Impact of Changing Times on Accountants and Financial Professionals

by Manjusha Nambiar · Published January 30, 2024 · Updated March 20, 2024

The unprecedented changes in our lives and societies have undoubtedly made the job market more challenging to navigate, with individuals seeking employment facing greater difficulty than ever before. These shifts have
also extended to the accounting and financial industry, affecting professionals in this field. In this blog, we will explore the stability of accounting jobs, analyze the current climate’s impact on employment in the accounting industry, and delve into expert predictions for the future of the field.

Careers in Accounting

Accounting careers have historically been regarded as reliable, stable, and desirable, as every business requires the expertise of accountants or an accounting team. This trend is expected to remain constant in the foreseeable future, indicating that the enduring demand for accounting professionals is unlikely to waver.

Skills in navigating technical and digital environments are essential for professionals in the finance industry as technology continues to advance. Additionally, financial companies are required to cater to the preferences
and requirements of a younger customer base as the average age of their clientele undergoes a shift. Hence, adaptability to the evolving needs of younger customers is crucial for success in the finance industry.

Over the 2022-2031 period, it is anticipated that job openings and job seekers in the finance industry will remain relatively balanced, mirroring the trend observed in recent years. This suggests that the equilibrium between
labor supply and demand for this occupation will be maintained throughout the projection period. A comprehensive analysis of the job outlook for this industry will be released in the upcoming weeks.

Accounting Job Market Analysis for Newcomers

Based on a report commissioned by the government it has been found that the financial sector, in Canada, is strong and highly competitive on an international level and is highly regarded for its stability and resilience. In addition to providing services, this sector plays a role in driving economic growth and creating job opportunities within the country. As a result of its nature, newcomers have opportunities to develop essential skills and
advance their careers.

To ensure a transition for you and your family when relocating to Canada it is recommended that you conduct research in advance. This will help you identify job openings that align with your qualifications and individual circumstances leading to a seamless integration into the Canadian workforce.

Job Openings

Networking events, as they were known before, are now more difficult to attend, and therefore students and potential accounts receivable and accounts payable employees are finding it harder to hear about job openings and get their foot in the door when trying to break into the profession.

Accounting department.

They are seeking graduates who possess the knowledge and experience in handling day-to-day tasks related to their
roles. This expertise can be acquired through obtaining an Accounting and Payroll Administration Diploma, which can provide companies and organizations with the resources they need to manage their accounting department.

Regarding the future of the industry, Futurefirm.co predicts that technology will play a role. They anticipate that machines will automate accounting positions. Although this may appear daunting for individuals aspiring to
enter the accounting field Futurefirm.co views it as a positive development.
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.

Conclusion

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, read our blog here.