Accounting profession has always been a stable field. Last year has been nothing but stable for many businesses and industries. Accounting was impacted as well but perhaps not as much as other professions.

The profession continues to evolve and grow. According to the U.S. Bureau of Labor Statistics, the job outlook for accountants and auditors is looking pretty good and the employment is projected to grow by 4% through 2029. If you have your CPA license, your job prospects are looking even better.

What does currently impact the profession?

Increased use of technology, artificial intelligence, cloud computing, and blockchain continue to influence the direction of the profession. Even prior to 2020, Big4 accounting firms were already investing in and improving automation of tasks, processes, programs, etc. During last year, the focus on technology only increased.

Should you worry about a complete automation of the profession?

Not really. While many mundane and less complex tasks are being automated, no artificial intelligence can replace client/people relations or critical assessment and decision making. So, now is the perfect time to improve and focus on skills beyond basic accounting, tax, or auditing.

What new skills should you develop to be relevant beyond 2021?

Focus on getting involved in and learning forecasting and financial analysis. Employers are looking for accurate and useful business insights and analysis that can bring value. IT literacy and your ability to run various ad-hoc reports and analysis is another area of focus. Learn how to analyze data using IT and provide insightful information to key stakeholders. It’s all about data analysis and adding value.

For more accounting career tips and insights, subscribe to my newsletter.