There is certainly a job growth occurring in the Philippines. Information Technology (IT) jobs are coming here in waves through companies seeking the expertise of Filipinos. Business Process Outsourcing (BPO) is also continuing its upward trend of providing more and more call-center jobs to young and alike.
Nursing, engineering, banking, financial and all other areas are seeing gains and offering opportunities to more of our countrymen. However, there are those who like mathematics and playing with numbers.
They have entertained the thought of a career in accounting but unsure of its prospects. With so many job careers to choose from, how lucrative is the accounting job in the Philippines?
What we can say is that accounting jobs have never looked so promising in the Philippines. In the last few years, accounting has been making a comeback and here are 3 reasons why accounting jobs are lucrative in the Philippines?
1. Increasing Demand
If you’re an accountant at this time, you’re in luck! But if you’re not, don’t fret. Accounting jobs have been making a comeback locally and overseas for the past few years.
In a report by the BusinessMirror, there is a shortage of Filipino certified public accountants (CPAs) against an increasing demand for more of these professionals. Only 7,500 to 8,000 accountants are getting certified each year in the Philippines, and a majority of them look for work abroad.
If you are smart and in a position to get into a career, you should definitely consider accounting because now would seem like the best time. Local companies, as well as overseas ones, are looking to hire more Filipino CPAs and in most cases pay handsomely because these professionals are in demand.
Filipino accountants are globally recognized and in demand and can meet today’s requirements. Singapore, Malaysia, and our own country need accountants who are fluent in the English language and Filipinos can absolutely fit the bill.
The accounting job in the Philippines is on the uptick because there is a small supply and the demand is high. Now has never been a better time to strike while the iron is hot. It is lucrative to be in this profession now more than ever.
2. High Salary
The salaries for professionals in the financial industry which include accountants and accounting-related jobs are among the top incomes in the Philippines. According to Jobstreet, financial jobs are #4 in Top 10 highest-paying jobs in the Philippines for 2017 for those with 1 to 5 years job experience.
Financial jobs didn’t make it into the Top 10 highest-paying jobs in 2015 and 2016. The reason it made it in 2017 is possibly that of the lack of financial professionals like accountants and accounting staff. Companies were badly in need of them which is why salaries were increased to lure them to taking accounting jobs in the Philippines.
Accounting jobs can net you an average of P27, 188 for 1 to 5 years job experience. An entry-level accounting assistant can get P21, 345 at the get-go. If you’re a young accounting upstart, you would greatly benefit from this if starting salary which would help you on your way.
There is indeed a trend with the rising of salaries for financial jobs. This is because the majority of job-seekers are so focused on the IT and BPO landscape that they are missing out on the prospects of accounting jobs in the Philippines.
However, this might be a great opportunity for you to pursue the accounting job in the Philippines while everyone is looking the other way.
3. Variety of Environments
Accountants can select the jobs from different industries, whether it’s in the public or private sector. Just because you’re an accountant does not mean you can’t join the BPO or IT industries. The proliferating BPO and IT companies would still require accountants and accounting staff to handle their bookkeeping and payroll ledgers.
Therefore accountants can work in any industry in any sector and get offered the high salaries given to them. With accounting jobs that are in demand, you have the luxury of picking where you want to work and who you want to work for.
You don’t have to fear a shortage of jobs because any and every industry needs accountants. In the public sector, you could work for the Bureau of Internal Revenue (BIR) if you so desire. You can avail of the many government benefits there.
You could also work for the private sector in a multinational company and take advantage of the many bonuses there. There is currently no shortage of accounting jobs, and with the experience, you can attain from the different industries, it will give you real-world experience and a competitive edge. Plus, if you’re adept in cloud computing or online accounting software, you’ll open doors that lead to more opportunities.
Accountants are not constrained to strictly accounting jobs since they are also familiar with business processes; they may be tapped to into utilizing their know-how in cross functional roles i.e. IT security audit, software implementation, business process improvements, etc.
With the rise of accounting jobs locally as well as abroad, why do job-seekers think that IT and BPO jobs are the best options? They are too busy thinking these jobs are the only way out or just the popular trend. They should step back and look at the total job landscape and evaluate financial jobs. This is why you should consider thinking of a career in accounting.
Salaries in the financial field are rising, and companies are clamoring for these professionals. The accounting job in the Philippines is on the upswing. Now is the time to take advantage of this upward trend.
Hopefully, years from now when you look back, you will be one of those people benefitting from taking an accounting job in the Philippines.
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