If there’s something all businesses have in common, it’s the need for good accounting. In fact, accounting is the backbone of many commercial and non-profit institutions and, therefore, tends to be one of the more stable professions. Through economic highs and lows, technological disruptions, downsizing and mergers, one thing remains constant—the need for accountants to keep track of the overall success and profitability of an enterprise.
This can be a particularly appealing prospect to students who fear investing time, money, and effort into a degree that may not deliver much of a return. Accounting majors, on the other hand, have very positive projections according to the Bureau of Labor Statistics:
- The demand for professionals with an accounting degree is expected to increase approximately 10% by the year 2026, outpacing the national average for all other occupations.
- The number of employed accountants is expected to reach 1.5 million Americans by the year 2028.
- In most cases, the US economy continues to expand even during periods of recession, which means that more and more financial records have to be created and analyzed and that accountants will remain in demand during these periods.
Opportunities for Advancement
It is not uncommon to increase your salary as an accountant within the first year on the job. You will also have many other opportunities to advance your career if you continue to develop your accounting skills and professional education. For example, the accounting career path forks into many specialized positions, including Payroll Manager, Tax Accountant, Controller, Auditor, Budget Analyst, Certified Public Accountant, and even Chief Financial Officer. Over the years, you will have the opportunity to create quite an attractive resume.
However, it does not end there. Having a foundational understanding of accounting principles allows you to develop your career in other financial fields as well. Many important positions in companies, such as Financial Planning and Analysis or Cost Accounting, require the ability to understand how the revenue and expenses within a business are generated, and an accounting degree lays the perfect groundwork for such positions.
Many accounting graduates will go on to start their own businesses and become entrepreneurs after they have gained some on-the-job experience in the field. As an accountant, you will have the opportunity to network with many business professionals, and you will gain an understanding of taxation, business law, and business operations. Accountants may also choose to start their own firms once they have established their business networks and have large enough client bases.
Competitive Compensation Packages
Due to the nature of the career and the importance of directly relevant positions, accounting graduates can expect very attractive compensation packages—even at the beginning of their careers. On average, accountants will earn around $67,000 per year in the government sector, which is about $31/hour. The salary will be influenced by your location, specialization, and industry, with the lowest average salary reaching $43,000 and the highest being around $122,220. Higher salaries are generally found in major metropolitan areas.
Contact Us for More Information about an Accounting Degree in Chicago or the Surrounding Suburbs
At Robert Morris University, we strive to be the best accounting school in the state of Illinois, which is why we offer several education programs that help you increase your skill set and marketability. From our accelerated dual degree in accounting program (which allows you to earn both your Undergraduate and Master Accounting Degrees in four and a half years rather than six or seven) to our various certification programs, our curriculum is tailored for your success. To find out more information about our accounting major, contact us today.