TAKEAWAYS
- Given a projected demand of 6,000 to 7,000 new accounting jobs by 2025, accounting and finance professionals who upskill themselves can look forward to taking on new and emerging job roles amid a rapidly changing business
- In-demand skills for accountants include finance business partnering skills, data analytics, risk management and digital
- More sustainability roles are emerging for the accountancy profession, such as Chief Finance and Sustainability Officer; accounting and finance professionals are in an advantageous position to take on such roles, as well as drive the sustainability agenda in their
- Digital skills are important, as are skills that technology cannot replicate, such as versatility and agility, critical thinking and analytical skills, and communication skills.
The past few years have been full of unexpected events including the pandemic, geopolitical tensions and supply chain disruption. More recently, the world is entering a period of waning economic growth, regional recessions, and higher inflation across the globe. Amid an uncertain and volatile global economic environment, the recent 12 months have continued to see a tight global labour market compared to before the COVID-19 pandemic. Notably, LinkedIn data show that hiring is levelling off after the historic highs over the past year. In the wake of the latest layoffs at the tech giants, impacts are also felt by employees, jobseekers, recruiters, and others.
In Singapore, the labour market saw robust growth in 2022 and labour demand remains strong. However, there are signs that the momentum of improvements in the labour market could slow in the quarters ahead. As a global city staying open and connected to the world, Singapore’s 2023 economic growth is expected to decelerate amid a global slowdown, higher inflation and geopolitical risks, and these would weigh down on the labour market going forward.
Indeed, Singapore’s job market scene could face various headwinds in 2023. Such challenges range from reduced employment opportunities due to global economic cyclical changes, uneven recovery trajectory from the pandemic across sectors, and structural changes driven by digital disruptions. Business leaders are expected to be more judicious in managing their businesses, which will likely contribute to a slowdown in hiring, moderation in pay rise and a shift in the balance of power between jobseekers and employers.
While the above may paint a not-so-rosy picture of the labour market going forward, accounting and finance professionals may have less to fear. According to the Jobs Transformation Maps (JTMs) for Accounting Practices and In-house Finance & Accounting (F&A) Functions launched in 2022, there is a projected demand of 6,000 to 7,000 new accounting jobs by 2025. This will add to the current workforce of more than 100,000 employees, comprising about 80,000 employees in the in-house F&A functions and about 20,000 employees in accounting practices. However, finance professionals would have to upskill to remain relevant and be able to take on new and emerging job roles to meet the changing business environment.
SKILLS AS THE FUTURE CURRENCY OF WORK
With the ever-growing complexity of business models and advancement in technologies, it is becoming increasingly important to have qualified finance professionals armed with in-demand skills including finance business partnering skills, data analytics, risk management and digital skills. Accounting and finance professionals are observing their function becoming associated with up-to-the- minute data reporting and perceptive analysis with business intelligence, to support their organisations with a degree of predictability amid market uncertainties. Technology-driven automation will also help to discover higher productivity gains, giving time-strapped accounting and finance professionals the capacity to take on other roles, including roles driving sustainability – an emerging agenda that is growing in significance every day.
The 2022 study, “Sustainability: Jobs and Skills For The Accountancy Profession”, found that more sustainability roles are emerging for the accountancy profession, such as Chief Finance and Sustainability Officer, and accounting and finance professionals are in an advantageous position to take on such roles, as well as drive the sustainability agenda in their organisations.
While undoubtedly, digital skills will provide finance professionals an edge in their career journey, our professionals should not forget the skills that technology cannot replicate, including:
· Versatility and agility
In uncertain times, developments can take place quickly, without necessarily following a pattern. The agility to adapt to continuous change is an important personal attribute for finance professionals to succeed in the future. Adaptability starts with sensing environmental signals of change and gathering sufficient data to respond, as well as changing the course of action when the situations require a fresh plan.
· Critical thinking and analytical skills
Big data already has an impact on the accountancy profession, and this trend is expected to continue. With the dizzying amounts of data being generated daily, accountants need to be able to quickly interpret and analyse this information to gain insights into their finances in real time, and help their organisations make informed decisions.
· Communication skills
Successful communication gives clarity to complex financial reporting standards and regulations by narrating the story behind the numbers. More importantly, communication skills help to deepen relations, overcome diversities, build trust and respect, and create situations for creative idea sharing and problem solving. Businesses are looking for prospective employees who not only have an aptitude for in-demand skills but also maintain the curiosity to constantly upgrade them. For employees, in order to stay ahead in their career and also for career cushioning, they need to boost their skill sets and take proactive action, such as tapping into their networks and making sure their professional profiles are up to date.
STRATEGIC PERSONAL BRANDING
Building a personal brand goes a long way to take a professional’s reputation and career from relative anonymity to high visibility.
There’s a myriad of tools to enable an accounting and finance professional to escalate one’s personal brand. Such tools include a website, blog, or professional connection platforms to elevate one’s professional profile. For instance, LinkedIn is a platform for establishing and building one’s professional identity and connections. The platform’s capabilities may help an individual to educate and engage others, as well as nurture and grow professional relationships.
Besides such professional platforms, having one’s articles or perspectives published, and speaking engagements can create an impactful reputation in the marketplace. An interesting resume also helps when seeking better career opportunities.
INJECTING STORYTELLING AND CREATIVITY INTO YOUR RESUME
While accounting is a profession known for its attention to detail and precision, resumes for this function can be injected with creativity. One way to do so is by adding storytelling elements to the resume. This would make the document more reader-friendly as compared to one with a long list of job descriptions.
Stories help to provide context and make it easier for employers to understand your experience in a particular role. Here are some ways to bring your work history and skills to life:
1) Provide context
It is useful to set the stage for your reader before diving into the detailed job roles and responsibilities. This can be done by introducing a background of the company, products and/or services, revenue size, number of locations/subsidiaries/entities, and any other interesting facts or figures.
Some hiring organisations may be looking for accounting professionals who have worked in specific environments like an early-stage start-up enterprise, a firm on a high-growth track, or a company in a turnaround situation. Contextual content such as supervisory and budgetary responsibilities can be included with specific details as well.
2) Explain the value of your work
An accounting team is more than a support function, and there are many ways to quantify and highlight the value of your work:
- Have you been involved in any cost-saving initiatives? What was the programme about, and what quantifiable savings (in percentage or absolute dollar value) were made?
- Were you involved in projects to increase productivity, efficiency or quality of operations? What were some specific programmes or activities, and the quantifiable results?
- Were you able to identify areas of over- or under-spending in a budgeting exercise? Did you recommend any corrective action, and what were the outcomes?
- Have you been able to reduce outstanding receivables or improve collections, and what were the measurable effects from the efforts?
- Were you involved in assessing potential risks associated with business decisions and determining ways to mitigate exposure while maximising revenue? What was the percentage or absolute dollar value involved?
- Did you have responsibility for internal auditing and annual audit reporting? Were there any major audit engagements you’ve worked on? Were there any notable audit findings or results to highlight?
Besides quantitative data, it is meaningful to include qualitative achievements too.
3) Modernise your technical skills
It is common for jobseekers to include proficiency in programmes like Microsoft Excel or QuickBooks for technical skills. With the rapid and evolving pace of technology innovation, jobseekers who are able to demonstrate next-gen skills and software proficiency will be able to stand above the rest.
With the growing amount of data available to businesses, accountants are increasingly being called upon to analyse and interpret data to support financial planning, modelling and data analysis. This has translated into a growing demand for skills in artificial intelligence, data analytics and data visualisation using tools like Tableau, Power BI and other available solutions in the market.
Besides learning new programmes, you can also highlight and elaborate on your technical skills:
- Is your environment or programme automated? What systems and software are you proficient in?
- Were you involved in selecting or implementing new applications? What was your role and what outcomes did the new system result in?
4) Include people skills
This is an area many accountants tend to undersell themselves in, such as using keywords like “strong communication skills” without demonstrating how this is applied in their work situation.
- Who were your stakeholders? What were some deliverables achieved? Did you have to persuade them to follow new changes your company made?
- Did you have to negotiate contracts? What was the contract value and were you able to secure more favourable terms for the organisation?
The above examples make for distinctive storytelling and can be customised to one’s specific experiences, setting one apart in a unique manner.
PARTNERING YOU ON YOUR CAREER JOURNEY
Depending on where you are along your career journey, you may be looking for opportunities for growth, facing a career roadblock, or need help with skills advancement. The ISCA Career Growth Centre and Accountancy Careers Hub were established to support the varying career needs of accounting and finance professionals, as well as those planning to join the accountancy sector.
ISCA Career Growth Centre
The ISCA Career Growth Centre aims to empower members to achieve their career aspirations by providing career support to ISCA members and supporting organisations in their hiring needs. The centre’s resources and services are organised to cater to five segment groups:
- fresh graduates,
- accountants looking for opportunities,
- mid-career switchers,
- employers, and
- experienced
Some key features of the centre include career matching to help members with new job opportunities and board appointments, and volunteering opportunities for experienced professionals. In collaboration with the Employment and Employability Institute (e2i), career coaching sessions have also been introduced; these are located at the dedicated Career Growth Centre at the refreshed ISCA House.
Members can make an appointment for inquiries on the different areas of assistance available, such as career opportunities and upskilling/reskilling resources. Book an appointment with ISCA to speak to the Career Growth Centre Team or one of our career coaches today.
Authors: ISCA Career Growth Centre and Accountancy Careers Hub
Source: https://journal.isca.org.sg/2023/02/24/sustaining-career-resilience/pugpig_index.html