Trends and Prospects of Labor Market for Accountants in the Light of Digital Transformation

Abstract

The paper presents results of analyzing the current situation and dynamics of the labor market for accountants in Russia. The topic is relevant due to numerous forecasts predicting that digitalization of economy will cause a sharp reduction in the number of accountants, which in turn will lead to disappearance of this profession. Our literature review pays special attention to studies on functions and skills of accountants that may transform due to digitalization. We estimate the demand for accountants based on dynamics of number of accountants and vacancies created by employers, including industry-specific data. The study uses the data of Ministry of Labour and Social Protection of the Russian Federation, Rosstat surveys of employers and labor force. The analysis reveals a reduction in the number of accountants in large and medium companies. This is in line with the general trend of employment decline in the corporate sector. Small businesses have demonstrated an increase of demand for accountants. The industries with the highest degree of digitalization have also increased their demand for accountants. The conclusion is that the most probable outcome is not reduction in the number of accountants or disappearance of this profession, but transformation of its job functions.