Mastering data analytics: A game-changer for accountants?
Discover the importance of data analytics in the accounting landscape, how mastering this skill can boost your career, and actionable steps to enhance your expertise in this high-demand area
In today’s rapidly evolving business environment, accountants must adapt and acquire new skills to stay ahead of the curve.
One such skill that has become increasingly important is data analytics. Mastering data analytics can significantly impact an accountant’s career trajectory and professional growth.
In this article, we will explore the importance of data analytics in the accounting landscape, share real-life success stories, and provide a step-by-step guide on how accountants can enhance their skills in this area.
The rising importance of data analytics in accounting
Data analytics has become a crucial skill for accountants as it enables them to provide valuable insights to clients, drive efficiencies, and enhance risk management.
According to a 2023 AICPA poll, 99% of accounting firms cited data analysis, tools, and techniques as valuable skills for new professionals.
Carl Peterson, AICPA vice president of Small Firms, stated that “data analytics is perhaps the most important skill set for firms of the future.”
How data analytics skills can boost career
While analysing data has always been intrinsic to the accounting profession, advancements in technology have accelerated the volume of data that’s available and transformed the possibilities of applying such data.
Jennifer Altamuro, PhD, is the faculty director of the Master of Accounting with Data Analytics (MAC) program at the Villanova School of Business.
“You can’t effectively manage a company’s financial operations without analysing data. Whereas before you really needed to be a computer scientist, data now used across the profession, making data analytics skills essential for success in an accounting career,” she says.
That’s why the Villanova MAC program merges data analytics with core accounting courses. Students in the program will explore accounting transactions and case studies through the lens of data software such as Alteryx and Power BI.
“The way technology has developed and emerged means that tasks that used to take days in highly complex systems can now be done in Excel in moments,” says Altamuro.
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By honing your data analytics skills, you can stand out to employers and advance your career.
Actionable steps to enhance your data analytics skills
- Enroll in relevant courses and certifications: Pursue courses and certifications in data analytics, such as those offered by Coursera, edEx, or LinkedIn Learning. These platforms provide a wide range of courses, from beginner to advanced levels, to help you develop your data analytics expertise.
- Gain hands-on experience: Apply your newly acquired skills in real-life scenarios, such as internships, freelance projects, or volunteering opportunities. This will not only help you gain practical experience but also demonstrate your commitment to professional growth.
- Network with industry professionals: Attend industry events, join professional associations, and connect with experts in the field to learn from their experiences and stay updated on the latest trends and best practices in data analytics.
- Showcase your skills: Update your resume and LinkedIn profile to highlight your data analytics skills and accomplishments. Share your projects, case studies, or articles on the topic to showcase your expertise and attract potential employers.
Success stories
Shashi Dokania, a former accountant, successfully transitioned to a software development role by upskilling in data analytics. She left her role at EY to raise her children in 2011, during which time she discovered a passion for coding while helping her children with Scratch programming and decided to pivot her career towards software development.
After enrolling in coding bootcamps and online courses, she was accepted into PayPal’s Recharge program, a 20-week paid training program for female technologists re-entering the workforce.
At the end of the program, Dokania was hired as a full-stack engineer at PayPal and has since been promoted to senior engineering roles, utilising both her technical and soft skills.
As the accounting profession continues to evolve, mastering data analytics is essential for accountants looking to future-proof their careers. By taking proactive steps to enhance your skills in this high-demand area, you can significantly impact your career trajectory and professional growth.
