Why You Should Tell Your Kids to Study Accounting
Aug 12, 2024As a CPA and business owner, I've seen firsthand the incredible value that an accounting degree can provide in the professional world. In a recent episode of my podcast, "Keep What You Earn," I shared my thoughts on why I believe accounting is one of the best fields of study for students who want to maximize their career opportunities and earning potential.
The key point I emphasized is that when choosing a major, it's crucial to select a field that will offer the most choices and flexibility later in life. Passions and interests can change over time, and the job market is constantly evolving due to technological advancements. By studying accounting, students gain a versatile skill set that can be applied to a wide range of industries and positions.
Accounting is often misunderstood as being solely about math or science, but in reality, it's more akin to learning a new language. Just as one learns the rules and structure of a language like Spanish, accounting students learn the rules and principles that govern how businesses operate. This knowledge is invaluable, regardless of the career path one ultimately chooses.
With an accounting degree, graduates can pursue a variety of roles, such as becoming a consultant, fraud examiner, tax preparer, financial advisor, or even starting their own business. The comprehensive understanding of business fundamentals that an accounting education provides is a solid foundation for success in any field.
In contrast, studying a more general business curriculum may leave students with a broad but shallow understanding of various topics. When it comes to standing out in a competitive job market, specialization is key. An accounting degree demonstrates a unique and valuable skill set that can set job candidates apart from their peers.
It's also important to note that pursuing a career in something you love doesn't always lead to the best outcomes. When a passion becomes a means to pay the bills, it can put immense pressure on the individual and potentially sap the joy from the activity. By studying accounting, students can secure a stable and lucrative career that allows them to explore their passions without relying on them for financial stability.
As a member of the Board of Advisors for the accounting department at Elon University, I've seen the growing concern over the lack of interest in accounting among students. This is largely due to misconceptions about what the field entails and the opportunities it provides. It's crucial that we work to dispel these myths and encourage more students to consider accounting as a valuable field of study.
In my own experience, studying accounting has opened countless doors and allowed me to build a successful business while living in Costa Rica. The flexibility and financial security that my accounting degree has provided are invaluable, and I want to ensure that future generations of students have access to the same opportunities.
If you're a student considering your college major, or if you know someone who is, I urge you to give serious thought to the benefits of studying accounting. The skills and knowledge you gain will serve you well throughout your career, regardless of the path you ultimately choose. By investing in an accounting education, you're investing in your future success and giving yourself the best possible foundation for a rewarding and fulfilling professional life.
What you'll hear in this episode:
03:32 Explore diverse interests to secure comfortable future.
08:56 Learn business rules, graduate, versatile career options.
10:49 Choosing the right path can be impactful.
If you like this episode, check out:
4 Brutally Honest Facts About Why Your Business Is Losing Money
Should You Try to Scale Everything?
Want to learn more so you can earn more?
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
