According to the Bureau of Labor Statistics Occupational Employment Outlook, the U.S. economy is expected to grow by 14%, which is approximately 20.5 million jobs, between 2010 and 2020. From 143.1 million jobs to more than 163.5 jobs over the course of a decade, the U.S. economy is expected to experience a tremendous growth in the job sector for the next 10 years.
Also see video: How to Get an Accounting Job
The US Bureau of Labor Statistics uses several factors to determine the job outlook for all professions as well as individual occupations. Automation and productivity-enhancing technology are major factors in determining the pace at which technology and machinery are used to replace workers. Outsourcing, changes in company products, and organizational restructuring are also factors used by the US Bureau of Labor Statistics to determine the employment outlook. Here is the accounting job outlook for the next 10 years.
1. Overall Job Growth and Salary
The US Bureau of Labor Statistics reports that there will be a 14% increase in the job market for bookkeeping, accounting and auditing clerks. 1,898,300 individuals were employed in these occupations in 2010, and there will 2,157,300 jobs for accounting occupations by 2020. In 2010, the median salary for bookkeeping, accounting and auditing clerks was $34,030.
The accounting job outlook over the next decade is expected to be favorable of aspiring accountants, and those with industry-wide certifications will be preferred over non-certified accountants.
2. 2020 Job Growth Projections
Accounting jobs will continue to be in demand for the next 10 years due to the increased nature of corporate financial concerns. Many companies are hiring qualified individuals with accounting education, experience, and certifications to oversee the fiscal services within companies.
Many organizations will seek personnel to ensure that accounting services and checks and balances in organizations meet industry standards. Internal controls to keep accounting on the right foot are just as important as outside firms brought in to prepare taxes and consult.
Because of the increased number of audits and other corporate scandals, companies are hiring more employees to perform accounting and financial auditing services. They want to prevent any mistakes that weaken their brand and appearance of stability.
Most accounting positions require a bachelor’s degree in accounting or related field of study. Some entry level jobs in accounting, such as accounting clerks and bookkeepers, only require a high school diploma or associate’s degree. However, the fastest growth in accounting jobs is expected to be in positions that require a master’s degree.
The Bureau of Labor Statistics reveals an expected 21.7% growth in jobs that require a master’s degree over the next decade. In addition to meeting the educational requirements for accounting-related jobs, employers will also require individuals to have additional training specifically aligned with certain accounting and auditing jobs.
On-the-job training will be necessary for accountants to remain competitive in their industries. Typically, most employers will expect aspiring accountants to have one to two years of work experience in occupation-specific jobs.
4. Accounting Occupations
In addition to being an accountant or auditor, there are other related occupations in the financial services industry, whereby employers require individuals to have accounting-related experience.
Some of the more common accounting jobs are financial analysts, tax examiners, and budget analysts. Each of these positions requires a minimum bachelor’s degree in accounting, finance, business administration or statistics.
5. Certification for Accountants
Many employers recommend that aspiring accountants and individuals who intend to occupy accounting-related positions should acquire industry-wide certification in their specific occupations. The Chartered Financial Analyst (CFA) certification is common for financial analysts. Comparably, the Certified Public Accountant (CPA) certification is predominately preferred by auditing and accounting employers. By passing the uniform Certified Public Accountant examination, CPA’s are assumed experts in the accounting profession and their salary and benefits package reflects this.
6. Accounting Skills
In the next 10 years, employers will expect accountants to have effective computer skills, including Microsoft applications and financial databases, and have the ability to pay close attention to detail. Knowledge of Net Suite and other accounting systems will also be required by many employers. Experience in financial ERP systems and Oracle systems are also important skills that employers expect aspiring accountants to have.