Accountants may be a part of the lucrative group of professionals, but their job is one of those that encounter several pitfalls too, and they are in for a risky ride. Accountants need to be accurate in processing and documenting financial details of a company, whether it’s big or small. With the numbers that they’re dealing with every day, they can commit errors, especially if they’ve been working for long hours. When sleep deprivation and stress sets in, even their physical and mental health is affected as well.
So, to the professional accountants and looking-to-become the best accountants in the future, here are some tips to help you reduce the risks that you encounter throughout your accounting career.
Grad school is more than undergrad life on steroids; it requires developing the ability to think, write, work, and research increasingly independently. It can be a heady time for many people and a real downer for others. If you are not self-motivated and a self-starter, you might want to think twice. — Dana S Dunn Ph.D.
For one to be a licensed accountant, he needs to earn a bachelor’s degree. It may be possible for him to get a job without it if he, say, has some experience and some college years. However, there will be missed opportunities for promotion and advancement. Even having a bachelor’s degree might not get you one, seeing as to how many accountant graduates there are yearly. Other employers prefer a master’s degree, so if you have the time and resources, it would be wise to study for another few more years. It’ll all be worth it.
A lot of accountants are categorized as exempt employees, meaning that they don’t aren’t qualified to ask for overtime pay per the Fair Labor Standards Act. This also means that they won’t be given extra pay for work outside office hours, particularly for tax season or book closing during the end of the month and fiscal year-end. All these can become stressors, along with other issues. Staff cuts and economic recessions can also lead to overwork and more stress.
Defined as the beliefs regarding one’s capabilities for a particular task or endeavor, self-efficacy has been shown to have multi-faceted benefits, from experiencing a greater interest in life activities and greater commitment in chosen goals to quicker recovery from setbacks. — Utpal Dholakia Ph.D.
In 2011, the yearly salary for accountants was a little more than $70,000, as stated in a report from the Bureau of Labor Statistics. However, 10% of these accountants were only earning close to $40,000, which proves that being an accountant is not always a profitable career. Also, from 2011 until today, the job growth was noted to be 16% (more or less). Ultimately, this goes to show that accountants who are paid higher are those that have acquired advanced degrees.
Physical And Mental Health
Accounting does not require much movement; thus, it’s not a ‘physical’ profession. An accountant’s task involves reading and writing on books, which mostly is done sitting at the front of a desk – not very healthy at all. Researchers in several universities have found that sitting for hours or not doing any active activity in a day increases one’s risk of developing heart disease, diabetes, and other debilitating conditions. Accountants and other employees who do desk jobs are advised to do at least 30 minutes of exercise to keep themselves physically and mentally healthy.
Older adults face unique life conditions that can contribute to stress, including declining health and loneliness. Conversely, stressful conditions can cause people to become physically and psychologically ill. — John Smith Ph.D.
Accountants are privileged to work in any field that they might find attractive or stimulating. They can apply for the government, as many departments in the government entail financial transactions. Private companies hire a lot of accountants as well. In fact, they are one of the most important and sought-after professionals in big and small-scale businesses all over the world. But as mentioned above, chances are higher if you get into continuing education courses.
Indeed, accountants are among the world’s most vital workers, but the risk of being one is also equally crucial. An accountant must, therefore, learn to balance working to be successful and living a life that is healthy and stress-free.