Demand for Accountants to Remain Strong in 2009
Despite the current recession, demand for accountants remains strong. Although a number of industries are cutting back, the accounting industry projects jobs to maintain at their current rate or possibly increase. In fact, the 2008 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits from the American Institute of Certified Public Accountants (AICPA), 91% percent of accounting firms expect hiring to remain steady or increase. And as the New Year begins, the role of accountants continues to expand along with employment opportunities. Today accountants and their clients are facing increasing regulatory complexity, the need for specialization, the globalization of businesses and shifting demographics. According to AccountingWeb.com, “Given the heightened regulatory environment in which we operate, mastery over the hard skills of being a Certified Public Accountant is more important than ever before.”
Executive search firm, A.E. Feldman says today’s accountants are emerging as financial managers and leaders within their organizations. Right now as companies look to cut costs and continue to be confronted by the increasing complexities of changing tax laws and regulations there is a heightened focus on hiring qualified accountants. A. E. Feldman reports that firms are showing strong interest in professionals who can help their companies reduce inefficiencies and enhance profitability as well as those who have a familiarity with enterprise risk management applications. The positions currently in demand include staff and senior accountants and credit and collections specialists. Existing opportunities include, tax manager jobs, audit jobs, international tax jobs, and business valuation jobs.
Amid recession, CPA firms are thriving. They are not only gearing up for tax season, but companies attempting to cut costs and struggle through the recession are realizing the importance of good financial controls which requires the expertise of accountants. One example of this growth is certified public accounting and business advisory firm, Plante & Moran, which says it is flourishing despite the turbulence. The Detroit News reports the firm has expanded or opened four offices, hired more than 100 people, invested more than $4 million in technology upgrades and celebrated its 25th year of increased earnings.
Plante & Moran is not alone. A large majority of CPA firms report two years of continuing strong growth, according to the 2008 National Management of Accounting Practice survey by the American Institute of Certified Public Accountants (AICPA) and the Texas Society of Certified Public Accountants. Although the ongoing financial crisis will undoubtedly change the marketplace conditions facing CPAs, the AICPA study released in November 2008, finds the vast majority, 75%, of the 2,722 CPA firms surveyed reported growth of up to 19% over the past two years - a significant 40% increase from the previous 2006 survey.
Meanwhile, the U.S. Bureau of Labor Statistics projects that the employment of accountants and auditors is expected to grow a significant 18% between 2006 and 2016 - faster than the average of all occupations. In keeping with this projection, a recent report on AccountingWeb.com argues that as Baby Boomers retire, the industry is on the verge of the greatest “candidate markets” of all time - especially as it relates to financial professionals. The report states, “Consider this: corporations have to hire added CPAs for SOX maintenance and internal audit roles at the same time Big Four firms are projected to increase staffing levels for similar functions by as much as 20 percent!” AccountingWeb goes on to say that CPAs who master the requisite skills and build out complementary new ones will find themselves well positioned to benefit both personally and financially from expanded career options in the coming years.
Demands on the accounting profession, however, continue to change in unexpected ways, according to a nationwide CCH survey. Specifically, increasing regulatory complexity, the need for specialization and the globalization of businesses are complicating matters for a number of firms. According to AccountingWeb.com, “Given the heightened regulatory environment in which we operate, mastery over the hard skills of being a Certified Public Accountant is more important than ever before.” These “hard skills” include: creating efficiencies across all accounting and finance functions, managing budgets, costs, and assets, maintaining accurate records and verifying financial results.
The report adds however that “soft skills” such as communication and diplomacy are increasingly playing a key role in distinguishing the truly high-functioning CPAs. “To be a top CPA in today’s business environment, you must have more than just great analytical skills. Possessing polished skills in four areas will be a key differentiator: teamwork, patience, problem solving and listening,” states AccountingWeb.com.
Looking ahead, accountants who take on a mentorship role within their organizations will help position themselves as a top CPA today and into the future, says AccountingWeb.com.
Are you working in accounting? If you want to grow your career or your company’s bottom line, contact A.E. Feldman’s President, Mitch Feldman, now. Find out more about accounting jobs today!
