Introduction
Every student aspires for a well-settled and happy life which they gain by building up their careers in their interested streams. A minimum of an undergraduate academic degree is required to build up their career in any stream of industry. The in-demand career options include Bachelor of Engineering, Doctors, Arts, Science, and Accounting. Well! If you are in a dilemma about which path you want to choose, you can easily decide by taking bits of advice from the people in that field or simply browsing the web. Decide your path of interest. Choose a course in which you feel your skills and interest match the bachelor’s course. In this article we are going to see about Accounting vs Engineering Salary.
Let’s look into accounting and engineering fields of study. Accounting plays a vital role in business which tracks business growth, income, expenditure, evaluating financial statements for those who want to know where their business stands by, and also for banking requirements officially in paying taxes, filing returns, balance sheet, etc. “Engineers build our future”. Whether it would be civil, mechanical, or computer, their vision stays the same in developing an advanced, better, flexible country. People interested to think unique, quick, advanced, make their world isolated from others, select engineering.
Accountants are paid depending upon their work, pressure, quality of work, dedication towards society, place of work, etc. Some of the top-paying states include New York, Washington DC, California. Given that accounting jobs pay moderate annual wages. It is not as easy as it requires just a Bachelor’s degree. It can be a lucrative career, with higher salaries in only specific locations and organizations. From the branch of Computer Science Engineering, the big data analyst is paid vastly in the technical industry. The radicals in the technical industry show most importance to the recent trend in paying high salaries to Computer Science and Mechanical Engineers. Many surveys reflect that these two fields earn the most among all others with a minimum average salary of 2.4lakhs to 10 lakhs and 1.8lakhs to 5 lakhs respectively.
Any industry pays according to their efficacy to the world, to the country’s economy. One can earn more if he prefers the top paid position in his own chosen path. For example, aspirants of accounting can earn more if they choose chartered accountancy with a minimum salary of US $ 150,000-210,000 per annum and computer science engineering itself is the most paid job. A computer science engineer earns around US $109,645 per annum, a Chemical engineer earns US $ 107,010 per annum, an Electrical engineer earns US $ 97,800 per annum, and Mechanical engineer earns around US $ 91,200 per annum. A Chartered Accountant easily earns 6-7 lakhs to 30 lakhs per annum in India and up to 75 lakhs in international countries. A fresher in CA can earn up to 7 lakhs per annum and with 10 years of experience, CA would earn 20 lakhs per annum. Undoubtedly a CA can also have a government job which leads to job security and lifetime income earnings.
Scope of Accountants and Engineers in society
Engineers:
Engineers gained knowledge about the heuristic society, infused through their practical experience, and thought logically and mathematically. Engineers gain knowledge on practice which is the same with accountants. Engineers research every single aspect they are ready to invent. Their ultimate goal is to solve technical problems in society by implementing logic, science, and mathematics. Engineers change our world with new technologies to solve world problems. Their technical, research and discoveries produce a notable impact on people’s lives.
The most-in-demand engineer stream in 2020 includes Automation and Robotics Engineer, Computer Science Engineer, Civil Engineer, Alternative Energy Engineer, Biomedical Engineer, Biomedical Engineer, and Software Engineer. The need for engineers in society is important because they can make peoples’ lives better. They invent technologies that do not harm the environment, rather make lives travel safer and more green.
Average salary:
In this technology enhancement world, the in-demand course of engineering is civil engineering. But in India, they pass very little for engineers and in the world, the highest-paid country is Switzerland paying an average annual salary of $ 77,438 and thereby the other top 9 countries are Denmark, Norway, the U.S, Australia, Canada, Germany, France, United Kingdom, Netherland. According to a payscale survey as per the US Bureau of Labor Statistics, the average salaries of the best engineering rill are as follows.
Skills needed:
- Newfangled knowledge on the latest ultra-modern technologies.
- Innovative thinking.
- Enthusiastic.
- Who are creative and unique.
- Structural analysis and problem-solving
- Relevant communication skills and teamwork.
- Judgment and decision-making approach.
- Interpersonal communication skills and leadership skills.
- Time management and collaboration.
- Emotional intelligence and resilience, etc.
Accountants:
Accountancy is a crucial study of records and systematic maintenance of financial accounts according to the government rules. The primary role of an accountant usually involves the collection and conservation of financial data, as it relates to a company or firm.
Accounting duties involve monitoring, examining budgets, auditing, and analyzing the financial performances of an organization or company. According to a few survey analyses, there is not a huge demand for engineering in society but there always exists a small role of an accountant in a small organization to a very large company/ manufacturing unit.
The in-demand streams of accountancy include Financial Accounting, Cost Accounting, Management Accounting, etc. Due to the advancement of careers in accounting, the salary of accountants rises at times, especially every time after an academic improvement in professional courses such as CA, MA, ACCA, CIMA, ICAG, etc. Accountants contribute immensely to the advancement and development of businesses or organizations which analyze and predict the future of that organization using their financial statements etc.
Average salary:
The highest-paid jobs in an accounting career are Financial Controller and Chartered Accountancy. The United Kingdom is the highest-paid country for Chartered Accountants with an average annual salary of UC$165,000. Thereby the other top 9 countries are Ireland, Switzerland, Canada, Luxembourg, Japan, the U.S, Australia, Norway, and Sweden.
Payable as per experience:
Accountants salary upon skills:
Skills needed:
- Time management.
- Systems analysis.
- Strong writing, active and critical thinking.
- Communication- oral and written.
- Problem-solving skills.
- Mathematical reasoning.
- Financial Reporting.
- Bookkeeping skills.
- General Ledger Accounting.
- Teamwork and dedication.
Conclusion
If you are interested in accountancy and joined in engineering or you are in a dilemma of choosing among these streams you could either join CA directly by undergoing entrance tests and joining foundation course or pursue B. Tech and join CA course. Yes, absolutely one can become a Chartered Accountant after pursuing a Bachelor of Technology course. Salary of both varies according to their scope and contribution towards society. Whichever path you choose, ensure you give your best.
Frequently Asked Questions
- What are the disadvantages of engineering and accountancy?
Disadvantages of accounting include representing accounting information in terms of money, account manipulation, dealing with essential factors of life like money, etc. In contrast, disadvantages of engineering include, hard to establish your own company, needs hard work and any lack of modern technologies that may affect our career, etc.
- What are the benefits of engineering to mankind?
Engineers are the future developers. They think unique, advanced, distinct from others, and develop non-similar, inconsistent implementations.
- What are the technical accounting skills?
- Critical Thinking.
- Communication- written and oral.
- Accounting skills.
- Relevance in recording data and analyzing them.
- Time Management, etc.