Accounting

Employment for accountants and auditors is expected to grow by 6 percent from 2021 to 2031, according to the U.S. Department of Labor (DOL), or about as fast as the average for all careers. This growth is expected to translate into 81,800 job openings for accountants. The DOL says that “globalization, a growing economy, and a complex tax and regulatory environment are expected to continue leading the strong demand for accountants and auditors.” Robert Half Finance and Accounting reports that "public accountants and auditors are in very high demand. To help address it, many firms are recruiting accounting students early in their college careers—and even upping original starting salary offers as the hiring market grows more competitive. Firms are frequently offering sign-on bonuses to attract more experienced candidates.” Robert Half also identifies the following careers as in-demand: accounts payable/receivable clerk, auditor, bookkeeper, compliance analyst, controller, financial analyst, payroll manager, senior accountant, staff accountant, and tax accountant.

Job opportunities with public accounting firms have increased in recent years—after a lull during the Great Recession. The top 100 public accounting firms employed 468,416 people in 2022, according to Accounting Today—an increase of nearly 19 percent since 2021.

Corporate revenue and profits continue to grow, and accountants and auditors will be needed to verify financial transactions—especially in the wake of regulatory changes such as the Dodd-Frank Wall Street Reform and Consumer Protection Act. The DOL reports that accountants and auditors "who have earned professional recognition, especially as certified public accountants, should have the best prospects. Job applicants who have a master’s degree in accounting or a master’s degree in business with a concentration in accounting also may have an advantage."

Specialists will enjoy better job prospects than generalists as a result of "growing business complexity, knowledge requirements, regulatory and legal change, and client expectations," according to the Intuit 2020 Report: Future of the Accounting Profession. "Globalization, the health-care industry, aging baby boomers, and an increased emphasis on sustainability and sustainable business practices will create new opportunities for specialization." Additionally, management accountants, forensic accountants and auditors, as well as the aforementioned internal auditors, will increasingly be needed to discover and eliminate waste and fraud. There will be a shift away from tax preparation because of the increasing number of tax-preparation firms and software.

Job opportunities should also be good for accountants who want to become entrepreneurs. NerdWallet.com recently named accounting and bookkeeping services as one of the top 20 most profitable businesses right now. It reports that “bookkeeping, accounting, tax preparation, and payroll services have long been some of the most profitable businesses for entrepreneurs.”

Along with these good prospects for growth, however, accountants can be expected to be held to higher standards. The industry has dealt with its fair share of scandal over the past two decades, resulting in intensified government scrutiny of accounting practices; as a result, accountants and auditors will be called on to display a great deal of transparency in reporting on a company’s financial activities. The credibility of accounting and business practices are less likely to be called into question. The growing trend towards the use of International Financial Reporting Standards, which use a judgment-based system to determine the fair-market value of assets and liabilities, will also result in a demand for accounting professionals.

Technology will continue to significantly change the industry, with the invention of complex computer systems, software, cloud computing, and artificial intelligence (including machine learning). Basic data collection and number crunching jobs will be replaced by technology, while those that require computer experience, and analytical, forecasting, and problem-solving skills should become more common. “Technological change is expected to affect the role of accountants over the projections decade [2021 to 2031],” according to the DOL. “Some routine accounting tasks may be automated as platforms such as cloud computing, artificial intelligence (AI), and blockchain become more widespread. Although it will increase accountants’ efficiency, this change is not expected to reduce overall demand. The automation of routine tasks, such as data entry, will instead make accountants' advisory and analytical duties more prominent.”

In addition, employers increasingly seek applicants with strong interpersonal and communication skills. The best positions will go to those with skill in accounting and auditing computer software or expertise in specialized areas such as international business, specific industries, or current legislation. Accountants who have graduate degrees in accounting or specialized business areas will have the strongest job prospects. “If you want a career with a lot of room for salary growth, it’s imperative you invest the extra time and money, and get a master’s degree,” advises Accountingweb.com. “Luckily with online programs, and flexible class scheduling, it’s becoming easier to pursue advanced education while working. Some places will even help subsidize your education.”

Firms will continue to merge in order to remain competitive, and they will specialize to find their niche in the marketplace. Accounting firms will find themselves competing against other non-CPA companies for the same business and will continue to seek alliances to build a stronger business.

PwC reports that "U.S. financial reporting will undergo an unprecedented level of change within the next several years." Accounting professionals who are "knowledgeable in international standards [known as International Financial Reporting Standards], regulations, and processes will thrive," according to the Intuit 2020 Report: Future of the Accounting Profession. International Financial Reporting Standards, IFRS, are considered less "rules-oriented" than Generally Accepted Accounting Principles (which are used in the United States) and allow accountants more room to exercise judgment when preparing financial information. On the negative side, many U.S. accounting firms believe that IFRS leave them more open to lawsuits and that they may be too cost-prohibitive and time-consuming to implement in the United States.

The outlook for accounting will be good despite a radically changed banking industry and the continuing increase in the number and complexity of financial transactions. Expect the accounting industry to grow in the following four key areas:

• International accounting. Accounting firms are expanding rapidly into Eastern Europe, China, East Asia, and Latin America. Future expansion is predicted to occur in Mexico, Chile, Argentina, and Brazil. Accountants will also be needed to assist with international mergers and acquisitions.
• Investigative accounting. This will be a large growth area given the scope of fraud committed in recent years and the likelihood of future fraud as business transactions become more complex.
• Financial/estate planning. The number of Americans aged 65 or older is rising, and many members of this group will seek accounting assistance to make investment decisions and manage their finances.
• Environmental accounting. This specialty is emerging as accountants consult with corporations to ensure compliance with rapidly evolving environmental policies and avoid lawsuits.