Accounting is a high demand industry across the United States. Many major account firms have been increasing their recruiting efforts to hire top talent- this means that companies have had to adjust their hiring processes. Recent changes to the standard accounting principles and financial reporting have made it critical for companies to hire the most experienced and skilled accounts.
Importance of Accountants
Accountants are important to the success of many companies. An accountant is required to set up financial controls and systems, as well as track critical aspects such as the growth and cash flow of their business. They also work to keep companies in line with regulations by conducting audits and keeping records.
Businesses without an accountant are more likely to struggle with growth. The chances of meeting compliance standards are higher with the use of an accountant. Most businesses opt to hire an in-house accountant, but other companies, however, choose to outsource to accounting firms.
In 2016, the unemployment rate of accountants sat at 2.5%. In a shocking comparison it was found that the unemployment rate for other professionals across the country was 4.4%. The U.S Bureau of Labor and Statistics began adopting new job classifications and separating professional accountants in 2011. When this began, the unemployment rate for accountants was at 4.2%, meaning that the increase in demand for accountants has been steady. With such a low unemployment rate, the competition among companies and accounting firms is high, making it more difficult to fill open positions
Shift in Culture
Within recent decades, most accounting firms have shifted their focus to company culture. Pricewaterhouse Coopers has taken large steps to decrease turnover and attract talent through their company’s culture. Previously, associates had to work long hours and had a less than satisfactory work-life balance. Thanks to new changes, associates now have the options to work from home, and to work a flexible part time schedule. They also have in office perks such as game tables and treadmill desks.
Changes in Regulations
Another reason for the shift in demand is the changes to the rules of the Financial Accounting Standards Boards. Firms are required to use the new regulations when reporting values of leases and book revenues. Said leasing rules go into effect in 2019, and booking rules go into effect near the end of 2017.
To meet the regulations, companies need a skilled accountant.
An accountant’s average salary in the United States is $67,190 a year. Some new graduates, however, earn up to $53,000 within their first year of work. College placement services can see rates of 90% when placing accounting graduates.
Increased Focus on Business Ethics
Scandals due to fraud have plagued the business industry in recent years. Staff and executives in various companies have been convicted in legal cases.
Accountants take on the task of scrutinizing financial statements to avoid legal issues and maintain business ethics. Hiring an accountant can help business owners gain peace of mind.
Growth in Job Options
SelectOne, a professional recruiting team, claims that within the accounting industry, some of the fastest growing positions are staff accountant, budget analyst, and auditor among similar positions.
An accounting degree at Maryville can set you up for a successful career, as it provides high quality courses that are both practical and interesting, as well as useful in the accounting world.