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- Future is Bright
- The future of accounting is bright
according to the Bureau of Labor Statistics which projects a 16% increase
in job openings by the year 2016. Much of this reflects the increasing
complexity of corporate transactions, the introduction of Sarbanes-Oxley requirements after the Enron scandal and growth in government. Demand is
especially high in the tax and health care areas.
- Tougher Certification Requirements for CPA
- After most States instituted the 150-hour rule for CPAs, enrollment in accounting programs at many universities declined. Enrollment has now started to rise and the job prospects for CPAs are better than ever.
- Managerial Accounting Ideas Taking Off
- Many firms are focusing on activity-based
management, process-view analysis, constraint checking and business
process analysis as well. The world of management accounting is evolving
rapidly and there is high demand for accountants who are knowledgeable
about these trends. Learn more at the
Institute of Management Accountants.
- Educational Requirements Climbing
- Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field. Beginning accounting and auditing positions in the Federal Government, for example, usually require 4 years of college (including 24 semester hours in accounting or auditing) or an equivalent combination of education and experience. Some employers prefer applicants with a master’s degree in accounting, or with a master’s degree in business administration with a concentration in accounting.
- Image of Accountants Improving
- Accountants are working on their image. The AICPA announced a $3
million campaign to spread the word about how CPA's add value. In a Wall
Street Journal on the topic Mitchell Klein, a partner of
Fasman, Klein & Feldstein, a New City, N.Y., accounting firm, said
"Too many people associate accountants with death, tax and bad news
and question our integrity because of the big audit failures that major
accounting firms have failed to catch."
- Ever Think of Working as a Temp?
- An interesting option for persons interested in not spending their entire
lives in the office is become an accounting temporary. There is high
demand for specialized accounting temps and CPA firms have started to hire
temps to smooth out their staffing through seasonal cycles in the
business.
- Skill Requirements Becoming Broader
- There is high demand for individuals who can go beyond technical skills
and display good interpersonal abilities, legal knowledge sales abilities
and foreign language skills. Accountants are broadening as business
globalizes and becomes more team-oriented.
- Experienced Players Gaining Currency
- There is also rising demand for persons with consulting skills or
industry experience and falling demand for college graduates.
- CPA and CMA Both Highly Valued
- A recent survey found that over half of corporations which hire accountants feel that the CPA (Certified Public Accountant) designation and the CMA (Chartered Management Accountant) as very important. To learn more about the CPA ontact the American Institute of Certified Public Accountants at (212) 575-5505. To learn more about the CMA contact the Institute of Management Accountants at (201) 573-9000.
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