What
are the Career Opportunities for Accountants/CPAs?
As the economy strengthens,
hiring of accounting staff by firms, companies, and
other employers continues to gain momentum. In 1994, the
U.S. Department of Labor’s Bureau of Labor Statistics
(BLS) predicted that accounting will be one of the 10
fastest growing industries during the next 10 years.
Presently, there are about 850,000 accountants and
auditors based on a BLS survey of accounting firms,
companies, government agencies, and other employers.
U.S. Census data, which is based on how individuals
identify their occupations, places the number of
accountants and auditors at 1.5 million. The general
consensus is that the number of accountants and auditors
falls somewhere between these two extremes.
With the outlook for hiring better than it has been in
many years, there are expected to be shortages in
certain job categories. In particular, professionals
with one to five years of experience are difficult to
find. As a result, employers are raising the starting
salaries for this group faster than they are for others.
In addition, companies and firms are taking a strategic
and more flexible approach to hiring, which has
strengthened operations substantially. Many employers
are having success hiring senior staff from the ranks of
middle managers who were made available through
downsizing at other companies and firms. Because of
their experience, the former managers work with less
supervision and greater efficiency.
Despite the projected need for accountants and CPAs,
competition for new jobs will be fierce. Firms and
companies are staffing more efficiently today and asking
employees to handle a wider variety of tasks. Among the
emerging specialties are tax, environmental accounting,
forensic accounting, software development,
entertainment, and telecommunications. Tax specialists
will continue to be in high demand as tax codes become
more and more complicated. Additionally, professionals
skilled in international tax issues should see a
dramatic increase in their value. Environmental
consultants are needed to help companies avoid penalties
for compliance infractions. Forensic accountants are
valued for their skills in examining accounting records
for fraud or other criminal activity. Please note,
however, that the demand for these specialties vary by
region.
Within public accounting, competition has forced firms
to place increased importance on new business
development. As little as five years ago, this function
was reserved for partners and senior managers, but today
it has become essential for managers at all levels.
The largest accounting firms are meeting the demands of
increased competition by expanding their traditional
areas of specialization to become full service
providers. Emphasis is being placed on consultancy
services, including process improvement and re
engineering; tax accounting, in particular sales and
international tax; estate planning; and financial
planning for individuals and corporations. This has
resulted in a new career path for professionals in these
firms- the “consultant” track. Candidates who can
assist clients in everything from auditing and tax work
to process improvement are highly valued.
Opportunities in small and mid size public accounting
firms are also expanding as they take advantage of the
growing number of businesses going public. In
particular, the auditing function has become very
competitive as companies continue shopping actively for
low cost auditing services.
Source: AICPA
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