The industry of Accounting is constantly evolving due to improvements in technology, which has great influence over the nature of work that an accountant will do. With talk of Artificial Intelligence (AI) potentially having a great impact on the Accounting industry, we wanted to look at what the future holds for students who are interested in launching a career in this field. If you want to get the most out of a career in this industry, here are a few important things to know about the future of accounting.
Don’t Fear Technology, Embrace It
With solid advancements in the fields of machine learning and artificial intelligence, many accounting jobs that focus on administrative tasks will eventually be phased out by machines that can do this work a lot more efficiently. However, this doesn’t mean that you should ditch your current studies in accounting and look for another degree area. The most sought-after jobs in accounting will still largely be unaffected by machine learning. Areas such as advisory roles, consulting and potential CFO duties will still be attractive aspirations for graduating accounting students.
Choose a Speciality
Although it can be difficult to focus on what area of accounting you want to pursue a career in while still studying, it certainly will pay off if you can focus on an area of accounting upon your graduation. A good tip is to look at emerging industries that will stay relevant throughout the years to come, and familiarise yourself with accounting best practices in this area. Seeking out additional workshops and professional development courses will also assist you in growing your expertise.
Quality Accountants are In Demand
Accounting organisations have been experiencing a period of sustained growth throughout the last decade, with qualified accountants highly sought after by major organisations. In short, it is a good time to enter into the accounting industry, as demand is high for qualified accountants. According to Chandler Macleod’s Accounting Employment Market Update (2016), the following roles are experiencing high demand in the workforce:
- Finance Managers
- Business Systems Analysts
- Cost Accountants
- Financial Analysts
- Payroll Officers
So, what does the future hold for the Accounting industry? Our best advice to students who wish to pursue a career in this industry is always strive to continue your learning. Whether it be from external workshops or finding a mentor to guide you through further learning and networking opportunities, your continued learning will see you push your career to new heights. The development of technology will not diminish work in the Accounting industry; however, it will change it. Students should be prepared for an ever-evolving industry where professionals who can adapt to changing circumstances will always succeed.