Age of the Millennials

The future of accounting is very bright. The profession is evolving and transforming into something new and fresh. It is in the midst of a never seen before transition. More and more young people are being invited into new and prominent positions in firms big and small. In the recent past the profession has suffered from a major staffing crunch in spite of the promising future and that is why business concerns and financial firms are prone to making major changes in the organizations to lure in bright minds. The perks and the deals are getting more interesting by the minute and this approach is driving the profession forward in the industry.

Millennials, the young minds of today are finding the profession and the subjects included more and more interesting. To make up for the loss of the retiring baby boomers the organizations are offering more money and more facilities to the beginners in the industry. Not only that, they are also being offered important positions and the companies trust them with huge responsibilities. This is inspiring the new generation of students to take up accounting. The subject has always had its perks but now that the demand is exceeding the supply of accounting professionals the scenario is becoming even more advantageous for the future professionals.

Recent surveys and studies have shown that enrollment in accounting and finance college programs, as well as the number of degrees awarded in those fields, are at an all-time high. In just over a decade the enrollments in the ACCA courses in Birmingham have more than doubled. More students are lining up outside universities, colleges and business schools to get themselves enrolled into accounting courses. But despite these impressive figures, interviewers are seen companioning about how challenging it is to find skilled candidates for accounting jobs and other professional-level positions.

That is why more often than not in spite of the bright prospects the positions remain empty. Recent studies have shown that millennials have surpassed the baby boomers in population and in skilled labor as well as technological training. Population wise the picture is similar. As the previous generation makes an exit from the work force due to the rapid change in the technological scenario and demand for individuals with extensive knowledge about different genres of accounting, The rush to fill in the empty spaces with highly trained, highly skilled younger people is huge.

As per the Robert Half Salary Guide, the challenge employers are facing in filling accounting jobs is threefold: First, businesses are having to offer competitive salaries, signing bonuses and other perks to attract the best. Second, they must have a fast and efficient hiring process since companies that take their time may lose top candidates to the competition. Third, they have to pay attention to their current staff and make sure star employees with in-demand skills don’t jump ship; to keep them happy employers may have to offer raises and retention bonuses.

This is an amazing opportunity for students interested in accounting. They can choose this field to make their future bright and promising. If they manage to get the degree from a renowned internationally recognized institution, all the more better.

Nazmul Hasan is an educational consultant; he takes pride in guiding students. Whether you want to pursue an Msc in London or in Birmingham, you can refer to his writings.