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Are too many or too few people entering this profession

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Maria’s Answer

Hi Anaya! The actual numbers of people majoring in Accounting can differ from year to year but I can certainly say Accounting is a popular field for all the right reasons! First, Accountants are not necessarily limited to working only in accounting fields - with an accounting degree, you can do basically anything within business! The number of opportunities continues to grow, especially since a lot of traditional, repetitive tasks are becoming automated and an accountant's expertise and reasoning is essential to add value to a business. It is no longer an accountant's job to simply enter transactions and make sure a company's financials are accurately represented. It is now expected that accountants add more value to the company by not only ensuring the company is compliant with business and governance regulations, but also they are expected to add value by seeking out ways in which the company can continue to grow, improve, remain profitable, realize a return on investments, and even expand into new markets. With an accountant's help, the business can make business decisions that make financial sense and mitigate risk. Thus, it is pretty evident that regardless of how many people decide to pursue a career in accounting, there will always be room for more as long as you are willing to think out of the box!
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Gang’s Answer

I think that it all depends on your own interest for what you would like to do. It really doesn't matter for how many or how few there are already people in the profession. As long as you are working on something you really enjoy working on, you will be passionate and successful in this area.
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Megan’s Answer

Hi Anaya,

Just adding to Rachel's answer, there is a huge variety of industries and different areas of focus for an accountant - anything from a solo CPA who does tax returns, to accounting firms that do accounting, tax and consulting work for clients, to in-house accountants at all sizes and kinds of companies. The supply and demand for different types of accountants varies depending on which segment of the profession you're interested in.

In general, however, there are not too many people entering the profession. The job market for accountants is really good and there are lots of spaces for qualified new joiners. The accounting profession is also going through a monumental change, where the use of big data and technology (bots, data visualization, etc.), and regulatory change are revolutionizing how many of us do our work. It's a great time to become an accountant.

Megan recommends the following next steps:

Check out this article on Forbes describing some of the technology changes in the industry: https://www.forbes.com/sites/pwc/2019/09/30/the-race-to-automation--how-data-is-transforming-reporting-and-compliance/5d6127d35ce3
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stephanie’s Answer

Hi Anaya! In a way this depends on where you live and what you want to do. I moved from a city where the most interesting (at least according to my interests) accounting fields where very competitive because there were too many skilled accountants for those jobs and not enough companies/firms, to a city that has many more opportunities because of its growth. I still plan on going back to my home city, but I will be going back with the kind of experience that will make me more competitive there.

Accounting in general is not something where you will need to worry about employability very much, but if there is a certain career path you really want and you find yourself somewhere it's not happening for you, spending a few years somewhere else can still get you there. I think you will always find something you can do with an accounting degree, especially if you've passed CPA exams, so if you are OK with starting anywhere and seeing where things go rather than pursuing something specific in accounting, you will not need to be concerned about whether there are too few or too many people in the profession anywhere you live.
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Christina’s Answer

Hi Anaya- The great thing about pursuing an accounting degree is that there are many different careers that can come out of it! Some individuals might lean toward a career in public accounting, while others might steer toward a career in corporate finance. My accounting professor in college always stressed that "Accounting is the language of business." That being said, there is plenty to come from an accounting degree. Don't worry too much about the number of people going into the field. As businesses grow, there is always a need for more accountants. One suggestion is to think about how you are going to differentiate yourself from the other accountants. If you are interested in business, you might want to look into areas such as technology, analytics, etc. This will help you become a more attractive candidate, while opening the door for all different types of opportunities. Best of luck!
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Vincent’s Answer

Hi Anaya!

I feel that there is always a demand for an experienced CPA. Public Accounting is a very rewarding and will give you many exit opportunities. Historically job security is solid even during economic downturns. As others mentioned, there has been a big push for technology which has helped us provide a better product to our clients. Good luck on your journey!
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Christine’s Answer

Hi! Don't worry about the number of people entering the profession. If you are interested and excited in performing this kind of work then you should pursue it. That said, combining an accounting degree with technology (automation, robots, data wrangling) will make sure you have an advantage over the competition. If you love what you do, you won't work a day in your life!
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Rachael’s Answer

Hi Anaya,

Accounting is a profession that has a demand in a wide variety of industries. As an accountant, you have a skill set that enables you to be valuable. You also have an opportunity to become and expert in a field of accounting (i.e. tax, forensic). I would not be concerned with whether the profession is over- or under-populated as it will depend on the industry you are looking at.

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