7 Myths About Accountancy

Wondering what accountancy is really like as a career? Many people think that being an accountant is just number crunching but, there’s so much more to it! Discover what other myths are out there about the accountancy sector and what the field is actually like.

You’ll have to work in a big company

The four big accountancy firms run graduate schemes each year which are always really popular. However, this isn’t your only option when it comes to finding a role in the industry. There are many SME’s that need accountants to help them run their businesses. When starting your job search, be sure to enquire with smaller firms in your local area – you might be able to get more mentoring and learning opportunities.

Your job won’t be helping anyone

Unlike being a doctor or a nurse, you might not immediately see how your role is helping people. However, accountants can help in many different ways. You might help get a small business off the ground by providing them with accountancy services. Alternatively, you might detect illegal practices that expose fraud within a company.

The only skills you need are mathematically based

Working in accountancy will require you to have some mathematical skills but don’t worry, that isn’t all accountants do! There are different areas you can go into such as taxation which will involve a lot of reading and interpreting legislation. Additionally, you’ll need to have a range of soft skills so that you can interact with clients in a professional way.

Accountancy jobs will be automated soon

The use of AI technology is growing, however, this doesn’t mean that accountants won’t have jobs in the future. In previous years, accountants would have done calculations by hand or using a simple calculator. With more advanced technology being introduced, accountants are now able to use software to complete calculations, saving them time and increasing accuracy. In a similar way, accountants will learn to adapt their roles as more aspects of their jobs become automated.

Only men can be accountants

Although accountancy has previously been a very male dominated industry, the number of women joining firms has increased in recent years. Many of the skills required to be an accountant have been considered stereotypical male traits which has made women feel alienated from careers in accountancy. However, the Financial Reporting Council found that between 2013 and 2017 the number of female accountants had increased from 34% to 36%. Accountancy bodies are working hard to welcome more women into the accountancy profession by introducing more females in senior roles and attempting to break down the stereotypical view that accountancy is a man’s industry.

You need to have a university degree

There are a number of ways of becoming an accountant that don’t involve going to university. ACA, ACCA and AAT are just a few of the other routes you can take in order to pursue an accountancy career. At London School of Business and Finance, we offer ACCA and AAT tuition, both online and in the classroom, to help you get the best start in accountancy.

Ready to start pursuing a qualification? Check out our range of programmes and options on our website here.