As one of the most popular solutions for business majors, an accounting degree is continuously proving to be worth the investment. Constant changes in the laws, standards, and practices facilitate an exciting career characterized by innovation. Moreover, the job security offered by the field of accounting takes a back seat to absolutely no profession. In fact, the hiring rates for accounting majors are at an all-time high in most universities that offer recruiting events. So, is there a way that one could make a claim that the cumulative number of jobs in accounting is slowly decreasing?
See our ranking of the Top 15 Online Masters in Taxation.
Taxes Are Always Due
When the economy goes into a downturn, a lot of businesses receive stimulation-based incentives. These may include things like debt relief or loan elimination services so that the company would not go bankrupt. Well, there is one specific liability that the government will never allow anyone to overlook – taxes. And who happens to handle tax returns? Certified Public Accountants (CPAs) that hold an accounting degree. Thus, no matter how bad the economy may be at any given moment, accountants will permanently have a job as their role in the world of tax is not impacted by a reduction in revenues.
Very Difficult to Outsource
Besides the economy, modernization is one of the most dangerous competitors to almost all industries. Although it is great for automizing low-level tasks, relying on computers to handle repetitive functions is slowly eliminating countless jobs. Just think about the industrial sector where assembly line employees are rapidly losing the battle to robotics. In accounting, however, such a shift in power is practically impossible. Contrary to the popular belief, accounting jobs do not revolve around crunching numbers and entering data into spreadsheets. Instead, these professionals handle a plethora of functions that robots could not do. Some of those include the following:
- Face-to-face interactions with clients;
- Quantifying objectives based on clients’ expectations;
- Knowing how to interpret data to the client and perpetuate profitable decisions;
- Understanding how the law may bend in certain cases.
All of the aforementioned depict a narrative in which it is impossible to imagine a robot. Nevertheless, if automation somehow reaches this field, it will certainly be in the distant future.
Ultimately, there is hardly a better testament to how the accounting jobs are not declining than fact-based research. Well, according to the Bureau of Labor Statistics, this field is currently experiencing a 10-percent job outlook for the years from 2016 to 2026. This translates to a 10-percent growth in job opportunities in accounting from year to year over the course of the next decade. To better understand why such data is relevant, consider the fact that the average outlook for all other industries is barely seven percent. So, accounting is clearly surpassing the expectations which, in turn, contradicts the statement that the jobs are declining.
Although there will be no shortage of positions any time soon, accountants may face other types of adversity. The latest change in the tax law, which is the largest one in the past three decades, attests to how rapidly evolving this industry is. That is also why obtaining an accounting degree is a great way to jump-start a lucrative and stimulating career.