What lies ahead for young CPAs

For decades, many new certified public accountants (CPAs) were staunch to become a part of a prominent company, work hard, and go places. But the next-gen folks have different dreams in their minds. They are agile, up-to-date, and hungry to make a difference. 

The role of CPAs in India is evolving as the needs of the companies they serve are changing. Professional accountants need to pick up where that role has not kept pace with the change. However, with decades of work awaiting them, stepping boldly into new functions and maintaining their relevance will be highly crucial for young CPAs.

Millennial US CPAs, hence, want to know what the future holds for them and the firms they serve. They want to know how they will fit into that future - and what they can do to prepare for it. 

This guide covers the trends that will impact the accounting industry throughout, and the strategies today’s licensed CPAs need to build a future-ready career path. 

Become Tech-savvy 

A critical trend that young CPA US must consider is tech-powered advances, particularly the rising deployment of artificial intelligence (AI), data analytics, and blockchain. The line between tech and non-tech skills is getting increasingly blurred. As such, accounting firms everywhere are looking for candidates with accounting and IT skills.

With technologies increasingly automating conventional number-crunching tasks, accountants have never had a better time to upskill and remain relevant.

Besides, technology is not just changing every job role; it itself changes rapidly. Rather than utilizing the same tool for the coming decade, millennial US CPAs must be up to use new technologies every year. For that, they should not only understand technology basics but also need to be continuously flexible and adaptable.

Nobody can deny that the ongoing global health events have changed the way companies run and that digitization has become an integral aspect of operations. So, licensed CPAs keen to learn tech skills and adjust to changes fast will be well-positioned to leverage their knowledge to thrive in the field.

Understand and Communicate Data-driven Insights 

As the world moves fast, high performers need to deal with the obstacles and use their creativity to do analytical tasks and solve problems. To exploit the professional opportunities in the digital economy, today’s CPA USA must not only think critically and convey effectively but also play advisory and analytical roles using tech-powered tools. 

For instance, they will have to focus more on predictive and proactive activities like outcomes of tax plans or cash-flow status to be nimbler. And this requires them to think out of the box. 

So, CPA US of the future must learn analyzing data and big data and turn them into crisp, decision-driving insights. Incumbents are already recruiting accountants cum data scientists.  

Hone Excellent Communication Skills

Given the rapidly-evolving business ecosystem, it is critical for US CPAs to communicate with colleagues to strengthen workplace relationships, and with clients to understand and fulfill their requirements.  

As more start-ups get off the ground across sectors, young CPAs in India must help entrepreneurs make their ventures financially feasible. Hence, it is vital to adequately understand start-up business models, which are often different from the traditional ones.

Besides, accountants work in a digital world, often working remotely. So, those who are more vocal and write well are highly valuable.

Technologies are already doing loads of hard labor. As such, millennial CPA USA must properly communicate the importance of technologies in tackling complex situations to clients and colleagues. By doing so, they can also push their organizations to invest in leading-edge systems and technologies.

Proactive Responses to Climate Emergency 

Lastly, budding CPA USA will have to master areas, including measuring carbon footprint, evaluating risks associated with climate change, and gauging progress on various environmental, social, and governance (ESG) metrics. 

One of the profession’s key priorities should be to engage in targets for sustainable growth like the UN Sustainable Development Goals (SDG) and use them to bring companies from business-as-usual to future-ready. 

Investors today want more than financial information. They want to understand organizations’ ESG investments. And to do so, they need reporting they can trust.

While considering sustainability insights, millennial licensed CPAs will need to help firms enhance their operations and internal controls as well as their data accumulation and analysis. This will ensure on-par quality and reliability with the data used in financial reporting.

The Race to Relevance is On

The current health events across the globe are making everyone take stock of their desires and make crucial decisions. Many young CPA US will emerge from these crises, realizing that satisfaction transcends stability.

Tech disruption and the climate crisis, in particular, are posing risks and opportunities that new-age CPAs in India can help companies negotiate. They can define targets, become integral to the planning and operations of their firms, and, thereby, display leadership. 

Additionally, they can connect their everyday work to a bigger purpose - and establish a stronger, fairer, and more resilient future for all. That is a crystal-clear path to perpetual relevance and better value creation for the profession.