he job market in many sectors changed drastically during the COVID pandemic. While some managed to rebound easily, others have been tougher to navigate and employment being harder to find than before. So how have the past few years affected accountants and financial professionals?
We will be dig into all the information you need to know when considering an accounting career path, including the stability of jobs, the current climate in the accounting industry, and expert predictions about the future of the industry.
Careers in the accounting industry have often been thought of as being very reliable, highly stable, and coveted by many. After all every business needs an accountant or an accounting team, and there is no reason for this to change in the future.
While job roles such as accounting clerk, accounting administrator, financial analyst, and administrative assistant are all still very relevant and sought-after positions, the effects of COVID-19 and lockdowns around the country meant that the way those jobs are carried out had to change.
When the pandemic first hit Canada, the rate of employment for lower-level accounting roles dropped dramatically alongside most other professions. In 2020, it fell 41 per cent lower than in 2019.
Thankfully the past couple of years have seen a steady increase in the number of available positions. According to the Canadian Job Bank, the three-year forecast for Bookkeepers and similar jobs is quite promising.
Dr. N. Leroy Kauffman Ph.D., speaking with Zippia, stated that while the accounting roles remain the same, many accounting departments needed to adapt to working from home and remotely over the course of the pandemic. He also states that those looking for an internship in the accounting field will also have to be prepared to work remotely.
While overall the balance has shifted back towards more traditional in-office roles, there are far more businesses than before that have realized the advantages of work from home or hybrid employment. Most forward-thinking employers actually favor work from home options for a number of reasons including increased productivity.
Dr. Kauffman believes that companies looking to recruit into their accounting department now have higher standards than in previous years. They are looking for graduates with the knowledge and experience of the day to day tasks of their roles. This is knowledge and experience that can be gained from an Accounting and Payroll Administration Diploma and can supply companies and organizations with what they need to run a successful accounting department.
As for the future of the industry, Futurefirm.co believes that technology will be the way forward. They believe that many accounting positions will become automated by machines, and while that may seem scary to those considering the accounting industry, Futurefirm.co remains optimistic.
They believe that automation will help accountants to make processes faster and more efficient, and reduce time spent on manual data entry. It will make calculations more accurate and reliable, and save time checking and double-checking work.
Overall, it is believed that accountants and accounting professionals who are well-prepared, qualified, and able to keep up with an ever-changing yet stable industry will stay relevant to the companies and businesses they work for. Futurefirm.co also mentions that there are certain aspects of the financial accounting industry that cannot be automated and will always require a human touch. They believe that companies, clients, and customers appreciate and desire personalization and human rapport when making financial decisions, and that can’t be replicated by technology.
Overall, the accounting industry and the roles within remain as stable and sought-after as they have always been. While the roles may alter and change as future updates and technologies are brought in, roles in this industry will always be required. If you’d like more information about accounting roles, in particular the role of an accounting assistant, get in touch with one of our Admissions Advisors today.
Don't forget that tax season is here. If you're still paying someone else to handle yours, wouldn't it be nice to master the skills yourself?
You can also read more of our industry blogs here.
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