The economy is changing at a dizzying pace, but one rule is constant: money makes the world go ‘round. In fact, macro trends such as globalization and increasingly complicated regulations are making financial accounting skills more in demand than ever.
The Bureau of Labor Statistics (BLS) projects that accountant and auditor jobs will grow 10% over the next decade. That’s significantly faster than the rate of growth for other job categories. However, the growing complexity of the financial world is putting pressure on accountants to boost their skills. The BLS notes that advanced degrees are giving applicants an advantage.
If you’re wondering what the future of accounting jobs might hold for you, read on to learn about intriguing emerging jobs in this fast-changing field. If you want to burnish your accounting credentials, the University of Illinois online iMSA program on Coursera can help you take your career to the next level.
As the economy becomes increasingly globalized, a growing number of companies’ business crosses borders. That’s where international accountants come in, with specialized expertise in foreign transactions as well as translations of different international accounting standards. In addition to a graduate degree, proficiencies in foreign languages can provide a competitive advantage in this growing field.
In a business world increasingly obsessed with “lean” organizational structures, more and more companies are avoiding hiring full-time accountants in favor of financial consultants. These specialists provide accounting expertise on a part-time or per-project basis. For accountants with the right expertise and credentials, financial consulting offers flexible hours and the chance to work with a wide variety of clients in need of help on challenging projects.
Organizations of every size are realizing that what’s good for the planet is also good for their bottom line. Benefits include cost savings, a reduced regulatory risk profile, and good publicity. Environmental accountants are responsible for providing guidance at the intersection of the environment and business. Potential responsibilities include determining compliance costs for environmental regulations, identifying cost-saving environmental initiatives, and developing environmental management systems (EMS).
Forensic accountants are the detectives of the financial world, with responsibility for “following the money” in cases of corporate fraud, public corruption, and organized crime. They identify suspicious entities and transactions, track the flow of money from criminal activities, work with law enforcement officers. Often, they testify in court as experts. Demand for Forensic Accountants has grown along with the increasing prevalence of complex financial crimes. The FBI is actively recruiting accounting candidates with advanced degrees and certifications.
Sports is a massive business, and the way franchises are managed has been revolutionized by the use of advanced analytics. The role of data isn’t limited to analyzing player performance: sports accountants play an important role at helping teams plan their budgets, negotiate salaries, and make trades against a backdrop of complex salary caps. If you’re a sports fan, this is one of the most fun accounting jobs imaginable. As you might imagine, the competition for these roles is nearly as fierce as the competition on the court.
Accounting careers are so much more than they used to be!. These emerging career paths offer fascinating work, good pay, and long-term growth opportunities. As such, the level of competition is significantly higher for them compared to traditional accounting jobs. With Coursera, you can apply for an affordable, fully online Master’s degree program in Accountancy from the University of Illinois. Illinois boasts one of the top three accounting programs in the country. Visit Coursera to learn more about how the University of Illinois iMSA can prepare your career for the future of accounting.