Next Generation Accountant.

Keeping up-to-date with the latest trends in accounting and finance is an absolutely crucial aspect of career advancement. The skills that made you successful as an accountant a decade ago may not be what you need to advance professionally in the next ten years.

A recent research study

by our company identified trends that are transforming the accounting field. One change is already under way. Accounting is becoming a "knowledge services" profession. Instead of placing focus solely on the historical reporting of financial data, accountants are being asked to provide a forward-looking, predictive interpretation of that information.

For public accountants, this involves taking on a more prominent, influential role in business by providing insights and advice that will enable companies to realize continued growth and profitability.

Performing this new strategic function requires big-picture thinking and the ability to understand the impact of financial information on every aspect of a business. In fact, some experts have suggested that many accounting professionals will cease to call themselves "accountants" and opt instead for more accurate titles such as analyst, forecaster, advisor or financial manager. This trend is already taking place.

Growing Specialties

In public accounting, traditional services will continue to be complemented by nontraditional ones such as technology consulting, assurance services and E-commerce consulting. The following further describes these developing specialty areas:

* Information Technology Services: Accountants who are multimedia wizards will be asked to work with clients' information technology (IT) departments to implement specialized, advanced computer systems.

* Assurance Services: Using both financial and non-financial information culled from past performance and/or present conditions, assurance services providers will put business intelligence into a financial context. Financial professionals turn data into knowledge, especially in sectors such as ElderCare, E-commerce, risk assessment, performance measurement and information technology.

* Personal Financial Planning: Accountants with a grasp of this specialty will help their clients reduce debt, develop investment and asset allocation plans, control expenses and minimize their tax burdens. They also may get involved in insurance analysis and retirement planning.

* International Accounting: Cross-border transactions, overseas trade agreements and other daily activities in the expanding global economy will require the expertise of financial professionals who understand foreign laws, tax structures and business practices. Fluency in two or more languages will be crucial.

* Environmental Accounting: As businesses strive to be environmentally responsible, they will enlist public accountants to handle projects ranging from environmental-compliance audits to managing and preventing claims and disputes.

* Forensic Accounting: Those accountants who can identify and track computer fraud will be in high demand as corporations rely more and more on technology.

The Impact of Technology

Accountants will be called upon to bridge the gap between pure technology and business. With the rise of integrated systems and the growth of E-Commerce, technical expertise will go hand-in-hand with general business knowledge. Additionally, safeguarding assets in the digital realm will prove to be crucial, as the Internet will continue to transform accounting's basic foundation of service and delivery.

In order to work productively with your clients' chief information officers (CIOs) and IT staffs, you may need to be conversant with computer code and programming language. Moreover, it will be necessary to possess a working knowledge of new business applications, as well as a proficiency in database, spreadsheet and analytical software.

People' Skills Showcased Even More by Technology

Other than the premium placed on technical competencies themselves, technology is rapidly exerting another, yet subtler, effect on the future accountants' essential range of skills. As the latest innovations allow us to communicate more rapidly, more often and with greater numbers of people, opportunities to interact with others--both in writing and verbally--are multiplying.

As a result, interpersonal or 'people' skills will become more vital. You may be called upon to serve on interdepartmental teams to offer guidance in such areas as business expansion, revenue enhancement and information technology initiatives. In a survey commissioned by our company, more than three-quarters of CIOs polled said they thought more widespread use of technology will require professionals to communicate more effectively and articulately.

Depending on the quality of one's interpersonal abilities, this trend will have both positive and negative results. More frequent information exchange will point out the shortcomings of those who lack communication, diplomacy and problem-solving skills. On the other hand, those who are able to persuade and motivate effectively will be able to accomplish much more in less time. Either way, the effect on business relationships--and ultimately careers--will be inescapable.

People skills will become increasingly important to accounting professionals who serve on self-directed work teams. A result of stepped-up customer and productivity demands, project teams will collaborate on such efforts as evaluating ways to deliver products more quickly while keeping costs affordable to clients. Thriving in such an environment will require the ability to work well with a number of different, and often opposite, personalities and individual approaches. No longer solely the domain of supervisors, skills such as negotiation, persuasiveness and active listening will be critical for every member of the team.

The time to prepare for these professional changes is now. The life of the old-school accountant has all but ended, and the next generation of accounting has undoubtedly arrived. By enhancing your skill set today to meet the new requirements, you will position yourself for long-term career success.

Max Messmer is chairman and CEO of Robert Half International, Inc. (RHI), parent company of Robert Half[R], Accountemps[R] and RHI Management Resources[R]. RHI is the world's first and largest specialized staffing firm placing accounting and finance professionals on a full-time, temporary and project basis. Mr. Messmer's most recent books are Managing Your Career For Dummies[R] (Hungry Minds, Inc.), Job Hunting For Dummies[R], 2nd Edition (Hungry Minds, Inc.), Human Resources Kit For Dummies[R] (Hungry Minds, Inc.) and The Fast Forward MBA in Hiring (John Wiley & Sons, Inc.).