Career Viewpoint: Trends, Skills and Evaluation in Accounting Profession

This report talks about how a career plan helps an individual know all about the different requirements and information about the profession/industry they want to work in. The first part of the report talks about the changing trends in the Accounting profession and how these trends are making the job requirements change. The report moves on to discuss the skills, knowledge and experience which is required to be maintained by an accountant which helps them do great in their profession. It critically analyses the requirements to become a good accountant. The last part of the reports gives a self reflection taking up an advertisement from amazon asking for applications for the post of Accounting executive manager.

Career Viewpoint

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
Analysis and Application............................................................................................................3
TASK 2............................................................................................................................................6
Evaluation...................................................................................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8
APPENDIX......................................................................................................................................9

INTRODUCTION
A career could be defined as what you do for a living. It could mean, working as a doctor,
manager, teacher, etc. Career plans are required by an individual to better analyse the
requirements and progression trends in a career (Tsai, Hsu and Yang, 2017). A better career plan
helps an individual determine their area of interests, the career which best suits their talents and
what training is required to be taken up to enhance professional knowledge. There are different
jobs in the market and ample opportunities to work and grow your professional knowledge. A
good career plan will give an individual some level of clarity as to what profession/industry
would be taken. For the purpose of this report, I have taken accounting as the profession and I
will be be discussing what are the trends in accounting profession and what skills-set and
knowledge are required to work in this profession as a car.
TASK 1
Analysis and Application
A career analysis refers to critically analysing a job opportunity and collecting
information about the specific job role.
General Trends
The change in the every other profession is important as it makes you aware about the
changing trends, makes people flexible and also explains how an individual can work on his
skills-set to improve this (Pitcher, 2017). Accounting industry has gone through different and
rapid changes in trends as to what is actually required from the accounting professions. For
example, AI in accounting, automation with accounting software. These different trends in
accounting profession are discussed below. Focus on Data Analytics: One of the main accounting trend in this current times is the
focus on data analytics by the users of the accounts. It is known that information
generated by the accounting profession has always been a crucial factor in decision
making and strategy formulation. Analysing the numbers in the statements and reports
written by the accounting professionals gives valuable insights and helps the users to
identify. Data analytics helps accountants take up new roles as advisors and analysts. Role of Artificial Intelligence (AI): AI has been a significant part in almost every
industry. Using AI in the field of accounting will help the companies minimize errors and

inaccuracies. This basically means having a virtual member who will form the accounts
of a company. One school of thought might consider this as a threat to the accounting
profession as the base work of accounting is being taken up by bots but this is not entirely
true as many companies are employing accountants for the position of advisor, analytics,
auditors etc. Accounting Standard: The Financial Accounting Standards Board (FASB) issues and
updates accounting standards throughout the year (Tan and Laswad, 2018). These
changes could affect financial statements and how the accountants are required to extract
information and present it to the users of the financial information. Data Security: Identity theft, stealing of personal data and spoofing is are major risks that
surrounds the company and mainly the finance departments. Accountants are required to
protect the accounts of an information. Recognizing potential harmful threats and
spotting anomalies are necessary part of the accountants in this era. They can become a
crucial part in cybersecurity.
 Cloud Computing: The arrival of cloud computing has been hugely beneficial for many
businesses as in this, the resources are shared like accounting software and the financial
information is more accessible and the process of accounting has become more efficient.
Accountants these days need to understand this concept in depth and be better in the
work.
 Mobile Accountants: With the help of cloud computing, accountants now-a-days are not
really required to work in the offices and maintain data there. They can work from home
and can access the cloud for information if needed and publish the statements on the net.
This reduces the overall workload and they can work with comfort.
Skills, Knowledge and Experience Required
Every person requires a set of skills, knowledge and experience to be efficient in the
work that a profession offers. These skills are career competencies which are usually not taught
in a course but are gained by the students while learning the theoretical knowledge about the
profession (Venter, Gordon and Street, 2018). As every other profession, accounting too requires
a set of skills and in-depth theoretical as well as practical knowledge. The following skills are
required in the accounting profession:

 Analytical Skills- Accountants are required to have a detail-oriented view and analyse
the information provided to them and extract the accounting information. They require
this skill set to prepare financial reports and analyse future trends and guide the
management accordingly.
 Critical Thinking- Accountants face errors, inaccuracies and deviations which are
required to be dealt with (Osmani, and et.al., 2017). Accountants must approach these
complex situations critically by considering all variables and potential risks.
 Adaptability- Accounting frameworks for taxes and financial reporting are constantly
changing and evolving and the accountants are required to be prepared to adapt such
changing frameworks.
 Spreadsheet proficiency- The Accountants are required to be thorough with the
different software programs that are used in the accounting field to be efficient in the
profession.
 Team collaboration- An accountant need to work in teams and collaborate with
different departments to achieve organisational objectives.
 Business Awareness- The accountant is required to be well aware about the trends in
the business industry and formulate such practices into the accounting which would help
the business become competitive in the industry.
The areas of knowledge and expertise that are required to be gained by an accountant are
discussed hereunder:
 Knowledge of Standard Accounting Practices- The accountant is required to be
familiar with the different accounting standards that are followed in and around the world
for better and efficient making of the financial statements and reports (Cohen, and et.al.,
2020).
 Ability to prepare financial statements- Accounting is all about maintaining business
accounts and deriving information from them and then preparing financial statements
which are required to be shared with the users of accounting information.
 Tax knowledge- Accountants are required to know all about the tax regulations of the
country, whereabouts of the tax which is supposed to be paid and which has been paid
already and make the necessary adjustments of same, if any.

TASK 2
Evaluation
For this report, I have taken amazon as the company asking for applications for the post
of accounting executive. Amazon UK has the vacancy for the post of Executive Manager,
Accounts. The advertisement is included in the appendix. This job role interests me for a number
of reasons and these are mentioned below:
 I have a keen interest in accounting and preparation of financial statements.
 I have done my eduction in accounting field.
 I have aware of the International Financial Reporting Standards (IFRS) and I want to
apply it practically into an international business like Amazon.
 Amazon has a worldwide approach which would help me get settled into the country of
my interest.
 I am an ACCA member which is a professional body dealing in international accounting,
guiding and controlling the accountants in and around the world.
 I am a person with critical thinking skills which would help critically analyse the
accounting information and help the business grow stronger and more competitive.
This job role is directly linked to my area of interest which is accounting. The job profile
requires the following from the applicants which goes hand-in-hand with my area of interest:
 Managing tax compliances and filing returns
 Managing payouts as per cash flows of the business
 Ability to communicate efficiently, both verbally and in writing.
 Making financial reports and analysing the income statements as well as cash flow
statements with performance statements.
I prefer this job opportunity over the other vacancies is because of the reputation Amazon
holds in and around the world. The other organisations are not that competitive and does not hold
such high position in the market. By joining amazon, I see a brighter future for myself.
Accounting is very old in terms of a profession. It is not really a new emerging profession
but the new trends that are coming up in the field of Accounting are future proofed and
accounting is as important for a business as the production activity. Not being efficient in the
filed of accounting can be harmful to the life of business.

CONCLUSION
From the above mentioned report, it has been concluded that for an individual a career plan is an
important aspect for a brighter future. This report talks about how a career plan helps an
individual know all about the different requirements and information about the
profession/industry they want to work in. The first part of the report talks about the changing
trends in the Accounting profession and how these trends are making the job requirements
change. The report moves on to discuss the skills, knowledge and experience which is required
to be maintained by an accountant which helps them do great in their profession. It critically
analyses the requirements to become a good accountant. The last part of the reports gives a self
reflection taking up an advertisement from amazon asking for applications for the post of
Accounting executive manager.

REFERENCES
Books and Journals
Cohen, J.R., and et.al., 2020. An analysis of glass ceiling perceptions in the accounting
profession. Journal of Business Ethics. 164(1). pp.17-38.
Osmani, M., and et.al., 2017. Examining graduate skills in accounting and finance: The
perception of Middle Eastern students. Industry and Higher Education. 31(5). pp.318-
327.
Pitcher, M.R., 2017. Perceptions affecting an accounting career choice (Doctoral dissertation,
University of Phoenix).
Tan, L.M. and Laswad, F., 2018. Professional skills required of accountants: what do job
advertisements tell us?. Accounting Education. 27(4). pp.403-432.
Tsai, C.T.S., Hsu, H. and Yang, C.C., 2017. Career decision self-efficacy plays a crucial role in
hospitality undergraduates’ internship efficacy and career preparation. Journal of
Hospitality, Leisure, Sport & Tourism Education. 21. pp.61-68.
Venter, E.R., Gordon, E.A. and Street, D.L., 2018. The role of accounting and the accountancy
profession in economic development: A research agenda. Journal of International
Financial Management & Accounting. 29(2). pp.195-218.

APPENDIX
We’re HIRING!!
Accounting Executive
This is an opportunity for qualified and skilled accounting professionals to work with Amazon
and become a part of our family. It is a full time job.
Working would be 5 days a week and additional work will be rewarded. Proper Training and
Development would be provided to the candidate after joining. Last date for applying is 30th
November, 2021.
The Job requirements are:
 Managing tax compliances and filing returns
 Managing payouts as per cash flows of the business
 Ability to communicate efficiently, both verbally and in writing.
 Making financial reports and analysing the income statements as well as cash flow
statements with performance statements.
Pay and
Benefits
 Wages according to the
London Living
 29 Days of Yearly
Leaves
Contact us today
The interested candidates can drop their CV to 777, Dark
Green Enclave, or can mail it to [e-mail]