With the demand for accountants rocketing up 21% in the second quarter of 2017, in comparison to this time last year, as published by economia, it looks to be the prime time to begin a career in accounting.
Nevertheless, every industry goes through changes (some more so than others), therefore we feel it’s important aspiring accountants know what they’re getting themselves into before they begin their journey into accounting.
So what future trends can prospective accountants expect? Let’s find out:
- The Robots are Coming
Accounting was one of the first industries to be affected by the increase in advanced data technology. As technology continues to grow, ‘supercomputers’ are taking over the processing and checking of data, meaning administrative accounting roles are disappearing. In addition, individuals want their data to hand (mobile optimised), so there is no way to stop tech companies offering their solutions to businesses.
Although it may be hard to embrace change at times, the good news is there are still many skills a computer can’t possess such as advisory, consulting, and potential CFO duties. It’s not just the data businesses need, it’s the insight that can be invested back into the business.
- Accounting’s Purple Patch
Accounting firms and departments are expanding, especially so at larger companies, which means more jobs are available. Over the last 10 years there has been a major shortage of quality accountants, which is great news for those looking to join the sector and stand out; businesses will be keeping their eyes peeled for talent.
- What Makes you Stand Out?
As an add on to point two, if you can create a niche for yourself and become an expert in a particular field, it will make you more employable; businesses welcome individuals who are able to offer guidance and strategic insight to support their business goals. One option could be to take additional classes or seminars which will give you these skills. We recommend leveraging a mentor in the sector also.
- Further Education
There are many routes into accounting. The article we read recommends that individuals should do a master’s degree as it will give them a “career with a lot of room for salary growth”, however if you are new to the sector, there are introductory courses available to suit you. With flexible working and many online programs available, it’s never been easier for individuals to pursue further education whilst working.
- New Location, New Job Prospects
Businesses have started to identify the benefits of operating outside of London. As the economy shifts, so does the need for quality workers in different cities to help businesses grow, especially so with SMEs and start-up firms. In addition, as baby boomers start to retire, and companies promote from within, there becomes more of a need for individuals with degrees to enter and be part of a business.
If you would like to discuss the possibility of a career in accounting, contact Aspiring Accountants today to see which accountancy qualification suits you.