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, "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. |
Thursday, April 15, 2010
Accounting: Facts & Trends
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