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Three Things You Need to Know about the Future of Accounting

There’s a serious talent shortage in the United States. With 9 out of 10 finance executives reporting difficulty recruiting qualified finance and accounting managers, and nearly 140,000 new accounting and auditing jobs expected to be created between 2016 and 2026, it’s a great time to begin your path toward a rewarding career in accounting. In fact, demand for finance and accounting professionals is projected to grow nearly 13% in through 2026 in the New York Metro area with an average salary of $97,400.*

Wondering if accounting and finance is the right field for you? Here are three things you should consider:

1.   Accountants will continue to be in demand even as the field becomes more automated for simple accounting tasks.

Although technology will eliminate many entry-level accounting jobs, individuals with advanced accounting degrees and certifications will be in high demand for a range of roles, including financial analysis, tax preparation, payroll services, auditing, tax preparation, bookkeeping and payroll services.

Accounting is also an important part of strategic management accounting, the use of which is gaining popularity among successful organizations. Strategic management accounting implements an accounting system to examine, accommodate and command a company’s strategic management goals. More and more corporations are realizing the importance of strategic management accounting, as it helps organizations adapt to changes in the marketplace, new regulations and the activities of competitors.

As reported by the “Robert Half Accounting and Finance 2019 Salary Guide,” the most in-demand accounting positions for 2019 are:

  • Accounting Manager
  • Controller
  • Financial Analyst
  • Internal Auditor
  • Payroll Manager
  • Staff Accountant

2.   Accountants will continue to be paid at a higher rate than many other professions, and accounting careers tend to be very stable.

The positive employment outlook and stability of finance and accounting jobs are two major benefits for those seeking careers in these fields. Furthermore, accounting salaries are rising, with sign-on bonuses and other incentives becoming increasingly common. 

3.   The more education and training you have, the greater your earning potential and opportunities for advancement.

Employment seekers in the fields of accounting and auditing also enjoy above-average growth potential and the ability to move up the ranks in accounting professions. To realize your full earning potential and open yourself to the most rewarding opportunities, career advancement often requires additional accounting education and/or certifications.

Earning an MBA in accounting is imperative for individuals who want to prepare for the most sought-after and highest paying jobs in the field. The MBA program offered through Hofstra University’s Frank G. Zarb School of Business is accredited by AACSB International, which represents the highest standard of achievement for business schools worldwide.

Hofstra University’s MBA program was also ranked “tier one” among 127 other universities across the globe, according to CEO Magazine’s 2019 Global MBA Rankings. The universities evaluated were measured by their scores in eleven areas, including quality of faculty, international diversity, class size, accreditation and faculty to student ratio. Furthermore, Hofstra University’s MBA program was ranked 15th out of the top 25 MBA programs in the state of New York by Top Management Degrees.

At Hofstra University, students have access to, and the ability to network with some of the brightest business minds in New York City, which is renowned as one of the leading banking and financial centers in the world. The university’s accounting instructors include individuals with extensive experience in the field who are willing to share their real world knowledge with students. Their expertise helps students prepare for the challenges they will face once they begin their accounting careers.

To be eligible for admission to Hofstra University’s MBA program, you must have earned a bachelor’s degree from an accredited educational institution. Your bachelor’s degree does not have to be in accounting or finance, however, to qualify for admission. If you have earned a bachelor’s degree, but feel you need additional education to be successful in a career you will be excited about, click here to learn more about how you can earn your MBA in Accounting from Hofstra University.

*New York metropolitan area labor market data retrieved from Burning Glass Technologies in July 2018.