It might look like all the jobs in the financial sector are drying up and blowing away, but that isn't true for everything. Public accounting jobs have stayed healthy and strong. Salaries are even increasing for people with lots of experience and good skills. Recent information tells us that despite economic troubles, accounting careers are a viable option. Public accounting firms are still looking for highly skilled applicants to help their clients.
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There's a general need for people in accounting jobs during any hard economic time, but the demand is higher than even that would account for. There's a shortage of qualified people in accounting careers, as many public accountants retire or prepare for retirement. This means that you might want to look into accounting as a career option. It's one of the best job markets out there, after all.
CPAs, or certified public accountants, are in high demand and short supply. Not every firm requires its accountants to have this certification; it's a good idea, since it opens the most doors. Auditing is another area that's growing strongly, with companies paying high prices for experienced auditors. Job candidates who have SEC experience are also being paid quite well and are sought after by corporations. Forensic accountants, who uncover problems with records, and professionals who have a good understanding of the International Financial Reporting Standards, or IFPS, are in good situations as well.
Accounting experts are seeing salaries go up across the board, particularly if they have five years of experience or more. Senior managers or firm directors are receiving raises in the four to four and a half percent, range with mid-level professionals getting between three and a quarter and four and a quarter percent. Audit professionals working for large accounting firms are getting the highest raises of all. That doesn't rule out people with less experience, however. Public accountants who have up to a year of experience are getting pay growth around three percent, with paraprofessionals and bookkeepers getting similar raises.
Of course, salary increases depend on where you're working, with raises being higher in larger cities. Regional demand also varies, though many smaller firms are growing quite quickly. Clients have been switching firms, looking for better costs and different specializations, and that's resulting in more clients for smaller companies. The right degrees, experience and designations are important, but leadership ability and interpersonal communication are also looked at these days. If you're good with numbers and can work well with others, accounting could be a great opportunity.
So, should you think about a career in accounting? If you want to get into an interesting area with continued growth and demand for workers, you might want to consider it. Accounting careers keep on expanding, even when other segments of the economy are shrinking. With so many workers retiring and so many jobs opening, it might be time for a lot of us to think about accounting.
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