Accountancy – Your Launchpad to Many Possibilities
Accountancy roles are wide and varied, and it is the language of finance - one of the key skills required to be relevant for work in any industry and for the future of work.
The Accountant of Today
Mention the word ‘Accountancy’ and balancing the books comes to the mind. That may have been the extent of the role decades ago. Today, accountants play a more strategic role. They advise their Senior Management teams on ways to develop business, and provide high value-adding specialised services. Today’s accountant is a business leader and a trusted advisor.
A Critical Role in a Company
Accountants are trusted to manage and protect the financial health of a company, and provide strategic advice to grow the business.
Accountancy, the language of financial literacy, and a pathway to business
Increasingly, both employees and entrepreneurs will need to have a wide variety of skills to succeed. Accounting is one of these life-long skills. Accounting is the foundation and discipline driving business. To understand accounting is to understand how businesses work. A background in Accounting provides the flexibility to work in various aspects of business, and when coupled with other disciplines and skills, it opens up options in many other professions and industries.
Varied Job Roles
Accountants can work in a wide variety of roles in the finance department of an organisation, or in an accounting firm which provides accountancy services to other organisations. Have a look at some of these roles below.
| Career Paths | |||
|---|---|---|---|
| Financial Accounting | Mergers & Acquisitions | ||
| Management Accounting | Enterprise Risk Management | ||
| Treasury | Restructuring & Insolvency | ||
| Audit & Assurance | Business Valuation | ||
| Tax | Financial Forensics | ||
Emerging Job Roles
As the global business environment changes, companies find that they have new demands to meet. As a result, new jobs roles are emerging. Some of these job roles that will emerge over the next two to five years are listed below.
| Emerging Job Roles | ||
|---|---|---|
| Accounting Practices | In-House Financing and Accounting | |
| Environmental, Social and Governance (ESG) Specialist | Regional Controller | Vendor Relationship Manager |
| Citizen Data Scientist | Governance, Risk and Compliance Lead | |
| Ethical Hacker | Finance Data Steward | Finance Automation Lead |
| IT Auditor | ESG Lead | Finance Transformation Lead |
Rising Demand for Accountants
New areas of growth are emerging that will require accounting expertise. Some of these areas of growth include the valuation of intangible assets, IT and Environmental, Social and Governance (ESG) factors. As businesses grow, demand for accountants will also continue to grow. In all, there is a need for about 6,000 to 7,000 new accountants by 2025. This will add to the current workforce of more than 100,000.
Technology and the Accountant
Technology will automate manual processes, freeing the accountant to focus on strategic tasks to grow the business. As such, accountants must keep pace with the digitalisation of businesses. Increasingly, they would need to be able to apply Artificial Intelligence, Cloud Computing, Data Analysis and Interpretation, and Robotics and Automation, among other technology skills.
Soft Skills Needed
It is clear that hard skills are important for accountants, but so are soft skills. As business advisors, they must have interpersonal skills, adaptability, and customer orientation to work with a variety of stakeholders.
Perks of the Job
The perks are many - wide options, career progression, job security, good salaries in the long-run, and work-life balance with the adoption of technology, to name a few.
