Accounting Vs Teaching, Which Career Is Better?

Accounting Vs Teaching, Which Career Is Better?

Thinking about studying Accounting or Teaching?

Teaching and Accountanting are two totally different career paths.

When deciding on a professional path, take into account the demand for positions, your skills, salaries, and, most significantly, your interests.

In this article, we’ll help explain their differences and career path options.

So Accounting vs Teaching, Which One Should I Study?

Accounting and Teaching are both secure professions since there will always be a need for these jobs. Accountancy is for people who want to keep track of financial data and report on it. Teaching is for individuals who want to help others grow. Accountants earn more money than Teachers.

If you enjoy dealing with children and are enthusiastic about mentoring, educating, and developing them through education, you should consider being a teacher.

Teachers provide students with the knowledge and skills they need to succeed both inside and beyond the classroom.

A Teaching qualification you can typically look forward to careers paths kindergarten, elementary, high school and college

Kindergarten and elementary school teachers usually must have at least a bachelor’s degree. In addition, public school teachers must have a state-issued certification or license.

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Accounting Bubble Gum

For postsecondary teachers, academic requirements differ depending on the subject and the type of educational institution. A PhD is usually required of postsecondary teachers.

A master’s degree may be sufficient for certain community college postsecondary teachers, while others may require employment experience in their field of specialisation.

A bachelor’s degree is usually required of high school teachers. Furthermore, public school teachers must hold a state-issued certification or licence, which may need a background in the subject(s) they will be certified to teach.

So let’s discuss Accounting

Students looking to study accounting should be interested in numbers, the communication of financial information, corporate finance, software programs and data analytics.

Through an Accounting Major, you can look forward to career paths in Taxation, Corporate Accounting, Auditing, Bookkeeping, Cost Accounting, Accounts management.

A bachelor’s degree in accounting or a related field is typically required to become an accountant or auditor. Completing certification in a specific field of accounting, such as becoming a licensed Certified Public Accountant (CPA), may improve job prospects.

So now we have answered the main question let’s further explore Accounting and Teaching.

Accountants, what do they do at work?

Accountants and auditors prepare and examine financial records, identify potential areas of opportunity and risk, and provide solutions for businesses and individuals.

They ensure that financial records are accurate, that financial and data risks are evaluated, and that taxes are paid properly.

They also assess financial operations and work to help ensure that organizations run efficiently.

Accountants and auditors typically do the following:

  • Examine financial statements to ensure that they are accurate and comply with laws and regulations
  • Compute taxes owed, prepare tax returns, and ensure that taxes are paid properly and on time
  • Inspect account books and accounting systems for efficiency and use of accepted accounting procedures and identify potential risks for fraud
  • Organize, analyze, and maintain financial records
  • Assess financial operations, identify risks and challenges, and make best-practices recommendations to management
  • Suggest ways to reduce costs, enhance revenues, and improve profits

Accountants and auditors may use technology, such as artificial intelligence (AI) and robotics process automation, to increase their productivity.

Automating some routine tasks makes these workers more efficient by allowing them to focus on analysis and other high-level responsibilities.

In addition to examining and preparing financial documents, accountants and auditors must explain their findings.

This includes preparing written reports and meeting face-to-face with organization managers and individual clients.

Many accountants and auditors specialize, depending on their employer.

Some work for organizations that specialize in assurance services (improving the quality or context of information for decisionmakers) or risk management (determining the probability of a misstatement on financial documents).

Other organizations specialize in specific industries, such as finance, insurance, or healthcare.

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Teachers, what do they do at work?

The workday for many teachers begins early and finishes late. Job responsibilities differ depending on the subject and grade level, among other considerations. However, teaching often entails class preparation, instructional time, and after-school responsibilities.

Teaching roles typically comprise of the following

Kindergarten and elementary school teachers prepare young children for middle school by teaching them fundamental topics such as arithmetic and reading.

Kindergarten and elementary school teachers work in public and private schools. They generally work during school hours when students are present and use nights and weekends to prepare lessons and grade papers. Most kindergarten and elementary school teachers do not work during the summer.

High school teachers assist pupils in preparing for life following graduation. They provide academic teachings as well as numerous skills that pupils will need to attend college or enter the workforce.

High school teachers work in schools. They work during school hours but may also work evenings and weekends to prepare lessons and grade papers. Most do not teach during the summer.

Postsecondary teachers teach a wide range of academic courses to students who have completed high school. They may also do research and write scholarly articles and books.

Most postsecondary teachers work in public and private colleges and universities, professional schools, and junior or community colleges. Most work full time, although part-time work is common.

Typical teacher duties typically include the following:

  • Plan lessons and instruct their students in the subject they teach
  • Assess students’ abilities, strengths, and weaknesses
  • Adapt lessons to changes in class size
  • Grade students’ assignments and exams
  • Communicate with parents about students’ progress
  • Work with individual students to challenge them and to improve their abilities
  • Prepare students for standardized tests required by the state
  • Develop and enforce classroom rules and administrative policies
  • Supervise students outside of the classroom—for example, during lunchtime or detention

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Accounting or Teaching, who earns more?

Accountants make more than teachers, with an Accounting median income of roughly $78,600 vs a Teachers wage ranging from $28,570 to $56,130 each year.

If you are ambitious and willing to work hard and climb the ladder, Chief Financial Officer (CFO) earn a median wage of $185,460 per annum.

Accountants can also join the big Accounting firms that pay high wages for senior roles.

Accountants if motivated enough can also start up their own practice, and if successful take in higher wages.

The wages discussed are median wages and should be taken as a rough guide.

The reason I say this is that wages vary depending on whether you work for a private or public organisation, your geographic region, the size of your business, and your industry (some pay more than others).

According to the Labor Bureau of statistics In May 2020, the median annual wages for accountants and auditors in the top industries in which they worked were as follows:

Finance and insurance $78,600
Management of companies and enterprises $76,230
Accounting, tax preparation, bookkeeping, and payroll services $73,180
Government $72,260

Source https://www.bls.gov/ooh/business-and-financial/mobile/accountants-and-auditors.

 

Occupation Employment, 2014 Employment growth, projected 2014–24 (per cent) Job openings, projected 2014–24 Median annual wage, May 2015
Elementary school teachers 1,358,000 6% 378,700 $54,890
Secondary school teachers 961,600 6% 284,000 $57,200
Middle school teachers 627,500 6% 175,500 $55,860
Preschool teachers $441,000 7% 158,700 $28,570
Kindergarten teachers 159,400 6% 56,100 $51,640
Career/technical education teachers, secondary school 79,600 0% 19,200 $56,130
Career/technical education teachers, middle school 13,700 6% 3,900 $55,190
Note: Job openings are from growth and the need to replace workers who leave the occupation.
Source: U.S. Bureau of Labor Statistics, Employment Projections program and Occupational Employment Statistics survey (wages).

Accountants and auditors are expected to grow at the same pace as teachers, at a rate of 7% between 2020 and 2030, which is roughly the same as the average for all occupations. Hence, finding a job should not be an issue. 

Final Thoughts

Accountancy is better for those who want to keep track of financial data and report on it. Teaching better is for individuals who want to help others grow.

Accounting and teaching are both safe careers to pursue because there is always a need for these positions. Accountancy is for those who wish to keep track of and report on financial data. Individuals that desire to help others grow can consider teaching. Accountants earn higher wages than teachers.

Deciding on what to study is an important one.

Speak with trusted friends and family, even consult with a career consultant for advice.

Consider your strengths and weakness, likes and dislikes before deciding on the career path to study.

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References

  • Teaching for a living: Career Outlook: U.S. Bureau of Labor Statistics (bls.gov)
  • Accountants and Auditors: Occupational Outlook Handbook:: U.S. Bureau of Labor Statistics (bls.gov)