As accounting professionals look to the New Year, they have a lot to celebrate. The unemployment rate for accountants stands at around 3.9 percent and Forbes recently listed accountants and auditors at No. 2 on its list of Top Jobs. Iinitiatives in business, government, and nonprofit organizations to cut costs and improve productivity have resulted in increased demand for accountants. And it seems things will only get better.
Growth
The Bureau of Labor Statistics predicts that by 2018 the accounting profession will have expanded by 22 percent over a 10-year span, creating an estimated 500,000 jobs in the process. This prediction is supported by the nation’s CPA firms which are adding staff at a 2.3% annualized rate according to a new CPA Trendlines study. Growth is also evident in paychecks. Starting salaries for jobs in corporate accounting are expected to rise between 2.9% and 4.5% in 2014, depending on the specific role and the size of the company.
Designations
The best job opportunities will be for accountants and auditors who have an accounting degree and CPA license. A recent survey found that over half of corporations which hire accountants deemed the CPA (Certified Public Accountant) designation and the CMA (Chartered Management Accountant) as very important. This is supported by the fact that enrollment in CPA programs in the US are at a record high.
Expansion
The accounting and finance professionals’ role is continuing to expand into that of a decision-maker and business-partner. An increased focus on risk management means that accountants will need to demonstrate complex business and managerial skills. Finance teams will play a larger role in the future by providing the story behind financial and accounting data. Nontechnical skills such as verbal, written, and presentation communications - once nice extras for a candidate to have – are now considered standard expectations for accountants and finance professionals.
An increase in the number of businesses, changing financial laws, corporate governance regulations, and increased accountability for protecting an organization’s stakeholders will continue to drive the demand for accounting. This will surely make 2014 a Happy New Year for accounting professionals.