ACCOUNTING SKILLS TO BE A GOOD PROFESSIONAL

1.  The technical path

The role and career of the accountant is constantly evolving and accountants now have two distinct career paths to follow - technical or commercial. For those who chose the technical path, employers require finance professionals who are up-to-date with changes in accounting procedures and legislative developments.

Undertaking specialist courses on subjects such as financial reporting, regulation, IT, tax and IFRS will help. Chris McCarthy, director at Hays Senior Finance, says: 'Professionals wanting to specialise in technical accountancy may also want to focus on risk and compliance as there is a real need for individuals who are able to predict and manage risk within a business'.

2.  Industry awareness

There will continue to be a requirement for professionals who can anticipate future business developments and financial trends across the globe. Careers in accounting are changing and as a result an increase in business transformation outsourcing and shared services has been seen, areas which are set to become even more prominent in this economic cycle.

Another trend likely to increase is in mergers and acquisitions once the markets recover fully.

3. The all-round package

Within financial services, accountants with an eye-for-detail and excellent communications skills are sought after, while more banking and investment management businesses are now looking for strong financial products knowledge.

Most financial services organisations are focusing on growth, which is driving new levels of activity and pushing up revenues. As internal teams demand better service from accounting departments, employers will ensure they stay one-step-ahead of their competition by hiring accountancy staff with a genuine knowledge and passion for the building blocks of the organisation. 'No longer can people 'make-do' with just being good with the numbers - accountants now need to have the all-round package', says Richie Holliday, COO, Morgan McKinley North Asia.

4. Audit and compliance skills 

Accountants specialising in audit and compliance will see increased opportunities as companies take steps to ensure they remain in line with enhanced regulatory requirements. Phil Sheridan, managing director for Robert Half UK, confirms: 'In a recent global survey, we found 25% of UK finance leaders reported difficulty in filling audit positions, while 14% were having trouble securing compliance skills'.