Talent Shortage Dominates Accounting Industry
Demand for experienced accountants has skyrocketed thanks to an increase in corporate governance regulations. And although technology has simplified communication, business and tax issues have become more complex. In the current environment of increased scrutiny and risk, companies must be prepared to support tax provision computations, positions, tax reserves, and disclosures. As a result, greater resource demands are being placed on already strained tax departments. Executive search firm, A.E. Feldman, says accounting jobs are opening up. More specifically, opportunities for corporate controllers are growing, and senior accountants are also among the professionals in greatest demand.
The Sarbanes-Oxley Act of 2002 has significantly increased the demand for accounting services and placed tremendous pressure on firms to recruit the best talent. In fact, the number of accounting jobs nationwide is expected to grow faster than the average expected growth for all jobs through 2014, according to the U.S. Department of Labor.
A new survey conducted by the American Institute of Certified Public Accountants (AICPA), also finds that hiring qualified professionals remains the most critical concern for U.S. firms. The study contends that as a firm’s size increases, retention also becomes a key issue.
Firms are luring qualified professionals with increased compensation packages and titles, such as controller. A.E. Feldman says they are seeing an increased demand for corporate controllers, responsible for full accounting, reporting and control functions. Corporate Controllers direct a firm’s effort to comply with complex reporting issues. This is a key role where strong people management and analytical skills are essential.
A.E. Feldman also reports that there are currently huge opportunities for accountants with roughly four to eight years of experience. These candidates are at a premium among the Big Four and public accounting firms. Senior accountants however, are hard to come by because retention at this level is high.
A.E. Feldman also says CPAs with experience in working with SEC-registrants and IFRS (International Financial Reporting Standards), or international tax experience have many more opportunities now due to the globalization of the economy. Experienced candidates looking for international tax accounting opportunities who are able to master the global aspects of business, deal with the pressure and create value are poised to gain from the trend.
