Most people believe that accounting is a boring profession with limited lucrative career opportunities. According to them, it is all about math and numbers, which is not the case in reality. Students who seek to pursue accounting in the future must understand that neither it is a boring field nor will you become a mathematician. After all, the accounting profession is growing popular day by day, and it has valid reasons for it.
Not only is this field advancing rapidly, but people are pursuing accounting and finance more than ever. Nowadays, people have an entrepreneurial mindset. Take a social media influencer as an example who’s willing to manage their finances by themselves or a cryptocurrency investor. Both of them are interested in managing their income and want to understand the possible risks and returns. Therefore, it is fair to say that accounting is gaining more significance in today’s world.
If you also had a negative connotation attached to accounting, it is time to think ahead. Rather than stopping yourself from investing in this career, you should try to change your mindset. It is normal to have misconceptions about a certain field, but it is best to steer clear of them.
So, let us dig into five common misconceptions surrounding the accounting profession.
1.An accountant only knows how to deal with taxes
Well, thinking that an accountant only has one job to manage is wrong and unfair. People assume that accountancy only involves dealing with taxes. However, this assumption couldn’t be any farther from the reality since tax management is a subfunction of accounting. Accounting is an extensive field that comprises courses like auditing, financial and managerial accounting, financial planning, etc. It does not start and end at tax management. Today, the accounting field is brimming with advanced degree options that aren’t limited to taxation. So, if you plan on venturing into this field, it’s viable to check which domain you’d prefer to pursue as a career. For instance, accounting students often wonder which specialization will prove most lucrative and rewarding. Determining the difference between all the subfields, such as financial vs managerial accounting, is crucial.
While accountants help countless people file their taxes every year, this is only one part of their job. In addition to the annual tax filing duties, accountants also perform the following:
- Managing payroll details
- Maintaining financial statements
- Collecting and creating invoices
- Reconciliation of accounts
- Conducting a profitability analysis
- Analyzing and anticipating future expenses
- Creating financial goals and strategies for an organization
- Giving financial advice when needed
- Financial compliance with standard rules and regulations
- Supervising people on wealth management
2.Only men can succeed at accounting
Another common misconception people have is every accountant is a male. This mindset needs to change as the accounting profession favors no particular gender. As studied by Catalyst.org, more than half of the professional auditors and accountants are women. In the United States, almost 60.6% of female auditors and accountants work professionally. Therefore, assuming that all accountants are male is false.
The accounting field welcomes everyone, irrespective of their gender, sexual orientation, religion, race, age, etc. If you are well-educated and passionate about accounting, you’re eligible to score a well-paying job in it.
3.Accountancy is all about mathematics and complicated figures
There’s no particular reason why people think that accountancy is all about numbers. They believe it has only to do with mathematics, which is discouraging for most people to pursue it as a career. However, you must understand that accountancy only involves numbers and analytics, not pure mathematics. As such, you would not have to study algebra or matrices.
Moreover, accountants only have to do basic calculations to solve multiplication, addition, subtraction, and division queries. They often depend on using a simple calculator to do the math instead of digging deeper into the calculations. Or better yet, they have software and systems to tackle basic mathematics.
4.There’s nothing fun about accounting
It is probably the most common misconception people have about accounting. In their opinion, it is the most boring profession related to financial management. In reality, accounting drives students to make strategic decisions, critically evaluate market situations, and perform data analysis. Not only does it strengthen their decision-making abilities, but it encourages them to think ahead.
Thanks to modern accounting, students can now utilize the latest forms of technology to study data and find better solutions. Take artificial intelligence as an example, which plays a major role in helping accountants become the best players in this field. There is also an increase in remote accounting jobs, meaning more people can work from home. How can a sector which connects people to the modern world become boring to others? Additionally, accounting encourages people to adopt diverse professions and serve in different organizations to enhance their portfolios.
5.Opportunities in this field are super rare
Another myth revolving around accountancy is that it lacks career opportunities for individuals. While people know that the accounting profession pays well, they also think that accountants earn the same wage for years. It’s not the case in real life since accountants get numerous chances to step up in their professional careers. Not only do they receive significant job promotions, but they also have certain job perks that others hardly enjoy. For instance, accountants get to travel around the world on business meetings, provide financial consultations to renowned clients, and attend conferences. If they can secure a good deal, they can sit back and enjoy for months without having to worry about future expenses.
Moreover, accountants working for big corporations get leadership opportunities with a chance to take on diverse roles besides accounting and finance.
The Bottom Line
People often think that most accountants are introverts and do not like socializing. Similarly, they believe that technological advancements will make the accounting profession obsolete. That accounting is a mundane, monotonous job with male dominance. Contrary to such misconceptions, accounting is a game-changing and rewarding profession. Instead of getting misled by others, dig up some information about this field and prepare to get impressed. Thankfully, the misconceptions about accounting are changing as more students are willingly pursuing it as a career. Besides, the high growth prospects, lucrative opportunities, and diverse positions are making this field more popular by the day.
