Robert Half International Inc.

The impact of new regulations on businesses

Thirty-seven percent of CFOs polled said pressure to meet compliance deadlines best describes the impact of increased corporate governance on businesses. Thirty-one percent of those surveyed cited more collaboration between accounting and information technology (IT) departments and 30 percent noted a more ethical environment. (Source: Robert Half International survey of 1,400 U.S. CFOs; respondents were allowed multiple answers) Among Canadian CFOs, 46 percent of respondents said increased collaboration between accounting and IT best describes the impact of increased corporate governance on businesses. Thirty-one percent cited better business opportunities. Pressure to meet compliance deadlines and a more ethical environment both received 28 percent of the responses. (Source: Robert Half International survey of 270 CFOs in Canada)
In light of recent accounting regulations, fifty-eight percent of firms have already or are planning to implement new practices to ensure greater control of accounting processes. The most popular steps respondents said their companies were taking included changing their accounting procedures and enhancing their internal audit functions. (Source: Robert Half International survey of 1,400 U.S. CFOs)

Specialties and skills in demand

When CFOs were asked which specialty they would recommend to someone just beginning his or her accounting career, the most popular option was general accounting (49 percent of the responses) followed by internal auditing (17 percent). (Source: Robert Half International survey of 1,400 U.S. CFOs) Fifty-eight percent of Canadian CFOs said general accounting is the specialty they would recommend. Fifteen percent said tax accounting, and 14 percent said internal auditing. (Source: Robert Half International survey of 270 CFOs in Canada)
CFOs surveyed said other than technical skills and industry knowledge, verbal communication and problem-solving abilities are the characteristics that impress them most when interviewing executive-level job candidates; each option received 34 percent of the total response. (Source: Robert Half International survey of 1,400 U.S. CFOs)

Workforce demographic trends

Total enrollment in accounting programs for the period of 2000-2004 rose 19 percent. The overall number of accounting degrees awarded increased 8 percent in 2003-2004. (Source: “The Supply of Accounting Graduates and the Demand for Public Accounting Recruits–2005,” AICPA)
Twenty-eight percent of those who received a bachelor’s degree in accounting in 2002-2003 took positions with public accounting firms. Twenty percent joined organizations in business and industry and 15 percent chose to attend graduate school. Fifty-nine percent of individuals who received master’s degrees went into public accounting. (Source: AICPA)
Women comprised 57 percent of those receiving bachelor’s degrees and 52 percent of those receiving master’s degrees. (Source: AICPA)
Seventy-eight percent of executives said their organizations are taking steps to compensate for the loss of baby-boom-age workers to retirement. Respondents said their companies were enhancing their succession-planning initiatives, providing training programs for employees, and increasing their recruiting and retention efforts. (Source: Robert Half International survey of 150 U.S. executives)