Q: I am doing a master's degree in accounting and have completed my first semester. Now I'm thinking of shifting to actuarial studies, as I don't find accounting very exciting. In the current economy, should I pursue something I feel passionate about or go for a field with more job security?
A: Job security is extremely hard to come by these days, no matter what profession you choose. It isn't enough to pursue a field with perceived stability, say the experts. You'll want to find something you feel passionate about, can make a living doing and that involves using skills you can easily apply to other fields.
'Passion is a necessary but not sufficient condition for success in the workplace,' says James Elsen, president and chief executive officer of SustainableCircles Corp., publisher of sustainlane.com, a 'green living' guide that includes job listings. 'Pursuing what you love will give you access to creativity and energy that you would not otherwise be able to tap while slogging to a job you are indifferent about.'
Bear in mind that since you're only one semester in, it may be too early to rule out accounting. Give yourself some more time and become an expert in the field so you can make an educated decision about whether it's right for you, suggests Paul Herrerias, a managing director at executive-consulting firm Stanton Chase International. Talk to people working in the field and join networking groups on sites like LinkedIn.com, for example. 'You can't get excited about something you know nothing about,' he says.
Don't discount the virtues of a degree in a high-demand field such as accounting, especially in the current economy, adds Amy Nichols, founder and CEO of Dogtopia, a chain of upscale dog daycare and spa facilities. 'Having a broader degree is more valuable in times like these,' she says.
Ms. Nichols got her degree in psychology and worked in the telecom industry for years before pursuing a career that caters to her passion for dogs. In the five years she was with Verizon (then Bell Atlantic), she held four different positions. By working for a large company, she says she received invaluable training and experience that she might never have obtained if she tried to strking out on her own right after college. And without the credibility and knowledge she gained, securing a business loan might have been an impossiblity, she says. '[Accounting] might not be that thrilling or exciting, but you need to have those skills to run a successful business,' she says.
In the mean time, nothing should stop you from pursuing your interests on the side while working a 9-to-5 job to pay the bills, says Ms. Nichols. Stow away some money for a future business or career change.
Whichever way you go, it seems you'll be choosing well, at least according to a recent study released from CareerCast.com ranking the best and worst occupations in the U.S. Both accounting and actuarial science made it into the top 10; actuary came in second place and accounting came in tenth.
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