FINANCE/ACCOUNTING
CAREERS
Emerging
Issues for Next Generation Accountants
The recent
changes impacting accounting and finance have created new challenges
for today’s professionals but also have created new opportunities.
This is just one of the key findings of Robert Half International’s
Next Generation Accountant: A New Outlook on a Timeless Profession,
a comprehensive research initiative that examines the trends shaping
the future of accounting.
In the course
of the research, Robert Half International identified several
emerging issues impacting the field, including:
- Continuing
demand for skilled professionals - Because regulatory compliance
requirements are ongoing and workloads continue growing, demand
for top accounting professionals is likely to remain steady.
And the need for experienced personnel is expected to accelerate
as companies begin preparing for the departure of baby-boom-age
workers. In fact, a Robert Half International survey found that
78 percent of firms are currently taking steps to compensate
for the loss of these employees, including enhancing their recruitment
and retention programs.
- International
Financial Reporting Standards (IFRS) - The United States
may face growing pressure to conform to international standards
as more companies around the world adopt IFRS. Already, foreign
companies listed on U.S. exchanges and U.S.-based businesses
with multinational operations are seeking accountants who understand
international laws and regulations and can help their organizations
adapt to new legislation.
- Pervasive
technology - Many of those now entering the workforce have
enjoyed nonstop connectivity most of their lives, from campuses
with wireless networks to personal digital assistants and web-based
cellular phones. The challenge for them now will be learning
to balance the productivity advantages information technology
(IT) offers with potential pitfalls, such as relying on IT instead
of face-to-face communication to build relationships.
- Enterprise
risk management - As the business landscape continues to
evolve, financial professionals will devote increased attention
to helping firms identify and manage risks. The Enterprise Risk
Management - Integrated Framework from the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) - which details
the components, principles and concepts of enterprise risk management
- will be a valuable tool in accountants' efforts.
- Fair
value accounting - Accounting professionals will need to
understand how to apply new rules aimed at improving the accuracy
of fair value measurements. Proponents say this approach provides
more transparency than historical cost-based measurements because
it recognizes the current worth of assets as opposed to the
cost of acquiring them.
- Globalization
- With a growing number of companies conducting business internationally
and building workforces comprised of individuals from multiple
countries, accountants will need to understand different cultures
and business perspectives. Fluency in multiple languages will
be a highly valued attribute as well.
- Fraud
control - Past accounting scandals have accelerated the
demand for professionals with fraud-detection and investigative
skills, especially those who possess the certified fraud examiner
(CFE) designation. Forensic accountants previously were brought
in after a misdeed had been committed, but organizations are
now hiring these individuals to tighten procedures to prevent
fraud before it occurs.
Founded in 1948, Robert Half Finance & Accounting, a division of Robert Half International Inc., is first and largest specialized financial recruiting service. The company has more than 360 offices worldwide. Search for jobs now or learn more at www.roberthalf.com.
