JobFox published a report in July of this year detailing their top 20 “Recession Proof Professions.” Accounting & Finance Executives and Accounting Staff were ranked 4th and 5th, respectively. Other business insiders have expressed similar concerns in other formats. These perceptions are good news for anyone studying for the CPA Exam as we enter a new recession phase.
With each passing year, laws and regulations become more stringent, and employers are actively looking for experienced accountants to manage their books. Simultaneously, CFOs are looking for ways to cut costs in the early stages of the recession. Companies, like people, respond similarly in many situations: when money is tight, we automatically ration what we have while looking for more. An skilled accountant, particularly a CPA, may help an employer achieve both of these objectives.
Within an internal audit department, an accountant can assist in identifying inefficiencies or wasteful spending, saving the organization money. A skilled tax accountant can assist a company in taking advantage of previously untapped tax advantages and navigating increasingly complex tax regulations without incurring fines or penalties. Aside from those advantages, professional accountants can help a firm or organization weather the long-term consequences of a prolonged recession by providing crucial financial planning and budgeting assistance.
While no job or vocation is guaranteed to be recession-proof, the accounting profession as a whole has a higher chance of staying stable than many other professions. Adding the CPA credential to your resume can only serve to increase your value in an already competitive sector. So stay focused on your studies! Take the CPA Exam and Pass!
What kind of occupations withstand a downturn?
8 industries with the best job security during a downturn
- Health-care services. People get sick and require medical care regardless of the state of the economy, thus the demand for health-care occupations is fairly stable, even during a downturn.
There is a clear career path
Accounting students gain practical skills such as crunching numbers and assessing expenses that businesses want. When opposed to someone who decides to study English or philosophy, where the prospective professional consequences are more difficult to define, this gives you a much defined career route.
If you decide to pursue an accounting degree, you’ll have a good sense of where you’ll end up in your career. Though there are several sorts of accountants, the responsibilities and abilities you’ll need are generally the same, so you’ll know what you’re getting into.
It’s a stable and growing job field
Accounting is not a profession that will go away in the near future. Almost every business requires an accountant or a complete accounting team, and even the average person occasionally requires the services of an accountant.
Accounting job opportunities are expected to improve in the coming years. Accountants will be needed as long as people require help with taxes and as long as businesses exist. Between 2016 and 2026, the Bureau of Labor Statistics (BLS) predicts a 10% increase in accounting jobs. This is significantly quicker than the national average for all vocations. 1
You’ll have the potential for professional growth
You may start as an entry-level associate after college, but there is a lot of room for advancement. As they start their careers, many accounting graduates will work as staff accountants, junior auditors in public accounting, or assistants in the controller’s office in private accounting.
Career advancement can be achieved by on-the-job performance and extra schooling or certifications, such as becoming a Certified Professional Accountant, after you’ve established yourself and gained experience (CPA).
Are you looking for additional information? Accounting Career Paths: The Number Cruncher’s Guide is a good place to start.
The earning potential is favorable
You, like everyone else, want a job that permits you to support yourself and your family. So, how does a career in accounting compare?
According to the Bureau of Labor Statistics, the median annual compensation for an accountant in 2017 was $69,350.
1 According to the BLS, the top ten percent of earners made more than $120,000. That’s a significant increase over the national median wage of $37,040.1
Furthermore, many full-time accountants enjoy excellent perks such as healthcare, vacation time, and retirement plans, among others. According to the Bureau of Labor Statistics, most accountants work full-time, around or over 40 hours per week.
You can work where you want to work
What city would you want to reside in? Is it better to live on the West Coast, East Coast, or someplace in the middle? Is it better to live in a big metropolis or a small town? Is it better to live in a mountain range or by the sea?
To get work in some industries, you may need to uproot your life and relocate to an industrial hub. Accounting, on the other hand, seems to be everywhere. Everyone, from farmers to government agencies to software development firms, could benefit from the services of an accountant. This provides accountants a lot of leeway when it comes to deciding where they wish to call home.
There is entrepreneurial potential
In every career, you have the option of starting your own business. Although it’s doubtful that a pilot will ever start their own airline, accountants do it on a regular basis. In the field of accounting, the desire of being your own boss is alive and strong. Starting an accounting firm could be a terrific method to boost your career if you have some entrepreneurial flair.
Starting an accounting firm, like any other business, comes with risks and isn’t for everyone, but it’s always important to have options.
Are accountants on their way out?
After the age of 22, the chances of getting a CPA decrease drastically. Many respondents stated that they have no desire to pursue a certificate. The most common words associated with the CPA credential are accounting, auditing, and tax preparation, restricting the credential’s scope and attractiveness even further.
Medical professional
Within the medical field, there are numerous vocations and specialties. This group includes Registered Nurses (RNs), pharmacists, physicians, surgeons, paramedics, dentists, dental assistants, and even veterinarians. People and animals become ill regardless of the economy, thus they will always require the assistance of trained professionals.
Specialized care, therapy, and counseling
Consider elder care, physical therapists, occupational therapy, substance-abuse counseling, chiropractic treatment, home health aides, mental health specialists, social workers, and other professionals who operate in this field. People place a high importance on their health. They will spend money on services that will help them to be productive while also being pain-free. Some of these services are covered by insurance, encouraging consumers to use them even when they are short on cash.
Law enforcement officers
The specific link between crime and economic cycles is difficult to pin down. Some crimes predict a downturn, while others coincide with it, and still others show no link at all. Communities prefer to invest in physical safety for local companies and citizens in any economic scenario, which means that police officers and the professionals who support them are in high demand even during a downturn.
Public utility services
During economic downturns, electric, water, sewage, waste, trash, and recycling services all continue to operate. Utility personnel, after all, are essential to ensuring public order and health. Surprisingly, consultants that serve those utilities appear to get the same benefit. Many cities, for example, are obligated to undertake annual audits of their trash-collection companies. Even in a down economy, consulting businesses that undertake such audits will have work to do.
Financial services
The importance of money mobility explains why financial specialists are always in demand. Accountants, auditors, actuaries, claims adjusters, tax preparers, and insurance underwriters are just a few of the employment available in the financial services industry. Many jobs necessitate professional certificates such as Enrolled Agent (EA), Certified Public Accountant (CPA), or Certified Financial Analyst (CFA) (Chartered Financial Analyst).
Education services
Economic booms come and go, but putting money for the future is always a good idea. Regardless of the economy, jobs in primary education, secondary school, higher education, special education, and adult education are in high demand. Those interested in following this path should be aware that the method education is given is changing. New types of distant and on-demand education are becoming more relevant in addition to traditional classroom educators. As a result, a teaching career might be flexible in terms of both location and delivery manner.
Looking for a job that is recession-proof? A skilled resume writer can reframe your experience in order to help you advance in your job.
Which industry is immune to the downturn?
A recession-proof business can be extremely profitable for people in both good and bad times. Whatever the state of the economy or the stock market, certain company concepts, such as those listed below, have a good possibility of succeeding despite the rest of the financial doom and gloom.
Many well-known or historically successful enterprises were founded during economic downturns. The Walt Disney Company was created in the late 1920s, at the commencement of the Great Depression, and the Hewlett and Packard electronics company was founded in the late 1930s, during the second recession.
Rising interest rates and shifting GDP pose far less of a threat to the finest recession-proof enterprises mentioned below than they do to most other businesses, with many of them having the ability to do even more business than usual.
Food and Beverage Business
Because everyone still needs food and drinks to live, the food and beverage business is one of the most recession-proof industries. Because it is not a luxury that can be put aside in difficult times, enterprises in this area can thrive even in a downturn.
What are the advantages of working as an accountant?
One of the finest ways to invest in your education is to pursue a career as an accountant. All too often, graduates have celebrated their accomplishments of earning their associates, bachelors, masters, and even doctoral degrees without knowing whether or not the degree they fought so hard for will pay off.
Accountants have a good idea of how the hard-earned funds given by American taxpayers are spent, and they know that a small percentage of it goes to the US Department of Labor’s Bureau of Labor Statistics. The Bureau of Labor Statistics (BLS) is in charge of analyzing the labor market and providing employment estimates based on econometric data; the current BLS outlook for accounting projections is as follows:
- Accountants and auditors will have a 10% growth in demand from now until 2026, which is faster than the national average for all jobs.
- By 2026, more than 1.5 million accountants are predicted to be working in the United States.
- Even during moments of recession, the American economy will continue to grow, necessitating the creation and analysis of more financial data.
- Accounting professionals will continue to be in great demand in Florida. Accounting experts should find plenty of work prospects in California, New York, Pennsylvania, and Texas.
There are numerous benefits to earning an accounting degree from FNU. Here are six examples:
Accountants Have a Better Understanding of Finances
Accountants get the type of expertise that many people are willing to pay for after years of studying the art of managing money. Beyond ledger administration and financial reporting, an accounting degree from FNU provides students with a broad range of expertise in areas such as micro and macroeconomics, business and tax legislation, corporate finance, spreadsheet analysis, banking and finance, management, and supervisory abilities. Employers would benefit immensely from job prospects who possess these skill sets because they are applicable to every work profession. Other jobs that require accounting abilities include financial planners, investment managers, banking professionals, and others.
The Growing Demand for Accountants
As previously stated, there are no guarantees that anyone will find work after earning their degree, but it is worth noting that accountants are always in high demand. Accounting can be regarded a primary driving force of our economy because it fundamentally comprises managing money. Every company need at least one accountant to manage its finances; in certain situations, huge organizations will employ accounting departments with hundreds of personnel in locations all over the world. It’s safe to predict that accountants will continue to be in high demand in the twenty-first century and beyond.
Everyone requires accounting services; demand is consistent throughout all commercial and industrial sectors, ensuring job stability and career longevity. It’s up to aspiring accountants to take the initial move and discover more about FNU’s offerings. The Bachelor of Science in Accounting degree can be completed entirely online, or you can opt for a hybrid method that mixes classroom and online learning. Evening classes are available at FNU’s Hialeah and Miami campuses, and students with full-time employment can apply for financial aid. Contact one of our academic counselors for more information about this FNU program.
Opportunities for Advancement
An entry-level accountant’s income potential can be increased in a year with the correct kind of networking relationships. Accountants can broaden their options by pursuing specialized positions such as Budget Analyst, Auditor, Controller, Tax Accountant, Payroll Clerk, Certified Public Accountant, and even Corporate Financial Officer with the right combination of college accounting skills and continuing professional education. Furthermore, combining accounting with other business talents will result in an appealing rsum that employers will notice.
Having a general understanding of accounting principles is a solid starting point for moving up the corporate ladder. It’s critical to understand how reported figures are generated in professions like Cost Accounting and Financial Planning and Analysis. Modern financial statements and reporting are more than simply PowerPoint presentations; the finance industry is being pushed to become more strategic as a result of shareholder pressure. Accounting and finance departments are expected to assess, explain, and act on behalf of their companies.
The Pay Range for Accountants is Competitive
Accountants generally start their careers at tempting income levels due to the nature of their industry. The median annual wage for accountants and auditors was $70,500 in May 2018, according to the Bureau of Labor Statistics. Half of the workers in a given occupation earned more than that amount, while the other half earned less. The bottom 10% of earners made less than $43,650, while the top 10% earned more than $122,840. These figures may differ depending on one’s geographic location, as well as whether the company is privately held, publicly traded, or government-run. Greater urban locations are likewise more likely to offer higher-paying jobs.
The Ability to Start Your Own Business
Accounting professionals frequently become entrepreneurs after years of on-the-job experience during which they have created a substantial network of commercial contacts. Accountants may feel more comfortable using the relationships they’ve made to start their own firm after years of networking. When it comes to financial issues, the alternatives are numerous, whether it’s advice or specialized in tax accounting and representation.
Accounting is frequently listed in Forbes magazine as one of the best professions for prospective college students, and this is likely due to the fact that it is the type of profession that can compete in today’s job market, and it is frequently recommended for people with disabilities due to the ease with which accommodations can be made. Because of the consistent demand for money management, even a self-employed accountant has a high chance of earning a lot of money.
Gaining a Better Understanding of Taxation and Business Law
The FNU Bachelor of Science in Accounting program includes courses in both corporate law and taxation, which is what a decent accounting degree curriculum should entail. Accountants must learn about tax laws because of the personal, legal, and business consequences of breaking or failing to follow them. Courses and programs are regularly evaluated for freshness and relevance as part of FNU’s commitment to serving the South Florida community and maintaining its degree-granting accreditation with the Southern Association of Colleges and the Florida Commission for Independent Education; in the case of accounting, making sure students learn about taxation and business law topics is critical.
Will accountants continue to be in demand?
Accounting professions’ prospects are often linked to the country’s economic health, with increased need for accountants, auditors, and other experts to handle financial records as the economy improves. In the future, globalization and tighter regulations will have an impact on the demand for accountants.
Jobs for accountants and auditors are expected to expand by 4% between 2019 and 2029, according to the US Bureau of Labor Statistics, which is on pace with the projected average for all occupations. Accountant is ranked No. 13 on U.S. News & World Report’s list of Best Business Jobs for 2021, noting a favorable compensation and solid job stability, among other factors.
Despite the fact that many accounting tasks have been automated, Accounting Today claims that accounting experts will never be replaced by technology. “Technology simply cannot and will never be able to solve on its own” the customer problems that accountants deal with, according to the industry newspaper. In reality, accountants will have greater opportunities in the future to gain advanced talents, allowing them to function as business advisers and strategic partners rather than just financial specialists.
Are teachers immune to the recession?
Teaching is a recession-proof profession that offers job security. It’s also a fantastic job opportunity for anyone who enjoys interacting with others. Yup! Teachers have not stopped working throughout the COVID-19 pandemic, despite the fact that other industries have been severely impacted.