Myth 1: If you like numbers or counting, you will do extremely well in accounting.
Fact 1: Accounting is more than being ‘bean counters’ or ‘walking calculators’. They do not work out complex mathematical equations or algebraic formulae; those would be the work of mathematicians. Accounting only involves simple additions, subtractions, divisions, multiplication and a few formulas. The catch is getting the right numbers to carry out the calculation. Most accounting work encompasses report writing, analysis of figures and interpretation of the financial state of the company.
Therefore, a love for numbers do help in excellence and in maintaining passion for the line of work, but if you do not like analysing or do not possess investigative skills, you may find that accounting is not your exact cup of tea.
Myth 2: Most jobs in the accounting industry are 9-5 jobs, with a standard routine and a sedentary lifestyle.
Fact 2: Some jobs may be from 9-5 and have normal working hours, for eg clerks or executives, but some other jobs in the industry like auditors or CFOs have a more hectic lifestyle. They have long working hours of about 10 to 12 everyday. However it depends on which countries they work in and the rules and regulations of different companies. Some routine is involved, but mostly they do not sit behind desks every day. In fact, auditors move between companies in the course of their job. They do not permanently affix themselves to a certain location.
Myth 3: Accountants do not need much of presentation or soft skills, just technical skills will suffice.
Fact 3: Accountants are not silent, stereotyped individuals as perceived. Being an accountant requires a lot of people-to-people skills, as they have to communicate with staff for information. Besides, auditors need to coax out information in a professional way, and those who are in the advisory field would need to communicate with clients all the time. Board meetings also normally require the presence of the financial controller or audit committee members, and this would demand good soft skills in order to communicate well with the other corporate staff.
Myth 4: It pays well in the public accounting line.
Fact 4: Simply counting another entity’s money does not make you a millionaire, because the fact is that the money is not yours. Accountants are reasonably paid for their job, but it the current situation has changed. Of course if you are holding a high position as a financial controller you are very well remunerated. However, due to the high level of competition, firms are not paying premium salaries to recruit their staff. Although some partners are compensated in millions in the past, now competition has forced companies to reduce the fringe benefits and salary packages are lower to balance budgets.
Myth 5: Working for a public accounting firm helps me build my resume.
Fact 5: So does working for a fortune 100 company. For example, whether you are an accountant, security consultant or internal auditor, by working for a large well-known company, you get to build a great resume. The trick is to stay with a great company long enough to build a solid resume but the quality of the experience is the same whether you work for a large and well known company or a big accounting firm.
Myth 6: Accounting firms are reliable and offers job security.
Fact 6: Not all accounting firms are ‘safe’. Arthur Andersen’s collapse and the Enron scandal was an eye opener for the world, which destroyed the image of the auditing firms as being credible. Although the Sarbanes Oxley Act was created to ensure compliance to corporate governance, it would be long before accounting firms are able to regain public trust.
Considering the myths and realities of the industry would be essential for anyone who would want to enter into the industry as you will be better prepared for the path that you would walk in time to come. It would be imperative to decide wisely and evaluate all options before deciding which step to take, regardless of whether you are a fresh graduate, or a player in the industry contemplating upon your next move.
