The future of the American job market can be scary considering how many big box stores are closing or have closed. This article from USA Today reports that retailers are closing the most stores in 2018. Online shopping is a big reason why so many stores aren’t doing well. So, where are the best jobs hiding?
One profession that has seen steady growth this year is in the accounting field. For example, New York has had a hot year for hiring, including within the areas of finance, accounting and technology. New York isn’t alone. Across the board, accounting jobs are expected to grow. As a significant number of CPAs plan on retiring over the next decade, for the first time ever, the number of partners over age 50 declined from 69.9% to 65.6%.
4 Main Reasons Why Accounting Positions are Growing
The Bureau of Labor Statistics reports four main reasons why the accounting profession is growing and will continue to do so.
- Economy is recovering. The economy continues to do better and better. With new businesses and startups, there are more financial records to be analyzed and reported.
- More IPOs. An IPO, or initial public offering, is when a private company goes public. This leads to a substantial amount of financial reporting compared to when the company was private.
- Globalization. For companies that do business overseas, there are multiple tax codes to comply with and issues related to M&A and trade. Only trained professionals can ensure compliance.
- Technology. It’s true that some tasks can be automated, but the advisory and analytical parts of the job cannot be. Accountants will focus more on these areas as opposed to basic tasks.
A Positive Outlook Over the Next 10 Years
While accounting jobs are expected to grow across the nation, some states will see more growth in this profession, including New York, Illinois, California, Texas, Florida, Massachusetts and Pennsylvania. Much of this has to do with where businesses are opening up.
According to the BLS, the overall projected growth for all accounting jobs is 7% between 2016 and 2026. For financial managers, the anticipated growth is 19%, and for accounting, it’s 10%. If you plan on entering this profession, you can expect plentiful opportunities.
Are you looking for accounting jobs in Jackson MS? Contact Capitol Staffing today. We can match you with a firm that is in need of your unique skills.