Demand of Accounting Professionals in 2024

Are you a finance professional or student with a degree in accounting? Are you curious to gain insights into the demand for accountants on a global level in 2024? Your curiosity is understandable. It is essential for all accounting students or professionals to understand the dynamics of the industry as well as such in-demand accountant jobs. Such information is enlightening and very critical for one's career. Were you aware that in accounting firms, there will be a great demand for skilled professionals in 2024, just like it has been happening in recent times?

Looking ahead to the year 2024, visionaries can see quite a number of good things for accountants. In 2024, the accounting landscape will see increased emphasis on digital tools and technologies to enhance financial reporting and streamline the work of accountants and auditors.

But why are accountants in demand? What skills will be most in demand in the accounting world? What designations does the market value most, and how can one become an honored accountant amidst fierce competition? If you are curious about any or all of these issues, keep reading this article to find detailed answers, learn about the various accounting roles in the job market, identify trends, and make informed decisions about your accounting career! 

Key Takeaways

• accountants in demand

• Accounting Skills Needed in 2024

• Risk management skills

• Sought-after Careers in Accounting

Why are accountants in demand?

Several reasons increase the demand for accountants in the ever-evolving business world. The landscape of the accounting industry is undergoing a significant transformation, with modern accounting practices blending traditional accounting roles with innovative solutions, such as accounting software and forensic accounting. Some of the most significant of these reasons are as follows:

Globalization

With a rapid increase in globalization, more businesses look forward to expanding their horizons and entering the global business world. One crucial necessity for entrepreneurs entering the global business market is having expertise in international financial regulations. It is where they need globally certified individuals from the accounting profession to assist them with international accounting principles and help capitalize on opportunities worldwide. 

Compliance

Another reason behind the increasing demand for professionals in the field of accounting in 2024 is the need to ensure compliance in the rapidly evolving financial landscape. Accountants play an integral role in helping businesses ensure their financial regulatory compliance related to tax codes, legal frameworks, and reporting standards. They serve as guardians for entrepreneurs to navigate through the financial world's complexities and ensure adherence. 

Decision-Making Using Financial Data

Business owners rely on recognized accountants or accounting teams to use their expertise and meticulously analyze financial data to help them with strategic decision-making for their businesses. Accountants help in decisions related to cost-cutting, investments, and resource allocation. 

Technological Evolution

Like every other field, technological advancements are significantly evolving the finance and accounting industries, too. To stay updated with this evolution, businesses usually rely on accountants to integrate technology with their financial management landscape and make it more efficient. The proficiency of accountants in financial software, automation, and data analytics is in high demand among organizations to fit in the tech-driven business environment. 

Risk Management

The rapidly evolving finance and accounting world brings several opportunities to succeed. But it also comes with numerous risks. It is why businesses constantly look for highly qualified accounting professionals to use their risk management expertise and implement measures to safeguard assets. 

Accounting Skills needed in 2024

According to the Demand for Skilled Talent Report by Robert Half, there is a growing demand for finance and accounting professionals, especially in management accounting and corporate accounting roles.

The constantly changing trends of the accounting and finance landscape result in an increased demand for certain specialized skills. Seasoned accounting professionals are expected to possess the following skills:

Data analysis and analytics

With an increasing demand for accounting professionals, data analysis and analytics skills have become more significant than ever. The top employers seek to offer high-level opportunities to seasoned professionals with the ability to interpret financial data and draft strategic decisions based on it. For this, accountants are required to have proficiency in accounting tools and advanced analytics platforms. 

Technology Proficiency

Technological integration acts as a beacon of excellence in the finance and accounting worlds. Therefore, to build successful careers in accounting, you must possess technology proficiency. Using the latest software and specialized platforms not only eases the accounting work but also enhances efficiency, resulting in increased demand for accountants. 

Risk management skills

Another skill set accountants must-have in the present world is risk management. One of the most important things that an accountant should be aware of is the risks associated with each and every stage of financial movement in a business. Moreover, you must have a plan to defend your company's property against any potential hazards.

Soft Skills

Unlike what is commonly known, accounting professionals must possess a certain set of soft skills to build a successful career. These skills include effective communication, adaptability, and problem-solving. Soft skills will allow you to convey complex financial information to employers and stakeholders in a non-finance language to help them understand better.

Business Acumen

Last but not least, a skill that accountants need for successful careers in accounting is business acumen. One must thoroughly understand overall business aspects to understand how their financial strategies affect a business's goals and operations. 

Sought-after Careers in Accounting

Among the numerous careers in accounting that are considered highly valuable, these job positions are some of the most sought-after.

Chief Financial Officer

CFO is one of the most senior jobs in accounting. These individuals ensure that a company's financial performance remains aligned with its objectives and oversee its finances. They are also expected to manage financial risks across all departments of the business and help the employer mitigate risks with informed decision-making. 

Managerial Accountant

Another reputed career is managerial accounting, which is a management designation. The role of this professional is to manage the team of accountants, keep records, and process them to draft accounting reports, make financial plans, and form financial statements. They oversee crucial financial aspects like budgets, forecasting, staff salaries, and costs. 

Forensic Accountant 

Forensic accountants are also in high demand. The role of these accountants includes identifying and tackling financial frauds and crimes in the organization. Both internal and external auditing organizations are constantly hiring forensic accountants. These professionals are also responsible for developing plans to prevent organizational financial malpractice. 

Financial Controller

Next on the list are financial controllers. These accounting professionals manage several processes in the accounting department of an organization, such as tax compliance, financial statements, payroll, income, costing, budgeting, and auditing. They primarily serve as controllers of the financial operations to ensure the operations run smoothly. 

Financial Analyst

Within an organization, financial analysts are responsible for the strategic planning section of the accounting department. These professionals are usually involved in large organizations where maintaining day-to-day financial activities does not do the work. They ensure business continuity by planning investment and reinvestment. Their role is to plan and forecast for stakeholders to enhance the company's financial health. 

Efficient Route to Become a Seasoned Accountant

To become a successful accountant, it is advisable to pursue globally recognized finance and accounting certifications. They improve your skills and knowledge and open doors for you to the most rewarding accounting jobs worldwide. The top accounting accreditations can be acquired right after high school or graduation based on the specific eligibility criteria. Below is a brief introduction to the most appreciated finance and accounting courses. 

US CMA Certification

US CMA credentials are highly valued in top countries such as India and the US. Once you pass the exam, the IMA grants you this certificate, which makes you capable of handling diverse job roles on a global level. The US CMA certification course is divided into six finance and accounting subjects, each aiming to impart profound knowledge of the field. 

US CPA certification

Another valued certification is the US CPA certification by the American Institute of Certified Public Accountants. This accreditation is granted after a comprehensive, four-part examination known as the Uniform CPA Examination. The demand for accountants with this credential is ever-increasing due to their superior knowledge and skills. 

ACCA Certification

By conducting a 13-subject exam divided into three levels, the ACCA body based in the UK awards this certification. However, preparing for such an extensive examination becomes all worth it when you get the ACCA certification and unlock the world of highly rewarding jobs. 

Conclusion

Indian accountants are increasingly reaching the forefront of the global job market, contributing to the demand for skilled accountants and helping to address the emerging accountant shortage. Finance and accounting professionals need to focus on the top skills needed in the accounting field, including proficiency in accounting operations, financial reporting, and accounting practices, to effectively navigate the landscape of modern accounting.

If you have the ambition to be an accountant or are already one, get ready to move fast in your career. The increasing demand for accounting professionals will give you several chances to join the international market. However, to stand out in front of leading employers like the Big 4 and others, you must have an internationally valued certification like a CPA, CMA, or ACCA. For this, start preparing with NorthStar Academy's expert courses under the guidance of top mentors like M. Irfat Sirto to make your accounting journey successful.