Whether you are a newbie who is starting on a career path in the finance and accounting field or just considering your next career field as a professional accountant. Either way, you are in luck. Wondering why? A new BLS (Bureau of Labor Statistics) report said “The finance and accounting field was likely going to witness more than 14,000 jobs in May 2021”. The report also mentioned that with time, this field is only going to see an upward trajectory.
But the question is;
Why is Accounting Still an in Demand Profession?
Even with the pandemic, the finance and accounting experts, especially those with professional certifications, will be sought after by the companies. As the global economy slowly and steadily gets back, more and more professional accountants will be needed to prepare and examine financial records. Having said that, these accounting experts are not only in demand for their experience and expertise but also their capability to act as strategic business partners.
Of course, there is high competition among companies to hire new talent, especially those with professionals certifications.
The ever-rising demand for accounting experts
Accounting professionals with master’s or bachelor’s degrees will be in high demand. BLS also stated that the professionals in the accounting field who will are experts at examining, organizing, and maintaining financial records will be job hunted by most companies and likely to grow the job outlook by 6% more by the year 2028.
On that of that, Moneywise report says that the accountants and auditor positions are among the top 15 fastest-growing jobs in the United States of America and nearly 140,000 more roles are likely to be expected in the next seven years.
There are several reasons why the job market for accounting professionals is seeing high demand:
Among several other reasons why accounting is still an in-demand profession, the two outstanding reasons are: Economic conditions and replacing the retiring workforce. And to be honest, this is just the surface when it comes to reasons for the increasing employment opportunities in the accounting field.
Accountants and Auditors
As earlier said, accountants and auditors, are the top in-demand jobs in the finance and accounting field. According to the BLS report, accounting professionals work primarily on tax preparation, bookkeeping, payroll, and other accounting-related services. For self-employed and freelancers, there are many opportunities in government, insurance, and enterprise businesses.
Apart from organizing and maintaining accounting and financial reports, the accounting experts also take care of tax preparations, financial assessments, and are accountable for maintaining the internal accounting systems to make sure there are no errors.
Here are our top 3 explanations for why accounting is in demand.
No Business Can Run Without an Accountant
No matter what kind of business you run, as long as there is income, you will need an accountant. You need to get your hands on accurate financial information to boost your business growth.
Least Impact of The Recession
Businesses may fire employees in different departments but not in the accounting field. From insurance companies to banks and management consultancies, a variety of businesses need accounting experts all 365 days.
Global Companies as Recruiters
From a simple clerk to an internal auditor level, banks utilize large-scale recruitment campaigns to hire professionals with minimum to high requirements.
All in all, the accounting field is and will be a very much sought-after profession that has a lot to offer to candidates. Whether it is monetary, lifestyle, or career-wise as with most professions that need experience and expertise. It is always best to start with professional certification courses and related degrees.