That is a great question.During this uncertain time I have found great comfort in my ability to continue working. While my days look a little different than normal I am still able to work full time at home. Luckily our firm in the past few years had taken steps toward a more digital work environment. This has proven to be a great investment. We are able to do our jobs completely from home. We have access to tools that allow us to communicate seamlessly with our teams even if we are not in the same room as them. So while my working location has changed the work I am doing has not. When you enter the industry, almost without fail, someone will say to you "People are always going to need accountants" and I have, more now than ever, learned this to be true!
Great question! With the COVID-19 pandemic there have so many impactful things that have happened and changes that have been drastic. Working from home remotely is one, team interactions is another, and work-life balance is a third. However, the way we deliver on our clients has not changed. I currently work at a Big 4 accounting firm. This is my second year with the firm and I can honestly say, working here especially during this pandemic has been the best decision I could've made. The work hasn't changed except for the way we deliver may be different not being in the office. But I can honestly say the support and guidance we've received within the firm is irreplaceable. I say this too with confidence when I hear of so many people being laid off, or even prior firms I worked letting go of so many of their employees, it is a scary time to be an accountant, let alone an accountant in a small firm. I do however, proudly advocate for all the Big 4 accounting firms out there that are caring for their employees and their stability during this difficult time. I too do hope you're doing well as well. Times may be hard, but our morals haven't changed.
Good luck with everything!
In preparing for career you are smart to think about how the current COVID-19 impacts the different job markets. While I did not originally enter the accounting field based on the resiliency to pandemic, my experience is that my career has been minimally impacted by the pandemic. I work specifically in financial statement audits which are essential for businesses and therefore must continue even if other areas of the business slow down. My experience is that the accounting profession provides great job security and high demand.
The main impact on my career has been the working practices. As an auditor I am accustomed to working at various client sites and being very portable. Under the current circumstances it has been more important than ever to find ways to collaborate virtually. My company has adapted quickly to take advantage of our digital technologies to make working remotely as seamless as possible.
Given the number of people struggling right now due to COVID-19 I feel very fortunate to have the job security I do.
Best of luck and keep asking great questions!
Covid-19 has certainly impacted the the accounting field, and the magnitude of impact does depend on the specific area you're in (tax, public, corporate, audit, etc.). In general, there are some similarities across all the areas: 1) remote work has certainly taken some time for me and many other accountants to get used to. With that said, the new challenges you face with remote learning does provide opportunities to learn new ways to work and perhaps even find more efficient ways to work. 2) working with your teams and clients if you're in public accounting has also been quite impacted, as a virtual environment brings about new challenges with communication that we are all learning to work through. Many more things have changed, but these two areas have been across all fields of accounting greatly impacted and will change how we work in the future! Hope you this is helpful and that you are well!
Please keep in mind there are great accounting opportunities in pretty much every sector, so the answer could vary considerably based on the industry.
For me it has had very little impact to date. I am able to work from home, which I did often anyway. My clients are all over geographically and working from home as well so it's pretty much business as usual. I think the biggest impact, which isn't actually that big, is managing the increased number of internal video calls and setting boundaries with work hours. If this goes on much longer, there may be a larger impact with teams identifying ways to stay connected virtually.
Good question! Accounting definitely hasn't been immune to the impact COVID-19 has had in the marketplace. As a tax accountant, I have had to learn and help apply to client situations the new tax laws included in the Coronavirus Aid, Relief, and Economic Stimulus Act (CARES Act). The new rules that were a part of this Act can be complex and require staying up to date on all articles published about them so we can answer client questions.
The way that I work has also drastically changed, as instead of going to the client's place of business and meeting in person, we've had to do everything remotely.
Lastly, because we're a service based profession, the economic well-being of our clients directly impacts our business. We have had to identify projects that can be put on hold (such as consulting or long-term tax planning engagements) and focus only on those that serve immediate needs, so the client can divert their money to other areas of importance.
Again, great question, and I hope this helped!