Employment Trends in the Accounting Field

The accountant's role has changed significantly in recent years, moving away from processing and calculating data and focusing instead on analyzing information and helping to chart the course of a company's future. As job responsibilities have shifted, so have the requirements to be successful in accounting. It's no longer enough just to have solid financial expertise. Accountants must also have a diverse skill set that enables them to serve as business advisors to an organization.

So, what are some of the specific abilities you should focus on developing as an accounting professional? Accountemps recently completed a research study called "Next Generation Accountant," which identified the skills and experience that will be in demand in the coming years. They include:

International experience: Accounting professionals who understand international transactions and accounting standards and are fluent in other languages will find many opportunities in the increasingly globalized business world.

Strategic analysis: Public and private firms are seeking accountants with the ability to see the "big picture" and provide strategic advice. Accountants who have kept up-to-date on the latest industry and business trends and understand a company's role within its industry sector will be at a professional advantage.

Technical abilities: Technology's growing role in the accounting field is creating a need for professionals who are not only proficient in accounting software and systems, but also have the ability to provide advice on implementing new systems.

Communication skills: There is strong demand for accountants who can convey in-depth business information to non financial colleagues. This is particularly important as firms increase their use of cross-functional work teams, which typically involve employees from multiple departments working collaboratively on special projects.

Professional certifications: Credentials such as certified public accountant (CPA) and certified management accountant (CMA) are widely respected and are valued by employers because they indicate a commitment to excellence in the accounting field.

Booming Specialties

In addition to focusing on developing the skills and experience in demand, it's important to enhance your knowledge in some of the expanding areas of accounting. According to Robert Half International research, a number of specialties are expected to see strong growth in the coming years:

E-commerce experts: The continued growth of e-commerce has resulted in demand for financial professionals who are systems security experts and Internet strategists. A comprehensive knowledge of Internet regulations and the ability to manage e-commerce initiatives is indispensable.

Assurance services: Using both financial and non financial information culled from past performance and/or present conditions, assurance services providers put business intelligence into a financial context. Their ability to convert data into knowledge is in demand, especially in sectors such as elder-care, e-commerce, risk assessment, performance measurement and technology.

Personal financial planning: Financial professionals in this specialty help their clients reduce debt; develop investment and asset allocation plans; control expenses; and minimize their tax burdens. Personal Financial Planners also may get involved in insurance analysis and retirement planning.

Environmental accounting: As businesses strive to be environmentally responsible (as well as more profitable), they enlist professionals with CPA credentials to handle projects ranging from environmental compliance audits to managing and preventing claims and disputes.

Forensic accounting: Experienced professionals who can identify and track computer fraud, particularly in the realm of e-commerce, are high in demand as corporations rely increasingly on technology. Forensic accountants work closely with financial and information technology (IT) professionals to solve problems related to systems integrity and security.

Accounting Salaries

Knowing how marketable your skills are is key to building a successful accounting career. This knowledge can help you identify areas for improvement and give you an understanding of your value to potential employers during a job search. Each year, Robert Half and Accountemps research salary trends and release their findings in a salary guide.

Some sample salary ranges from the 2002 guide:

Public Accounting

Managers at large firms (more than $250 million in sales) will see average starting salaries of between $60,000 and $79,250 annually. At mid-sized firms ($25 million to $250 million), their base compensation will be in the range of $56,250 to $72,500, while at small firms average starting salaries for managers will be between $51,500 and $64,500.

Corporate Accounting

Starting salaries for accounting managers at large companies (more than $250 million in sales) will be in the range of $58,750 to $79,000. Accounting professionals with one to three years of experience will see base compensation of between $38,500 and $49,000 at large companies, while those with less than one year of experience will start in the range of $33,000 to $40,750.

According to the Salary Guide, a graduate degree or professional certification can increase a candidate's starting salary by an average of 10 to 15 percent.

Getting Ahead

Succeeding in the changing field of accounting requires a commitment to learning and a willingness to adapt to new requirements. Financial professionals who take proactive steps to become "next generation accountants" by developing their interpersonal, technology and business skills today will be in a strong position for future career opportunities.

For complete information on the Next Generation Accountant research project, visit www.nextgenaccountant.com.

For more information, please contact Mark Malone, branch manager of Accountemps, at mark.malone@accountemps.com or 214.468.9191.