortages are considered, accountants have enjoyed long term job security for decades. But why? The answer is that every business needs accounting and finance professionals to operate. Businesses need people to handle the money, analyze business operations, and deal with taxes, which are all areas that accountants can specialize in. In recent years, I’ve seen more posts about accounting being automated and anyone who says a CPA will be replaced by AI clearly doesn’t understand what a CPA does. Although the job responsibilities may change over time with new technology, CPAs will continue to enjoy their job security for many years to come.
Career Flexibility
On top of having job security, I can't think of another field that has the level of career flexibility that accounting does. Accountants can specialize in different areas that suit their goals and lifestyles. Here are some examples:
Financial Statement Auditor
Outsourced Tax Accountant
Forensic Accountant
Internal Accounting
Technical Accounting Consultant
Business Advisory Consultant
IT Auditor
Internal Auditor
Government Accountant
CFO
On top of the many different roles available to specialize in, there is also the flexibility that comes with how accounting can be done remotely for most companies and doesn’t always need to be done during the traditional 9-5 working hours (some roles don’t even need 40 hours to be done effectively). Put all these things together and you get a career that can be molded to fit your priorities as you see fit. Want to work a lot of hours and make a lot of money? You can do that as a CPA. Want to limit your hours and work remotely? You can also do that as a CPA. No matter what path you see yourself going down, the option will be there as long as you develop your accounting skills.
Earnings Potential
Job security and career flexibility are great, but neither of them matters if you don't make enough money to support your lifestyle. Fortunately, careers in accounting offer good earnings potential with a steady progression that grows with experience. Most accounting jobs involve some level of progressive responsibility that makes the accountant more valuable and more marketable as a professional as they gain experience in their field. This means that most accountants can enjoy a steady salary progression through either internal promotion or switching jobs periodically. Are all accountants making as much as the computer scientists and engineers right out of school? Generally, no. But the progression allows accountants to catch up (and sometimes surpass) other careers in a relatively short amount of time.
If you are on the fence about committing to a career in accounting, consider these factors! Taking the extra effort to get your CPA license and gain some experience in the accounting field will pay off in a few years. While these aren’t the only benefits to choosing a career in accounting, they are certainly some of the more important ones that can help shape your final decision. If you need more guidance on careers in accounting, check out my other content!