Beyond 2020: 25 Happening Careers in Accounting and Finance

 An engaging book that chronicles the cope, skills, education, pay-pack and the road ahead in respect of each of 25 future careers. It is going to be survival of the fittest. To win in any of the many careers, you must have a strong knowledge of it. It gives an insight into what in the era of Industrial Revolution 4.0, is instored for each of us. 43rd of 2021.

This book is an update of CA to CEO, a book written in 2009 by the same author, with all the updates that have happened since then. The book covers, how the rules have changed and that there's more to come. The 25 careers, and the comping up. 

HOW CAREERS ARE CHANGING

Here is a sneak peek at the kind of organization that you will be working in.

In tomorrow's world, you may work in a company headquartered in India, whose raw material is sourced from Australia, the finished product is marketed in America, money is raised in Europe, and the finished goods are manufactured in Asia. In short, it is a trans-national company.  In such a world, your colleagues, peer, mentors, and leaders will not have the same socio, economic, and cultural backgrounds. They would come from differing backgrounds with different workplace ethics that would lead to culture shocks. To succeed in such a place, you need to understand the changing rules of the career market.

RULE 1: Uni-functional Vs. Multifunctional

KNOWLEDGE IS POWER

You will have to be thorough in your area of expertise. If you have majored in marketing, you must know marketing inside out to become the head of marketing one day. But if you want to head a company sometime in the future, you will have to understand manufacturing, finance, logistics, HR, and technology. To score high in your career, you must have a multi-functional appreciation of happenings in your organization. 

RULE 2: 9 to 5 Vs. 24*7

CAREER FIRST

Once upon a time, people went to the office at 9 a.m. and returned home at 5 p.m. Working on holidays was a strict no-no. Today, you cannot be a clock-watcher. Today, it is not just enough to show up; you have to deliver. There is nothing like 9 to 5 office timing. You work at your convenient hours, and results are what counts and not the hours you clock. 

RULE 3: Grey hairs vs. Grey Cells

AGE NO BAR

RULE 4: IQ VS. EQ

BEYOND KNOWLEDGE

Earlier, to win in the workplace, you had to be strong in your subject. IQ (aka knowledge) was necessary. Even today, IQ is essential; but it alone won't do. You must also have the skills the job calls for. Everything is not taught in colleges and are learned at the workplace. You have to get along with people, and this calls for both emotional and social skills. Your ability to communicate, be a team player, contribute as a team member, lead small groups, generate and take through ideas, motivate others are crucial. These are the emotional and social quotients. 

RULE 5: One Time Vs. Life Long

KEEP RUNNING

Earlier, the availability of knowledge in the world doubled every 50 years. Later, it started doubling every 15 years, and then every 3 years. This means that if you don't update for three years on the trot, you will become outdated, like a museum piece. Today, learning is life long and continuous. The moment you stop learning, your career is over. You will have to continually upgrade both your knowledge and skills to move to stay relevant. That will put enormous pressure on you in your job.

RULE 7: Adam Vs. Eve

IT'S A WOMAN'S WORLD ALSO.

RULE 7: Man Vs. Machine

ROBOT AS COWORKER

Newer technologies are disrupting organizations. The constant question is how much can be automated and how much can be replaced with AI. As machines begin to replace men, dramatic changes are happening. No, the role of people has not been abated; it has only been transformed. You will spend more time working alongside key internal stakeholders, challenging their strategic plans, and modeling and predicting different scenarios.

PARADIGM SHIFTS

SHIFT NO. 1: NEW SECTORS ARE OPENING UP

The later part of India's Millennial Generation (aka market generation), born and grew up in a market economy, is getting into the earn-and-spend mode. The age of agriculture and to a large of extent manufacturing is gone. IT, ITES, Retail, Communication, Hotel, Banking, Entertainment, etc., are booming. These are throwing up tremendous opportunities in the employment market.

SHIFT NO. 2: PORTABILITY OF JOBS AND MARKETS AND RISE OF THE GIG ECONOMY

Suddenly both men and money are portable. You can now work in any part of the world if you are adequately skilled. There is also a shift in the type of jobs, which are emerging. Today, one in three workers are freelancers, and many of them are working outside office hours. In fact, in the gig economy, you will find people working for more than one employer at the same time. Loyalty will be to the individual and not to the organization. 

SHIFT NO.3: BIG TO SMALL COMPANIES -SIZ DOES'NT MATTER

SHIFT NO.4:THE AGE OF ARTIFICIAL INTELLIGENCE

Artificial Intelligence, technical automation, and bots are transforming the workplace culture. Technologies, however, are yet to master Emotional Quotient, and this is where soft skills like decision-making and empathy of a deserving candidate are crucial. In the light of the dynamic landscape of the job market demands you should have varied skillsets for the job.

Few Interesting Careers that would be of more demand in the future are:

1)    Fraud Investigator: For those who are interested in tracking the crimes that do not necessarily leave a paper trail behind them. You would be in great demand in Accounting/law/Consulting firms, Security and Risk Management firms, Bank and Public Financial institutions and Government agencies.

2)    Mergers and Acquisitions: It’s the time of Empire Building, with world moving towards monopoly, 18 corporates dominating the entire web. There would be lot of mergers and acquisitions happening, and it’s a challenging career to be part of.

3)    Technology and Analytics: Technology is now a way of life and the future of any business or profession would be predominantly tech-driven. You have a wide scope here from technology implementation to technology governance and audit. More on it later. If you have analytical aptitude, data management skills, domain knowledge, Proficiency in understanding charts and graphs, technical skills, application of data analytics functions, this is what you could try.

4)    Consulting: Consultants work in multiple areas, chief among which are Portfolio Strategies, Business Strategy, Finance Strategy, People Strategy. If you have problem solving skills, can create a personal impact, have deep domain expertise, can meet expectations, keep confidentiality, you can give this a try.

5)     Investment Banking: Popularly known as dealmakers, investment bankers are into a wide range of functions. They advise on financing alternatives, help raise capital, provide advice on M&A, help value businesses, Price fixing, Underwrite public issue, research. If you are interested in these, is conservative and aggressive, with accounting, finance, legal, analytical, skills, give this a try.

6)    Taxation: Some of the areas where you could work are, Tax compliance, consulting, litigation, International taxation, Transfer Pricing. Skill sets needed are ability to rad and understand, interpersonal skills, attention to details, communication, commercial understanding, Flexibility.

7)    Supply Chain Management: It’s the chain that costs more than gold. Things need to reach from the Point of Origin (POO) to Point of Consumption (POC), and making that happen on a timely and efficient manner. The size, type, geographic scope and organizational structure of the firm that you choose to work for. If you have analytical skill, research skill, interpersonal skill, accounting skill, technology skill, you can give this a try.

8)    Insurance: In an Insurance Industry, there would be accountants, Internal auditors, Risk Managers, Product designers, Product pricing, Digital Officers, investment managers, claim managers, Advisors. To excel here you would need to have a flair for numbers, Knowledge of IRDA regulations, knowledge of Indian and Global market, Forensic skill and legal skill.

9)    Enterprise Risk Management: Every action of an enterprise has a risk perspective. Managing risk is at the heart of strategic management. If you have reading skills, number crunching, technology, decision making, people management skill and is holistic, this is for you.

10)                    Teaching: “The influence of teachers extends beyond the classroom, well into the future. It is they who shape and enrich the minds of the young, who touch their hearts and souls. It is they who shape a nation’s future,” wrote F Sionil Jose. The way teachers teach may change, but the profession would always be there to stay. If you are passionate  about it, have Knowledge of the subject and can Encourage, inspire, and motivate, you can definitely give this a try.

 Some other equally interesting areas are Practice Management, Project Management, Commercial Banking, Statutory Audit, Cost Management, Equity, Corporate Finance, Internal Audit, Information Systems Audit, Financial Modelling.

AUTOMATION:

It will kill some jobs, leave some untouched and create new ones as well, Jobs, that are likely to go away due to automation include:[PR1]  call center employees, data entry operators, insurance underwriters, tax preparers, sales representatives, translators, and fast food employees.

Bots are set to replace tax preparers, Online shopping is making the sales rep extinct, Self checkout reduces the need for cashiers, Robots are replacing medical technicians, lawyers are replaced with bots, BPO can become machine driven.

Yet, no advancement can upstage psychiatrists, storytellers, world-class teachers, scientists, actors, and thought leaders because these roles need innovative and personal skills.

The World Bank estimates up to 69% of today’s job positions will become redundant. But there is no need to panic. For every job lost, new ones will come up. Look at history, for proof. The 20th century hadn’t heard anything like Chief Technology Officer, Chief Delivery Officer, Chief Belief Officer, and Chief Gardener. It is not that job opportunities are not there. It is just that skills set requirements have changed. So what is most important is to ensure that workforce is smart and adaptive and can take up newer roles.

MICRO INNOVATION

Innovation does not evolve overnight. It is the outcome of years of punishing schedule followed by the fear of being so near, yet so far. Suspension bridges and skyscrapers did not happen overnight. The electric car as innovation is taking its time in coming. Two years ago IOT, machine learning, artificial intelligence, virtual reality, etc., were a vision. Now, they are work-in-progress. To succeed, you don’t have to get into big-ticket innovation. If you can copy, localize, iterate and ‘micro-innovate’ you may end up doing spectacularly well. Uber is an example. Uber connected individual drivers to needy passengers and created a revenue model out of it. Did they innovate at the leading edge? Fat chance. They used a technology that has been around for donkeys’ years, GPS. Earlier you paid to access cars, now you pay money to access transportation as a service. Beyond Uber, there are other fixers. The pricing differential that you see in Airbnb’s accommodation especially if you are looking for a stay for a couple of hours has been a game changer. Some sites help freelancers connect with business owners. Others provide spaces in cities where you can rent a desk at comfortable prices. Elsewhere women can borrow saris and kitchen appliances at moments of need. In short, it’s about quick tweaks on existing products. These companies haven’t done anything novel; they are merely using big data and algorithms. And the funny part is none of them own the assets they use! WhatsApp is another example of micro-innovation that disrupts traditional telecom messaging services. From Morse code to smartphones the travel has been incredible. In the automobile industry, the talk is about driverless cars. Our carmakers have always focused on delivering a better driving experience. Now they will have to look at providing a better passenger experience!

ARTIFICAL INTELLIGENCE

 Analytics and Robotics are the new buzzwords.  Four technologies will dominate the world. These are bid data analytics, robotic process automation, artificial intelligence and block chain.

There are huge data sitting out there, the ability to track both structured and unstructured data and bring out meaningful insight will be a critical job in the future.

Both robotics and people will work together. Robots will do the dirty job, and free up people to do intellectual stuff!

Artificial Intelligence (AI), an omnibus term which I use for a thinking machine. It can read and grasp reams of data; it can determine patterns and spot outliers. Unlike automation, it learns from mistakes, and like human beings, with more practice, it becomes better. AI is meant to free up time for people for but can never dispense with the need for human experience and insight.

The new-aga accountant will have to learn to work with and through the blockchain. It is a digital leader that can be shared across a network of computers. It helps update real time information, without alteration.

The Cloud is becoming mainstream. It enables access to networks, storage, and applications and allows users to process data on third-party servers. Chief Information Officers (CIOs) are unlikely to invest in hardware anymore. With the arrival of the cloud, technology is an operating expenditure Bots are set to replace tax preparers. Robots are replacing medical technicians. Online shopping is making the sales rep extinct. Self checkout reduces the need for cashiers. BPO can become machine driven. JP Morgan replaced 1,000 lawyers with bots.20 ICT Academy Publications and not a capital expenditure. You can rent them like you rent zoom-cars; meaning you use it and pay for it. All of this is just the beginning as we will see more of a sharing economy. Organizations of the future are going to have only one small core team, with everything else outsourced or hired. An uberization in every part of the company: sales, health marketing, HR will create many more entrepreneurs than regular jobs. The cloud will throw up new opportunities. For instance, once a patient puts his biometrics, the details can be accessed from anywhere and a professional diagnosis given.