With the advancement of artificial intelligence (AI) and automation in recent years, many aspiring number crunchers have begun to ask a logical question: “How is the job market for accountants?”
The quick answer: The accounting job market is good! However, technology is changing the profession, impacting the work accountants perform and the skills they’re expected to need in the future.
What is the accounting job market like?
Accountants are highly sought after in the current job market, irrespective of one’s experience. In fact recent statistics indicate the unemployment rate is low in the field due to the impact of the job and ever growing demand. The BLS projects employment of accountants and auditors to grow by 6% from 2018 to 2028. The average growth rate for all occupations is five percent.
Competition for the best accounting positions can be vigorous, though. Many employers are highly selective when hiring new team members. Also, you may be going up against candidates who work outside of your local area. Now that remote and hybrid work are the norm, companies are casting a wider net in their search for potential hires, often looking to other geographic regions for in-demand talent.
That’s not to say that every accountant has excellent job prospects. Thanks to a shift in accounting technology, most of the traditional work an accountant performs is becoming more automated. As a result, the role of an accountant is changing from one heavy in data entry and number crunching, to that of an advisor. The shift requires new skills that fall into two broad categories:
- Business intelligence and data analytics skills to help accountants collaborate with artificial intelligence, machine learning, and automation
- “Soft” skills, such as emotional intelligence and communication skills, that equip them to provide consulting and advisory services to stakeholders
How to prepare for the demand of the job market?
How can you stand apart from other candidates in the accounting job market and increase your chances of getting hired for the position you’re targeting? First impressions are everything, especially when you’re competing for a hot accounting job. To catch a busy hiring manager’s eye, these tactics can help:
1. Professional summary
The top of your resume should feature a professional summary that gives hiring managers a sense of who you are. The summary should be one short paragraph that encapsulates your skills, background and key attributes. If you’re applying for an entry-level role, this summary would focus more on education and experience.
2. An explanation of value delivered
Relevant technology skills are great to highlight anyway because many employers want and need digitally savvy accounting and finance professionals.
3. Keywords and phrases
Use keywords and phrases to help your accounting resume glide through automated screening tools. Include specific terms outlined in the job description, but only if you have the skills and experience to apply for the position. Examples might include “skilled at working with ERP systems” or “experience with data processing applications”.
4. Prepare to answer a broad range of questions
You’ll likely face several technical questions during your accounting interview. But many employers are also looking for high-potential candidates they can “train up” and position for leadership opportunities. Be ready to highlight all the foundational skills you have to succeed today and that you can build on for the future.
Soft skills are more important than ever in today’s remote and hybrid work environments. Interviewers will look for strong communication, critical thinking and problem-solving skills. Hiring managers might ask you to detail professional experiences in which you had to put your soft skills to use.
5. Know what your skills and experience are worth
You know people who have asked for more compensation and gotten it. More than likely, they did their homework and knew the value of their skills and experience.
There’s a lot to consider when preparing and reaching out to companies for job offers. Keeping your primary objectives in focus will help. That said, be careful not to limit your choices. There are many paths you can take in today’s accounting job market — and being open to exploring them can lead to unexpected opportunities.
If you want to learn more about preparing for the job market and find the correct career path, contact Kloudac Global.
Call: +94 777 870 464 / +971 5043 53515
KLOUDAC Global is a dedicated expansion of KLOUDAC, a recognized accounting firm with branches in Dubai, London & Colombo with 15 years of service experience. KLOUDAC Global mainly focuses on back office accounting with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software, and more.