2024 is expected to be a year of growth and better opportunities for those seeking new jobs. For the past few years, the impact of Covid-19 has continued to lurk over the heads of the global employable population. However, things are expected to get better, this year. According to the US Bureau of Labor Statistics, employment is expected to grow by 11% from 2022 to 2024. Although some are optimistic about the job market, this year, the concern about recession hitting the world hasn’t gone away completely. Several factors, including global events, government policies, and market conditions influence the economic outlook.
In the past year, there have been tremendous technological advancements; therefore, there is another key aspect to consider when it comes to the job market – upskilling and reskilling. According to the World Economic Forum, 50% of all employees need to reskill by 2025. This report also states that critical thinking and problem-solving will top the list of skills employers believe to become prominent in the next five years.
In this article, Finsmart Accounting – globally trusted for outsourced bookkeeping services – shares the reason behind the upward trend amongst accounting and bookkeeping jobs in the future. Read on!
Accounting in Indeed’s list of Top 50
Although there is a fairly prominent battle between recession and better job markets in 2024, things look bright for the folks in the accounting profession. According to Indeed’s 50 Best Jobs in the US in 2024 report, Accounting is among one of the most flexible roles and also will keep paying well in the future too.
Here are the details of the Accounting roles that are expected to rule in 2024 and future as well:
– Accounting Manager: According to Indeed’s report, the national average salary in this role is soaring to $93,000. The number of job postings per million total jobs is at 490, which is a 15% growth.
An Accounting Manager plays a crucial role in ensuring the accuracy and integrity of financial records. They are responsible for managing the general ledger and conducting audits.
– Senior Accountant: According to the report, the national average salary in this role is soaring to $82,811. The number of job postings per million total jobs is at 547, which is an 18% growth.
A Senior Accountant bears the responsibility of ensuring the accuracy and integrity of the financial records. Financial reporting and analysis are also a major part of their responsibilities. They also manage the general ledger, conduct financial audits, and collaborate with cross-functional teams to support strategy and decision-making.
– Controller: According to the same report, the national average salary in this role is soaring to $111,682. The number of job postings per million total jobs is at 467, which is a 30% growth.
A Controller manages accounting functions and ensures accurate and timely financial reporting. Their responsibilities include overseeing the budget processes, analyzing financial data, and collaborating with other departments to support strategic decision-making.
Recommended: Accounting outsourcing case studies to understand how outsourcing works.
Why is Accounting also being considered as one of the most flexible jobs?
The reason why Accounting is becoming a high-paying job is understandable. This job title plays a key role in determining the success of any business. And this is at all levels. Accountants and bookkeepers are closest to an organization’s management; they know all the trade secrets. But how is it flexible? In this section, we will delve deeper into this.
Over decades, accounting has been perceived as a traditional role – one where there are traditional methods and piles of documents involved, and the workforce is expected to be in a dimly-lit office, hidden behind the piles of papers, working a 9-5.
Times have changed, especially after the pandemic. Just like in other industries, the leaders in the Accounting field also understand the need for flexibility and follow what is the need of the hour.
Here are the aspects that make Accounting more flexible:
– The Rise of the Remote Working:
The global pandemic accelerated the shift towards remote working. As times changed, the need to reshape the business operations increased. Firms dealing in accounting and finance were also compelled to adapt to this shift in paradigm by embracing remote work policies and virtual tools for collaboration and communication. There is another factor that fueled this shift. The retirement of the boomer accountants, millennials, and Gen-Z joining the workforce.
The new generation of accountants wants more flexibility overall; they want to choose their location, eliminating the need for rigid work hours and long commutes. They want a better work-life balance, which allows them to focus on other aspects of life, beyond work. Along with the pandemic, came great resignation, and that made the employers realize the need to change their working approach in the future.
– Embracing the Freelance Accounting Approach
Expanding further on the need for better flexibility, modern-day accountants need better flexibility and autonomy. Freelancing platforms and online marketplaces have come to the limelight, creating opportunities for accountants to offer project-based services. It allows the accountants to choose projects they are interested in and believe they can add value to.
Whether it is bookkeeping services, tax consulting, financial analysis, or forecasting and advice – freelancers dictate their paycheck and working hours. It also helps them not stay stuck in a role they don’t like for a long time. They have the liberty to diversify their portfolio and income streams, explore markets, and maintain the flexibility and balance they desire. This will be a big chance in the future of accounting jobs.
– Specialize in a niche of their choices
A career in accounting opens up an avenue in one of the critical job roles. The wide range of specializations available makes it lucrative for those building a career in the field. From corporate accounting to public accounting, forensic accounting, or management consulting – there are endless opportunities. As you continue to flourish in the field, you can carve out niche roles that align with your strengths and passion.
Unlike the traditional model, accountants who work flexibly and are well-exposed, have a great growth curve, better productivity, and avenues to explore diverse industries and sectors. The future of accounting jobs looks bright, doesn’t it?
– Flextime Policies and Work-life Balance:
With the change in times, accounting industry employers, like in other industries, understand the need to achieve a healthy work-life balance. Both personal and professional lives are stressful, hence, overall well-being is needed. There has been a massive shift in the mentality of the employers of this fraternity. Accounting firms, these days, implement flextime policies and alternative work arrangements to accommodate the employees’ personal needs. The Gen-Z and millennial workforces look for inclusive employers, the ones who pay heed to their needs.
Without policies that understand family obligations, further education, and personal interests outside work, firms will witness a rising attrition rate. In the aftermath of the Great Resignation, this is something that most firms do not look forward to. Attracting and retaining top talent is needed and employers have become more adaptable to cater to that.
Build a Career in Accounting: Endnote
The Indeed Report brings hope and positivity across several fields, including Accounting. While Accounting has been identified as one of the high-paying and flexible jobs, for jobseekers, there’s more to it. Generative AI has seen hype in 2023, and it will continue to be an integral part of the industries in the near future. Indeed’s list is indicative of the fact that 70% of the top 10 jobs will be impacted by AI. But that does not mean AI will take away your jobs, as most fear. “In reality, it isn’t generative AI that is going to take your job, but rather the person who knows how to work with the tools that generative AI has given them,” says Svenja Gudell, chief economist at Indeed.
Upskilling is the need of the hour, and that is how accounting firms and accountants can expect to grow and earn better. If your firm is struggling with productivity, lack of time, resources, and expertise, you probably need to outsource your practice.
Write to the experts of Finsmart Accounting at connect@finsmartaccounting.com
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Director Growth Strategy & Alliance
Maanoj Shah is a finance and outsourcing expert with strong Business Strategy and Scaling-up experience. Over the last 20 years, he has incubated multiple businesses and helped build global enterprises in verticals as diversified as hospitality, technology, and healthcare.
