Top 8 benefits of studying accounting
Accounting is the process of reporting, recording and summarising financial data within an organisation. The reason why accounting is important is because it ensures organisations have accurate information when it comes to regulatory compliance, decision-making and financial transparency.
8 benefits of studying accounting
1. Leadership and strategic impact
Accounting allows you to develop skills such as leadership and strategic-thinking, valuable skills when it comes to working in the world of business and finance. They allow you to guide organisations with their financial decision-making and can also influence business growth.
2. Varied responsibilities and skill development
One of the biggest benefits of studying accounting is the large variety of transferrable skills you develop and the responsibilities you have. You will gain expertise in regulatory compliance, strategic planning and financial management and analysis. These skills increase your value within your organisation and can open the door to many career opportunities.
3. Career progression and advancement
The field of accounting has many opportunities for career progression and advancement. Accounting is present in all areas of business, meaning there are always ample opportunities available, including promotions.
4. Financial management expertise
Through studying accounting, you will develop skills in financial reporting, budgeting, forecasting and internal control. These skills are essential for effective financial management and decision-making within an organisation.
5. Job stability and market demand
One of the greatest benefits of accounting is job security. Every organisation needs an accountant to ensure their business is profitable and they are complying with statutory regulations. This means that they are always career opportunities within the field of accounting and accountants can expect job security.
6. Competitive compensation
Accounting is a competitive industry that offers many high-paying roles and comprehensive benefit packages. These often reflect the value you bring to the organisation, so those who are highly skilled will receive better compensations.
7. Critical thinking and problem-solving
Studying accounting develops your critical thinking and problem-solving skills, which are vital in not only your career, but also your everyday life. They allow you to identify and solve financial issues and develop solutions to prevent them happening again in the future.
8. Global opportunities
Skills in accounting are recognised globally as highly valuable, meaning you have international career opportunities available. You can work with clients and organisations worldwide to enhance your adaptability and experience diverse cultures and business practices.
Career opportunities in accounting
Forensic accountants investigate financial discrepancies and inaccuracies, such as fraud and embezzlement. The role involves a mix of accounting, investigation, auditing and reporting.
A financial controller oversees common accounting activities within an organisation, such as reporting on how much money is coming in and out of the company. They also impact budgeting, forecasting and decision-making.
An auditor is responsible for examining financial reports and evaluating their validity. They ensure that businesses are accurately presenting their finances and complying with regulations.
Information and technology accountant
An information and technology accountant integrates software and information systems with traditional accounting principles to create a centralised location for storing an organisation's financial data. This allows accountants to analyse data and identify and fix issues easier.
Public finance accountant
Public finance accountants work for entities such as local government, the NHS and charities. Their main responsibility is to ensure that public money, such as taxes, is being spent properly.
A tax manager is responsible for ensuring companies are complying with tax regulations, tax planning, reporting on tax income and tax returns.
Chief financial officer
A top career in accounting is chief financial officer. The chief financial officer manages an organisation's financial health, oversees operations, budgeting, reporting, and strategic planning.
Study accounting at Liverpool John Moores University
Start your accounting education at Liverpool John Moores University, which is 10th in the UK for accounting (The Guardian University Guide 2024). The University has a strong focus on employability and is the 11th best university in the UK for graduate job prospects (StudentCrowd University Awards 2023).
If you require additional academic and English language support before beginning your undergraduate study, the International Foundation Year in Business, Law and Social Studies is a great choice. The completion of the programme provides you with the necessary skills required to progress to the first year of an accounting undergraduate degree at Liverpool John Moores University.
The Extended International Foundation Year in Business, Law and Social Studies offers you an extra semester of preparation to build a strong foundation in key subjects before progressing to a degree in accounting. Taught over three semesters, the completion of this programme will allow you to progress to the first year of an accounting undergraduate degree at the University.
The International Year One in Business is ideal for students who are ready to start their undergraduate studies in accounting immediately. Equivalent to the first year of your undergraduate degree, the programme prepares you with the English language and academic skills required to progress to the second year of your accounting degree at Liverpool John Moores University.
What is the scope of accounting?
The scope of accounting encompasses the systematic recording, analysis and reporting of financial transactions and information, which is crucial for decision-making and financial management within organisations.
How long does it take to study accounting?
A typical accounting degree takes three years to complete at undergraduate level. This can increase to around five years if you decide to further your study with a postgraduate degree.
Is accounting difficult?
Accounting can be a difficult subject to study as it involves the use of complex skills. If you are willing to put in time and practice, this difficulty can become a welcome challenge that you can master over time.