As many graduates continue to struggle to find employment, those departing college with an accounting degree are finding opportunities aplenty.
In fact, a recent report from the American Institute of CPA’s says accounting graduates are experiencing a record level of demand from accounting firms — and the trend isn’t showing any signs of slowing.
The Bureau of Labor Statistics 2012-2013 Occupational Outlook Handbook found that employment of accountants and auditors is expected to grow 16 percent from 2010 to 2020, resulting in an additional 190,000 jobs.
“I feel this is accurate; I see the demand for accounting professionals increasing now,” said Michael Brooder, a partner at accounting firm Marcum LLP in Hartford. “As regulations and the need for transparency increase, companies will turn to their accountants to help them navigate through these complexities. In addition, companies will expand as the economy continues to settle and globalization continues. This provides accounting professionals with more opportunity both domestically and internationally.”
Hiring at Marcum has been cautious over the last three years due to the struggling economy. But, Brooder says given the demand, the firm has increased its overall New England staff by approximately 10 full-time equivalents since December 2012. In addition, he projects a need for 10 to 15 new positions from now through the end of 2014, excluding the normal four to six staff positions Marcum fills from colleges and universities each year in Connecticut.
According to Brooder, while Marcum prefers new hires to possess a four-year accounting degree, the firm’s focus is to attract and retain individuals that are, or have the ability to become, certified accountants.
“I think companies are looking for the best and brightest,” Brooder said. “In this tough economy, just like job seekers, companies are trying to segregate themselves from their competition. While you can work in accounting without an advanced degree, it makes a lot of sense to invest in a master’s degree. CPAs with advanced degrees generally find themselves better positioned to advance in their careers and take advantage of new and emerging opportunities.”
With the passage of a 150-hour educational requirement to become a CPA, many colleges and universities are encouraging accounting students to springboard the additional credit requirements into an advanced degree, Brooder said.
At the University of Connecticut, accounting is the largest major within the UConn School of Business and interest in the school’s Master of Science in Accounting, or MSA program, has continually been strong with current students coming from more than 40 colleges or universities, said Margaret Sweeney, UConn’s MS and internships in accounting program manager.
“The mix of recent grads to working professionals has shifted in the last two years with more professionals seeking a graduate degree in accounting, particularly those who did not major in accounting as undergraduates,” Sweeney said.
Sweeney believes initiatives in business, government and nonprofit organizations to cut costs and improve productivity have resulted in increased demand for accountants. She added that most of UConn’s MSA students are already employed upon graduation.
“Students who typically majored in finance switched to accounting because we currently have better job prospects,” Sweeney said. “If the economy continues to improve, this trend will reverse and the accounting market will not be oversaturated. However, if the economy reverses its trajectory, the enrollment might continue to grow and the risk of oversaturation will become real.”
In Hamden, interest in Quinnipiac’s accounting program has grown because it maintains one of the highest job placement rates of all majors at the school, said Jill Ferrall, associate dean of career development at Quinnipiac’s School of Business.
The class of 2012, for example, reported 100 percent placement.
Some of Quinnipiac’s top full-time and internship employers include BlumShapiro, Deloitte, Ernst & Young, KPMG, McGladrey, and United Technologies, Ferrall said.
“I believe there is a hot market for accountants because coupled with the fact that every company needs accountants, they graduate from college ready, willing and trained with the knowledge they need to perform their actual jobs,” Ferrall said. “As a result of their education, both inside and outside the classroom, they are well prepared to hit the ground running.”
Ferrall said the key for recent grads applying for positions is to be the most marketable candidate possible by having a strong GPA, one or more internships, and proven leadership skills.
“The nice thing about accounting is that even when there’s a general downward trend in hiring, there’s always some sort of hiring taking place for those with accounting backgrounds,” Ferrall said. “I am a firm believer that hiring will continue to increase.”
Marcum’s Brooder agrees with Ferrall, saying mergers and acquisitions, legislative changes and technology innovations are areas that call for the expertise of professionals possessing the ability to analyze information with integrity, objectivity and competence.
“With the increasing need for management and consulting services, accountants — especially CPA firms — will continue to see a broad range of new job opportunities,” Brooder said. “I think the demand for accountants will continue to increase. There may be some bumps in the road but as a whole I believe the overall trend in the next five years will be positive.”
John Lahtinen is a freelance writer/editor based in Farmington. Follow him on Twitter @johnlahtinen or reach him at lahts@yahoo.com
