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Accounting Industry Facts and Trends

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As you reach out to your potential candidates, publishing job posts and sifting through your applicant pool, you’ll get better results if you understand how to frame and present the accounting industry to those on the employee side of the table. Here are a few facts, trends and realities of the industry that your candidates may or may not know; offering these facts and keeping them in circulation will help ambitious accountants and account managers understand where this profession is headed.

1. The Outlook is Promising

According to the Bureau of Labor Statistics, openings in this field will increase 16 percent by 2016. Healthcare and tax specialists will see the greatest increase in available opportunities, since regulations in both of these industries are undergoing a rapid shift, and managers will need accounting experts to help them navigate the changes.

2. CPAs Face Tougher Certification Requirements

Becoming a certified CPA has never been “easy”, but the new 150 hour rule raises the bar even higher. After a brief decline in college enrollment following the new rule, interest in the field sprang back and even exceeded previous numbers. The new restriction has increased trust on the part of employers, raised salaries, and sparked a new interest in the field among ambitious and dedicated students.

3. Images are Improving

The accounting profession suffered an integrity-related image problem following major audit failures that large firms failed to prevent prior to the recent economic downturn. But now that accounting education and certification requirements have been tightened, clients are starting to appreciate the value added by highly qualified accounting pros.

4. CMA Certifications are Gaining Currency

Management accountants, or CMAs, are rapidly gaining capital in the job marketplace. Consulting skills and industry experience are also rising in demand among organizations looking for accounting experts. As specific demand rises, high-value skill sets are also getting broader. For example, foreign language skills, legal knowledge, and sales ability can give applicants a critical edge in the current accounting marketplace.

5. Interpersonal skills are Vital

Most hiring managers are searching for accounting candidates with strong cultural alignment as well as a list of appropriate credentials and skill sets. Attitude and aptitude are both factoring into selection decisions.

For more information on how to find great candidates and encourage talented young people to enter the accounting profession, reach out to the financial staffing experts at Cordia.