5 key facts and trends in modern accountancy
When you are considering becoming an accountant and are seeking to obtain your professional qualification in the industry, it is useful to be aware of interesting facts and key trends.
After a particularly testy few years, courtesy of the credit crunch and subsequent global recession, things are looking promising again.
Here are a few facts and trends to be aware of as you look to launch your career in one of the most dynamic professions in the world.
A more strategic role
Although the role of the accountant has evolved significantly over the last 100 years, it is only in the last decade that it has undergone a radical change. Professionals have more of a strategic role these days, which now sees them operate a middle ground between accounting operations and management support.
The division of labour
Financial professionals therefore work on multiple projects at any given time across both elements. This includes forecasting, cash flow management and budgeting (accounting operations), as well as processing transactions, risk management, and delivering recommendations of mergers and acquisitions (management support).
Travel the world
If you are keen to enter the industry, it is worth considering certain qualifications, because this will give you access to the world. For example, the Association of Chartered Certified Accountant (ACCA) qualification is globally recognised and carries a lot of authority – you’ll be able to work in many different most places and at a very competitive rate.
The future is bright
Internationally, the accountancy industry is continuing to show positive growth, with fee income increasing year-on-year and the value of the sector rising prominently. Over a million people are employed by the sector, a figure which is set to grow as global economies continue to recover and emerging nations commit to deeper investments.
An age of auto enrolment business
By October this year, auto enrolment will be four years into its five-year proposed timeline. That still leaves a year's worth of potential for accountants, who have had to quickly develop new business aimed at advising businesses on how best to adopt pension schemes. It is worthwhile considering developing an interest in this area.
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