What are the chances for advancement as an accountant?

Very good. The accounting profession, particularly public accounting (i.e. CPA firms) is very heiarchial. In public accountant, junior accountans become senior Accountants who then become managers etc. You are generally coached on how to advance. Advancement leads to increased compensation. It's a little bit like the army. In private industry (i.e. the accounting department of a company) the track is different, but in large companies there also tends to be multiple levels.