Recently, a LinkedIn connection wrote the following:
“I have always been afraid to start the CA program. People at uni would tell me how hard it is and how much of your social life you would give up. Throughout each module, I've always questioned myself whether the accounting profession and hours and hours of studying is really what I wanted. Fast forward to 2.5 years later, I am officially a member and can definitely say that the CA was one of the toughest challenges I've ever had. However, it is ever so rewarding and I am so glad I persisted with this!”
Here is why you should commit to becoming a qualified accountant:
1. Irrespective of what you do - you'll benefit by being qualified.
Whether it’s asking a bank for money, trying to impress your partner’s parents, setting up your own business, making any commercial decisions or just creating more credibility - being qualified shows that you are pretty smart, can follow a tough process, can apply yourself and are committed and can work towards a goal. These are all critical skills for success.
2. You'll meet some great people.
Yes, the qualification process is long and arduous (it’s meant to be hard!) - but you’ll meet some cool people on the way. This makes the process a lot more fun and you’ll create a great business network which will assist you in the future irrespective of what you end up doing.
3. It gives you something to always fall back on.
I was never quite sure if accounting was what I wanted to do for the rest of my life. But being a Chartered Accountant allowed me to be that little braver to start Consult because I knew I would always have a job if the business didn’t work out. (Luckily for me, the Consult thing worked!).
4. You’ll earn more cash.
Our survey results on What’s My Worth consistently tell us that qualified accountants earn more than their non-qualified but similarly experienced counterparts. In fact, the average salary for an accountant with no qualification is $65,542, while partially qualified accounts earn $67,248. Now here’s the golden ticket - on average, fully qualified accountants earn $117,447. So if you’re part-qualified, or thinking about a formal qualification, do it!
5. You’ll have more career opportunities.
When we are retained to search for a qualified accountant - we have to change a client’s mind for them consider a non-qualified option. For the candidate, it’s an extra hurdle and to make up for not being qualified, the candidate will need to be more exceptional in a number of areas. In senior finance roles, qualification is mandatory by many organisations as part of their risk and compliance requirements. If your goal is to be a Finance Manager or Financial Controller or a CFO - you’ll have a lot more choice in roles if you are qualified.
6. It gives you some excellent business skills.
Running your own business is a lot easier if you have a good accounting grounding. Part of the qualification process is commercial application - learning about how other organisations have responded to issues are key learnings for you to avoid. Going through the qualification process really accelerates your knowledge and assists you with real-life business answers.
7. You’ll gain some awesome new skills.
Chartered Accountants Australia and New Zealand and CPA Austraila’s CA and CPA courses are both brilliant. They’ve evolved over the past 10 years and are very future focused and relevant to today’s business needs. You’ll not only emerge with some great accounting skills but you’ll also gain other great skills like public speaking, influencing skills and teamwork.
Yes - becoming a qualified accountant is a commitment. But it is one that will pay off for all the years to come. I’d call that a great investment.
If you are a cool accountant - wondering what the future could look like for you - then get in touch with us! We can assist you with options and connect you with some great people. For more information, contact anyone on the team at Consult.