21.06.2022

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Career paths: the example of Finance & Accounting jobs

Using AI to make career path recommendations means identifying career transitions possibilities between jobs. But how can we measure the proximity between these jobs? To what extent are jobs within the same field connected to each other? And to jobs from other fields?

 

There is no better way to explain it than to take a concrete example. So, let’s take a closer look at Finance and Accounting job transition possibilities.

 

 

What are the jobs in Finance and Accounting?

 

As it would be too tedious to consider all jobs from Finance and Accounting, in this article, we have selected a set of 10 representative jobs in F&A.

 

Boostrs - Jobs Finance and Accounting

 

These jobs cover all seniority levels from clerical roles to senior management roles and belong to the most common sub-fields of the Finance & Accounting field.

 

Good to know

We have used this set of representative jobs to obtain the conclusions of the following sections.

 

 

What are the main patterns of job transitions for Finance & Accounting roles?

 

To explore the possibilities of professional transitions for people working in Finance and Accounting, we have selected the 10 best job transition recommendations for each of the 10 representative jobs, i.e. 100 transitions in total. Discover the main patterns that came out of it.

 

Good to know

The figures below only take into account one-step job transitions, i.e. only one job transition occurred between the job of origin and the suggested job.

 

Job transitions largely stay within the same seniority level

 

Boostrs - Jobs Finance and Accounting - seniority

 

28% of the one-step job transitions in Finance and Accounting induce an increase of seniority, while most of them (72%) stay at the same seniority level as the job of origin.

 

For example, the transition from a Credit analyst to an Insurance rating analyst occurs without increasing seniority.

 

 

 Job transitions mainly occur in the same field

 

Boostrs - Jobs Finance and Accounting - field

 

80% of the one-step job transitions in Finance and Accounting lie within the same field or sub-field as the job of origin.

 

To be more precise:

 

  • 22% of the job transitions lie within the same sub-field as the job of origin. For example, the transition from a Credit analyst to a Credit manager occurs within the same sub-field i.e., Credit and loans.

 

  • 58% of the job transitions belong to a field which is close to the job of origin (but not the same). For example, a Bank manager can evolve into an Insurance agency manager. While the Bank manager belongs to the Bank sub-field, the Insurance agency manager belongs to the Insurance sub-field. However, both belong to the F&A field.

 

  • 20% of the job transitions lie completely outside of the field of the job of origin. For example, an Accounting manager can evolve into a Payroll manager. While the Accounting manager belongs to the F&A field, the Payroll manager belongs to the Human Resources field.

 

 

Job transitions are significantly powered by soft skills

 

Boostrs - Jobs Finance and Accounting - soft skills

 

Among the skills which can be found in both the jobs of origin and the suggested jobs, 39% of those skills are soft skills. This means that soft skills should not be underestimated in this process, as they power job transitions to a significant extent in the Finance & Accounting field.

 

For example, the transition from a Chief financial officer to a Chief executive officer can occur thanks to soft skills. In fact, over the skills in common, 63% are soft skills.

 

Related: What are the various types of skills?

 

 

Which skills are necessary to evolve towards a Finance & Accounting job?

 

Conversely, when it comes to moving to a Finance and Accounting role from a job that does not belong to this field, what are the most important skills (hard and soft) required?

 

→ Soft skills 

 

Boostrs - Jobs Finance and Accounting - top soft skills

 

Communication and time management are the top soft skills possessed in F&A jobs. In a lower proportion (half as much), these jobs also require decision-making and judgment.

 

→ Hard skills 

 

Boostrs - Jobs Finance and Accounting - top hard skills

 

Good to know

As hard skills are far more numerous than soft skills, for showing relevant trends, we have grouped them by skill areas in the above figure.

 

Financial management and related activities are by far the top hard skills possessed in the Finance and Accounting field. In addition, even if they are less represented, process management, regulations, and risk prevention are also quite important to this field.

 

What needs to be understood here is that all these skills are enablers for the transitions, especially when crossing field boundaries. The soft skills and hard skill areas presented in the bar charts can help understand what moving into a Finance & Accounting job entitles, and the skills particularly needed to perform well in these jobs.

 

Depending on the field and sub-field they are coming from, candidates may already possess some of these skills or none at all. Hence, this information may help them identify the required trainings to transition to a Finance & Accounting role based on the skills they need to acquire.

 

All in all, this example offers a glimpse into how jobs are connected and how important skills are in enabling career progression.

 

Related: Hard skills or soft skills: which take precedence during recruitment?

If you want to know more about career paths and the AI system that allows for these recommendations:

Discover our latest study

Illustration credits: https://www.istockphoto.com/fr/portfolio/vectorpouch