Let’s face it: businesses aren’t the same as we knew them.
Organizations are now increasingly becoming globalized, finance is becoming more complex, and incessant regulations are making the world of finance even more complex. To keep up with time and stay relevant in the market, accountants need new and advanced skills.
The growing complexity of finance has birthed new advanced accounting roles. While regular graduate degrees in accounting and finance roles were enough for traditional accounting roles, new and emerging roles require advanced certifications. Advance accounting certifications like the CIMA certification prepare you for these new roles.
Let’s explore a few new and emerging accounting roles in the market
The Bureau of Labor Statistics predicts that accounting and finance jobs will grow at 10% annually. This is significantly higher growth rate than most other professions in the industry. BLS predicts that accountants and other finance professionals will need advance degree and certifications to work in the contemporary finance market. Professional accounting certifications like CIMA (Chartered International Management Accountant), Chartered Public Accountant (CPA), and Certified Management Accountant (CMA) are a few globally –recognized credentials that equip candidates with in-demand advance accounting skills required to thrive in the market.
If you want to advance in the field of accounting or are looking to make a career in finance, remember that mainstream accounting isn’t the only option available. Read on to find out new and emerging accounting roles in the market.
- International Accountant
As organizations are increasingly becoming global and businesses cross borders, companies require accountants who understand international management accounting standards have expertise in foreign transactions. To perform well in this role, accountants will further need the ability to translate various international accounting standards. In addition to accounting skills, you need proficiency in foreign languages to contribute successfully in this role.
- Financial Consultants
As businesses increasingly move towards lean organizational structures, companies are avoiding hiring full-time accountants and instead are hiring consultants on part-time or per-project basis. Equipped with financial skills and broad knowledge of finance, these consultants can contribute effectively to challenging problems and help companies in need of financial solutions.
- Environmental Accountant
What hampers the environment isn’t good for business. Organizations are slowly realizing this fact. Cost savings, reduced regulatory risk profile, and good publicity are a few benefits for businesses if they pay attention to the environment. Environmental accountants are responsible for guiding businesses to navigate the intersection of businesses and the environment. Determining the cost of compliance for environmental regulations, identifying cost-saving environmental initiatives, and developing environmental management systems (EMS) are some of the responsibilities of environmental accountants.
- Forensic Accountants
These accountants are responsible for “following the money”. Corporate frauds, money laundering, public corruption, terrorist funding, and organized crimes are on the rise. Forensic accountants identify suspicious financial activities and transactions, track the flow of money from criminal activities, and work with law enforcement officers. When needed, they also testify as experts. Law enforcement agencies like FBI, Homeland Security, CBI, etc. are increasingly looking for forensic accountants as financial crimes are becoming complex with advancement of technology and access to information.
- Sports Accountant
Believe it or not, sports is a big business. The way sports teams and franchises are managed has changed over the last decade. Sports accountants work with players to plan their budgets, negotiate salaries, and make trades against a backdrop of complex salary caps. If you’re intrigued by sports, this role will fit you the best. The competition for these role is just as fierce as any sports in the field.
All in all, accounting offers many more opportunities than it used. These new, powerful, and emerging roles offer good work, high pay, and long growth opportunities. Therefore, the level of competition is significantly higher. CIMA certification and other similar qualifications can make you stand out and boost chances of entry into an accounting career.
CIMA ( Chartered International Management Accountant) is a high –profile credential for accountants who work with chief finance officer, chief accountant, CEOs, and assist the leaders in their finance-related decision making to enable the growth of the organization. The CIMA qualification will open opportunities at both business and non-business organizations