Life Outside Accounting

by Joseph Lim, CEO of Sunway College Kuching

Over the years, I get a lot of questions from friends and parents on what options are available if my child changes his or her mind of not practicing as a chartered accountant after graduating with a professional accounting qualification. Alternatives are plenty for accountants who seek careers outside of the realm of accounting.

The saying goes that if it’s about money, it starts with accounting. After all, it was conceived in response to booming trade and commerce activities – a partnership that goes as far back as the medieval era.

Luca Pacioli, the ‘Father of Accounting’ Luca Pacioli (c.1447 – 1517), was the first person to publish detailed material on the double-entry system of accounting. Accounting has come a long way since Pacioli’s day. The field, over the course of centuries, has grown by leaps and bounds to become what it is now – the backbone of the business world. Today, it continues to function as a stable, lucrative, and flexible trade – even for accountants who wish to apply their skills and knowledge outside of accounting.

Alternative current

I have gotten to know that a growing number of accountants, including myself, are making the switch to careers outside of accounting firms. There are many reasons behind this, among them, the desire to strike a perfect work-life balance. Some accountants may feel stuck in their job and want to substitute the humdrum of everyday work with something a little more adventurous and challenging. All of this is very much possible, thanks to their skill set of being a qualified accountant.

Companies of any size and every shape need accountants in their midst. The reason behind this is simple: financial functions need to be managed. From accounts payable to invoicing to financial statement preparation, businesses need people from accounting backgrounds to stay on top. Within a larger company, an accountant can also function as a tax specialist and as an internal auditor. Those with strong ICT skills can also opt to serves as trainers, consultants, or quality assurance/control officers for accounting software at software companies, as most IT professionals aren’t familiar with accounting and need the proficiency of accountants to ensure their products and services are able to meet clients’ demands.

The Academia

Accountants, especially those with professional qualifications, can easily steer their career direction towards the world of academia. With the right personality and interests and coupled with a Master’s or doctorate degree and several years of work experience, accountants can function as accounting professors or senior lecturers in colleges and universities.

I have previously worked in many industries before taking up teaching. I have been able to share my knowledge gained from previously functioning in different areas of accounting with my students during my teaching career from 1998-2004. Apart from being suitably qualified to teach lessons pertaining to my field, I have also made the switch and shared my invaluable experience in the professional world. This has formed the ideal studying experience for my students, who were able to apply the knowledge from their textbooks to real-life and practical situations.

Another area in education accountants can choose to pursue is writing. Manuals, policies, and procedures as well as corporate reports for companies are some of the written materials that accountants can produce, granted that they have a good command of the language. In an educational context, accountants can function as writers for textbooks, accounting books, or even online courses.

Tripping the entrepreneurial hammer

Through the experience gained in their years within the industry, accountants possess the skills required to take successful steps towards a rewarding entrepreneurial career. Some of these skills are:

• Sales and marketing skills
• Financial knowledge
• Self-motivation skills
• Time management skills
• Problem-solving skills
• Administration skills

With a strong skill set in tow, accountants are fully prepared to go solo even in uncertain times. True enough, some of the country’s greatest entrepreneurs are accounting graduates. Obtaining an education in accounting and finance opens the doors to a plethora of careers. The opportunities are limitless, and given the nature of the qualification, accounting graduates are useful in a vast number of industries. The knowledge gained can be applied to a multitude of growing jobs, thus making an accounting degree the crucial first step towards job security.