How Your Average Accounting Degree Can Pay You More Than You Think

How Your Average Accounting Degree Can Pay You More Than You Think

If you have graduated with an Accounting degree or are looking to pursue one soon, this article may be of help to you in deciding how you can put it to use in your professional life.

Every business, growing or established, requires a dedicated accounts department and invests in one without hesitation.

Accountants are indispensable’; This is an understatement. Accountants have their eyes on the financial health of a company. They are the first in line of defense in getting a company back on track by identifying the key indicators to financial stability by assisting in devising corporate strategy, reducing costs, mitigating risks etc.

 

If you are not sure what actually entails obtaining a globally recognized accounting degree, you can start your research by considering the three major qualifications: ACCA, ACA and CIMA. These may typically take 3 to 5 years to complete but completing them allows you to add a highly valued academic degree to your credentials. Additionally, you will also amass some hands on experience in the accounting field as part of pursuing your degree which will, no doubt set you apart from other fresh graduates. While each qualification is held in differing levels of significance in different countries and companies, you will be able to decide best regarding which one to pursue.

 

If you already have an academic qualification in the field of accounting, we have a consolidated list of some of the avenues you might want to explore.

     1. Join a Bookkeeping firm:

Bookkeeping firms are primarily focused on handling other firms’ books. This includes recording financial transactions, generating financial reports, updating books, tracking transactions etc.

     2. Apply to Accounting jobs:

Accounting is inherently linked to both business and finance. In addition to conventional accountant and bookkeeping roles applying to the public sector is always a good option in jobs like research and policy making.

    3. Freelancing:

You can also choose to freelance. Small businesses and startups are especially on the constant lookout for competent accounting staff for basic bookkeeping and advisory services. Because of their financial constraints owing to the young stage their businesses are in, these new startups are more than happy to get services from freelancers at more economical rates than from large, more expensive accounting firms.

   4. Start your own Bookkeeping firm:

Working as a freelancer for small businesses might in turn allow you to attract a certain amount of work which could lead to you building a team and grow yourself as an accounting outsourcing company.

 

In conclusion, how you make use of your accounting degree is contingent upon the progress you have made or are willing to make in your professional career. As a fresh graduate, you may want to offer freelance services to different companies but once this model starts to generate profits, you should consider outsourcing your workload to reliable accounting firms (e.g. Madera outsourcing). Firms like these (add link) give you a competitive edge and strengthen your practice.  

 

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Madera Outsourcing is an accounting outsourcing firm providing bookkeeping and financial services to UK based accountants bookkeepers and auditors.
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