Accounting: Job Satisfaction, Pros, Cons & Opportunities

If you've always had an aptitude for numbers and feel most comfortable working in a spreadsheet, then an accounting major is a perfect fit for you and your skillset.

To work in accounting, you'll need a bachelor's degree. And with tuition rates rising every year — along with student loan debt — you'll want to choose your major carefully. You are a numbers person, after all.

We've compiled the data you need to decide if an accounting career path is right for you. Read on to find out more about:

• Why accounting might be right for you
• Drawbacks associated with an accounting degree
• Accounting jobs you might love
• Specialized work environments for accounting
• Typical career paths

A passion for numbers is a given for accounting majors, and that love might be enough to propel you into this major with no outside encouragement. But there are a few other perks of an accounting job that make it ideal for almost anyone.

• Are accountants happy? Among accountants responding to a survey from the Journal of Accountancy, two-thirds were happy with their current salary, and most cited flexibility, work-life balance, and a good working environment as part of their job satisfaction.

• Is this career fulfilling? Accountants get paid to help people navigate their finances and ultimately save them money, so if you like working with numbers and helping others, this type of role would most likely be fulfilling for you.

• High stress or low stress? During tax season, from January to April, most accountants work in a high-stress environment. For the remainder of the year, these roles are usually low-stress while offering more flexibility and the opportunity to pursue certain forms of training, ultimately resulting in career growth.

• Above-average job growth. The number of jobs in this field will grow by 6% between 2021 and 2031, according to the Bureau of Labor Statistics Bureau of Labor Statistics (BLS). For reference, the job growth among all occupations is 5%.

• Wide range of opportunities. Not only are accounting roles considered recession-proof jobs, but they are also part of necessary departments in every industry. This type of career path is very secure, and you can choose to work in various fields.

• Continuing education. If you want to pursue accounting for the long haul, you'll have to take the certified public accounting (CPA) exam. This four-part exam is issued by the American Institute of Certified Public Accountants. Candidates are recommended to study for 80 to 100 hours per exam, which amounts to 300 to 400 hours of overall study time being required for the CPA exam.

• Decent starting salaries. The BLS says the median pay for all accountancy careers is $77,000. No matter if you go public or private, the median wage is very close for both government accounting jobs as well as those in the financial industry.

• High pay for more experienced accountants. Work in the industry for more than 20 years, and you might make more than $152,000, researchers say. Considering you only need a bachelor's degree and to pass an exam to get started, this looks like a solid financial choice.

While a high salary and equally high job satisfaction score appeal to almost anyone, jobs in accounting can chafe some types of people. There are also parts of the career path that could give you pause.

Working in the accounting field means dealing with:

• Uninspiring workplaces. Experts say an accountant's happiness at work is dependent on finding a mission or cause. Accountants who work for nonprofit organizations, for example, tend to be happier than those who work for banks or private corporations. If the only job you can land is in an industry you don't support, you might itch to find new work.

• Continuing education. The accountancy field is changing. New technologies can automate tasks once done by hand, and accountants must know how to wield those tools. You must also know about changing tax codes to work in some industries. That means you must always be learning about your field. You can never rest on your education or laurels.

• Repetitive work. Some accountancy careers involve intrigue and storytelling, but most involve plugging in numbers and responding accordingly. For example, some accountants prepare taxes for families all day during tax season, and many of those applications come with similar data. You'll need to stay sharp as you work to avoid making mistakes, but that may be difficult.

A degree in accounting typically means working as an accountant, but there are several different types of accounting opportunities, and they all involve a different amount of specialization.

Accounting majors can become:

Auditors are responsible for examining and verifying financial records to ensure accuracy and compliance with laws and regulations. They assess internal controls, identify risks, and provide recommendations for process improvements.

As an auditor, you can work in an array of places, from public accounting firms to government agencies — or as internal auditors within organizations. You might audit companies yearly for loan purposes, or you might audit individuals as part of a tax investigation.

According to BLS data, auditors can expect to make a salary of around $77,000.

Bookkeepers play a crucial role in recording and maintaining financial transactions for businesses. They are responsible for accurately recording income, expenses, and other financial activities on a day-to-day basis.

As a bookkeeper, you'll ensure that financial records are organized, up-to-date, and compliant with accounting standards. You'll also utilize accounting software and tools to track financial data and generate financial reports.

According to the BLS, bookkeeping jobs typically require some college classes but generally don't require a degree. As a result, you can expect a salary of around $46,000 per year, or $21.90 per hour, making it a nice job to take up before you graduate.

A Certified Public Accountant is a highly respected professional designation in the field and a great accounting career. CPAs are responsible for providing financial advice, auditing services, and tax preparation for individuals and businesses. They have a deep understanding of accounting principles, taxation laws, and auditing standards. CPAs often work in public accounting firms, but they can also be employed in corporations, government agencies, or operate their own accounting practices.

To excel as a tax accountant, individuals need a strong understanding of tax laws, regulations, and tax planning strategies. They should possess excellent analytical skills, attention to detail, and the ability to interpret and apply complex tax provisions. Many tax accountants hold certifications such as Enrolled Agent (EA), which demonstrates their expertise in taxation.

Since CPAs need to pass the CPA exam, they generally fall in the highest percentile of wages, or as high as $125,000, according to the BLS.

Controllers are financial professionals who play a pivotal role in overseeing the accounting and financial operations of an organization. They are responsible for managing the financial reporting process, ensuring compliance with accounting principles and regulations, and providing strategic financial guidance.

You'll head up an entire accounting department, and typically, you'll work for a large company. You'll set financial policies for the company, and you'll ensure that all the members of your team comply. Since this is a management position, you'll also hire and fire employees as needed. Due to their numerous responsibilities, controllers, according to the BLS, make upwards of $132,000.

Financial planners help individuals and families achieve their financial goals by providing comprehensive financial planning services. They assess clients' financial situations, develop personalized plans, and advise on investments, retirement, and estate planning.

As a financial planner, you'll work for financial advisory firms or operate your own practices. While the position only requires a bachelor's degree, a master’s and certification may improve chances for advancement.

The median annual wage for personal financial advisors is $94,000, according to the BLS.

Imagine a crime has been committed, and you can solve the problem with math. That's what forensic accountants do every day. They examine financial statements and look for inconsistencies.

Forensic accountants combine accounting, auditing, and investigative skills to detect financial fraud, embezzlement, and other financial crimes. They analyze financial records, trace funds, and present evidence in legal proceedings. Forensic accountants often work closely with law enforcement agencies, law firms, or forensic accounting consulting firms.

The BLS doesn't keep exact data for this niche specialty but proposes that they make an average of $77,000 like other accountants and auditors.

Tax accountants specialize in tax planning, preparation, and compliance. They are experts in navigating complex tax regulations and laws to ensure individuals and businesses fulfill their tax obligations while maximizing tax benefits and minimizing liabilities.

You'll work with families and businesses as they prepare their statements and payments to state and federal accounts. You'll be busiest during tax season, and you might struggle to find work at other times. You can expect to make around $56,000, according to the BLS.

Every company in the world needs an accountant, and many private citizens do too. That makes it nearly impossible to discuss all the ways you could put your accounting degree to good use, since this profession is always in demand. The possibilities are endless.

There are some specialized environments in which accountants do very different types of work. They include:

• Governments. According to the BLS, less than 1% of accountants work for local government. However, many more work for the federal government. Your work could encompass taxes, or you could be performing a detailed analysis of financial matters for budget reasons.

• Green industries. How much does carbon cost the environment, and how much should companies pay to offset it? These are the sorts of questions green accountants answer daily.

• Nonprofits. You might help donors understand how to leave their estates to support causes they care about. You might also be involved in the disbursement of funds, so donor requests are always honored. Nonprofit accountants can also pull together statistics for grant writers in the organization.

You've decided you want to work in accounting, and you know you'll enroll in a bachelor's degree program to get started, but your studies won't stop there. To do the work you love, you'll need a deeper educational background.

In most cases, you'll need to be a CPA to do your work. That means passing a CPA exam.

According to the American Institute of CPAs, the test consists of four parts, and each will take you four hours to complete:

1. Auditing and attestation
2. Business environment and concepts
3. Financial accounting and reporting
4. Regulation

You have 18 months to finish all four sections, but beware. This test is extremely difficult, and it's not uncommon for people to fail it multiple times. You'll need to study hard to pass.

You may also need to get certifications to work in some fields. They include certifications that prove you are a:

• Certified Financial Planner (CFP)
• Certified Financial Analyst (CFA)
• Certified Fund Specialist (CFS)
• Chartered Investment Counselor (CIC)

Each certification comes with coursework, and almost every test comes with a fee. It might take you months, or even years, to get all the requirements completed.

The best way to understand if a career in accounting is right for you is to read the job descriptions. We can help with that.

We've compiled job descriptions from all across the country, and we make them searchable from just about anywhere. Find spots close to home, or expand your search for a job away from home. Start investigating today!