Exploring a switch into another industry, but will be doing finance and accounting in that industry. Will appreciate some input as I am having difficulty! Thanks! Which industries are more interesting to work in?
Hi Anon, For the benefit of the rest, let me start off by giving an overview on the Accounting and Finance (A&F) industry…
TL;DR: What you need to know about the A&F industry!
(What is A&F, Career opportunities in the A&F industry, Pros and Cons of being in the industry etc.)
What is A&F?
A&F is just Abercrombie and Fitch DUHHHHH... okay I'm just kidding
Some of you might be wondering what these industry is about. A&F companies which stands for Accounting and Finance in short, provides a range of accounting and finance related services such as auditing, bookkeeping, payroll processing, taxation, management and business consultancy and also finance services like financial planning, financial analyst, investments related careers such as investment banking. They organise and track financial information for organisations. There really is a whole myriad of careers in the A&F industry. If you want to find out more on the careers in the A&F industry, you can check it out here or here.
Some of the major companies operating in the accounting industry include PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young to name the Four big accountancy firms. There are also other players who provide businesses with a range of accounting services.
For the finance side, some companies include DBS Bank, J.P. Morgan, NTUC Income, Goldman Sachs, Monetary Authority of Singapore (MAS), BNP Paribas,Morgan Stanley, Deutsche Bank, public firm Singapore Economic Development Board (EDB).
Generally, the accounting industry has much to offer to graduates in terms of opportunities, career development and advancement. Accountancy firms provide employment and career development opportunities to accountants and auditors with wide range of qualifications. Take note that graduates who aspire to become future accountants are not limited to working only for the big four accounting firms. Regardless whether you have a bachelor or a master degree, you can work in a wide variety of jobs ranging from auditing or tax planning in public accounting firms to financial planning or even forensic advisors in small enterprises. For more information on what career options there are in the A&F industry, you can check it out here. It includes other industries as well!
If you would like to find out more about the salary for A&F industries or even other industries, I might just have one for you here! It’s as updated as it can get! Don’t forget to check it out!
Pros and cons of the A&F industry
I will now dive into the pros and cons of the A&F industry (more on the accounting industry) through exploring various factors. which may be a result of a few reasons/factors.But before I do so, let me briefly illustrate what the life on an accountant is like.
Being an accountant is no mean feat. Like most other professions and careers, a certain level of skill and knowledge is vital in order to be proficient in what you do. That means hardwork has to be put in and like anything else, experience is gained only when you put in the hours. The more you do, the better you get, the more experience you have. The workload of an accountant seems to prove this point.
How often do you hear family and friends going like
“Huh, you want to be accountant arh? Accountant very tough one leh, your first few years you work more than you sleep. Plus, it’s so boring, you sure you want to be accountant meh?”
To which I just...
As you might already know, here are some of the pros and cons of the A&F industry… This is a general guide, some of you might think otherwise! It is vital to note that this does not serve as a means to say whether the career itself is good or bad, but rather it's an avenue to find out whether it’s the right fit for certain people. Think of it like shopping for a new car—some people seek dependability and safety while others crave performance and speed. Neither option is inherently good or bad, but each vehicle is a better choice for different types of people. #wisdom ahha
The impression you have of an accounting/finance career really depends on your personality, working style and life priorities and it differs from person to person. Once you understand the possible pros and cons of an accounting career, you can make an informed decision.
So is accounting a good career for you? Take a look at these pros and cons of accounting to steer yourself in the right direction.
Clear career path (should you choose to pursue it as a career)
For those who like numbers and have strong analytical skills, you might not treat this is as a job but more of something fun (you never know man…)
Have a solid understanding of finance
Ability to start your own business
Salary for an accountant is quite top class (insert gif) of money flying)
The work can seem dull- doing the same thing with numbers over and over again
Long hours/Chance of working overtime frequently
There is a busy season
Work can be stressful especially when its peak season
Moving on to which industry is interesting, well let me define what 'interesting' is to me and see whether you can resonate. Some jobs might be interesting to one but super dull for another. What makes an industry interesting in my opinion voices down to a few things. Let me just touch on a few of them. Firstly, an industry to me is interesting if it is fun to work in. What I mean by that is that I can learn new stuff on the job, not only learn but try out new things, work on new projects frequently, new ideas so on and so forth. I don’t have to do the same mundane things over and over again. There is a variance to what I do!
Also, the people matter matter! I would enjoy my job and find it interesting especially if the people are a fun bunch. They can not only work hard but play hard too! Which reminds me of our recent trip to JB with my colleagues, really enjoy working with this group of people, they make my job interesting.
I know of others who thinks that what makes a job interesting Is the opportunity for career development, how meaningful the job is or even the future outlook of the industry as a whole. For example, the IT sector in recent years has been the up and coming sector which is also why I have many friends who are interested to pursue courses like Computer Science and Info-systems.
An industry that I think is interesting is the business industry. It is fun and things are changing everyday. As such, you will have to be adaptive and keep moving along with the times. That means I don’t really have to do the same things day in day out (YAY!)
To add on, I find working in a startup especially fascinating. Have you ever experienced the startup life? It is solid molid! You can literally try all sorts of things and even hash out whatever ideas you have, people there are well-bonded and interact well, I LOVE IT! You should definitely try working in a startup if you are open to the idea!
Another industry i find interesting to work in is the IT industry. Although it might seem dull and mundane, it gives me a sesne of accomplishment if I were to successfully code or program something. An idea could become a worldwide hit if one can code and manage the backend scene successfully. Now isn't that cool and interesting?
To end off, I think it is very important to find joy in what you do. When there is joy in what you do, it will naturally be interesting to you. You will enjoy working becoz work won't seem like work anymore. Hope this helps!