Dynamics in the Accounting Sector:Insights for All Professional Levels

Accounting is the business department that provides information about the financial position of organizations and is an important decision-making tool at all levels of management. In today's business climate, dynamism is making its mark in this profession. That's why we invited Victoria Lazarova, Senior Recruitment Consultant from our team, to tell us what are the main trends in the job market for professionals in this field.

What trends have been observed in the demand for professionals with an accountant or auditor profile over the last 12 months?

The current job market is looking for candidates with complex profiles. Employers are targeting talent who possess a diverse skill set, including working with a variety of software and ERP systems, excellent English language skills, SAP experience, knowledge of financial analysis, and exceptional presentation skills. Job seekers who possess such a profile greatly enhance their chances of securing high-paying positions and secure an opportunity for advancement in today's competitive professional environment.

An ACCA global survey shows that 44% of young accountants globally expect to change positions or employers in the next 12 months. Where does this put candidates in the job market?

Young people in the field expect rapid career progression, gaining new knowledge and skills within a year, and this fuels their motivation to change positions. However, this ambition also subjects them to fierce competition as companies continuously raise their expectations of the professional competence and skills a candidate should possess. In this context, companies are looking for highly motivated candidates who want to go deeper into the accounting sector and have a desire to continuously acquire knowledge and an interest in new developments.

According to your observations of the market, what are the top skills of the modern accountant that companies are looking for as a priority?

The modern accountant must have a variety of skills to cope with a complex and dynamic business environment. Some of the top skills that companies are looking for in accountants as a priority include:

• Proficiency in basic accounting principles, standards, and methods for preparing financial statements is critical. An accountant must understand the full cycle of the accounting process and be able to use accounting software applications effectively.
• Effectively analyze financial data, identify trends and unusual situations, and extract valuable information from the numbers. Data analysis can help predict future trends and make strategic decisions.
• As digital transformation grows, accountants are also expected to adapt to using new technology and software tools. Skills in using accounting software, databases, automation, and analytical tools are highly valued.
• Last but not least, an important skill is the ability of professionals in the field to present complex financial information to non-specialists through clear and understandable communication.

Given the increased interest of young people in education and development in these specialties, what advice would you give them for success in the field?

Our experience shows that choosing a career in accounting continues to be a sensible alternative for those looking for long-term development prospects and opportunities to continually acquire new knowledge and skills. To succeed in this field, I would recommend the following to young people:

• Keep learning and developing. Participating in courses, trainings, seminars, and certification programs (such as CPA, CMA, ACCA, etc.) will help you gain additional specialized knowledge and skills.
• Build on your skills using accounting software platforms and tools. Proficiency in technology solutions is key for the modern accountant.
• Develop communication skills. Accountants often have to present and explain complex information to diverse audiences.
• Explore different areas of accounting and auditing and determine what area you want to specialize in.
• Look for internship or practicum opportunities with accounting firms, companies, or organizations to put your skills into practice and learn about the field.
• Develop your language skills. Many resources, materials, and standards in accounting are in English.
• Stay informed about the latest trends and innovations in accounting and auditing. This sector is changing rapidly, and continuous learning is key.

By combining these tips with a drive for improvement and continuous learning, young people can succeed in accounting and auditing.