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Accountants ensure the financial integrity and stability of businesses, non-profits, and government agencies. From the bustling streets of Manila to the serene shores of Cebu, these individuals play a vital role in shaping the country's economic landscape.

OTHER RELATED NAMES OR ROLES

Accountants hold different specialisations and titles in various areas of the financial domain. Some of the related names and roles are:

• Auditor

• Bookkeeper

• Certified Public Accountant

• Controller

• Forensic Accountant

• Management Accountant

• Tax Accountant

PRIMARY RESPONSIBILITIES

• Preparing and analyzing financial statements

• Ensuring compliance with national and tax laws.

• Providing strategic financial advice to decision-makers and stakeholders

POSSIBLE EMPLOYERS AND INDUSTRIES

Accountants can be employed in different industries as all businesses need to keep records of business transactions.

• Small to medium enterprises

• Multinational corporations

• Hospitals

• Government agencies (especially tax collection and audit)

• Universities and colleges

INVESTMENTS - EDUCATION AND TRAINING

Individuals must complete a bachelor’s degree in Accountancy from a school accredited by the Commission on Higher Education (CHED). Aspiring CPAs must pass a rigorous PRC exam and meet specific experience qualifications.

SKILLS NEEDED (Soft/Hard)

Hard: A strong foundation in arithmetic, some math, accounting software, and data analysis software.

Soft: Ability to work under pressure, problem-solving, and time management. While most accountants work alone and perform duties without rigorous socialization, they will benefit from teamwork skills and collaboration.

RELATED TRADE ORGANIZATIONS

After graduation and during the practice of their professions, accountants can join any or one of these organizations. These groups can provide education, networking opportunities, and professional development.

• Association of Certified Public Accountants in Public Practice (ACPAPP)
  - Promotes professional standards and ethical practice.

• Association of Government Accountants in the Philippines
  - Promotes professional excellence among financial management practitioners and accountants.

• Financial Executives Institute of the Philippines (FINEX)
  - A prestigious association of over 700 C-level executives from top companies, academic institutions, and startups.

• Institute of Internal Auditors Philippines (IIA-P)
  - Focuses on internal auditing or accountants involved in auditing practices. It also provides resources and community support.

• Philippine Institute of Certified Public Accountants (PICPA)
  - A PRC-accredited integrated professional organization (AIPO). PICPA promotes the accounting profession, provides members with professional development resources, and upholds ethical standards.

• Philippine Association of Management Accountants (PAMA)
  - Promotes management accounting and provides members with resources.

WORKING ENVIRONMENT

Accountants usually work in office settings, large organizations, or private practices. They may spend long hours at desks preparing reports and financial records, especially during peak seasons such as annual audits and tax season.

STRESS LEVEL

Stress level varies depending on workload, company position, and time. Stress can be high during tight deadlines, although some accountants can find the intellectual challenge and sense of career purpose rewarding, which can mitigate stress.

SALARY AND BENEFITS 

Accountant’s salaries vary depending on experience, location, industry, and company size. 

Data source: Salaryexpert.com and ERI’s Assessor Series

PROS AND CONS

Pros

• Ability to work in various industries

• Office environment

• Opportunities for career advancement

• It requires a lower investment in education compared to medical doctors and pilots.

Cons

• The need to stay for long working hours

• The need to stay updated about changing laws and regulations

• Potential for high-stress levels during peak seasons

• A sedentary lifestyle that can impact health.

RISKS OF BEING AUTOMATED OR REPLACED BY ROBOTS

The emergence of AI chatbots and AI for accounting raises doubts about the future of an accounting career. Some websites that measure occupations place accounting at a 64% chance of being automated, which is high risk. AI will remain a tool for analyzing financial records, requiring human oversight.
 

 In addition, people are likely reluctant to entrust their financial transactions to automated systems alone, which lowers the possibility of AI completely replacing accountants. Complete automation is unlikely until an AI accounting robot perfects accounting tasks.  Accountants can enhance their marketability by upskilling on new AI tools and software.

CAREER PATH AND OUTLOOK

Accounting roles comprise diverse career paths. Some will progress from entry-level positions to senior roles such as controller, finance manager, or chief financial officer. Others may start their consulting firms or join accounting firms or private practice. Some individuals may study for a law degree, pass bar exams, and become CPA lawyers.

Other career pathways for other roles in the corporate environment include:

• Teachers

• Risk management specialist

• Advisors