June 21, 2022

Give Your Accountant a Little Love!


Tags

Share this

Give Your Accountant A Little Love! by Brian CalifanoWhile perusing our favorite CPA magazine (as if there is such a thing!), we read an interesting article about hiring trends in the accounting industry and the number of new accounting graduates. Over the past five years, the number of students coming out of college with either a Bachelor’s or Master’s degree in accounting has declined 4.4% — translating to approximately 73,000 students across the country right now. Yet if you ask CPA firms, large or small, they will tell you about the difficulty finding qualified candidates for their firms. CPA firms are in need of all types of skill sets, including audit, consultation, taxation, and information management/technology.

So why is there a growing demand in this industry and a shrinking pool of qualified candidates?

There are a number of reasons that experts believe is the reason for this unusual trend in the industry:

      1. Additional schooling requirement: an additional year towards the Master’s Degree is now required to obtain CPA certification 
      2. Long hours: CPAs have a reputation of working long hours especially during tax season
      3. Ongoing certification requirements: In addition to the strenuous studying required to pass the CPA exam, CPAs must continually maintain certification through continuing professional education credits (CPEs)
      4. Compensation: Many college students interested in finance are more likely to pursue higher paying jobs in the field, such as investment banking and financial planning. With these roles, you can earn more money at an earlier age without the extra education required.

OK, so next question. Given the aforementioned detractors, why would anyone want to enter the accounting industry? Truthfully, there are more than a few reasons to do so:

      1. Growing demand: It stands to reason, that given current trends, demand will continue to grow in the future. Businesses will always need accounting; and as long as the pool of qualified candidates continues to decrease, your ability to get a job and make good money will increase.
      2. Equitable industry: You’ll be hard pressed to find a more equitable industry in terms of compensation across the board. The nature of the work is such that as long as you have a good business mind, understand rules and policies, and have an affinity for numbers, the ability to excel and advance in the industry is limitless and inclusive by nature. Hard work is the only requirement for success.
      3. Flexibility: The ability to work flexible hours and environments is appealing to many workers, especially the younger generation who have lived through COVID school/working conditions. 

What does the future hold for the accounting profession?

Accounting has been, and always will be, a great launching point for many to enter an industry they would not otherwise work in. When Scott and I made our career choices in our early twenties, we knew that we would have options if we didn’t want to stay with accounting. In our careers, both Scott and I have worked in such varied industries as music, publishing, consulting, technology, sports, and television. We have also branched outside of accounting and finance to oversee other business functions as human resources, information technology, treasury, and internal audit, among others. 

As you know, we ultimately ended up utilizing our skills as consultants for entrepreneurs — that is our passion. And we would advise all students, whether you’re just starting college or graduating, that if you are uncertain of your path in business or finance, you should consider an accounting major. We know, we know… It’s not always the most glamorous, but it can lead to a financially and intrinsically rewarding life and career if you apply a good work ethic and a positive attitude. 

Takeaway: If you feel that your accounting or finance function is not as robust as you would like it to be, contact Brian or Scott at info@acceleratingcfo.com for a free benchmark on your finance function and ways to improve the efficiency of these departments.

Brian Califano & Scott MargolinBrian Califano

Scott Margolin

Co-founders & Managing Partners

AcceleratingCFO


    Tags
Share this

Posts That Might Interest You

This site uses analytics, cookies and/or other 3rd party technologies that may have access to your data, which are used to provide a quality experience. If you do not agree, opt out and we will not load these items, however, necessary cookies to enable basic functions will still load. Visit our Privacy Policy to learn more.
Contact Us:
Email us at info@acceleratingcfo.com for requests involving data we collect. View our Privacy Policy for more info.
Opt In / Out:
To change your opt in settings, please click here to opt out or in. Or, close this popup.