Accountants

Employment of accountants and auditors is expected to grow by 4 percent, about as fast as the average for all occupations, through 2032, according to the U.S. Department of Labor. During the early 2020s, the coronavirus pandemic affected many industries and slowed down the economy. Most accounting businesses were able to continue their work remotely. Many states declared accountants essential workers, which is why most accounting firms continued to provide services to clients. In general, business growth, changing tax and finance laws, and increased regulation of financial practices across all businesses will increase the need for accountants. There have been several notable scandals in the accounting industry in recent years, and this accounts for much of the increased scrutiny of and changing legislation in this industry.

As firms offer more specialized services, accountants will need to follow suit. Firms will seek out accountants with experience in marketing and proficiency in computer systems to build management consulting practices. As trade increases, so will the demand for CPAs who have knowledge of international standards, proficiency with technology, and foreign-language skills. CPAs with environmental engineering degrees would be well equipped to specialize in environmental accounting. Other public accounting specialties that will enjoy good prospects include assurance and forensic accounting. CPAs with valid licenses should experience favorable job prospects for the foreseeable future. Pursuing advanced degrees and certifications will also greatly increase one’s chances of finding employment.

Technology was having a major impact on the accounting profession during the mid-2020s. Artificial intelligence (AI), blockchain, and cloud computing were prime examples. While some analysts have suggested that job loss will occur because of technologies like AI, the U.S. Department of Labor states that overall demand will not be reduced. Instead, accountants will likely spend less time focusing on routine tasks and devote more of their time to analytical and advisory functions.

Accounting jobs are more secure than most during economic downswings. Despite fluctuations in the nation’s economy, there will always be a need to manage financial information, especially as the number, size, and complexity of business transactions increases. However, competition for jobs will remain fierce, certification requirements will become more rigorous, and accountants with the highest degrees will have the best prospects.