Embracing change as a positive force

In an ever-changing environment, I’ve found that the “constants” provide the foundation that enable us to move forward with confidence. For example, with back to school season upon us, how students will go back to their classrooms looks different for many this year, but the purpose remains the same: to prepare for one’s future and educate the next generation of great leaders.

The demand for accountants is another constant on which we can rely. However, the accounting profession and the skills and capabilities required of successful accounting graduates continue to evolve—and fast.

That is why Deloitte Tax proudly teams with academic institutions across the country to help shape accounting programs by consulting on accounting courses and through on-campus recruiting programs that identify students who are interested in growing their knowledge of the tax profession through internships.

Just this past summer, we were extremely proud to offer a unique virtual Tax internship program to 600+ students. While this year’s program may have looked different than in years past, the students who participated left with a future offer for additional experience with Deloitte Tax.

Earlier this summer I had the pleasure of speaking with Accounting Today for its annual special report on education, specifically discussing the future of accounting education and how firms like Deloitte are coming together with academia to help develop new skills that young accountants need.

Hybrids: The new normal

There is no doubt that accounting education today is vastly different from even 10 years ago. As technology and innovation in accounting practices continue to advance, there is a significant need for professionals with a hybrid of accounting and STEM skills.

Fundamentally, professionals still need to develop their technical competency in their area of focus and understand their clients’ businesses, the industries in which they operate, and the changes to their business models—another constant amidst myriad changes.

However, with advances in technology disrupting every industry, technical competence in accounting disciplines is only a starting point. To thrive in today’s business environment, professionals who are able to adapt and embrace new technologies and innovative methods quickly will be well-positioned to move the business forward.

In fact, we are now seeing more hybrid majors blending accounting education with areas such as technology and finance. This expanded skill-set also enables professionals to provide even more strategic insights when serving clients. Additionally, we are seeing more accounting graduates with global perspectives due to study abroad experiences offered as part of their coursework and curriculum. These experiences are not only excellent for personal development and growth, but they provide new professionals a broader outlook when serving clients, many of whom operate globally.

Ultimately, those who come to the table with hybrid skills-sets and foundational knowledge–from a strong grasp of leading-edge technology and digital trends, awareness of the global regulatory issues impacting our clients, and robust views of the business, economic, and political landscapes—will be well-positioned to hit the ground running when they begin working with clients.

The tax professional of the future: Consultative, resilient, and adaptable

The Greek philosopher Heraclitus famously said that change is the only constant–when I look around, it’s hard to disagree. COVID-19 has mandated a drastic and necessary shift in the pace of change in the tax profession, and over the next five years I believe we will continue to see a period of significant technological advancement that will influence the future of tax from strategic, operational, and legislative standpoints, among others.

To be relevant in such a world, it will be critical for accounting graduates to build their technical, advisory, and consultative skills, and commit to continuous learning, staying current on tax technical trends, relevant business trends, and digital advancements.

Without a doubt, the nature of work is rapidly changing, and tax departments are being asked to do more than ever before. Tax professionals must be prepared for this acceleration and the additional pressures placed on tax departments.

For the accounting graduates and tax professionals of today and tomorrow to thrive, it is critical that educators instill the importance of resilience, collaboration, and adaptability. As we’ve seen so keenly in the past few months, the ability to quickly adjust to market changes and chart a new course has never been more important. Those who embrace change will no doubt be best positioned to succeed.