Employment trends in accounting on a wider scale depend on several factors that can influence the local and global economies, as well as the job market. Zooming into the industry, the employment trends for accountants, especially for ACCA (Association of Chartered Certified Accountants) members, are influenced by the changes in the field of finance and accounting.
If you’re interested in taking an ACCA course, then read this article. We’ll look at some recent events that could have an impact on how ACCA-certified professionals find work.
Some experts have suggested that the fourth industrial revolution is already underway, and that it has brought about extensive changes in the employment market. A significant part of this industrial change welcomes the use of technologies like AI and advanced robotics that blur the line between the digital and physical worlds. These technological advancements have brought major changes in the world of business and the global economy. According to the 2019 Robert Half Salary Guide, 38% of businesses in the UK believe that digitization is going to be the primary change in the future workplace. The advent of technology has already brought a major shift from the days of manual bookkeeping and accounting. A complete shift has been made towards modern and updated digitized versions of accounting.
This change ensured that accounting professionals are trained to work on computers. Similarly, with the increasing advancement of technology in business, like the use of AI, it also means that accounting professionals are changing the way they work and are now required to forecast and analyze the data generated by AI-powered systems. In addition, data security has also become one of the greatest concerns for most organizations, and that includes accounting data with IT security. In the near future, the demand for accounting professionals with knowledge of data analytics and IT security will be high, and these jobs will also enjoy higher salaries as compared to more traditional job profiles. While technology is majorly transforming the future of the workplace, there are also many other factors at play, such as the changing expectations of professionals in the modern workplace, the shifting norms and values of society, the demographics, and more.
Another area of importance to consider in careers for ACCA members is the trends in taxation. Recent years have witnessed a major transition in e-taxation rules and the role of the government in curbing tax evasion. Ever since the Panama papers were released, money laundering and tax management have seen a major shift in terms of laws and compliance requirements in several countries. The demand for tax managers is also on the rise, and their average salary has been increasing since 2018. The increased focus on concerns like terror-financing and scams has also changed taxation practices in order to be more transparent, and this change can be brought into effect by managers and tax accountants.
Accountants will also be able to spend more time on problem solving, advising, and interpreting data to help their organizations make better, more informed, and strategic decisions because of the move to automation.
Looking for a certified ACCA program in Canada to enroll in? Look into the Preparatory Course for ACCA Examination program offered by the Toronto School of Management (TSoM). It is a two-and-a-half-year program that prepares students to clear their ACCA exams and qualify to become professional accountants. TSoM has also been given the honour of being a “gold learning partner” by the ACCA, the organization itself.
TSoM is well-regarded for its industry-standard promoting interaction and learning of transferable skills. These programs are also designed to prepare students to become successful professionals in their chosen field. Moreover, TSoM also has a dedicated career service team that helps students become more accustomed to Canada’s job market. Click here to learn more about the program.