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ACCA and the future of accountancy

Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). ACCA is the Global Chartered Accountants’ body. ACCA has survived all the crises and pandemic till now and is becoming one of the greatest accounting bodies as of now.

We are discussing about the accounting profession and ACCA in the upcoming days in this article:

Impact on accounting profession due to globalization and increasing technology:

The outlook for accounting professionals is often tied to the economic health of the country, with improvements in the economy generally resulting in the need for more accountants, auditors, and other professionals to manage financial records. Globalization and increased regulations will also impact the demand for accountants in the future.

According to the U.S. Bureau of Labor Statistics, jobs for accountants and auditors are projected to grow by 4% between 2019 and 2029, which is on par with the projected average for all occupations. U.S. News & World Report ranks accountant No. 13 in its list of Best Business Jobs for 2021, citing its favorable salary and strong job security, among other issues.

Despite many accounting tasks being automated, accounting professionals will never be replaced by technology.

New business support models in post-Covid-19 business recovery:

 Covid-19 has put extreme pressure on smaller businesses, many of which have had to close their doors as a result. Others have experienced extremely rapid growth. Many support networks have found their members and alumni looking to them for support, not to grow but to survive. A number of ACCAs and accountants have started to work together for mutual support and to find innovative solutions to a range of issues thrown up by the crisis. This will again increase the scope of ACCA and accounting profession.

 

Expectations

Given the speed and extent at which the global business environment is changing, it is naïve for a professional accountant to think that their role will emulate the traditional duties of an old-world number cruncher. The duties of an accountant in the new age will be multi-faceted. They will be expected to be able to make professional independent judgments on an executive level, and have a creative and relational understanding of how the numbers that underpin a business relate to its many departments, its product, its strategy, and ultimately its future in the real world.

What are the scopes of ACCA in future?

One with a good Financial Management background can opt for CFA (Chartered Financial Analyst) and start his career in investment banking. Investment banking is a special segment of banking operation that helps individuals or organisations raise capital and provide financial consultancy services to them. They act as intermediaries between security issuers and investors and help new firms to go public.

 You are also given the option of Internal Audit in some reputed company for which you can go for CIA (Certified Internal Auditor) in early stages of your career. You are expected to provide independent and objective evaluations of company financial and operational business activities. Likewise you can also work as an audit and assurance officer.

 Taxation is another field in which ACCA can take a start, tax consultancy is one of the most rewarding professions in terms of financial appreciation.

Likewise, you can act as a finance expert in different fields. Some of them are:

  1. Finance manager
  2. Finance analyst
  3. Finance officer 
  4. Finance planner

Some other fields of work after completing ACCA are: 

  • Forensic accountant
  • Management accountant
  • Management consultant 
  • Management officer and so on.

ERP (Enterprise Resource Planning) is a vast area which can be explored and one can easily pursue his/her career as a functional consultant in ERP which will let you explore the accounting profession from a different perspective.

As an ACCA most suitable option would be to take a start from an Audit firm and later pursue your career in Accounting and Finance.

How to prepare for the future of accounting?

As trends like the rise in international business practices and emerging technology continue to shape the accounting profession, it’s important for students and professionals to keep up with these changes. One of the best ways to do this is through an advanced degree like ACCA. 

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