Accounting Works: A Career Option

Dr. Gary Brooks' career includes accounting and finance work with leading defense contractors and over 13 years of active-duty service in the United States Air Force. Primarily, he worked for 25 years in support of the intelligence community. His focus was on the federal budget process to include budget reporting and execution. Gary has taught accounting for the last 15 years as an instructor at the University of Virginia, School of Continuing Professional Studies (SCPS). He holds the following certifications: CPA, CMA, CFE, CIA, CITP, CGMA, CGFM, and CDFM-A.

I remember in first grade I had a paper that had blank space at the top and a place to write text below. I drew a picture of a farmer and wrote that I desired to become one because I wanted to work outside. That sentiment did not last too long after experiencing colder winters in Ohio. I would never have made it as a farmer.

My dad was blue collar and worked at a steel mill that employed many in the area. The pinnacle of career aspirations for many of us was to get a job at the steel mill and be set for life. Somehow, I knew I did not want that job because my dad seemed miserable working all the time. He worked there for thirty years, earned his pension, and he has been retired with a pension for almost 40 years. I did not know anything about defined benefit pension plans when I was younger, but Congress changed that option for millions in the late 1970s by introducing defined contribution plans and forcing workers to bear the retirement funding risk by learning more about budgeting, investing, and economics. I never would have made it as a steel worker.

Directionless and walking past my guidance counsellor’s office as a high school sophomore, I saw an article posted in the window about the careers of the future. It was the early 1980s, and economic conditions in Ohio were tough. I don’t remember the number one job but listed at number two was accounting. I did not know anything at all about accounting. I did not even remember hearing the word before. I decided I would find out more. This was back before Google and the internet, so I had to go to an actual library and find information in hard copy books. Ronald Reagan had just become president, and inflation was in the double digits. The accounting profession looked promising, and I started in that direction.

I am not sure why a career in accounting so quickly resonated with me. Trying to convince students of the value of accounting continues to prove challenging. Nearly 40 years later, I am grateful for my serendipitous path, and accounting has proved to be a sage selection for four key reasons.

First, the article highlighted that accounting prospects could expect increasing job openings, and the demand in the accounting profession has continued almost unabated for decades. Even technological disruptions like internet adoption and AI have not reduced demand.

Second, you do not need to be a wizard with numbers to be a competent accountant. The required math is usually as simple as the four basic arithmetic operations of addition, subtraction, multiplication, and division. Also, Excel (previously Lotus 1-2-3) can do most of the math for you.

Third, I enjoy the intrinsic satisfaction of knowing you likely did things accurately if your balance sheet equals. This means the guiding algebraic force in accounting (the accounting equation) balances.

Fourth, the variety in accounting is enormous. This variety extends to industries and actual job duties. Corporations, not-for-profits, and governments need accountants. The job duties include financial recording, bank reconciliations, high-level strategic planning, tax preparation, and auditing.

In my accounting career, I initially combined my government service wishes with accounting for over two decades. Within the last 15 years, I have combined accounting with my delight for academia. Both have been richly fulfilling.

Accounting may not be the career choice for everyone, but it is crucial for everyone to work toward a financially secure future. Personally, accounting helped me deal with the reality that I bear the risk of funding retirement now. Relevant skills include budgeting to increase assets, reducing debt, and building equity. I started work after the defined pension era, and I am glad my dad benefited, and continues to benefit, all these years later. If I were forced into retirement today, I would survive thanks to the accounting I learned and an article I saw so many years ago. However, I still love to work in accounting because I love the profession, the people I have met, and sharing my career and personal finance education and experience. I am glad I made it as an accountant.