Across the United States, accounting is a high demand industry. Various large-scale accounting firms have increased their recruiting efforts with a goal of hiring top talent- this means that other companies have had to alter their hiring processes and change their standards. The recent changes to the standard accounting principles and financial reporting methods have made it important for companies to hire the most professional accountants,
Importance of Accountants
Accountants are vital to the success of most companies. An accountant is expected to set up financial controls and systems, as well as track critical aspects of the company’s business such as the growth and cash flow. Accountants are also required to work to keep companies up to date with regulations by conducting occasional audits and keeping detailed records.
Businesses that don’t have an accountant are more likely to struggle with growth. Most businesses choose to hire an in-house accountant, but it’s not uncommon for companies to opt to outsource to accounting firms.
Increase in Demand
In 2016, the United States unemployment rate of accountants was 2.5%. In a comparison, it was noted that the unemployment rate for other professionals across various industries within the country was 4.4%. The U.S Bureau of Labor and Statistics started adopting new job classifications and began to separate professional accountants in early 2011. At the start of this, the unemployment rate for accountants was at 4.2%, proving that the increase in demand for professional accountants has been steady. By having such a low unemployment rate, the competition among companies and accounting firms has sky rocketed, making it increasingly more difficult to fill open positions with certified accountants.
Shift of Culture
Within the past years, most accounting firms have shifted their focus towards company culture. Pricewaterhouse Coopers has taken momentous steps to decrease accountant turnover and attract talent through company culture. In previous years, associates were required to work long hours and had an unbalanced work-life balance. Because of these new changes, associates have the option to work from home, as well as to work a flexible part time schedule. They also have the chance to utilize in-office perks such as sports game tables and treadmill desks.
Changes to Regulations
Another important reason for the shift in demand is the changes that have been made to the rules of the Financial Accounting Standards Boards. Accounting firms are expected to use the new regulations when reporting the values of leases and book revenues. These new leasing rules go into effect in 2019, and booking rules go into effect at the end of this year.
The average salary for an accountant in the United States is $67,190 a year. Some accounting graduates, however, earn up to $53,000 within their first year of graduating. College placement services often see rates of 90% when placing accounting graduates into jobs.
More Focus on Business Ethics
Fraud has plagued the business industry in recent years and resulted in scandals. Both staff and executive members in various companies have been convicted in serious legal battles.
Accountants are required to scrutinize financial statements to help their employers avoid legal issues and maintain satisfactory business ethics.
Growth of Job Opportunities
The professional recreating company, SelectOne, claims that within the accounting job market, the fastest growing positions are that of staff accountant, budget analyst, and auditor.
A Maryville accounting degree can help you reach your career goals, as it provides courses that are practical and useful in the world of accounting.