Looking for your next job in accounting and finance? Here’s what you need to know

It’s a good time to be a candidate in accounting and finance. While it's true that economic uncertainty and the rapid advance of automation are causing many workers to look nervously over their shoulders, there are some unique factors at play within this sector. Understanding what those are – and preparing accordingly – can ensure your next career move within accounting and finance is both imminent and upwards.

What are the forces currently buffeting this sector – and how can you give yourself the best chance of landing the job you want? Here’s three trends you need to consider and concrete steps you can take to prepare for your next move.

Technology

Automation and software are reshaping every industry – and accounting and finance are no different. Machines now handle an increasing number of the day-to-day tasks that have been traditionally assigned to the more junior members of accounting teams, and they are doing those tasks with exacting accuracy and at lightning speed.

But this doesn’t mean the robots are coming for your job. In fact, by taking care of the more mundane accountancy and finance tasks, technology can enhance rather than threaten livelihoods. It gives professionals the time and space to perform more meaningful work, which benefits both employee and employer.

Even if technology doesn’t replace your job, it will augment and support it – and that means you should get to grips with some of the more popular software packages. You don’t need to be a coding expert, but a degree of knowledge about the tools used to manage, analyze and present data is shifting from being a nice-to-have to a necessity. 

Those include the programming languages most often used to query databases, such as Python – one of the easiest coding languages for beginners to learn – and SQL, another powerful and widely used language on which many existing accounting software and systems already rely.  

Translating the results of data analysis into forms easily understandable by decision-makers also relies on software. Tableau and Microsoft’s Power BI are the most popular data visualization tools on the market today, and again, proficiency with them is becoming increasingly important for candidates in this sector.

Changing roles

One of the wider changes being wrought by this technological revolution is a shift in what it means to be an accountant. Automating routine tasks frees employees to take on new responsibilities – and organizations are leveraging that new capacity by asking their accounting teams to provide strategic insight and to contribute to decision-making processes in an increasingly data-driven world. In other words, the role of the accountant is blurring with the role of a financial or business analyst.

This has increased the demand for business analysts, as well as data analysts with a finance background. These skills can function as a bridge between accountancy and technology. As such, these hybrid roles are becoming increasingly valuable to employers. Business analyst is now the number-one external job posting in this sector.

Talent scarcity

Accounting and finance teams are not a nice-to-have: they are a fundamental cog in any business. But while the demand for qualified professionals persists, the supply of new accountants is being squeezed from both demographic ends. The numbers of candidates taking the CPA exam is declining, while older CPAs are leaving the profession. Most CPAs are set to retire within the next decade or two.   

This shortage is good news for candidates with the right skillsets. It’s exerting upward pressure on salaries, even if not every employer has caught up to this yet. The COVID-19 aftereffects are clearing fast, too; almost two-thirds of hiring managers say they are backfilling accountancy and finance roles that were lost during the pandemic.

How should you prepare to take the next step in your career?

• Ensure your resume is optimized for the job market today. Highlight the right skills: Financial management, creative thinking and technical skills are in increasing demand among accounting and finance recruiters since the pandemic [source].
• Plug your own skills gap. The skills needed to analyze and use data are becoming increasingly valuable to employers. Candidates who know their way around programming languages such as Python or SQL, and software tools such as Tableau or Power BI, will be at an advantage.
• Know your worth. The jobs market in this sector is in good health. Accounting and finance professionals are fundamental to business operations and as such are well-placed to weather wobbly economic periods. The growing talent shortage in this sector can work in your favor by incentivizing employers to up their game in terms of both the compensation packages and working culture they can offer.

LHH has been connecting recruiters with the best talent in accounting and finance for more than 30 years – which is why we’re best-placed to help you take the next step in your career. Begin your journey with us here.