KPMG, a leading accounting firm, has declared that it has decreased its audit workforce based in the USA by about 330 positions, under 4% of its around 9000 audit employees. The main focus behind this decision is the firm's shift to align its employees with the present market requirements.

In the current scenario, accounting students are entering a world where a lot of transformation has already occurred with advanced technology, rising demand for financial decision-making and the surge in the intricacy of the regulatory environment. Consequently, this change serves as a wake-up call for students in accounting programs to upgrade their skills, which is essential for industry and helps them prepare for future roles.

Continuous Learning

The accounting industry keeps changing, and students must keep updated with the latest trends, which require continuous learning and adaptability. Accounting standards don't remain fixed and frequently updated; advanced technology keeps reshaping how accounting activities are carried on. From an accounting student's point of view, it is imperative to take an extra step for continuous learning to ensure that they are familiar with the comprehensive concepts and latest technology. Nowadays, education institutions offer specific valuable certifications to keep them competent in the industry. Nevertheless, it would significantly impact them if they could go for additional courses to add value to the industry.

For instance, London Business School provides continuous learning courses in accounting, which help students broaden their account concepts and apply them to the industry. These courses allow them to handle financial complexities and contribute well to companies.

"For staying competitive in industries such as healthcare, information technology, and engineering, where the pace of change requires continuous learning and skill updating" - Prof. Ashutosh Pandey, Chair – Corporate Relations & Placement at Fore School of Management, New Delhi

Critical Thinking

The accounting domain is shifting more towards a strategic focus, and the need for critical thinking ability is pivotal for accounting students to develop well before entering the industry. Moreover, problem-solving skills can help better deal with industry-related concepts. In this complex accounting landscape, future accountants are anticipated to examine substantial financial data, assess risks and develop solutions that align with the firm's objectives. To make the tasks smoother, students must think above the figures and ponder the consequences of financial statistics on business strategy. More importantly, they need to monitor the financial trends and try to comprehend the context, making their routine accounting tasks way more accessible.

For example, The University of Cambridge, a renowned university in the UK, offers the Cambridge Thinking Skills Course, which helps students develop their logical thinking and reasoning. Their curriculum emphasizes applying critical thinking to subjects and even industry-related scenarios.

"While technical knowledge is crucial, companies also value employees who can collaborate effectively, think creatively, and adapt to new situations" - Gautam Duggal, Director Global Talent & Learning, Mastercard 

Soft Skills

No matter what industry it is, soft skills are the key. Accounting students have to develop soft skills such as communication, collaboration with peer groups and leadership to stay active at work. As the subject involves a lot of intricacies, effective communication is imperative, predominantly with shareholders, higher-level management and department heads. Organizations seek individuals who can effectively simplify data and present it concisely so they can make informed decisions. Besides, as a part of the business requirements, accountants have to liaise with other departments such as Marketing, IT and many others. Hence, soft skills are needed to understand their requirements and take the necessary steps.

Stanford University offers various courses to develop students' soft skills, focusing on public speaking, negotiation and emotional intelligence. These courses help students advance their careers in roles that require leadership ability and practical communication skills.

"Whenever we reskill, mostly hands-on training is required and ordinarily cutting-edge skills that differentiate you from others who are called an expert in the field, which is something every student needs to reason out for themselves and work towards" - Prof. Shubhini A Saraf, Director, National Institute of Pharmaceutical Education and Research (NIPER)

All in all, the accounts field is undergoing a significant transformation, and students need to take the initiative to enhance their skills and stay competitive in this changing environment. Although technical accounting knowledge is crucial, developing industry-related skills, adaptability, and critical thinking is essential to progress in their career. Besides, keeping an eye on global trends and continuous learning will make a significant difference in this changing field. Students have to consider this as an opportunity rather than a challenge that can significantly contribute to the organizations they work for in the future. Success in this domain is all about sharpening their skill sets so they can mold themselves into pivotal industry contributors.