When we look at the statistics of the job market, it is easy to see that student working towards a degree in finance are sure to have loads of opportunities around the world. The fact is, it always seems as if students are avoiding the mathematical and difficult side of the professional industry as modern technology makes it so much easier to make a living without the difficult exams.
Sure, accountancy might not be as difficult as law or medicine, but it’s been said that it’s not as easy as just counting a few things together, especially not with the driven demand for new technology in businesses.
As stated by the U.S. Bureau of Labor, is expected for the accountancy and or dating market to be in higher demand by 11%, which might seem like a small number, but each percent consists of hundreds if not thousands of job openings. Is also expected for salaries to increase by as much as 4% within just one year.
The Demand is Already Higher
As you can think for yourself, the fast-paced modern business world doesn’t allow much time for CEOs to do financial research or to see whether a certain step in business is worth taking before someone else done. Therefore, many companies now have a team of accountants who work together to provide information and advice as quickly as possible.
Since a single company now requires more than just one accountant, it makes the industry unable to supply the demand. On top of that, all other areas of accounting are showing a shortfall since financial advisers online joining bigger companies.
Therefore, smaller accountancy clients that need help with tax and investments, personal financial advice, pension and other smaller private matters are simply not being reached or have increased their fees to meet the higher demand of the industry.
Today’s Accountants are Retiring
Even though the industry already shows a shortage, it will only become bigger as current accountants will eventually retire. The industry statistics also show that the majority of accountants retire earlier than most other professionals, adding yet another strain to the market.
Without the same number of students to replace the accountants that retire, the market is bound to become more in demand. On top of that, the industry already requires more auditors and financial advisors as mentioned above.
Online Studying and Universities are Helping
The good news is that accountancy studies have become more accessible to the everyday student. Not only are the online courses a lot faster, but they also cost much less, making it more attractive for everyone. Of course, this remains a difficult subject for those who aren’t as sharp with math, but it at least provides additional resources to those interested in accountancy. We can only hope that the future presents even more studying opportunities to help meet the higher demand of this industry.
As we all know, without a great team of accountants, business isn’t possible, not a successful one anyway.