The last few years have been marked with more globalization, fast technological changes and tough economic scenarios. Based upon these predicaments, the productivity of academic careers has become a focal point.
Transition from different fields is now more common based upon the fact that individuals may find another field more career-oriented than the one they initially opted for. This has been fueled by the availability of diverse programs and advancement in the field of online education.
It is possible for students to see a transition from science to accounting following their graduation. Those who have started their initial education in science may find job opportunities scarce for them or may develop an interest in finance. In such scenarios, a switch can be a career saving (or even a lifesaving) option.
The exposure to information that is available now is unprecedented. This is what makes the transition comparatively easy. There are certain tips that science students may follow while making their career in accounting and finance.
Similarity in the disciplines
It is possible to establish a link between science and finance. If science is about research, data collection and observation, finance works on the same principles. The current paradigm of finance is more or less is based upon identification of trends and analysis, the same thing which happens in scientific practices.
Secondly, there are no non-significant results in science. Even a negative observation has some meaning. Similarly, all values are treated as important. On the other hand, finance is all about figures and designating them their required values. A balance sheet or an income statement is very similar to the figures that you get after a normal experiment. The neat approach is mutual.
A famous journal published an article on how the financial market prefers analysts who have some background in science. The reason is that they found their analytical approach ideally suited to their needs. Science trained accountants/ financial analysts are assets in themselves.
Online course options have streamlined the transition process. The flexibility with online classes is that you can study when it is convenient for you. Students can take a look at different accounting and financial careers and can choose between an online accounting degree, revenue analyst degree, business manager degree and other options.
Most reputable sources offering the degree place greater emphasis on concepts to help students develop a solid foundation. Students are also able to effectively tackle finance related problems after graduation and finding employment upon completion. Most courses usually take 4 years to complete.
With the increase in online options, students can also make the finances of the transition work. They can choose courses as they chalk out which specialization they are looking for. The flexibility of time in online study also allows students to do internships or jobs simultaneously.
The American accounting association has indicated the importance of research development in the area of accounting and finance. Science students can relish from this opportunity since the research design is universal.
A survey done by NetSuit indicates that job incentives in accounting and finance have risen by 13.3% during the last year, indicating an optimistic outlook. Data analysis and business intelligence jobs in accounting and finance make up for 51.6% of the total. This is one area which the transition students can target with comparative ease.
Another thing that the survey highlights is that organizations focus on employees with good skill sets rather than degrees from prestigious institutes. This indicates that an online accounting degree can be much more worthwhile than conventional degrees from institutes.
The research productivity in accounting and finance is also better than that in science. Currently, the funding of research in science operates in a tight manner, while incentives are better in accounting and finance. Finance is dynamic and operates in a much shorter cycle than science. There will be a number of case studies, different clients and business model; something which is a good change from the monotonous routine.
The report for the second quarter in the U.S. has indicates better opportunities for finance and accounting employees. This is based upon the employee confidence index which is calculated based upon parameters like economy, job market, job security and ability in getting jobs.
Nearly 31% of finance and accounting employees believe that more jobs are available, which is the highest since last year.
Remember that changing your career path is never too late. Financial services companies, banks, funding agencies etc. have numerous employees with a background in science. But the switch should come at the right time, or you may end up with regrets.
This is a guest post for TheEmployable