In 2023, job security has emerged as a significant concern due to several factors. Firstly, the global economic landscape has witnessed rapid changes and uncertainties, leading to increased competition and restructuring in many industries. Organisations are continuously adapting to market fluctuations, which can result in workforce downsizing or restructuring, creating a sense of instability among employees.
Contrary to this, the accounting industry, particularly for CPAs, presents a different scenario. Let’s explore the 3 key factors driving their excellent job security in the year 2023 and beyond:
1. More Demand, Less Supply:
As per The Wall Street Journal, there has been a 17% decline in employed accountants and auditors from 2019. This shortage in accounting talent has given rise to demand for CPAs across the globe. Due to the current shortage of CPAs, companies are struggling to find the talent they need, hence, providing a unique opportunity for those considering a career in accounting.
2. A plethora of opportunities for CPAs:
Irrespective of the economic or job market conditions there will always be a need for:
- Business-savvy professionals who drive the growth of existing companies.
- Tax experts assist in planning and filing taxes and, skilled auditors to meet regulatory requirements.
- Trusted advisors who provide guidance during business sales and understand the language of business.
- Experts who navigate complex technical accounting and financial reporting intricacies.
CPAs can gain expertise in these fields making themselves a perfect fit for such crucial accounting roles and many more. This greatly enhances their marketability.
3. Is AI a threat to CPAs?
No! AI cannot take away CPA jobs. CPAs enjoy an added safeguard against automation due to a crucial element they possess i.e. “judgement.” The scope of their responsibilities extends far beyond the mundane data entry tasks. Their roles encompass sophisticated analysis, effective client communication, and most significantly, the ability to exercise judgement when interpreting evolving accounting standards and tax laws.
Infact, AI is a valuable ally, not a threat, for CPAs. It streamlines tasks, provides data insights, and enhances efficiency, enabling them to focus on higher-value work and deliver exceptional results.
Now you know the top three reasons why accountants will have great job security in 2023 and beyond. If you are looking for a rewarding career option, you should seriously consider accounting as an option. If the type of work and the skill set matches your career aspirations, it can be a lucrative career path while still being secure.
Miles Education is consistently addressing the worldwide shortage of accountants by bridging the gap between the industry’s demand and available talent. We provide specialized training and placement services. We aim to equip the next generation of accounting professionals with the necessary skills to succeed in their careers.
So don’t let this opportunity pass you by. Join the family of ambitious individuals who are ready to conquer new heights and live their dream of a successful accounting career.