Amid a brutal job landscape at Wall Street firms, the SEC is providing some unexpected relief, at least for some financial professionals well versed in technology.
The job site eFinancialCareers notes that ever since the SEC instituted its 2008 ruling requiring all public company filings to be submitted in XBRL format, finance professionals with XBRL knowledge have been in hot demand.
Knowledge of data-tagging language is providing an edge in today’s job market, according to Camille Kearns Rudy, director of the SEC Professionals Group.
If you work for a company that already does its own XBRL filings, you may find job security if you volunteer to help the XBRL team with researching new tags or reviewing existing tags, eFinancialCareers notes.
“Financial professionals who have XBRL experience have a competitive advantage when seeking jobs at public companies”, Rudy told the job site.
“All companies that file financial statements with the SEC are mandated to perform XBRL tagging, and these companies are eager to find candidates who list XBRL knowledge or experience,” she added.
XBRL tagging is a complex process and, while there are tools to help with the tagging, a proper process requires knowledge of accounting standards, particularly GAAP, as well as being skilled in XBRL.
Most companies are embracing XBLR and how it is revolutionizing the way data is interpreted and shared, they have taken the expected path and outsourced these skills to a large degree just as when new regulations were imposed by the Sarbanes-Oxley Act of 2002.
Today, a group of businesses known as filing agents handle most of the outsourced XBRL tagging and filing. But many companies have begun choosing to bring those outsourced services in-house these days and the SEC mandate has created a lot of extra work for public companies.