What are the Benefits of Studying Accounting?

Publisher Lonsdale Institute Published on April 20th, 2018
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Accounting is a great course to study for a number of reasons. Accounting provides you with skills and knowledge that can be applied to a number of industries. In fact, so long as there are businesses in the world, accountants will always be needed.

A qualification in accounting is the best way kick-start your career, however, before you decide to start studying, it’s worth noting the key benefits a career in accounting can give you.

What do accountants do?

There are many qualifications and jobs that deal with money, so how exactly does accounting differ from other types of finance-related roles? Perhaps the easiest way to describe it is that accounting involves dealing with real revenues, actual transactions and observable finance.

Accountants deal in the reality. They don’t (or shouldn’t) speculate. Accountants know the rules and follow them, and are good at keeping track of figures. They might make assessments based on information in front of them, but they deal less with the unknown than say, a finance-related position.

The primary role of accountants is to prepare and examine financial records. Accountants ensure the accuracy of a person’s or business’s financial records, and that bills and taxes are paid properly and on time. A job as an accountant may also involve the following:

  • Organise financial records
  • Review statements for accuracy
  • Make certain that records and statements comply with the law
  • Compute taxes owed, prepare tax returns, ensure prompt payment
  • Inspect account books and accounting systems to keep up to date
  • Suggest ways to reduce overheads and increase revenues and profits
  • Provide auditing services

Accountancy as a good foundation

Even if you did want to branch out into finance and economics, a background in accountancy lays the valuable groundwork for developing broader monetary theories. Accountants can hone their craft through the application of known methodologies.

An accountancy certification is always valuable. You’ll learn how to focus on money management, financial recording and reporting, and the best processes to save cash for a business or sole traders. These skills are desired in every industry. For most accountants, it’s never hard to find work.

What is studying accounting like?

The most common course to study for a career in accounting is a Diploma of Accounting.

When studying accounting you will acquire knowledge about the laws that govern business, typical business administration schemes, the ethics of accountancy, statistics, and accounting theory. You’ll be taught how to prepare the key documents that your job will involve, including business proposals, financial statements and tax returns.

You will also have subjects that overlap with other finance-based courses. You will cover areas such as quantitative analytics and mathematics – studying accounting means knowing your way around maths and inferring results from numbers.

Is accounting right for you?

While the course guide can tell you a lot about whether you should study something, it’s also important to consider your future working life and your ideal career.

Do you love routines, problem solving and concrete data? Accounting could be right up your alley. However, if you like a role that is constantly shifting and requires more speculation and risk taking, you may want to try other financial roles.

Still not sure? Don’t stress

It’s normal to not have your future career entirely figured out. There are lots of people whose job it is to help talk you through these decisions. If you can’t quite decide if a Diploma of Accounting is right for you, you can always talk to a student adviser or the head of the department at the educational institute you want to study at. That way, you can get some advice from people who have a thorough understanding of the course and industry.

You should also remember that pursuing one course is not necessarily going to cut you off in a career in the other sector, and it certainly won’t stop you from studying something else in the future if you change your mind.

You can’t really go wrong with a Diploma of Accounting. Even if you decide to switch careers later, you’ll have a great foundational understanding of how money is recorded and reported that will only help you in the long term.

At the very least, you’ll know how to manage your own finances better.

Accounting has good job prospects

If you decide to study a Diploma of Accounting, you probably won’t have to wait long to start working. Jobs in accounting are always in demand and the skills you learn through studying are transferable and can be applied to many other disciplines. If you’re thinking of studying accounting, Lonsdale Institute has a great range of certificates and diplomas to choose from, so go ahead and contact us today.

Lonsdale Institute

Lonsdale Institute has over a decade’s experience as a leading provider of education and training for both Australian and international students.