In recent months, we have witnessed a stunning turn regarding the relative economic security of government jobs. It made us wonder if other careers such as public accounting are still considered fairly immune to economic downturns or political disruptions.
Historically, a career in accounting or bookkeeping has provided a fairly stable career for knowledgeable and conscientious individuals. You can enjoy variety and career satisfaction from knowing the language of money, but also by advising people about how to manage it well.
However, the public accounting profession – and the finance industry overall – is experiencing rapid change through technology as well as changing client needs.
Here are a few statistics:
45% of 500 accounting firms surveyed are mandating use of AI – 2024, Moss Adams
67% of more than 1,000 accountants say that their clients have needed increasing financial management support – 2023, Intuit QuickBooks Survey
The CPA licensure model is shifting focus on technology skills and data analytics through all exam sections – 2024, The CPA Journal
With this in mind, accounting firms are looking for people who can be very analytical with finance while also being very personable with clients. At the very least, accounting professionals who excel at data analytics will need to communicate “what is happening” to their supervisors or clients.
Making Sense of Data
Public accountants have always had the task of interpreting tax law and helping their clients remain compliant with local, state and federal agencies. Whether this is through audits and assurance, tax planning or financial management advisory services, accounting professionals are relied upon to help clients manage risk and pursue legally compliant business decisions.
As an added layer, public accountants will now be tasked with taking the data organized by technology and AI and adding their ethical and practical applications to the data.
Many routine-to-complex tasks (budgeting to business valuations) are promising to be handled more efficiently through software applications and integrated technologies. Public accountants will interact with clients in person as well as through user-friendly online portals and/or dashboards.
Skills in Demand in Public Accounting
Public accountants and CPA advisors who understand businesses, not-for-profits or complex industries (e.g. affordable housing, private equity) will have an advantage. Professionals who can share insights with clients about how the numbers impact their profits or mission will be more valuable and therefore, recession proof.
As a student, a young professional or advancing leader, here are some skills to consider and practice for your future career in public accounting:
- Critical thinking and analysis – providing data clarity and client problem solving
- Continuous learning – staying current on changing standards and laws
- Interpersonal communication – connecting well with colleagues and clients
- Adaptability – evolving with new technologies and delivery systems
- Cultural awareness – working with teams and clients across the world
- Time management – effectively delivering on deadlines
Team management – effectively overseeing various team members
Questions about the opportunities available in public accounting? Talk to us at LvHJ or visit our Careers pages.
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