Public accounting can be a great career choice for several reasons. It is not unlike several other careers for the reasons that make it great. However, public accounting has so many things wrapped into one experience.
Below are 11 reasons in descending order as to why I love public accounting and if you like these 11 facets, you might love it too:
10. Working with decision-makers
8. Writing and speaking
7. You make your future
6. Continual learning
4. Working in different places
3. Working with different people
2. Working with smart people
And after several months of describing the reasons why public accounting is such a wonderful career, the number one reason I love public accounting is:
1. Learning how businesses work
From my very first day working with a client, I started learning about how businesses work. I got to see the inner workings of every business with which I worked. Hospitals, manufacturers, banks…it didn’t matter. I got to experience a little with each one.
Early on, I knew I liked working in financial institutions. There was something about the structure of the business and the type of person working in the financial institutions that fit my personality.
I’ve worked with financial institutions exclusively for over 10 years and have been in public accounting for almost 14 years at the time this is published. Working in one industry for that long, I’ve learned a great deal.
Financial institutions make money primarily by the margin between the interest they earn on loans and investments and the interest they pay on deposits. The larger the margin between those numbers, the more money they make.
If only banking were that simple though.
There are non-interest income streams and non-interest expenses. Regulations drive costs higher every year. Local competition drives down loan rates. Technology advances make banking easier for consumers but makes certain products commodities.
There are so many things to consider when managing a financial institution. The same challenges are faced by any other industry as well.
Am I qualified to run a bank right now? Probably not. But, I would likely have a much lower learning curve than someone coming out of college or from another industry.
I’ve become a student of business. I want to know why business owners and management make the decisions they make. Why did they expand when they did or stop growth when they did. Why do they invest so heavily in marketing, technology or R&D?
Business is fascinating to someone like me. I love the mindset of an owner or CEO. I love the details behind the execution of a business plan. I love helping employees grow and understand the business.
Public accounting gave me all this great insight into how businesses work. I could have stayed in school and earned my MBA. That degree, however, would not have taught me all about business like public accounting has.
Now you can see all 11 reasons why public accounting is a great career. Do you resonate with all 11? I’ll be shocked if you do. If you do, great! If not, that’s okay too. Public accounting takes a unique personality to love it.
What reason would you make number one for the industry in which you work? Would you add another reason to the list? Please share in the comments below.