A common problem people in the accounting industry are struggling with is whether to enter a specialized accounting field or develop general accounting skills. There are benefits and disadvantages to each option. Choosing the right path for you will depend on your goals and aptitude.
People who pursue specialized accounting positions cite several compelling reasons for entering a niche field. You can usually earn higher wages for your special knowledge and skills. If a position or issue calls for your unique talents, employers will typically seek you out first. Work hard enough and you can become known as a leading expert in the field, which can open doors to amazing opportunities.
The factors that make specialized accounting great are also the disadvantages of this career path. As a specialist, you have less job security and flexibility than someone who generalizes. The specialty field may become obsolete, and the skills you developed may not translate well to another industry or even other accounting jobs. You can also experience typecasting, which occurs when companies will not give you tasks or provide advance opportunities unrelated to your skill set. Lastly, many areas of specialized accounting require degrees or certifications in that particular field, which may mean more schooling beyond what's necessary to become an accountant.
In contrast to specialized accounting, developing a cache of general skills can provide protection against adverse industry and economic changes. The pool of jobs for generalists is bigger, so you'll be able to bounce back faster if you get laid off. The variety of positions available to you is also greater, and this can reduce feelings of boredom and monotony. Finally, generalists tend to build a good foundation of complementary skills that can transfer to other industries and usually have access to more advancement opportunities.
Like specialized accounting, though, being a generalist does have drawbacks. It's much easier to lose focus, leading many to develop disparate skills that make it difficult to find matching positions. Though more accounting jobs are available for generalists, more people choose to generalize. This leads to increased competition for employment.
Determining which option is the best for you depends on your goals, values, and interests. If you prefer security, then generalizing may be the better option. If you find yourself gravitating toward a particular field, then specializing in that field may be a good career choice.
A third option would be to get into a specialized accounting field, and then make an effort to develop additional general accounting skills. This will make you a well-rounded accountant, which can reduce some of the disadvantages associated with pursuing specialized accounting. If you are struggling to make a career choice, talking to a mentor may help put things into proper perspective.
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