Robert Half International Inc.

The business world has undergone a transformation, as financial misdeeds and the resulting regulatory changes have given way to an increased emphasis on ethics and returned the accounting industry to its roots. The renewed focus on auditing has reaffirmed what may be accounting and finance professionals’ most essential role: ensuring the integrity of financial data.

Accountants at all levels and in all organizations have seen their stature elevated and new opportunities emerge. Public accounting firms, public and private companies, and nonprofit organizations have all been affected by recent legislation and an increased demand for their services. As a result, a wealth of opportunities awaits for today’s accounting and finance professionals.

Reforms have had an upside and downside for accounting and finance professionals. Increased demand for their services has led to new job opportunities and a higher career profile. On the other hand, heavier workloads and higher stress levels have also occurred.
New accountants are starting their careers at an exciting time. New regulations in many ways have created a level playing field where both entry-level and seasoned professionals have the same opportunities to learn and thrive.
New regulations have highlighted staffing and experience shortages in accounting. Employers have stepped up their recruiting programs and enhanced their compensation and benefits packages in an effort to secure the top candidates.
The demand for accounting personnel is likely to remain high as regulatory requirements are ongoing. Public and private companies alike will continue addressing these issues. In addition, demographic changes will affect the talent pool: Experience shortages in many areas are likely to emerge due to the potential upcoming retirement of large numbers of baby boomers and the previously low enrollment in university accounting programs.
The academic community has been impacted by industry changes as well. Colleges and universities are offering courses in areas such as internal auditing, enterprise risk management, forensic accounting and ethics in response to marketplace needs.
Interest in accounting programs is on the rise. According to the American Institute of Certified Public Accountants’ (AICPA) “The Supply of Accounting Graduates and the Demand for Public Accounting Recruits–2005” report, after steady declines in the late 1990s, total accounting enrollment for 2000-2004 increased 19 percent.

With projects such as compliance-process integration and automation as well as systems implementations and upgrades, accounting and information technology departments will continue to be intertwined. Specific attributes employers will seek include advanced spreadsheet skills, enterprise resource planning systems knowledge, systems documentation and flowcharting experience, and database applications expertise.
Certifications remain highly valued for accounting and finance professionals. These credentials demonstrate a commitment to continuous learning and help professionals distinguish themselves. The certified public accountant (CPA) designation, in particular, remains a key requirement for advancement in many areas of the profession. Additional in-demand accreditations include the certified internal auditor (CIA), certified management accountant (CMA) and certified fraud examiner (CFE). Technology-related certifications also are valued. In addition to the designations listed above,the chartered accountant (CA) and certified general accountant (CGA) credentials are highly sought by organizations in Canada.
As accountants are called upon to discuss the implications of financial data to a variety of audiences and work with diverse groups, communication abilities—both written and verbal—and soft skills such as diplomacy and persuasion will become increasingly important. Strong communication skills are particularly critical to advance to senior-level positions.

Many diverse opportunities are available for accounting and finance professionals, but public accounting remains the most popular option for those entering the field, according to the AICPA’s “The Supply of Accounting Graduates and the Demand for Public Accounting Recruits–2005” report. Public accountants develop broad-based skills and gain experience preferred—and often required—for positions in both public accounting and private industry.
Demand is high for consultants among accounting firms and independent consulting businesses. Professionals with expertise in areas such as internal controls, information security, business continuity planning, anti-fraud measures, and mergers and acquisitions are highly sought.
Working in corporate accounting—also referred to as management and private accounting—is a popular career choice as well. Practitioners in this environment take on a business-partner role and offer guidance on the daily operations of their organizations through value-creating activities. Among the most marketable candidates are those who possess a CPA or CMA designation.
Academic institutions also seek experienced accounting and finance professionals. With enrollments increasing and a significant percentage of professors nearing retirement, staffing shortages are occurring at many universities.
Positions with government agencies such as the IRS, FBI, SEC, Canadian Securities Administrators (CSA) and Royal Canadian Mounted Police (RCMP) also are viable career options.

New regulations and the resulting changes—including a heightened emphasis on the external auditor, greater separation of auditing and consulting services, and the growth of compliance-related services—have reshaped the work of public accountants.
Accounting firms of all sizes, and the Big Four in particular, are reaping the benefits of the increased demand for their services. Recent legislation re-established auditing as the primary focus for firms; the process has become more time and labor intensive, and fees have risen significantly.
With the largest accounting firms focusing on auditing the largest public companies, independent consulting firms and regional and local accounting firms have been tapped more frequently for consulting services related to internal controls, risk management and technology. Second-tier accounting firms have also gained additional audit business and are expanding their service offerings in response to market demands.

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