While 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:
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:
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 email@example.com for a free benchmark on your finance function and ways to improve the efficiency of these departments.
Co-founders & Managing Partners