Lifelong learning enhances skillsets, setting professionals up for success.
A new school year has just begun amid the confusion and uncertainty of COVID-19. While health and safety are top of mind, this crisis has reminded us of the importance of learning as an integral part of our lives, underscoring the value of lifelong learning. Whether you are an accounting and finance undergraduate student or a mid-career professional, you are likely pondering what skills you should be learning, and what competitive edge you need to build to unlock added value.
The current environment highlights the importance of finding new avenues to learn and grow. As CEO of IMA (the Institute of Management Accountants), I’m attuned to the latest trends in the accounting and finance profession and the evolution of the professional’s role in the 21st century. Research by both IMA and other organizations indicate that employers are, more than ever before, looking for professionals who continuously learn and upskill, staying ahead of the curve in a fast-changing profession. But with so many different learning programs available, current and aspiring professionals need to be strategic in what courses they take and which skills they acquire.
A recent joint report by IMA and Deloitte highlights these trends and the underlying need for continuous learning to stay competitive in the job market. Entitled “From Mirage to Reality: Bringing Finance Into Focus in the Digital World,” the report is oriented toward the organizational point of view, but also holds key lessons for individual professionals within the context of choosing to continue their education and deciding what skills to learn.
For example, when asked what skillsets were most in need over the next two years, most cited technical skills involving application of technology to finance and accounting processes. Knowledge of cloud-based accounting solutions and data analytics and visualization were cited by more than 40% of respondents as key skillsets. Close behind these skills, more than 20% of respondents indicated robotic process automation (RPA) and data science and machine learning as areas where professionals should concentrate their training. The emphasis on upskilling in technology is no surprise given that more than 50% of survey respondents indicated automation will significantly impact how their company performs work in the next one to two years.
What all this means is that with business needs changing so rapidly and so radically, putting off upskilling can be detrimental to any professional. In fact, with economic turmoil and a difficult job market, completing foundational accounting and finance studies and augmenting them with advanced technical know-how, including data analysis and data science, is essential for successfully navigating this new normal. For current students, taking courses in these less-traditional subjects will be beneficial, and they should not wait for next semester or next year to begin doing so.
For current professionals, the decision to upskill should center on bolstering data-related skills. Professionals have multiple avenues for brushing up on core skills and learning new ones. According to LinkedIn’s “Leading with Learning” survey, employers are increasingly recognizing the need to provide employees with learning and development (L&D) opportunities, especially post COVID-19. Within organizations, L&D has taken on new urgency, as employees may be taking on new responsibilities in response to the COVID crisis and digital transformation within organizations has been accelerated.
For students who are preparing to enter the workplace, degree programs in accounting or finance can be complemented with study in data analytics. Introductory accounting courses that include data analytics instruction give students a chance to see the bigger picture behind the numbers and learn how data can drive decisions at the organizational level. It is crucial for students to understand how many of the routine processes in accounting (like accounts payable) can be automated. RPA technology is the future direction for rules-based, repetitive accounting processes, so students should be prepared to add value in other ways – i.e., critical thinking, problem-solving and data analysis skills.
In short, when it comes to upskilling in accounting and finance, the state of the profession is too much in flux to delay new training. Lifelong learning will be the mandate of the 21st century. So be strategic in what you learn, and expect to find there is always more to know.
