Accounting has often been thought of as an elite profession, pursued by those who already have a large amount of wealth. However, in more recent times, accounting has become more accessible for lots of different people with many firms providing funding for qualifications such as AAT, ACA and ACCA.
This blog will explore some of the myths around the accountancy profession including the prerequisites for working in the industry. It will also focus on what the benefits are of pursuing a career in this industry.
Myths surrounding accountancy
Accountancy is a popular career choice for many people with the Chartered Professional Accountants of Canada. It is estimated that there are over 210,000 chartered professional accounts in Canada and around the world. However, people often believe that they need to be from a certain background to pursue a career in this industry. Below are some myths about the profession:
All accountants come from Ivy League colleges
Whilst studying at prestigious universities such as Harvard and Oxford can help you on your path to success, this is not a prerequisite for a career in accounting. Many individuals who have not come from these colleges or who have not previously studied the subject at university go on to pursue an accountancy qualification. Accountancy, therefore, attracts individuals from many different backgrounds.
You need the right contacts to be an accountant
To be a successful accountant, it isn’t necessary for you to have an elite group of contacts. Having contacts in the right place is not a necessary requirement for stability. In fact, all you need is strong credentials and excellent technical skills which is enough to give you the right leverage to gain a job. Many financial managers and tax advisers have climbed the ladder to success with hard work alone.
You need coaching to be an accountant
While many in this profession hold a polished image, you don’t need to pay for extra training or coaching to make it happen. Throughout your studies, you will not only develop technical skills but business acumen to help you handle clients and bring in work.
Accountancy is a dull career
It is a misconception that accountancy is a boring career involving nothing but number crunching. With an accountancy qualification, you can access a large number of job opportunities in tax, financial services as well as trust and wealth services. If you do choose to become an accountant, your role will be incredibly varied along with interesting challenges.
Wealth of opportunities
Accountancy is not just a career for elites, it is also an exciting option for anyone who wants to be successful. Whether you’re considering taking on an internship or applying for a job at one of the major firms, there are lots of benefits to be gained from the profession.
Excellent pay and chances of bonuses
Accountancy is a lucrative career that with hard work, will enable you to earn a good salary. Partnerships and accountancy firms are also noted for giving bonuses around Christmas and at the end of the new tax year.
Accountants are responsible for many different aspects of a company’s finances. As you progress and develop in your career, you will have opportunities to take on more complex tasks and work with a variety of clients.
The busiest time of year for accountants is the start of the year. 31 January marks the deadline for the filing of tax returns and 6 April is the start of the new financial year.However, the rest of the year should be quieter meaning you will be able to enjoy some downtime. In addition, many accountants find they can work from home which is excellent if you have a family or other responsibilities.
If you’re thinking about taking on a career in the accounting sector, you could consider studying one of Toronto School of Management’s ACCA Part Time Courses. These programmes will enable you to build up your knowledge of the sector and develop technical skills.