Accountants endure demanding seasons, long hours, everchanging standards, and more. And some even say public accounting is a dying industry…so why do people choose to go into this industry anyway?
The truth is, public accounting is actually far from a dying industry. Many other “dying” industries are experiencing decline because we no longer need the product or service. This can happen for a variety of reasons, including if it’s been replaced, or if a new technological advancement has been developed.
This is not the case for public accounting. Accounting, in some form, has been around for thousands of years and is still a very much needed profession as well as a crucial function for the way we operate as a society. Yes, certain parts of accounting have been technologically impacted, but there will always be a need for the overall skills accountants and CPAs possess.
Demand for accountants is closely tied to the economy, so as the economy grows, as does the need for accountants.
According to the U.S Bureau of Labor Statistics, the public accounting industry is currently growing just as fast as any other industry. Employment of accountants and auditors is projected to grow 7 percent from 2020 to 2030 and about 135,000 openings for accountants and auditors are projected each year, on average, over the decade.
Aside from the overall demand, the industry has a lot to offer for those who choose to enter it.
Public accounting offers the opportunity to work with different types of clients and the chance to learn about a variety of industries. New Assistant Accountant on the Bonadio Commercial team, Matthew Brennan, started at the firm in October 2021.
“One of the biggest reasons I looked to pursue a career in public accounting was to expand my breadth of industries and companies, rather than to limit myself to the ins and outs of one company,” said Matthew.
Working in this industry also allows for the opportunity to communicate, form relationships, and interact with clients on a daily basis. Additionally, accountants are paid well! The median annual wage for accountants and auditors was $73,560 in May 2020, according to the U.S Bureau of Labor Statistics.
While public accounting may not be for everyone, many people have joined the industry and have no intentions of leaving. Like Matthew, newly promoted Bonadio Partner, Kevin Rhode, was first attracted to public accounting for the variety. Kevin joined public accounting over a decade ago and has found excitement in his career ever since.
“I knew that I’d have exposure to a variety of things on a day-to-day basis and that excited me. I like going to work every day not really knowing what I might encounter…it keeps things fresh, and it keeps you wanting to learn more and be engaged along the way,” said Kevin.
This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute, an accountant-client relationship.