The best way for graduates to secure a deep understanding of business analytics is by obtaining an advanced degree from a program like the online Master of Science (M.S.) in Accountancy with a Specialization in Business Analytics from Southern Illinois University Edwardsville (SIUE). This degree communicates to employers that graduates are fully prepared to thrive in modern accountancy.
The role of an accountant has been changing rapidly in recent years, thanks largely to advancing technology like artificial intelligence (AI) and machine learning (ML). This transformation becomes clear when examining the changes made to the critical Certified Public Accountant (CPA) exam, which was recently restructured to account for “how technology has changed the accounting profession.” The updated exam emphasizes questions on business analysis and new technologies, highlighting an opportunity for emerging accounting graduates.
How Are Accounting and Analytics Being Integrated?
Today’s companies can collect an unprecedented amount of data thanks to advances in data collection technologies and AI. However, this data is only as valuable as the insights that it creates, which is driving demand for talented professionals who can leverage this data to improve decision-making. The prevalence of data analytics is impacting the role of an accountant in the following key ways:
- Shift toward strategic roles: Modern business analytics tools can automate many of the manual processes associated with the accounting industry including data entry, reconciliation and audit processes. This frees up accountants from manual, time-consuming tasks and allows them to focus on more strategic, higher-level initiatives.
- Increased demand for business analytics skills: Modern accountants must process financial data, interpret it and present their findings to stakeholders. This requires proficiency in common analytics tools like Power BI, Tableau and even programming languages such as Python.
- Cross-team collaboration with data analysts: The overlap between accounting and data analytics will require more cross-team collaboration among accountants, data scientists and analysts. Rising accountants should prepare for a career full of collaboration with team members and managers.
The rising prevalence of analytics in accounting will have a deep impact on the field, affecting areas like audits, taxes and advisory services. Experts believe that increased analytics in accounting will yield many benefits, including enhanced reporting quality, increased efficiency of daily operations and improved organization-wide decision-making.
What Does This Mean for Accounting Professionals?
As analytics become more common in accounting, experts at Thomson Reuters suggest that the role of an accountant will shift from reactive to proactive. Historically, accounting professionals have leaned on retroactive data as the basis for decision-making, such as using last year’s data to create this year’s forecast. However, as the real-time accessibility of data grows, today’s accountant must become increasingly proactive in their analysis, leveraging real-time data sources to form decisions.
Rising accounting professionals who can prove they’ve mastered business analytics will gain an advantage over their peers in the job market. This could give them a better chance of securing a higher salary, potentially netting them over $130,000 annually, according to data from the U.S. Bureau of Labor Statistics (BLS).
Gain Skills for the Future With an Online M.S. in Business Analytics and Accountancy
Business analytics is rapidly changing the field of accounting, creating a massive opportunity for graduates of advanced degree programs. Rising accounting professionals can set themselves up for career success by acquiring professional certifications in emerging technologies, such as business analytics, AI or data visualization. One of the best ways to do this is by obtaining an M.S. in a relevant field, particularly a program that offers dual degrees.
Programs like the SIUE online M.S. in Accountancy with a Specialization in Business Analytics help set graduates up for success by communicating to employers that they have the technical and soft skills necessary for success in today’s accounting world. Through courses like External Environment of Business and Accounting for MBAs, SIUE’s program helps students master key verticals like accounting analytics, database design and data visualization. However, students also learn essential soft skills such as critical thinking, strategic problem-solving and collaborating with a team.
Learn more about SIUE’s online M.S. in Accountancy with a Specialization in Business Analytics program.
