Five Escalating Sectors for Accountants

As the economy of the United States improves, many sectors foresee job growth. Corporate profit is predicted to grow 5 percent in 2014, leading to an increased need for professional service providers, including accountants. Outside the traditional financial sector, the accounting market is set to boom in the following industries.

Auto Parts

Although American-produced automobiles have a hard time competing with imports, the automotive aftermarket parts and accessory industry is growing at a rapid rate. The auto parts manufacturing industry is expected to grow over 4 percent between 2014 and 2019. Many companies that now produce parts offshore are looking at the possibility of reshoring to reduce transportation costs and avoid high tariffs. Companies need accountants to provide and organize information about the benefits and problems of moving operations.

Biotechnology

Much of the growth in biotechnology is in the area of research and development due to increased tax breaks for smaller biotechnology firms. Accountants are essential to keep them abreast of new laws and ensure they have access to all available sources of funding. Smaller firms and new startups rarely have the resources for in-house accounting professionals. This accounting market is best served by small accounting firms looking for new directions for their businesses. Consider researching the industry before making a pitch. Special knowledge of the field allows you to charge more for your work.

Digital Media

With the use of mobile Internet devices such as smartphones and tablets expected to grow 6 percent each year between 2014 and 2019, the proliferation of digital media content is a given. In response, accounting firms specializing in online media are growing, and the accounting market is ripe for new firms in this area. Accounting job growth includes auditing and assurance statements for large technology and digital media firms acquiring smaller firms and inventorying intangible assets for content creators and video game makers.

Health Care

The Patient Protection and Affordable Care Act is boosting growth in the health care sector. Related growth in the health care accounting market includes positions with health care providers and manufacturers of medical instruments and supplies. Both hospitals and ambulatory surgery centers need more staff accountants to keep up with increased business and accountants knowledgeable about new health care laws to help with compliance.

Pharmaceuticals

Research and development in the pharmaceutical industry is growing close on the heels of the health care boom. Similar growth in the accounting market is anticipated to meet the increased need for services like amortization of product development and information provision related to the impairment of intangibles. With many brand-name products facing expiring patents, look particularly for accounting job growth in the generic pharmaceutical industry.

Economic growth is quickly boosting the accounting market in key sectors. Watch for an increase in accounting jobs in the auto aftermarket, biotechnology, digital media, health care and pharmaceutical industries. Consider professional development to increase your knowledge in these high-growth areas for an increase in job opportunities in the accounting field.

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