How secure is Accouting?

College Majors Business Major
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<p>Ok well my dad (who is a doctor and is pushing me towards a medical related field) always tries to find the most pessimistic views on a career other than one that is medical related. I brought up the idea of an accountant and we had a huge argument over it. He says that accountant's jobs are one of the most insecure. In that, he means that even if you get a job at the big 4, it is not guaranteed that you will be able to keep your job until you retire. He says that a doctor is guaranteed his/her job until he retires, unlike an accountant.</p>

<p>I really still do not know what I want to do with my life, my only two options right now are either business (which my family despises) or a doctor. I really have the same amount of interest in both fields and cannot figure out which one I want to do. I try to come up with reasons why one career is better than the other. </p>

<p>So tell me CC, how safe is it to become an accountant (as in, will I lose my job before I retire)?</p>

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<p>I do believe that physicians have a more secure job. However, with that said, nothing is secure if you hate it. You won’t do well at things you don’t like. Moreover, certain medical specialties have a HUGE liability exposure that your typical accountant doesn’t have. Everything has its drawbacks.</p>

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<p>Thanks for the reply, but like I said, I have the same amount of interest in both fields =/</p>

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<p>Warpclaw, then do into Medicine. It is more secure. With accounting, if you work for a firm, the policy is generally, “up or out.” If they feel that you aren’t partnership material, they will get rid of you. I don’t think it is same problem in medicine unless you are incompetent.</p>

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<p>Business is never secure, unless maybe if you have a government job, but the government jobs generally do not pay well. So, if you have resources and time, definitely go into medicine. I would do it myself.</p>

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<p>Dear Lord… I could only imagine his reaction if you said you were gonna be a psych or english major. Unless he’s paying for your college, then your dad has no right or legitimate basis to move you into any academic direction.</p>

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<p>Remember,</p>

<p>sooner or later you gotta count the beans</p>

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<p>

That’s called employment…</p>

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<p>Accountants are seats needed as the number of employment is going up for accountant. I think it is pretty secure.</p>

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<p>Generally accounting departments are not involved in core operations, so if cuts happen, it is to these types of non-core departments/functions before cuts occur to the core operations of a company. For example, a hospital/manufacturing company will lay off more accounting/hr people before they lay off doctors/engineers.</p>

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<p>The difference in job security between accounting and say medicine is like determining whether to round 50000.5 up to 50001 or down to 50000. If you get your certification in either (CPA for accounting or MD for medicine) and have half a brain, you will do just fine in the labor market.</p>

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<p>Agree with trizz. You will rarely find a career more secure than accounting</p>

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<p>^^I disagree with that. Expecially, when your comparing accounting with medicine. </p>

<p>Accountants are often one of the first to get laid off, so if you become an accountant, chances you very well could get laid off multiple times in your career. </p>

<p>With that said, that doesn’t mean you won’t be able to get another job quickly. </p>

<p>AND in all honesty, medicine & accounting fields are so different, this really shouldn’t factor in your decision making much, if at all. </p>

<p>And i think both fields are primed to grow anyways…</p>

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<p>Business is not secure at all because of age discrimination. If you lose a job when you are 50 or 60, the chances are that you will not be hired anymore, and it doesn’t matter whether you are a CPA, CFA, or both. However, if you are a doctor or lawyer you can work until your 80s. Still, accountants can go into teaching or open up their own business, but it is pretty much it with their choices. So, for a secure employment you should definitely consider teaching, medicine, law, or government jobs.</p>

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<p>The medical sector is definitely the most booming sector in society today. But, in the grand scheme of the job market, accounting is one of the top jobs with regards to job security. Take a look at actual sources…</p>

<p><a href="http://jobs./articles/2010/11/16/top-10-most-secure-jobs-in-2011/%5B/url%5D">http://jobs./articles/2010/11/16/top-10-most-secure-jobs-in-2011/</a></p>

<p>[In</a> Pictures: Top 10 Most Secure Jobs - Accountants and Auditors - Forbes.com](<a href=“http://www.forbes.com/2009/10/21/job-security-flexibility-forbes-woman-net-worth-personal-brand_slide_2.html]In”>In Pictures: Top 10 Most Secure Jobs)</p>

<p>“Accountants are the first people to get laid off.”</p>

<p>I would like to know from what basis you make that statement. Clearly, the first people to get laid off are, depending on the industry, are laborers/servers. Then, logically the lowest level (and thus most numerous) administrative positions get laid off, whether it be staff accountants or assistant operation managers. Its more of an issue pertaining to ranking within one’s department rather than actual occupation once you start deciding who to layoff in a company’s administration. </p>

<p>Tosh, your statements have no basis. What research can you site on the topic of age discrimination? An 80+ year old practicing physician sounds like a fairly farfetched proposition. And, in this day and age of constant pushes for government austerity, I would feel highly insecure in a government job these days.</p>

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<p>The amount of fail is this thread is absolutely ridiculous. Tosh sounds like a moron.</p>

<p>Comparing MDs and CPAs is apples and oranges. </p>

<p>In general, accountants live quality middle-class lives and do not have to worry about job security. Some go on to be CFOs or Controllers and make a fantastic living for themselves.</p>

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<p>goose7856, “Tosh sounds like a moron.” </p>

<p>Excuse me? First of all, I did not start the comparison. So, I guess you are calling trizz75 a moron too. In addition, the OP asked this question because he wants to decide which field to pursue, and in order to do that, he has to understand the difference. </p>

<p>“Comparing MDs and CPAs is apples and oranges.”</p>

<p>That is what comparison stands for–to compare different things. You are not going to compare the same thing or apples because they are the same. You can compare different apples, which is like comparing different fields of business, and comparing apples and oranges, which is like comparing business and other fields. Even if you consider this saying literally, you may find out that it is a legit comparison. By comparing apples to oranges, you will be able to find out which one is better, in terms of being healthier, cheaper, and more delicious :)</p>

<p>“In general, accountants live quality middle-class lives and do not have to worry about job security.”</p>

<p>IN GENERAL, maybe, but if you look into a CPAnet and other websites you may be surprised to see how many CPAs are unemployed, underemployed, and underpaid. Nowadays, almost all accountants pursue masters and a CPA, and as the supply increases, the value of a masters and a CPA decreases. It is even accepted that masters only increases a person’s salary by a few thousands, and a CPA only by 10%. Eventually, it will be even lower. </p>

<p>In addition, as I mentioned before, there is an age discrimination. Are you aware of the forced retirement at the big4? What about cases when people lose their jobs at 50s and 60s? How secure are they, and how easy it is for them to find a new job? I bet most of them do not have enough savings for a comfortable retirement. </p>

<p>“Some go on to be CFOs or Controllers and make a fantastic living for themselves.”</p>

<p>SOME, maybe, excluding CFOs for top Fortune companies, do you think that a salary of 100k-150k can provide a “fantastic living?” As you said, “…for themselves,” maybe in some states, but what if they have a family and live in New York, after taxes? In regards to a job security, CFOs and even CEOs are not secure at all. Whether they keep their job or not depends on their performance, and some of them even serve a specific terms. Even the chairman of the FED, one of the most powerful person, serves a four year term, but can be reelected.</p>

<p>I can go on and on, but I guess you have learned your lesson :)</p>

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<p>Actually what I said was, “accountants are often one of the first to get laid off.” </p>

<p>Its widely know that if a company needs to make cuts it often looks to the support departments (accoutning, hr, admin positions) before the core departments (say for a engineering company: engineers). That way it can try to keep its quality of work high but its cost low. Its a cost saving measure that is often employed. Obv it varies. . </p>

<p>I agree, layoffs are often done to lower ranking people, but also higher ranking people get paid more. So cutting their jobs, will save the company more money and those cuts do happen.</p>

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<p>If you are worried about job security as a CPA, then becoming an MD is the only job that will satisfy you. The job security of people working in the B4 is fantastic…because they can go find new work instantly. Please do not cite CPAnet for your source – if someone is a decent accountant, then finding work is not difficult at all. Almost everyone complains about salaries because it feels like they are being underpaid. Get over it.</p>

<p>Forced retirement in the B4 is so that a new crop of partners can form and all of the slots are not taken forever. It is a pretty simple model, actually. </p>

<p>100-150k is an above average salary in the vast majority of places in the country. Using NY as your one outlier is not exactly the best way to make an argument. Even in NYC, 150k isn’t a poor person’s salary.</p>

<p>CEOs and CFOs also have golden parachutes in case they get fired…not to mention large salaries and occasional stock options. Once you have CXO on your resume, it opens doors. Even if a CXO is fired and takes a year off, it isn’t like they cannot find new work someone else.</p>

<p>Again, you sound like a moron trying to make this argument.</p>

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<p>why are so many people here worried about job security instead of asking themselves if they truly enjoy the career? don’t go into a career for the money. people who do won’t last anyway. </p>

<p>if you are in your 20’s, job security should be the last thing you want to worry about. do what you like and even if it doesn’t work out, eventually you can always come back to the previous career field. at least you won’t regret persuing something you’re passionate about.</p>