Politicians come from many different backgrounds, and so do the people who work for them. Some are engineers or lawyers; others are business managers or teachers. Regardless of their background, politicians need support staff to help them manage their campaigns and day-to-day operations once they’re elected.
However, you might wonder why a politician would hire someone with a finance degree to do their accounting. It doesn’t seem like an especially creative job, but there must be more to it than that…right? Read on to learn more about why politicians often hire finance majors to do their accounting.
Familiarity with Money and Banking Laws
Politicians may not be accountants, but they’re still required to know how to keep track of their funds.
When a politician hires an accountant, they’re bringing on someone who can help them keep track of their revenue and expenses.
Politicians have to deal with many complex financial decisions. This means that they need accountants who are thoroughly familiar with money and banking laws. Politicians often have to invest the money that they receive from donors, and they also have to figure out how to spend the money that the government sends them in the form of taxes.
Politicians also have to manage their campaign finances. This includes things such as deciding how much to spend on various items, including advertising.
Financial Literacy and Financial Research
Finance majors also often have a strong financial literacy. This means that they’re able to understand the mechanics behind different financial systems and policies. This is important because politicians often have to make financial decisions that have an impact on other countries.
For example, a politician might decide to increase the prices on wood. This would affect millions of people and businesses, like businesses who do wholesale kitchen cabinets. Because of this, accountants who have a high level of financial literacy can help ensure that a politician’s decision is well-informed and well-thought-out.
Working with Data is a Priority
Politicians have to rely on data as they make decisions. Accountants have to work with this data and report back to the politician. Accountants have to be able to work with massive quantities of data to produce reports that are easy to read and understand.
Politicians often have to make decisions based on complex data. This means that the accountants need to determine which numbers are the most relevant and how to report them in a way that makes sense to the politician.