If you are thinking about pursuing an accounting degree, it is time to start doing your homework on the discipline and demand in the profession. With so many students pursuing degrees in the field, you might assume that this is a stable area of studies where you are guaranteed to find a job following graduation. Assuming that a field will grow is one of the biggest mistakes that you can make, no matter what field or industry that you plan on working in.
Whether you want to be a CPA or an accountant, learning about growth and employment projections can help you choose the right major and steer clear from areas where supply of students will outweigh the demand. If you are trying to decide if a BS/ACC degree will earn you a return on your investment, read on and learn about demand and career projections.
How Does the Bureau of Labor Statistics Project Growth?
One of the most reliable sources that will project demand in all employment areas is the Bureau of Labor Statistics. They will gather data, look at the trends, review the number of impending graduates, and then project how many more positions will be created in the coming years. According to the BLS, the accounting field is experiencing a high rate of growth at a steady rate. Because there is such great projections and employment is projected to grow by 13 percent by 2022, the title of accountant has become a popular career choice and the number of students in programs that prepare finance professionals and accountants is up.
As the Economy Rebounds the Field Will Continue to Grow
Finance and financial records are directly related to the economy. While there is always a need for professionals in this field, the demand for accountants and finance professionals is directly proportionate to how the economy is growing. In an economy that is stagnant, the need for accountants remains pretty level. When there is a surge, there becomes a surge in the need for professionals who can prepare, review, and analyze tax filings and other financial records.
Where is Growth Projected to Be the Highest?
Several different subsets exist in this the field where professionals with degrees or other relevant credentials play different roles. One of the quickest growing subsets is where forensic accountants are employed. Forensic specialists are responsible for detecting fraudulent financial activity, catching embezzlers, and coming up with resolutions where there are complex monetary disputes. To enter this area of the profession, you must study to become a CPA and then take a certification program where you will need 1000 hours or field experience. With the supply of forensic accountants being so low in the US, employment in this area is projected to grow by 20 percent.
There are many different areas in the field that you might find interesting, but no matter which area you like, the demand is growing. To work in this profession, you will need to start by earning a degree. With your BS-ACC or a related degree, you can land an entry-level accountant role and climb up the ladder. The opportunity for growth will be there and promotions will be possible as the economy and accounting professional shows continued growth and promise.