Accounting is the backbone of businesses, and it will not be wrong to say that accountants are responsible for running the show for entrepreneurs across the globe.
But those in the industry will know how aggressive and cut-throat the hiring environment has become in the accounting sector in recent years.
The good news is that companies have realized the importance of accountants and offer high-paying jobs and competitive salaries to those meeting their requirements.
The big question is, what are these requirements?
To begin with, you need the basic skills in accounting like crunching numbers, making sense of expense sheets, etc. In short, the traditional accounting skills. However, with the increasing competition in the industry, this isn’t enough.
It takes the right balance of traditional and advanced skills in accounting to make it big in the accounting sector.
Professionals in the field need to add an oomph factor to their skill set, and they can do this by specializing in advanced accounting skills that are relevant to the sector.
In this blog, we will talk abut some of the fastest-growing skills in the accounting industry that you must learn now to upskill and get your dream job!
But first, let’s understand why we need these advanced skills in the first place and how they can help you get a job in accounting.
Let us begin!
How developing new skills can help you get a job in accounting?
Money matters are often quite confusing, which is why we need accountants to help us through our day-to-day transactions.
But with the sector getting more competitive by the minute, it becomes crucial for accounting professionals to develop advanced skills in accounting to stand out.
There are several ways in which developing new skills can help you land your dream job in accounting. Here are the top 5:
- Developing new accounting skills can bring you to par with the professionals in the industry
- You can stay on top of the new technological developments in the accounting sector
- It helps you hone your skill and takes your expertise to the next level
- With the right skills in accounting, you can be open to opportunities for advancement & a competitive salary
- With the growing demand for accountants, advanced skills in accounting can get you a better job in accounting, as it would give you a better understanding of finances and budgeting that go beyond the traditional methods
4 Rapidly growing skills in accounting you must learn
Coming to the question of the hour- What are the new skills in accounting that you must learn?
Here are the top 4 answers for you!
1. Technical sales
Technical sales is a crucial skill in the accounting industry. In case you don’t know what technical sales professionals do, they are skilled people specializing in selling technological products.
They promote and sell company products by showcasing their advanced technical aspects and benefits.
In short, technical sales is all about demonstrating the benefits of the product and selling it to potential customers.
One may think, what does an accountant have to do with technical sales? The answer is simple!
Technical sales is an advanced accounting skill that can help accountants grow manifolds. Technical sales skills aid accounting professionals in clients sign-up and retention.
It allows them to sell their traditional skills along with advanced aspects of their job to offer their services to clients and keep them associated.
There has been an explosion in demand for accounting professionals with Technical Sales as a skill in the last quarter.
Out of all the advanced skills in accounting, technical sales is one of the easiest to develop. All you need is,
- The ability to research & find new customers while maintaining regular contact with the existing ones
- Building rapport with new accounts
- Onboarding new accounts by demonstrating technical information about your services and products
- Ability to lead negotiations and close sales
- Crunch numbers and suggest services accordingly to optimize customer’s efforts
Technical sales is a key skill in accounting that has the potential to add value to an accountant’s profile. It equips them with tools and skills to bring in more business for themselves and manage it optimally.
2. US Mortgage
US mortgage is the next big thing for those looking for jobs in accounting and is an accounting skill that can bode well for you in the long run.
As default rates sore high, the US regulators found themselves wanting to outsource the document verification process to secure mortgages.
As a result, several banks and other financial institutions outsourced this task to IT/BPO vendors in countries like India to make the process quick and seamless.
This has led to massive growth for the accounting sector in India as US mortgage regulators rely on our accountants for services like loan verification, underwriting, verifying claims and counter-claims, and other foreclosure services.
In the current scenario, the US mortgage process has surfaced as a crucial skill in accounting as it is important to evaluate the borrowers and assess their information.
No wonder recruiters in India are now looking for accountants with US Mortgage skills more than ever.
The demand for US mortgage skills has seen more than 300% growth last quarter.
If you are wondering what encompasses the role of a US mortgage official, here is your answer:
- Reviewing loan applications & helping applicants pick suitable options
- Assess the financial situation of the applicant
- Calculating credit score of those applying for loans
Run verification on applicant’s documents - Take the final call to approve or reject loans, complying with banking regulations
US mortgage is a growing area for those seeking jobs in accounting in India, and upskilling in the same could lead to several new job opportunities for you.
All you need is a degree in accounting-related fields, analytical skills, and a good aptitude for mathematics and statistics.
3. Underwriting
Underwriting is a crucial aspect of accounting and is rapidly growing in the sector. As most accountants would know, it is the process that accountants go through while evaluating the credibility of borrowers.
They also fix the borrowing rates, premiums, and the terms on which loans can be approved.
It is an extremely crucial skill in accounting, and honing it can boost your chances of finding a great job. An important aspect of being an underwriter is risk assessment.
What makes underwriting a fast-growing skill is that it has led to soaring demand for accountants in insurance/reinsurance companies, banks & brokers.
Demand for underwriting in accounting jobs has doubled in the previous quarter v/s the second quarter of 2020.
4. Loan against property
Most of the important skills in accounting are directly related to the nature of the industry. Loan against property is one such skill.
As the name suggests, loans against property is a key skill in accounting. Those skilled in the same have extensive knowledge about providing loans against an asset or property that a potential borrower is willing to mortgage as collateral.
This means that a person in need of a loan can borrow an amount against the residential or commercial property that they own.
With people relying on loans to pay EMIs for things as small as phones, loans against property can be a solid skill for those looking for a job in accounting.
Compared to the previous quarter, there was a 33% growth in demand for loans against property as a skill in accounting roles.
Accountants who have the skills and knowledge of loans against property can take on roles like Relationship manager- LAP, Credit officer, Credit manager, etc.
Conclusion
Accounting professionals are in high demand across the globe. With the expansion in the Indian business sector, the revenue generated from accounting and finance has increased by 7% .
The credit goes to the rapid economic development, digital accounting, and changing business scenario in India.
Getting hired for a job in the accounting sector is a lucrative career option, and in the current scenario, it can be your ultimate opportunity for career growth. You can check out jobs in accounting here.
So, focus on getting a career boost by acquiring fast-growing skills in accounting today!
All the best!
