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Is Accounting a Popular Profession in Australia?

Accounting has existed since the dawn of commerce. Accounting is still one of the most promising professions today, although job competition has increased exponentially over the years and technology is changing the way we work.

“Is accounting a good career choice?” is a frequently asked question in this regard. People may have different perspectives on this, and the answer is dependent on what you want out of life, but if you are looking for a career with good job prospects, more opportunities for advancement, and sufficient potential to keep you satisfied for decades, accounting is a field to consider.

A career in accounting will allow you to put your skills to use, such as leadership, problem-solving, team-building, and communication skills. As an accountant, you have the option of working in general practice or in specialized areas such as:

➤  Auditing is the process of conducting independent examinations of a company’s financial statements.

➤  Tax – dealing with tax returns or advising businesses on tax issues

➤  Corporate finance is the practice of advising businesses on mergers and acquisitions.

➤  Recovery and insolvency – assisting businesses that are in or about to enter bankruptcy, as well as assisting them in avoiding bankruptcy.

➤  Forensic accounting is the detection and prevention of fraud, etc.

Accounting is not a profession that can easily be outsourced due to the accountant’s need for a thorough understanding of local taxes and business practices. Accounting careers place you far ahead of the rest of the world in terms of financial literacy. Transferable skills such as expense tracking and report preparation can be useful in your daily life. Accounting careers can lead to personal growth as well as professional advancement.

Accounting is a constantly evolving industry as a result of technological advancements, which has a significant impact on the type of work an accountant will do. Many administrative-accounting jobs will eventually be phased out by machines that can do this work much more efficiently. This does not imply that you should abandon your current accounting studies in favour of pursuing another degree. Machine learning will have little impact on the most sought-after accounting jobs. Accounting firms have experienced sustained growth over the last decade, with qualified accountants in high demand by major corporations.

Accounting’s Scope in Australia:

➤  Accounting professionals can easily find work in the finance industry, making this a secure and in-demand career.

➤  Australian universities and institutions place a greater emphasis on practical knowledge, making their institutions the best in the world for completing higher education.

➤  There are numerous institutions in Australia that provide fundamental training to people pursuing accounting specialization courses.

➤  According to the Australian education system, you will be eligible for scholarship programs if you are pursuing bachelor and post-graduate courses in accounting.

Our best advice to those who want to work in this industry is to always strive to learn more. One should be prepared for a constantly changing industry in which professionals who can adapt to changing circumstances will always succeed.

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