Why Accounting Is Still an In-Demand Profession
Whether you’re just starting out on a career path in the accounting and finance profession or considering your next career move as an accountant, you’re in luck. According to a report by the U.S. Bureau of Labor Statistics (BLS), over 14,000 jobs in accounting and finance were added in May.
At the same time, the BLS predicts that hiring in this field will continue to trend upward over time. Why is there an ongoing and large demand for accounting and finance professionals?
As the U.S. looks toward post-pandemic growth, accounting and finance professionals, especially those with professional certifications, will continue to be sought out by employers. The BLS says, “As the economy grows, more workers should be needed to prepare and examine financial records.” However, accounting and finance professionals are in demand not only for their financial expertise, but also for their ability as strategic business partners, a major draw for organizations.
There is fierce competition among employers to bring in new talent, and candidates with professional certifications have an added advantage. In my role overseeing the certified management accountant certification at the Institute of Management Accountants, I’ve noticed that certified professionals are always in demand.
The Competition for Talent
Several recent headlines mention what economists are calling the “Great Resignation,” which will cause a flood of new job openings and candidates in the job market. No field is an exception to this trend, as the pandemic and remote work have led many employees to reconsider their career trajectories.
Organizations are competing for the right talent to fill these vacancies, and candidates with financial certifications are a top choice among employers. For example, at IMA, we’re seeing more job postings that include “CMA-preferred” in the job descriptions for a variety of positions.
Certifications are a way for candidates to stand out in the job market as employers look for differentiation between candidates. In some cases, certified professionals are compensated more than their non-certified counterparts. In IMA’s 2021 Global Salary Survey, we found that the median salary for CMAs in the U.S. is 22 percent higher than that of non-CMAs, and the median total compensation for CMAs is 25 percent more than non-CMAs.
The competition for certified accounting and finance professionals will extend beyond the Great Resignation. The pandemic led many organizations to see the value in their finance function during challenging times. After all, managing cash and identifying risks became the primary focus at the onset of the pandemic.
But perhaps more importantly, organizations have realized that business partnering is the key to sustained business success. Certified accounting and finance professionals can be valued business partners, bringing strategic insight to the table, helping to identify growth opportunities and analyzing the decisions necessary to making that growth a reality.
Business Partnering and Adding Value
To help develop business partnering skills, curricula for professional certifications are continuously evolving to address the current needs of the business environment. For example, the CMA exam was updated in 2020 to include a section on technology, which is quickly transforming how we do business as new tools and software become part of standard practices.
Exams for professional certifications consider these evolving competencies and test other technical and “soft” skills, ranging from data analytics and decision analysis to business ethics. According to Robert Half, a human resource consulting firm, decision-making and problem-solving are among some of the skills most frequently included in job postings. These competencies are essential for today’s management accountants, making them valuable assets to their organizations and the target of hiring managers.
Moreover, certified professionals are lifelong learners. CMAs as well as CPAs (certified public accountants) are required to keep pace with continuing professional education (CPE) each year, prioritizing certain topics to strengthen their skills. While certified professionals gain training through their work experience, they also refine their skills outside of work to ensure they remain relevant.
Even when organizational training may not be available, certified professionals have many opportunities to meet their continuing education requirements, and there is little doubt in the minds of hiring managers about whether a certified employee is up-to-speed on current business needs.
With a deeper understanding of the business, accounting and finance professionals aren’t just responsible for an organization’s financials; they are now valued business partners who work alongside other executives and on cross-functional teams. Their guidance is sought on many major decisions, including using the financial and non-financial information at their disposal for trend forecasting, allowing organizations to track what’s coming next in a quickly changing business environment.
As organizations make hiring decisions, they want to ensure that they are bringing in an accounting or finance professional who can perform their daily responsibilities but also see the bigger picture.
Beyond the Pandemic
As organizations grapple with a job market in flux and consider which candidates are best suited for their accounting and finance roles, certified professionals will continue to be in high demand. This also serves as a reminder for organizations to continually invest in their staff by providing training and learning options, especially in supporting their pursuit of a certification or CPE requirements, as their contributions will ultimately have a large impact on a business’s bottom line.
Job seekers, meanwhile, should use professional certifications to stay one step ahead during this unusual period and beyond. At IMA, we continue to see a high level of demand for the CMA certification in the U.S. and abroad, and as certification candidates fulfill their requirements to earn the CMA certification, they will continue to remain indispensable to their organizations while having an edge in the hiring market.