overview
The accounting & finance sector has always offered rewarding career paths in areas such as tax, accounting, audit & assurance, commercial analysis and corporate finance. Over the years, the industry has undergone rapid transformation through digitisation.
With ever-changing legislation, the finance function must disrupt itself to meet the needs of its clients, including corporate boards, regulators, sales and marketing departments, suppliers and auditors. Finance teams are now increasingly expected to serve as a true business partner, as opposed to being a back-office function that just focused on transactional processing and historical reporting.
Businesses have also invested heavily in technology and there are now more positions requiring specialist technical skills (i.e. business intelligence, specific ERP knowledge, etc). The ability to draw and present insights from large data sets is crucial to support driving optimal business performance and commercial decision-making.
But it’s not just digital and technical skills that are in increasing demand in 2024. Organisations want to rebuild trust and strengthen customer engagement. This actually increases the demand for people with innately human capabilities such as empathy and creativity, which can’t be replicated by machines.
When talking to employers about their talent demands, we’re therefore seeing a growing focus on people with emotional intelligence and the ability to assimilate into the organisation’s work culture. As a potential applicant, your skills should also be transferable – show that you have the ability to collaborate and work on a range of cross-functional projects.
Of course, some things never change and core qualities such as strong communication and presentation skills, a customer service focus, analytical and problem-solving skills, as well as project management experience will always be viewed favourably.
key facts
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where people work
- Although most roles are office-based, many people now work remotely at least part of the time.
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education
- Many accounting and financial services professions require degrees and professional certification, though on-the-job vocational routes to the qualification that take people straight from school or from other types of work are increasingly common.
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impact of new technologies
- Digital technologies are transforming the accounting industry as much as the next. Many tasks are now computerized as new computer software aims to both simplify and improve the work of professionals across the industry.
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impact of net zero
- Accounting for sustainability is a hot topic in the industry in 2022 as both global and national accounting bodies commit to net-zero greenhouse gas emissions.
in-demand skills & qualifications for financial accountant
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skills
- Tax compliance reporting
- Monthly profit and loss reports, and balance sheets
- Understanding of IFRS and GAAP financial reporting standards
- Assisting and preparing year-end reports
- Liaising with auditors
- Analysing financial data
- Ability to translate complex analytics into actionable business insights
- Communication with analysts and investors
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qualifications
Accountants tend to enter the profession through graduate training programmes, though it is also possible to come into a business and gain qualifications straight from school. Professional exams and certification are provided by professional bodies such as the Institute of Chartered Accountants Australia. Most trainees work while studying.
in-demand skills & qualifications for management accountant
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tasks and duties
- Assist in formulating budgetary and accounting policies
- Prepare financial statements for presentation to boards of directors, management, shareholders, and governing and statutory bodies
- Conduct financial investigations, prepare reports, undertake audits and advise on matters such as the purchase and sale of businesses, mergers, capital financing, suspected fraud, insolvency and taxation
- Examine operating costs and organisations' income and expenditure
- Provide assurance about the accuracy of the information contained in financial reports and their compliance with statutory requirements
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skills
- Commercial awareness
- Ability to translate complex analytics into actionable business insights
- Readiness to take difficult decisions
- Ability to get to the roots of problems
- Organisation and eye for detail
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qualifications
Qualified and registered accountants can specialise as management accountants by completing a Certificate of Business Accounting through the Charted Institute of Management Accountants. It may also be useful to study for a Master of Business Administration (MBA).
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in-demand skills & qualifications for financial controller
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tasks and duties
- Managing finances and monitoring internal controls
- Oversee banking and finance activities, reporting and payment to all taxing authorities, insurance recommendations and related purchases and corporate documentation
- Report to the executive management team
- Managing the organisation’s financial and accounting operations
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skills
- Digital and analytical skills
- Good numeracy skills
- Critical thinking
- Empathy and communication
- Deep understanding of business and process optimisation
- Engage as a true business partner
- Organisation and eye for detail
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qualifications
Qualified and registered accountants can specialise as financial controllers. It may also be useful to study for a Master of Business Administration (MBA), CA or CPA qualification.
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connect with one of our consultants.