In an ever-evolving job market, it’s essential to understand that career trajectories are not always linear. For many, there may come a time to consider switching careers from accounting. If you’re pondering this question, it is important to know that you’re not alone. You’ve developed a unique skill set as an accountant and have much to offer beyond the traditional confines of accounting. This article delves into the diverse jobs to transition out of accounting and embarks on a path of reimagining your professional future.
Why Switching Careers?
Drawing on our experience, it’s imperative to address the “why” before the “what.” The idea of switching careers can be daunting, but it’s often motivated by a myriad of factors. These could range from burnout, desire for more creative work, need for better work-life balance, or simply seeking new challenges. A 2013 study by the University of Warwick showed that happiness led to a 12% spike in productivity, emphasizing the importance of job satisfaction in our overall performance and well-being [1].
Transferring Your Skills
Accounting is a profession that arms you with a plethora of transferable skills. Financial literacy, attention to detail, compliance understanding, and analytical abilities are all desirable in several other professions. Due to our practical knowledge, it is clear that these skills form a foundation that can be applied to a wide range of jobs.
Switching careers from accounting
Financial Analysis and Planning
Financial analysts and financial planners use many of the same skills as accountants but in a different context. Instead of focusing on past and present financial documents, you would be using your analytical skills to predict future financial trends and help companies or individuals plan accordingly. The U.S. Bureau of Labor Statistics predicts a 5% growth rate in these roles between 2019 and 2029 [2], signifying the promise in this career transition.
Project Management
Project managers are essential in almost every industry, from IT to construction. In this role, your ability to budget and forecast, coupled with strong organizational skills honed in your accounting career, will be invaluable. A study by PMI (Project Management Institute) projected that by 2027, employers will need 87.7 million individuals working in project management oriented roles [3]. This suggests that transitioning into project management could offer a wide array of opportunities.
Entrepreneurship
The idea of setting up your own business can be an exciting prospect. As an accountant, you have a deep understanding of finances that can significantly benefit you as an entrepreneur. From planning, budgeting to managing finances, your skills are highly applicable in the realm of entrepreneurship.
Corporate Training and Consultancy
Corporate trainers and consultants help improve efficiency, productivity, and profitability within businesses. If you’ve ever helped a colleague understand a complicated financial concept or suggested a better way to manage a process, then you’ve already displayed skills necessary for this role. A report from the Association for Talent Development (ATD) showed that companies offering comprehensive training programs have 218% higher income per employee than companies without formalized training [4]. This indicates a growing demand for skilled corporate trainers and consultants.
Financial Technology (FinTech)
FinTech is a rapidly growing industry that merges finance with technology. Your accounting background can be highly beneficial in a FinTech role, where understanding complex financial processes is as critical as the technology that supports them. According to EY’s Global FinTech Adoption Index 2019, FinTech services were actively used by 64% of digitally active consumers across 27 markets [5]. This suggests the immense potential that FinTech holds for your career transition.
Non-profit Work
If you’re interested in making a difference, consider transferring your skills to the non-profit sector. Financial transparency and accountability are of utmost importance in these organizations, and your accounting expertise would be greatly valued. Furthermore, non-profit work can provide a more satisfying and rewarding experience, especially if you are passionate about a particular cause.
Data Analysis
In our data-driven world, businesses across all sectors depend on data analysis to inform their decisions. Accountants, with their keen eye for detail and ability to interpret complex information, can excel in this field. A study from IBM predicted that there would be 2.7 million job postings for data science and analytics roles by 2020 [6], indicating the high demand for these skills.
Conclusion on jobs to transition out of accounting
As we have demonstrated, there are numerous jobs to transition out of accounting, each presenting its unique challenges and rewards. Remember, it’s normal to feel apprehensive about such a significant change. However, don’t let fear hold you back from pursuing a career that truly fulfills you. Career transitions are not only possible but can lead to tremendous personal and professional growth. Use your transferable skills to your advantage, and embrace the opportunities that lie ahead.
References:
- Oswald, A.J., Proto, E. & Sgroi, D. (2013). Happiness and productivity. Journal of Labor Economics, 33(4), pp.789-822.
- Bureau of Labor Statistics, U.S. Department of Labor. (2021). Occupational Outlook Handbook: Financial Analysts.
- Project Management Job Growth and Talent Gap 2017–2027. (2017). Project Management Institute.
- Association for Talent Development (ATD). (2021). The Value of Training.
- EY. (2019). Global FinTech Adoption Index 2019.
- IBM. (2017). The Quant Crunch: How the Demand for Data Science Skills is Disrupting the Job Market.
