Recently we have found ourselves recommending accountancy to people as a career choice. If you’re OK with numbers (not even particularly loving them, just accepting of and working with them), then this is actually a great option – the training is plentiful, and the work will always be there, including on a flexible basis.
Then we came across the survey results from Randstad Financial & Professional recruiters who estimate that a whopping 80,000 new accountants are needed by 2050. Running this on a calculator, this averages out to around 2,222 every year or 6 a day.
To be technically correct though, these are ‘qualified financial professionals’ that are required in order to satisfy the increasing long-term demand. They detail how the nature in which people work will change as a new younger generation emerge into working like with new technology and working habits.
The report suggests, “tech-oriented Gen Y and Gen X clients will increasingly expect to interact with their accounting professionals digitally and virtually, using online and self-serve customer support in addition to traditional methods. They will also expect faster and even real-time responses to their requests.”
If you’re looking for a career, this is seriously worth looking into - or if you’re a business, it’s worth finding and developing a good working relationship with an accountant or ‘qualified financial professional’. Whichever side of the fence you fall, here’s 3 emerging trends to prepare for according to this report:
1. Cloud computing – information will not only be on computers, but stored in the virtual online ‘cloud’. This means easy access anywhere with all kinds of devices from PCs to smart phones to tablets. The information can be whatever you need and presented into whatever user-friendly format works best.
2. Automation – routine and administration task will become more automated, meaning an emphasis on routine, cost reductions, and the administration side rather than tonnes of expertise. Outsourcing is bound to increase involving freelancers and other businesses at the back-end of the work.
3. Expertise – at the other end of the scale, greater skill will be required in wider financial and business areas, not just pure accounting. Clients will need to make sense of accounting solutions, and know how it integrates with other area like business development, logistics, and personnel. This is actually where the real accounting skill-set will be – making sense of all the streams of data and stats in the real-life business world.